Majority of Americans say they're worried about being able to pay for housing

Majority of Americans say they’re worried about being able to pay for housing

Nearly 60% of renters have experienced a rent increase in the past year, according to a Freddie Mac survey, but only 38% say their income has increased. Renters were also less likely than all employed respondents to get a raise, so that nearly one in five of hers who experienced a rent increase was less likely to miss a payment. said it was “very high”.

” soaring rent Kevin Palmer, Head of Freddie Mac Multifamily, said: driver. “

Fifteen percent of those who have seen a rent increase said they saw a rent increase of 10% or more.

Rising housing costs and inflation have also changed many potential homebuyers’ plans, according to the study.

Nearly three-quarters of renters who were planning to buy a home said they were less likely to buy in the past year.Of those who are less likely to buy, half say the reason is high housing prices39% said it was difficult to come up with a down payment and 34% said it was a liability interest rate rise.

Forty-eight percent of respondents said they cut back on non-essential items such as entertainment due to rising prices, while 44% said they spent less money on savings.

Higher costs lead to real wallet concerns for households.

A majority of survey respondents, 62%, say they are worried they won’t be able to pay for their home next year. An even larger percentage, 84%, said they were concerned. Recession And half worry about losing their jobs.

Thirty-nine percent of respondents reported having enough money for things they want to spend money on in addition to what they need, while 41% say they only have enough money coming in to live on. , answered that he lives on a salary. About 20% of people report that they sometimes don’t have enough money to cover basic living expenses such as food and housing until their next payday.

The survey, conducted in early June of a representative sample of 2,000 American consumers, found that nearly all households surveyed were impacted by the previous year’s price increases. Rising prices for groceries and household items affected him in 66% of those surveyed. Transportation, dining out, and utilities were the areas most frequently cited for rising costs.

Source: www.cnn.com

Majority of Americans say they’re worried about being able to pay for housing

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