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.
Text “RICKEY” to 71007 to join the Rickey Smiley Morning Show mobile club for exclusive news. (Terms and conditions).
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.
LIKE US ON FACEBOOK. FOLLOW US ON TWITTER AND INSTAGRAM. SUBSCRIBE TO OUR YOUTUBE.
CLICK HERE TO DOWNLOAD OUR APP AND TAKE US WITH YOU ANYWHERE!
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.
Related Article: Bishop Hezekiah Walker Breaks Ground On Affordable Housing Development In East Brooklyn
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.
HEAD BACK TO THE RICKEYSMILEYMORNINGSHOW.COM HOMEPAGE
Nearly Half of U.S. Homeowners and Renters Struggle to Afford Housing Costs was originally published on rickeysmileymorningshow.com
-
‘Dancing With the Stars’ Cheryl Burke Reveals She Had Romances With Three Celebrity Partners
-
DJ Montay Discusses Polygamy With Both His Wives
-
How To Download The 105.3 RNB App On Your Smartphone
-
Jill Scott Catches Criticism After Propping Up Chris Brown & Seemingly Defending Abusers
-
#MODELMONDAYS: Londone Myers Gets Crafty Off The Runway
-
Cardi B Faces Backlash for Criticizing American Fast Food as Unhealthy
-
Whoopi Goldberg Opens Up About Using Weight Loss Drug Mounjaro
-
O.J. Simpson Dead At 76 After Cancer Battle, Social Media Takes Nothing Seriously