Survey Shows Many In Montana Skipping Meals To Pay For Housing

Sometimes, when reading through the news, I'll find a story or a recent survey that just saddens me a whole bunch.

That's what happened recently when I read a new survey that claims many in America are going without just in the hopes of being able to afford a home.

READ NEXT: The Truth About The Housing Market In Montana

a monthly expense report with a calculator that says "expenses" on it

How Many People Are Doing Without To Afford Their Homes?

Perhaps you thought I was talking about people who were looking to buy their first home and the sacrifices they were making to save enough to purchase their first home.

Well, according to REDFIN, who conducted this survey, it's everyone, from homeowners to renters, that is making sacrifices to keep a roof over their heads.

The scary part is that 50% of homeowners and renters have stated they are barely able to afford their mortgage or rent each month.

READ MORE: It's The 10 Most Affordable Montana Towns For 2024

A couple stresses out over their monthly expenses

Affordable Housing Will Be A Big Topic This Election Year

The stats that stuck out to me were that:

  • 1 in 5 were skipping meals
  • 1 in 5 were working overtime
  • 1 in 5 were selling their belongings
  • 1 in 3 were no longer taking vacations

Another startling statistic was that almost 14% of millennials have had to dip into their savings to avoid their monthly payments, but worse still were the 27.5% of baby boomers who were having to do the same thing.

If there is a silver lining to this story, it's that it still makes fiscal sense (if you can afford it) to buy your house, as "homeowners (59.9%) were roughly twice as likely as renters (30.8%) to indicate that they easily afford their housing payments."

LOOK: The Truth About The Housing Market In America

A recent article in Business Insider highlighted the perceived value of housing across America as being either overvalued or undervalued.

Gallery Credit: Nick Northern

KEEP READING: 10 States With The Largest Housing Vs. Wage Growth Gaps calculated the percentage difference over the 5-year period from 2018 to 2022. The resulting "Housing vs. Wages Growth Gap" was obtained by subtracting the percentage increase in wages from the percentage increase in housing prices. States were then ranked based on the magnitude of this gap.

Gallery Credit: Kyle Matthews

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