Home Affordability A Challenge for Many Americans

Where home is a place to put up your legs and relax we have a new report from LendingTree showing how this shortage of affordable housing has become a serious challenge in the Country.

According to the latest report, 69 % of Americans who pay monthly rents or mortgage payments said that they have made a sacrifice to pay for housing.

And one in five say that they choose to pay rent or mortgage over getting to eat.

Close to 1,400 U.S. adults with monthly rent or mortgage payments were surveyed by LendingTree.

And the survey found that 48 % of Americans with a monthly rent or mortgage payment were worried among those were 67% of Gen Zers, and 59 % were Millennials, who were worried about making the payment. 59 % were parents with children under the age of 18 who were a part of the worried renters or mortgage payers.

The report also found, that 30 % of surveyed adults said they had taken on a second job to afford their monthly housing costs.

The other 29 % said that they borrowed from their loved ones, and 27 % used up money from savings. Some also said that they sold their valuables to help cover their home payments.

A total of 37 % skipped their vacation to be able to pay their housing costs, whereas 22 % stayed in a bad job and 20 % compromised on their food to be able to pay. 45 % were considering moving to a less-expensive living condition.

Reference Source: Re Journals

https://www.compareclosing.com/mortgagenews/home-affordability-a-challenge-for-many-americans/

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