Renters Fret Over Their Payments

A Gallup survey has found that American renters are almost twice as likely to worry about not being able to pay their housing costs as homeowners. Overall 33 percent of Americans are very or moderately worried about paying their rent, home loan or other housing costs. However, renters are the ones most often awake at night, fretting over their finances. Sixty-three percent of renters earning an annual wage of less than $30,000 are very or moderately worried about paying for their accommodation compared to 47 percent of homeowners at the same income level.

Renters worry more than homeowners at all income levels, even those in the upper-income brackets. Twenty-nine percent of those taking home $75,000 or more are also concerned about paying for the roof above their heads, compared to 15 percent of homeowners. Gallup explained that homeowners may be less worried than renters as they are likely to have more stable housing payments. They would only experience minor year-to-year increases in property taxes and insurance while renters would probably experience more significant increases. Additionally, rental payments generally reflect current real estate market conditions whereas a homeowner’s housing payments would reflect values of the time the home was purchased.

Source: Forbes