A recent Achieve survey revealed that one in three consumers in the U.S. considers their mortgage debt unmanageable as inflation and interest rates remain high. Mortgages account for a significant portion of total U.S. consumer debt, with the average mortgage per person at approximately $148,120. Rising homeownership costs are limiting many Americans' ability to save for retirement, with over half stating that it hampers their financial flexibility. Experts recommend prioritizing mortgage payments and adhering to strict budgeting to mitigate financial distress.
"Affordability remains a challenge as mortgage rates hover near 7%, and home prices have not budged significantly," says Realtor.com® Senior Economic Research Analyst Hannah Jones.
"That comes to an average of $148,120 per person with a mortgage on their credit report," according to Lending Tree, which adds that mortgages represent 69.9% of total U.S. consumer debt.
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