Apr 12, 2024 - News

💰 Charted: Making ends meet

Data: Redfin; Note: Responses with less than 14% were excluded from the chart. Respondents could choose multiple responses. Chart: Axios Visuals

A striking share of renters and homeowners across the U.S. are skipping essentials like meals and medical care to keep a roof over their heads, per a new Redfin report.

The big picture: Nationwide, half of renters and homeowners struggle to afford monthly housing payments, Redfin found.

Yes, but: Demographics play into the types of sacrifices people make, Axios' Brianna Crane reports.

  • For instance, white and Asian survey respondents are most likely to skip a vacation, while Black and Hispanic respondents are most likely to work more hours, per the report.

Zoom in: In Metro Detroit, more than a quarter of residents are considered employed but asset-limited, making it hard to afford basic living costs, per a March U of M Poverty Solutions report.

  • Plus, 34% of residents pay more than 30% of their income for housing. That's expected to increase as home and rent prices continue an upward trend.
  • Even in some places with high median incomes, for example West Bloomfield, more than half of renters pay rent exceeding 30% of their income.

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