Some renters and homeowners even cut back on food and utilities
Renters and homeowners have continued to face affordability issues, making adjustments over the past two years to afford their current monthly rent or mortgage.
More than half of Americans (51%) had made spending or housing changes to be able to pay for their monthly housing payments, including 47% of homeowners and 62% of renters, according to a new survey from Freddie Mac.
More than 55% of these renters said they have cut back on non-essential items over the last two years, while 44% had issues affording their housing dues and had to move to afford rent. These figures of renters who moved climbed 14 points over the August 2018 survey findings.
Homeowners (52%) also spent less on non-essential items, while others (33%) skimped on food, utilities, and other essentials. In addition, 35% of owners have moved to search for a more affordable place to live, up nine points since August.
Freddie Mac surveyed nearly 4,000 households to find out the attitudes of people toward housing.
“Our research confirms much of what we see in our business every day — affordability remains the essential factor when it comes to determining whether to rent or purchase a home, and the cost of housing is having a significant impact on households of every age, size and location,” said David Brickman, president and incoming CEO of Freddie Mac. “For millennials and many Gen-Xers, buying a home is no longer just a decision based on housing and housing costs — increasing pressure from student loans and the rising cost of childcare are having a significant impact.”
