High housing prices in the D.C. area and across the country are making it difficult for some homeowners and renters to cover the costs of their homes, and many are planning to sacrifice some necessities and luxuries to make ends meet.
That’s according to a new survey from Redfin, which found that 1 in 3 Americans who are struggling to pay for housing will take no or very few vacations in order to afford their home.
Around a quarter are skipping meals and 15% of respondents surveyed stated they would skip or delay medical treatments so they don’t miss a mortgage payment or rent.
The survey of 2,995 renters and homeowners also found more than 20% have sold belongings, 17.9% borrowed money from friends and family, and nearly just as many dipped into their retirement savings.
Currently, new mortgage payments are near an all-time high due to rising home prices and comparatively elevated mortgage rates, which sit at about 7%.
“Housing has become so financially burdensome in America that some families can no longer afford other essentials, including food and medical care, and have been forced to make major sacrifices, work overtime and ask others for money so they can cover their monthly costs,” said Redfin Economics Research Lead Chen Zhao in a statement.
Different generations are also responding differently to shortcoming in housing funds. Millennials were more likely to skip a vacation, but Gen Z said their most common sacrifice is selling belongings or working more hours.
Around 1 in 6 Gen Xers who are struggling are dipping into the retirement savings to afford housing. While 61.9% of baby boomers were most likely to say they easily can afford housing payments.
Get breaking news and daily headlines delivered to your email inbox by signing up here.
© 2024 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.
