Home >> Daily Dose >> Are Home Costs Weighing Heavily on Americans?
Print This Post Print This Post

Are Home Costs Weighing Heavily on Americans?

A new study by Bankrate found that almost 80% of Americans are losing sleep at night due to financial issues, with housing costs being one of them. 

According to the survey, 78% of U.S. adults lose sleep due to their finances, personal relationships, housing costs, and other worries, which is a 9% increase from 2018.

The leading cost of sleepless nights was everyday expenses, at 32%, but housing costs—mortgage payments and rent—accounted for 18%. 

Generation X respondents (ages 39-54) accounted for 64% of those who lose sleep over financial issues. Millennials (ages 23-38) accounted for 58% and 54% of baby boomers (ages 55-73) lost sleep over finances. The report states that Gen X is least likely to gain financial security and most likely to feel stressed about money. 

The report also found that 63% of those who earn less than $30,000 per year have more financial concerns, compared to 53% who make $80,000 or more. 

Despite these financial concerns for younger generations, it has been reported in recent months that millennials are putting more of an emphasis on homeownership. SunTrust released a survey in May that found nearly half of millennials who have been married say they and/or their spouse owned a home before marriage (48%), compared to only 35% of baby boomers. 

"People are choosing from many different paths and reaching common life milestones at a wider age span than before, changing when they decide to purchase a home," said Sherry Graziano, Mortgage Transformation Officer at SunTrust.

The survey also found that an increasing number of couples are entering marriage where both individuals own a home. According to the survey, 25% of unmarried women and 21% of unmarried men said, if faced with this decision, they would prefer to sell both places and buy a new one after getting married.

Overall, first-time buyers such as millennials continue to reshape the mortgage market. According to the latest First-Time Homebuyer Market Report from Genworth Mortgage Insurance, first-time buyers make up 38% of single-family homebuyers and 57% of new purchase borrowers.

 

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.
x

Check Also

How Does Immigration Impact Home Prices?

While there has been much debate regarding immigration in the U.S., a new study suggests that immigrants may have a surprising influence on home values.

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.