Renters are more concerned about affording their housing than homeowners

Renters in the U.S. are almost twice as likely than homeowners to worry about paying their housing costs, according to a recent survey.

Forty-nine percent of renters and 25 percent of homeowners are concerned about being able to afford their housing. While higher-income participants are more likely to own than rent, renters still worry more, regardless of their income levels.

Whether they own or rent, 33 percent of Americans surveyed said they were either very or moderately worried about not being able to afford their housing costs, whether it be rent or mortgage.

However, despite income levels, there is approximately a 15-percent-point gap of worry between homeowners and renters, with renters being more likely to worry.

For lower-income renters, 63 percent worry about paying the rent, compared to 47 percent of low-income homeowners who worry about paying the mortgage. For middle-income renters, 42 percent are concerned about paying rent, while only 27 percent of middle-income homeowners are concerned about affording the mortgage.  Not surprisingly, the high-income renters and homeowners are the least likely to worry about paying housing costs, 29 percent of renters compared to 15 percent of homeowners.

The report pointed out that in most cases, homeowners’ mortgage payments are most likely fixed and will not change year-to-year, while renters typically expect their rent to rise each year.

Compared to past years, the gap of worry between renters and homeowners has increased in recent years. During the recession, both homeowners’ and renters’ concern about affording their housing increased. However, most middle- and high-income homeowners’ concerns have decreased, but renters remain worried.

These results are based on more than 5,000 United States residents, including 3,606 homeowners and 1,294 renters.