Close to half of Americans with a rent or mortgage payment report being concerned about making that payment in the last month.
According to a new report from LendingTree, 48% of consumers were worried about paying their housing costs, especially Generation Z (67%), millennials (59%) and Generation X (49%). Women (57%) are more likely to be worried about affording their housing costs compared to men (36%), while renters (57%) were more likely to be concerned than owners (36%). To help afford their monthly payments, 30% said they have taken on a side hustle or another job, 29% borrowed from friends or family, 27% either dipped into savings or sold something valuable. Sixteen percent reported they skipped buying groceries and 14% put off a doctor’s visit or medical procedure. Women, renters and parents with children under 18 were the ones who reported struggling more than other demographics.
People were making other sacrifices as well, 69% reported giving up something to afford their housing. Thirty-seven percent didn’t go on vacation, 22% stayed in a job they didn’t like and 20% skipped having enough food. Women were more likely than men to report making a sacrifice, especially not taking a vacation, not paying off debt and not paying off other bills. Thirty-eight percent of men said they didn’t make any sacrifices, compared to 26% of their female counterparts.
Nearly half (45%) of respondents said they are considering moving to a more affordable area. Specifically, 59% of people who pay at least $2,000 a month in rent or mortgage payments and 57% of renters are the most likely to consider moving to an area with a lower cost of living.
Topics
Member Discussion
Recent Articles
-
Americans Love These Top Super Bowl Snacks
- February 7, 2025
- 3 min. read
A Sonoran hot dog or funeral potatoes? Here are the Super Bowl snacks Americans are searching for the most ahead of the big game.
-
Homeowners Own More Assets, Have Higher Net Worth
- February 6, 2025
- 2 min. read
Data from the 2022 Survey of Consumer Finances found that while almost every household owned some assets, those who owned a home owned the vast majority of assets in aggregate.
-
Black Realtors® Champion Homeownership and Industry Representation
- February 5, 2025
- 5 min. read
This February, PAR honors Black History Month by recognizing a few of our Realtor® members in the Black community.
Daily Emails
You’ll be the first to know about real estate trends and various legal happenings. Stay up-to-date by subscribing to JustListed.