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Housing costs on the rise
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While most people naturally focus their attention on the biggest piece of the housing cost pie, the mortgage payment, other costs associated with housing have gone up and are contributing to consumer's financial woes.
A recent article on Marketwatch.com referenced the recent report by The Center for Housing Policy which revealed that while mortgage payments increased 46% between 1996 and 2006, utilities rose by 43%, property taxes by 66% and property insurance went up 83%. During that same time period, homeowners' incomes rose by 36%.
Renters are not immune from rising costs, either. The report says that rents increased by 51% from 1996 to 2006, while renters incomes rose by 31%.
The Center for Housing Policy is advocating a comprehensive way of helping consumers afford the costs of shelter, utilites and transportation, including initiatives such as making buildings more energy-efficient, developing affordable housing near mass transit and job centers and increasing investment in public transportation.
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