As well, compared to year-ago measures, “both renters and owners are more likely to report difficulties paying their rent or mortgage,” says ARI.
An infographic provided by the institute shows that, amongst mortgage-carrying respondents, the share reporting some degree of difficulty affording their monthly mortgage payments is up 12 points from June 2022. A lesser uptick has been observed amongst renters, with the proportion finding it “tough” and “very difficult” to manage their monthly rent has risen by one point in the course of a year. ARI also analyzes these groups across its Economic Stress Index.
According to the index, 58% of mortgage carriers report that they are struggling or uncomfortable, alongside 62% of renters who say the same. In contrast, 67% of homeowners who own their homes and do not have mortgage payments to contend with say they are comfortable or thriving.In a similar vein, 81% of homeowners who are actively paying a mortgage and 71% of renters report facing some degree of stress surrounding their debt.