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Majority of Americans concerned about their ability to pay for housing: survey

Xinhua | Updated: 2022-08-16 14:35

LOS ANGELES -- The majority of Americans said they are concerned about their ability to pay for housing, the US Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, said Monday, citing a newly released survey.

The Freddie Mac survey showed that around 62 percent of households in the country are somewhat or very concerned about their ability to pay for housing within the next 12 months, while 61 percent said they sometimes don't have enough money for basics, like food and housing, or live payday to payday, with just enough money to get by.

The survey found rents of nearly 60 percent of dwellers increased in the past 12 months, with a ratio of almost one in three seeing rent increases of 10 percent or more.

Just 38 percent of renters saw their wages increase, and a third say their raise won't cover their increased rent. According to the survey, nearly one in five who experienced a rent increase say they are now extremely likely to miss a payment.

Freddie Mac noted that surveyed households were almost universally impacted by higher prices in the past 12 months, with the highest percentage, 66 percent, pointing to increased costs for groceries and household supplies as the main drivers. The other most cited cost increases were transportation, eating out and utilities.

"The surge in rents that took place over the last 12 months has created even greater housing uncertainty for the most vulnerable renters," said Kevin Palmer, head of Freddie Mac Multifamily, in a news release.

"Our survey shows that the national housing affordability crisis is worsening, and that inflation is a key driver. Freddie Mac Multifamily is charging toward a record year for our affordable housing work, but it's going to take a concerted, sustained and comprehensive effort to turn the tide," Palmer added.

The nationwide online Freddie Mac survey was conducted this year from June 6 to June 10 among a representative sample of 2,000 American consumers aged 18 and older.

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