High housing costs are forcing many renters and homeowners to make serious financial sacrifices, according to Redfin.
Many Americans are struggling to keep a roof over their head amid the high cost of housing in the U.S.About half of homeowners and renters said they have periodically struggled this year to afford their mortgage payment or rent, according to a recent survey from online real estate broker Redfin. To keep up with their housing payments, some homeowners and renters report selling their belongings, picking up overtime shifts, canceling vacations, working a second job and even skipping meals.
The national median mortgage payment hit $2,184 in February, up from $2,061 a year ago and $1,750 in February of 2022, according to the Mortgage Bankers Association . Median rents rose to $1,981 in February, up from $1,937 a year ago and $1,684 in the same period in 2022, data from Rent.com shows.Despite the high cost of housing, most homeowners have found a way to stay on top of their payments.
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