A lack of affordable housing remains a serious challenge for many adults in the United States. A new report from LendingTree shows just how serious.
According to the report, released in December, 69 percent of U.S. adults with monthly rents or mortgage payments say they have made a sacrifice to pay for housing. And one in five say they’ve chosen to pay their rent or mortgage rather than have enough to eat.
LendingTree surveyed nearly 1,400 U.S. adults with monthly rent or mortgage payments for the survey.
How much of a struggle are housing costs to Americans? The LendingTree survey found that 48 percent of U.S. adults with a monthly rent or mortgage payment said they were worried about making that payment during the past month. Those most worried included Gen Zers, with 67 percent reporting that they were worried about making their payments, and Millennials, with 59 percent reporting the same.
LendingTree said that 59 percent of parents with children under the age 18 worried about making their monthly rent or mortgage payments.
The report found, too, that 30 percent of U.S. adults said they had taken on a side hustle or other job to afford their monthly housing costs. Other adults — 29 percent — said they borrowed from loved ones, while 27 percent said they took money from savings. That same percentage of respondents also said they sold something of value to help cover their rent or mortgage payments.
A total of 37 percent of respondents said they skipped a vacation to be able to pay their housing costs, while 22 percent said they have stayed in a bad job and 20 percent said they skimped on having enough to eat.
LendingTree reported, too, that 45 percent of surveyed adults said they are considering moving to a less-expensive living situation. Gen Zers, at 62 percent, are the group most likely to consider such a move.
