Majority of Americans worry about paying for housing: poll

Inflation stood at an 8.5% annualized rate in July

Amid high inflation numbers and other deteriorating economic conditions, a significant majority of Americans fear they will be unable to pay their housing costs in the next year, according to a recent poll.

The Federal Home Loan Mortgage Corporation (Freddie Mac) poll revealed that 62% of Americans are somewhat or very concerned about the issue. Moreover, 69% feared rising housing costs in general while 58% said they had already witnessed an increase. Housing expenses went up by at least 30% for 6% of respondents.

Freddie Mac conducted the poll June 6-10 at a time when gas prices reached their peak and inflation was at record highs.

Outside metrics, however, suggest Americans may be right to fear housing costs as the National Association of Realtors housing affordability index reached a low point in July not seen since 2006. Moreover, average mortgage payments rose nearly 50% from January to May, from $1,297 to $1,842.

Inflation stood at an 8.5% annualized rate in July.

Last month, the economy contracted for the second straight quarter, a traditional marker of a recession. The Biden administration, however, has eschewed this traditional benchmark in favor of more nebulous criteria to diminish the political impact of the economic downturn.