Which Apartment Tenants Are 'Extremely Likely' to Miss a Rent Payment

Grocery prices are so high today that in some cases it’s more economical to dine out than to dine in.

For northern New Jersey commuters into New York City, it is costing roughly $120 per day to drive in and back.

These expenses and other factors have US consumers thinking differently – and struggling – when it comes to family budgets, according to a 20-question national survey conducted June 6-10 by Freddie Mac of 2,000 US consumers to gauge the impact of rising prices on finances and housing choices.

Some 62% say they are somewhat or very concerned about being able to pay for housing and 58% said they have had their apartment rent raised, including 32% of respondents claiming an increase by more than 10%.

Nearly 1 in 5 renters (19%) who experienced a rent increase say they are extremely likely to miss a rent payment.

41% Living Paycheck to Paycheck

Three in five households said they sometimes don’t have enough money for basics or live payday to payday with 20% saying that they sometimes don’t have enough money for basics such as food and housing, until the next payday.

And 41% say they live payday to payday, with just enough money to get by.

Groceries and transportation costs were listed as the biggest factor impacting household spending over the past 12 months, with 66% citing food and 54% pointing to transportation. Utilities came in at 49%.

In response, consumers are tightening budgets, Freddie Mac said, with nearly half cutting non-essentials. Nearly half (48%) are spend less on non-essential items such as entertainment and 44% are putting less money toward savings.