Buying a home falling out of favour

Getting an extra job, deferring retirement saving, cutting back on healthy food and running up credit card debt are some of the sacrifices 52% of Americans have had to make to cover their rent or mortgages, says the MacArthur Foundation.

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And 47% of people say that they’ve faced instability in their housing situations. That figure goes up among current renters to 56%. Many renters and homeowners are paying more than 30% of their income on housing.

Though the financial crisis is over, the foundation’s survey also finds seven of 10 Americans still feel the housing crisis is happening, or the worst is yet to come.

Read: Help homebuyers do the math

Many of the people surveyed say they’re concerned about the lack of affordable housing in their community, and six of 10 people want the government to intervene to ensure more affordable, quality, housing stock.

And affordability is having an effect on people’s attitudes towards housing: 43% say having a home isn’t an “excellent long-term investment” and 54% say buying a home is less appealing than in the past.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.