Indicator Profiles
Analysis
In 2007, 73.15% of Hancock County housing-units’ owners had a mortgage on their homes. This percentage reflects a 24.07% increase when compared with 2005.
For 26% of mortgage-paying households in Hancock County the cost of ownership absorbed more than 30% of their income. The number of households paying 30-35% of their income toward ownership doubled between 2005 and 2007 as compared to a negligible increase of 2.41% state-wide.
Hancock County residents have experienced a significant increase in their house-ownership related expenditures. The percentage of owners spending 20-25%, 25-30%, and 35% of their income grew 44.39%, 61.6%, and 25.95% between 2005 and 2007 versus 1.02%, 3.3%, and 3.25% of growth demonstrated by the respective groups statewide.
While statewide house-ownership affordability decreased 1.27% on average, Hancock County homeowners faced a respective average decrease in affordability of 46.9%.
