Most Low Earners Struggle to Make Rent or Mortgage Payments -- Market Talk

Dow Jones11-18

1007 ET - Nearly three-quarters 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, Redfin says. Of those people, 24% report they have skipped meals to afford their monthly housing costs. Other sacrifices include eating at restaurants less often, taking no or fewer vacations and borrowing money from family or friends. Both 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, Redfin says. (chris.wack@wsj.com)

(END) Dow Jones Newswires

November 18, 2024 10:07 ET (15:07 GMT)

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