Survey: Consumers Lose Sleep Over Housing Costs
August 20, 2018
More than one in 10 adults—or about 29 million Americans—say they’re losing sleep worrying about their ability to pay the mortgage or rent, according to a new survey by Bankrate.com. Millennials seem to be tossing and turning the most, with 17 percent of people ages 28 to 37 saying concerns over housing costs are causing them to lose sleep. Also, those earning less than $50,000 per year are more than three times as likely to stress about housing costs, according to the survey, which was based on responses of more than 1,000 U.S. adults.
“Millennials have a lot to worry about,” says Bankrate.com analyst Amanda Dixon. “The economy overall is in good shape, but wages are stagnant, housing costs are rising, and the job market has become more competitive. It’s no wonder so many 20- and 30-somethings lie awake at night.”
But housing costs aren’t the only thing keeping them up. Forty-three percent of older millennials surveyed say that money matters in general have caused them a lot of restless nights. They’re worried about their credit card debt as well as work, education costs, and relationship issues.
Meanwhile, the survey showed that younger baby boomers, aged 54 to 63, and Gen Xers, aged 38 to 53 are the most stressed about saving for retirement.
Updated: May 20, 2019