- According to a recent Gallup survey, renters are more worried about housing costs than homeowners at all income levels.
- Rent prices are subject to change, and can increase based on current market conditions. Meanwhile, mortgages are based on the market conditions of when the home was initially purchased.
Oftentimes, studies focus on the financial strain homeowners experience while trying to maintain their households. But a new Gallup poll says renters are almost twice as likely to worry about housing costs than homeowners.
Sixty-three percent of renters who earn $30,000 or less annually are very or moderately worried about paying rent, versus 47 percent of homeowners who earn the same.
The picture stays quite consistent when looking at renters who earn $75,000 or more annually. Twenty-nine percent of these renters are very or moderately worried about paying rent, versus only 19 percent of homeowners who earn the same.
So what’s the deal?
According to Gallup researchers, homeowners are less stressed because they are more likely to have stable housing payments.
Typically, homeowners experience minor year-to-year increases in property taxes and insurance, while renters are subject to more extreme increases.
Moreover, rent prices change based on the current market conditions, while home mortgage prices are stable because they reflect the market conditions of when the home was initially purchased.