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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50,000 is a meaningless stat. Housing is local. 50,000 in major cities is a real housing problem but in many areas you can get your first home. The costs are spreading out drastically in this country.
I agree with Lloyd and would add that the last four years have been intentionally bad economically. The same people who have ruined the economy and given us record crime, corruption and inflation are pushing socialist “affordable housing.” The election just fixed most of America’s problems. Some blue cities and states will continue to maintain 3rd world conditions.