Most American Homeowners Are ‘House Poor’
In a recent survey, 40% of homeowners with mortgages said they work second, full-time jobs to afford housing expenses. A majority of the 1,002 people surveyed by Consumer Affairs feel like they can't afford their housing expenses, and did not anticipate the extra costs of upkeep when they bought their homes.
The report comes amid record surges in US home prices, also finding that more than a third of respondents are incurring extra credit card debt to pay their bills. Despite these challenges, homeowners ultimately prefer owning a home to renting one.
The survey found that although 40% of people rely on second, full-time jobs to ease the costs of homeownership, nearly 100% of "house poor" homeowners have taken on side gigs to offset home costs.