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| Housing Costs Take Up Biggest Share of Income since 2010 |
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Appreciating home values and rising interest rates inflated the typical monthly mortgage payment $68 in 2016, up to $758, according to a recent analysis by Zillow, with approximately 16 percent of the median household income now needed for housing each month—the biggest share since 2010. "As mortgage rates rise, buyers will face higher financing costs and already expensive homes will come with even higher monthly mortgage payments," says Dr. Svenja Gudell, Zillow chief economist. "Nationally, mortgage rates still have room to grow before the share of income needed to pay the median monthly mortgage reaches the historical average, but many more expensive coastal markets are either close to or have exceeded what has been considered historically affordable." ...
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(TNS)—As we age, even a house that has been a home for decades can become an obstacle course or pose unexpected problems. AARP suggests these modifications for your home: Vision - Make sure lighting is adequate on exterior pathways, porches and doorways. Improve lighting on stairs, such as with night lights
