Newsweek - Two in five young renters and homeowners in the U.S. are cutting down on dining out to afford their monthly housing costs, whether that is mortgage, rent, parking, heating, cooling, or other bills, according to a new survey.
It is one of the many sacrifices that Gen Zers and millennials are being forced to make to keep up with rising housing costs and the growing unaffordability of homeownership—including skipping meals entirely and delaying medical treatments.
Americans—especially those who have not built up equity in recent years—are struggling because home prices have risen massively since the pandemic, far outpacing wage growth. While home prices have increased by more than 40 percent since 2018, wages have increased by only 28 percent over the same period. The median U.S. asking rent has climbed by roughly 22 percent during that time.
Mortgage rates also doubled during the pandemic and are now hovering around the 7 percent mark, showing little to no sign that they will significantly come down any time soon. Other costs, including property taxes, homeowners association (HOA) fees and home insurance premiums, have also climbed over the past five years.
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