Published On: Sun, May 1st, 2016

Housing Costs: Renters More Worried Than Homeowners

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American renters are nearly twice as likely to worry about not being able to pay their housing costs as homeowners, according to a Gallup survey. 63 percent of renters with an annual wage of $30, 000 or less are very or moderately concerned about paying their accommodation costs compared to 47 percent of homeowners. That trend does not change according to income level with renters earning high wages also fretting about their finances.

63 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. 29 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 mortgage payments would reflect values of the time the home was purchased.

 

This chart shows the percentage very/moderately worried about being able to pay rent, mortgage or other housing costs in the United States.

Infographic: Housing Costs: Renters More Worried Than Homeowners | Statista

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