More than 20% postponed or forwent medical procedures in order to pay for housing.
According to a Redfin survey, the majority of Americans who make less than $50,000 annually find it difficult to pay their regular rent or mortgage, and some even miss meals in order to make ends meet.
According to the survey, which was commissioned by the real estate company, 74% of respondents with incomes under $50,000 struggle with housing expenses either frequently, occasionally, or significantly. To cover their monthly housing expenses, about 25% of them have skipped meals. One of the most often mentioned sacrifices among those in that salary range, according to the report, is skipping meals.
Of that income group, 36% reported cutting back on or skipping trips, and 43% reported dining out less frequently. To stay solvent, about 25% of respondents reported taking out loans from friends or relatives.
According to the poll, slightly over 20% postponed or skipped medical treatments, and over 23% acknowledged selling some possessions to pay for their housing obligations.
However, during the past five years, rising rental and home-sale prices have hampered most consumers across income ranges.
Wages have grown during that period, but they haven’t kept up with housing costs.
Redfin data indicates that although rental prices in the United States have almost remained unchanged over the previous year, they are still 20% higher than they were before to the pandemic.
According to a Redfin data from October, the percentage of renter households making less than $1,000 per month dropped to 32.1%, the lowest percentage ever.
In the meantime, purchasing a home has become much more expensive, with median prices for homes climbing by over 40% since the beginning of the pandemic.
Many people, particularly those making less than $50,000, were unable to afford homeownership as a result of the steep rise in housing prices and the high cost of financing.
According to a September Redfin research, in order to purchase the median cost starter house, which is roughly $250,000, a buyer must make at least $76,995 annually.
For comparison, the median price of a home sold in October was $435,051, a 5.2% increase over the same month the previous year.
