Rising housing costs and high interest rates are particularly challenging for Gen X homeowners, who face the highest average mortgage payments. A study by Experian revealed that 33% of Gen Xers still carry mortgages, and many feel financially squeezed due to increasing property taxes and insurance costs. In a Goldman Sachs survey, nearly half of Gen X respondents acknowledged they are behind on retirement savings. This generation often began saving later in life, further complicating their financial readiness as they approach retirement.
Even folks who planned well are feeling the squeeze when property taxes and insurance inevitably rise due to increased valuations.
Gen Xers have the highest average mortgage payment of $2,313, making their retirement finances particularly challenging.
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