Two-thirds of U.S. households are owned, but is that dream fading?

FILE - In this Tuesday, Oct. 6, 2020 file photo, a for sale sign stands in front of a house in Westwood, Mass. Mortgage rates were mixed this week and barely changed after rising for the first time last week following six weeks of declines. Average rates for home loans remain historically low at under 3%. Mortgage buyer Freddie Mac reported Thursday, Aug. 19, 2021 that the average for the 30-year mortgage eased to 2.86% from 2.87% last week. (AP Photo/Steven Senne, File)
FILE - In this Tuesday, Oct. 6, 2020 file photo, a for sale sign stands in front of a house in Westwood, Mass. Mortgage rates were mixed this week and barely changed after rising for the first time last week following six weeks of declines. Average rates for home loans remain historically low at under 3%. Mortgage buyer Freddie Mac reported Thursday, Aug. 19, 2021 that the average for the 30-year mortgage eased to 2.86% from 2.87% last week. (AP Photo/Steven Senne, File) (Copyright 2020 The Associated Press. All rights reserved)

A big part of the American Dream is home ownership and, statistically, most Americans do own their homes (roughly two-thirds of the households in the U.S. are owned versus rented).

But with housing prices skyrocketing during the pandemic, especially in Florida, is that dream fading away?

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According to data from Zillow.com, in July of 2021 the typical home in Florida sold for about $305,000. Not too bad until you consider the price of that same home in previous years (see data below).

And renters aren’t fairing much better.

According to RentCafe.com, the average price of a rental apartment in Orlando is $1,541 (that gets you about 963 square feet).

The 28% rule says that your housing (mortgage or rent) should be no more than 28% of your income.

Apply the 28% rule and you need an income of $66,000 a year to have a well-balanced budget.


About the Author:

Donovan is an investigative and special projects producer at News 6. Dr. Myrie (yep, he has a Ph.D.) has been with News 6 since 2016 and has degrees from Ithaca College, Columbia University and Union Institute & University. He’s made quite a name for himself of late in the News 6 family with his comprehensive and creative infographics.