About 40 percent of Long Island homeowners pay too much for housing.
That’s according to a study by the Long Island Association. It found that 4 in 10 homeowners with mortgages used more than 35 percent of their income for housing costs. The finding was based on an analysis of 2010 census data.
Federal housing guidelines recommend spending no more than 30 percent of total income.
LIA chief economist Pearl Kamer told Newsday that among homeowners without a mortgage about a quarter spend 35 percent or more for housing.
A Long Island Index poll this week found that 61 percent of all respondents have at least some difficulty making their housing payments.
Copyright 2012 The Associated Press.
