The Wall Street Journal had an interesting graphic today on its website from the latest American Community Survey data. The newspaper ranked all the nation’s metro areas for a quick index for housing stress.
I compiled similar data for the 11 Oklahoma counties covered under the latest ACS data. As you can see, Muskogee County appears to have the highest housing-stress index in Oklahoma. Rogers and Canadian counties are faring the best. The national average is 87.5, so even Muskogee County is faring well compared to the rest of the nation.
The WSJ housing-stress indicator is made up of three components: the percentage of the population not in the labor force; the percentage without health insurance; and the percentage of homeowners with a mortgage spending more than 30 percent of their income on housing costs. From the Real Time Economics blog:
Financial advisers warn against spending more than 30% of a household’s income on housing costs, as it can crimp other expenditures and savings. It also leaves little room for unexpected shocks to income, such as illness or unemployment. Miami was at the top because it had the highest percentage of mortgage holders spending more than 30% on housing among large metro areas — 57.7% compared to the national average of 37.5%. At the same time, a quarter of the city’s residents are without health insurance — compared to the national average of 15% — making it difficult to deal with a the expense created by an illness and still pay a mortgage.
Click on the image below for the WSJ rankings of the metro areas.
Update: You can see the underlying numbers for the Oklahoma counties here.
Written by Paul Monies