Source: Erik McGregor / Getty
A recent report from Redfin, a technology-powered real estate brokerage, reveals that nearly half of U.S. homeowners and renters (49.9%) struggle to afford their housing payments, either sometimes, regularly, or greatly. This struggle has led many to make significant sacrifices in order to meet their housing costs.
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The most common sacrifice reported was taking little or no vacations, with 34.5% of struggling homeowners and renters skipping vacations in the past year to cover their monthly expenses. Additionally, 22% skipped meals, 20.7% worked extra hours at their jobs, and 20.6% sold belongings to make ends meet.
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These findings are based on a survey commissioned by Redfin and conducted by Qualtrics in February 2024. The survey included roughly 3,000 U.S. homeowners and renters, with a focus on the 1,494 respondents who indicated they struggle to afford rent or mortgage payments.
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The financial strain of housing costs has forced many families to borrow money from friends or family (17.9%), dip into retirement savings (17.6%), or delay or skip medical treatments (15.6%). Redfin’s Economics Research Lead, Chen Zhao, noted that housing has become so burdensome that some families can no longer afford essentials like food and medical care without making major sacrifices.
Zhao also mentioned that there may be relief on the horizon if the Federal Reserve cuts interest rates in June, potentially reducing the cost of getting a mortgage. Currently, mortgage payments are near their all-time high due to rising home prices and elevated mortgage rates, with the typical household earning $30,000 less than needed to afford the median-priced home. Rents are also on the rise again, further adding to the financial challenges faced by many Americans.
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Nearly Half of U.S. Homeowners and Renters Struggle to Afford Housing Costs was originally published on rickeysmileymorningshow.com
