Redfin Survey: Most People Earning Under $50,000 Struggle to Afford Housing. Nearly One-Quarter of Them Have Skipped Meals to Make Their Payments

Business Wire11-18

Of those earning under $50,000 who struggle to afford housing, 21% have delayed or skipped medical treatments, while 15% have worked a side hustle SEATTLE, November 18, 2024--(BUSINESS WIRE)--(NASDAQ:...

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Nearly One-Quarter of Them Have Skipped Meals to Make Their Payments\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-18 21:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/redfin-survey-most-people-earning-130000935.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Of those earning under $50,000 who struggle to afford housing, 21% have delayed or skipped medical treatments, while 15% have worked a side hustle\nSEATTLE, November 18, 2024--(BUSINESS WIRE)--(NASDAQ:...</p>\n\n<a href=\"https://finance.yahoo.com/news/redfin-survey-most-people-earning-130000935.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"RDFN","symbol_name":"Redfin Corp","start_time":0,"source_url":"https://finance.yahoo.com/news/redfin-survey-most-people-earning-130000935.html","article_id":"2484622195","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/bWxT2bTBacP9EuvSIB56vw--~B/aD01MTg7dz0xNTAxO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/4a3b94764bc0009cfc585f43feabe1d2"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2484622195","pubTimestamp":1731934800,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Of those earning under $50,000 who struggle to afford housing, 21% have delayed or skipped medical treatments, while 15% have worked a side hustle. SEATTLE, November 18, 2024---- — Nearly three-quarters (74%) of U.S. residents who earn less than $50,000 per year sometimes, regularly or greatly struggle to afford their regular mortgage or rent payments. That’s according to a new survey commissioned by Redfin , the technology-powered real estate brokerage.Of those people, nearly one-quarter (24%) report they have skipped meals to afford their monthly housing costs. That’s one of the most commonly cited sacrifices among people in that income bracket, topped only by eating at restaurants less often (43%), taking no or fewer vacations (36%) and borrowing money from family or friends (25%).Nearly a Quarter of Gen Zers Who Struggle to Pay For Housing Have Sold Belongings to Make Payments. Of the Gen Zers who struggle to afford housing, nearly one-quarter (24%) have sold belongings to pay thei","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"RDFN":"Redfin Corp","BK4079":"房地产服务","BK4548":"巴美列捷福持仓"},"translate_title":"Redfin调查：大多数收入低于50,000美元的人难以负担住房。近四分之一的人为了付款而不吃饭","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RDFN":0.9},"content_text":"Of those earning under $50,000 who struggle to afford housing, 21% have delayed or skipped medical treatments, while 15% have worked a side hustle\nSEATTLE, November 18, 2024--(BUSINESS WIRE)--(NASDAQ: RDFN) — Nearly three-quarters (74%) of U.S. residents who earn less than $50,000 per year sometimes, regularly or greatly struggle to afford their regular mortgage or rent payments. That’s according to a new survey commissioned by Redfin (redfin.com), the technology-powered real estate brokerage.\nOf those people, nearly one-quarter (24%) report they have skipped meals to afford their monthly housing costs. That’s one of the most commonly cited sacrifices among people in that income bracket, topped only by eating at restaurants less often (43%), taking no or fewer vacations (36%) and borrowing money from family or friends (25%).\nNearly one-quarter (23%) said they have sold belongings to afford housing payments. Just over one in five (21%) have delayed or skipped medical treatments, and 15% have worked a side hustle.\nBoth rental and home-sale costs have skyrocketed over the last five years, and while wages have increased over that period, they haven’t risen as much as housing costs. Most people earning less than $50,000 are renters, and while U.S. rents have flattened out over the last year, they are still about 20% higher than before the pandemic. A recent Redfin analysis found the share of U.S. apartments that cost less than $1,000 per month has dropped to its lowest level on record, making it difficult for lower-income Americans to find a low-priced apartment.\nThe cost of buying a home has increased even more; median U.S. housing costs have risen more than 40% since before the pandemic. Sky-high prices and rising mortgage rates have pushed costs near their record high. In much of the country, people earning under $50,000 cannot afford to buy a home: A Redfin analysis found that as of this summer, a household needs to earn $77,000 per year to afford the median-priced starter home.\nNearly a Quarter of Gen Zers Who Struggle to Pay For Housing Have Sold Belongings to Make Payments\nGen Zers typically earn less money than older generations, and many believe it’s harder for them to feel financially secure than it was for their parents at the same age. Just over one-quarter of adults Gen Zers own their home, and they’re entering homebuying age during a housing affordability crisis.\nRoughly seven of every 10 (71%) adult Gen Zers report they sometimes, regularly or greatly struggle to afford their regular mortgage or rent payments, the highest share of any generation. Sixty-five percent of millennials struggle to afford their housing payments.\nOf the Gen Zers who struggle to afford housing, nearly one-quarter (24%) have sold belongings to pay their monthly housing costs. Just over one in five (21%) have skipped meals, while 19% have moved in with a romantic partner and 10% have delayed or decided against having a child.\nMoving on to millennials, nearly one-quarter (23%) of millennials who struggle to pay for housing report they have skipped meals to make their monthly payments. Twenty-one percent have delayed or skipped a medical treatment, while 19% have worked a side hustle and 13% have dipped into retirement savings.\nThis is according to a Redfin-commissioned survey conducted by Ipsos in September 2024, fielded to 1,802 U.S. residents aged 18-65. For more details on the survey, see the end of this report.\nThe high cost of housing was on voters’ minds during this year’s election: A separate Redfin survey found that 38% of people who had voted as of November 1 said housing affordability impacted their presidential pick, and 40% said it impacted who they voted for locally.\nTo view the full report, including charts and survey methodology, please visit: https://www.redfin.com/news/survey-sacrifices-afford-housing-income-generation\nAbout Redfin\nRedfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.\nRedfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.\nFor more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241118489042/en/\nContacts\nContact RedfinRedfin Journalist Services:Kenneth Applewhaitepress@redfin.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484622195"}