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Many Americans spend more than 30 percent of their take-home pay on a mortgage: survey

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Homebuyers ready to take the plunge in today's housing market have had to sink a bigger portion of their paychecks into mortgage payments and make significant cuts to everyday spending, a recent survey said.

Higher mortgage rates and home prices mean that 20% of Americans spend roughly 30% of their paychecks on monthly home loan payments and 10% spend more than half of their pay, according to a recent NewHomesMates.com survey.The average 30-year fixed-rate mortgage has not dropped below 6.6% this year. However, homeowners faced even higher rates in 2023 as the market reacted to interest rate volatility.

Moreover, 25% said they would buy a fixer-upper to save money, 33% would even live next to a cemetery, and 13% would buy a house with a nasty history.If you are ready to shop for the best rate on a new mortgage, consider visiting an online marketplace like Credible to compare rates and get preapproved with multiple lenders at once.

 

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