aarp report

Mortgages Snare Bigger Share of Boomers’ Earnings

Posted on 01/22/2013 by | Money and Work | Comments

Bulletin Today | Money & SavingsRemember how our parents paid off their homes and then retired? Fewer of us are doing that today. What’s more, our house payments are taking a bigger chunk of our earnings than they did a decade ago, according to an AARP report. Older, middle-income families spent 30 percent or more of their income on housing, up from 20 percent in 2000, the report finds. The median monthly cost: $1,460, up from $1,277 in 2000. Sure, the recession set many families …