Several of those New York City suburb counties have homeowners spending about half their income on housing. When the general rule of thumb is you should spend about a third of your income on housing costs, or in higher markets about 40%, we quickly see how unsustainable some of these conditions are. Many lenders won’t provide a loan to buyers who have to spend half their monthly income to meet the payments.
Florida also presents some reasons to worry, with 10 counties showing up in the top 50. But only one of them, Flager County, ranks in the top 15. As a state that was hit hard during the 2008-2009 downturn, it is perhaps a relief to see they may not have has hard a time during this downturn. This could be because lending was much harder to come by in this state for a longer time period than most others so now the homeowner population is a lower lending risk.
Since New York City has been one of the hardest hit already with regards to number of COVID cases and so many businesses have had to stop operating, the financial implications are going to ripple all the way out to the suburbs. For anyone in these markets it would be worth looking into refinancing your mortgage since rates are so low and it typically saves most borrowers at least several thousand dollars a year.
Everyone should live in their own homes ... stay home stay healthy..BBCNews
I know that this situation is very serious covid-19.
the US will surely wins against this pandemic
AnayasaNevzat
Just avoid NYC real estate. COVID19 is a game changer. Just wait until NYC removes the COVID19 lockdown . Record setting EscapeFromNewYork will take place. The real estate market will be saturated with homes & commercial buildings for sale.