A new report suggests a higher percentage of local income is going toward owning a house:

The costs of a typical home — including mortgage payments, property insurance and taxes — consumed 35.1% of the average wage in the second quarter, the highest share since 2007 and up from 32.1% a year earlier, according to a new report from Attom.

Growth in expenses, along with mortgage rates hovering around 7%, have outpaced income gains as a persistent shortage of listings pushed the median home price to a record-high $360,000, Attom said. In more than a third of US markets, ownership costs ate up 43% of average local wages, far above the 28% considered to be a guideline for affordability.

The new figures are tied to two other numbers: (1) what were homeownership costs in the past and (2) what are the guidelines for how much money should go toward housing. For the first, it would be interesting to see longer-term data; is 35.1% significantly higher than times in the past? How has this figure fluctuated during different economic and social conditions? When were the periods when average income allowed purchasing homes at lower percentages? For the second, is 28% the recommendation or is 1/3 of one’s income the recommendation or is a higher percentage okay (and particularly in certain circumstances, such as in an expensive housing market or if renting is not as viable)?

At the same time, comparing these current figures to the renting might also be helpful. Is renting cheaper and, if so, how much cheaper?