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May 2024 ยป thefivestar.com 75 May 2024 J O U R N A L Daryl Fairweather, Chief Economist at Redfin. "In reality, many homeowners and renters will need to move somewhere that better meets their needs as they age, like a senior-living community or a one-story home in an accessible neighborhood. But the government isn't prioritizing build- ing housing for seniors, which is further encouraging older Americans to stay put, exacerbating the inventory shortage. Politi- cians should focus on expanding housing stock that meets the needs of older Amer- icans, which could help with housing affordability and availability for all." According to the same Redfin study, some 51% of baby boomers who don't want to sell their house anytime soon said they don't like it and don't see a need to relocate. Approximately one in five (21%) are remaining put because home prices are currently too expensive, while more than a quarter (27%) say it's because their proper- ty is paid off totally or almost completely. HOW MANY AMERICANS ARE STRUGGLING WITH THEIR HOME PAYMENTS? A re Americans choosing to go without meals, medical care, and are working overtime at work to afford housing? According to a new study from Redfin, 49.9% of respondents to a new study reported struggling with their monthly mortgage or rent payments and are now making sacrifices to defray these costs. According to Redfin, the most com- mon sacrifice people reported taking was no or fewer vacations. More than one-third of homeowners and renters (34.5%) who struggle to afford housing indicated that they skipped vacations in the past year in order to afford their monthly costs. But many people who struggle to af- ford housing made more serious sacrifices: 22% skipped meals and 20.7% worked extra hours at their job. A similar share (20.6%) sold belongings. It should be noted that this survey has a two-month lag period; it was conducted in February 2024 and fielded to roughly 3,000 homeowners and renters. Most of Redfin's report focuses on the 1,494 respon- dents who indicated that they sometimes, regularly or greatly struggle to afford regular rent or mortgage payments. According to the numbers, more than one of every six people (17.9%) who strug- gle to afford housing borrowed money from friends/family, and 17.6% dipped into their retirement savings. Over one in seven (15.6%) delayed or skipped medical treatments. "Housing has become so financially burdensome in America that some fami- lies can no longer afford other essentials, including food and medical care, and have been forced to make major sacrifices, work overtime and ask others for money so they can cover their monthly costs," Redfin Economics Research Lead Chen Zhao said. "Fortunately, the country's leaders are starting to pay attention, and homebuyers may get a reprieve in June if the Federal