More Americans Report Making Sacrifices to Afford Housing
By Kelly Leighton | Dec. 31, 2021 | 2 min. read
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.
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