Mortgage News April 14, 2023
Despite the fact that housing costs are high in general, a significant number of Americans are striving to overcome the challenges of affordability caused by inflated housing prices and historically high mortgage rates. Furthermore, the problem of exorbitant housing costs is not limited to homeowners alone, as renters are also grappling with the impact of soaring prices.
According to a recent study by LendingTree, some states have a larger population of individuals who are falling behind on rent payments, while others have more people living without paying rent at all.
Based on the analysis of data from the U.S. Census Bureau Household Pulse Survey, LendingTree discovered that over eight million adults in the United States are residing in households that have fallen behind on rent payments. Meanwhile, approximately 3.6 million adults are currently living in households where they are not required to pay rent.
Like home prices, rent costs have also increased since the pandemic began. Renting is often considered a more affordable option than buying a home, but it does not necessarily mean it is easy. LendingTree’s study reveals that the outcomes for renters can differ significantly depending on their household. While some individuals struggle to pay rent, others live rent-free, as seen by the study’s findings showing 13.17% of adults in renter-occupied homes behind on their payments and millions living without paying rent.
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