Renters up at night over housing costs, more so than homeowners

Oftentimes, studies focus on the financial strain homeowners experience while attempting to maintain their households. However a new Gallup poll says renters are almost twice as likely to worry about housing costs than homeowners.

Sixty-three percent of renters who bring home $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 concerned about paying rent, versus only 19 percent of homeowners who earn exactly the same.

So what’s the deal?

In accordance with Gallup researchers, homeowners are less stressed simply because they’re almost certainly going 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 first purchased.

If you are tired of worrying about rising rent costs and are ready to become a home owner. Nick & Cindy Davis with RE/MAX Premier Group can assist you in finding your dream home in the Tampa Bay and surrounding areas. We have a team of agents ready to get started working for you. We can always be reached at 813-300-7116, or simply click here and we will be in touch shortly.