Apr 12, 2024 - News
Charted: Making ends meet
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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.