A recent survey has unveiled a concerning reality for nearly half of American homeowners and renters: housing costs are becoming increasingly unmanageable. With nearly 50% of individuals facing financial strain in meeting their housing expenses, the implications are profound.
The burden of housing expenses has forced many to resort to drastic measures, including working additional hours, selling personal belongings, and even dipping into retirement savings. According to data compiled from the survey, a staggering 34.5% of respondents reported forgoing vacations, while 22% admitted to missing meals in order to make ends meet. Additionally, 20.7% disclosed that they have been compelled to work extra hours to offset housing costs. Read More: South China Sea Tensions: China Conducts ‘Combat Patrols’ Amidst US-Led Drills
The toll on financial stability extends further, with 17.6% of individuals resorting to tapping into their retirement savings, and 15.6% delaying necessary medical treatments due to financial constraints imposed by housing expenses.
The sobering statistics shed light on the precarious financial situations faced by a significant portion of the American population, highlighting the urgent need for action to address housing affordability concerns.
Sources: WTOP, Redfin
