Nearly three-quarters (74%) of US residents who earn less than $50,000 per year report struggling to cover their mortgage or rent payments, according to a new survey from Redfin (NASDAQ: RDFN).
From the 1,802 people polled for the survey, nearly one-quarter (24%) said they skipped meals to afford their monthly housing costs while nearly one-quarter (23%) stated they sold personal belongings to cover housing costs. A little over one in five respondents (21%) have delayed or skipped medical treatments, and 15% took up a side hustle.
Other cost-savings strategies cited by respondents included eating at restaurants less often (43%), taking no or fewer vacations (36%) and borrowing money from family or friends (25%).
Among age demographics, roughly seven of every 10 (71%) adult Gen Zers reported struggling with mortgage or rent payments, compared to 65% of millennials. Among the Gen Zers, 19% have moved in with a romantic partner and 10% have delayed or decided against having a child due to housing costs.
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