The current state of the economy has an overwhelming majority of Americans worried about making their mortgage payments, according to the 2023 U.S. Mortgage Servicing Survey.
In all, 85% said inflation makes them worried about their ability to pay their mortgage. Other market conditions worry them too, including interest rates (78%); medical and health expenses (73%); job security (64%), and natural disasters (59%), according to the survey by the digital mortgage-servicing platform Brace.
Nearly half (46%) of homeowners said the increased cost of living has already impacted their ability to pay their mortgages over the last three to six months. Younger homeowners are especially worried about their ability to pay their mortgage, a reversal from historical trends.
The survey found that younger homeowners are more likely to be handling solo mortgage payments as the only borrower. The majority (53%) of single-borrower mortgages were held by people under 45. Also, most minorities (54%) are single borrowers, compared to 43% of Caucasians.
More than two-thirds (69%) of homeowners said they are interested in receiving educational information from their servicer about strategies for managing their mortgage finances and home equity.
“Our survey sends a crucial message to mortgage servicers about what homeowners need,” says Eric Rachmel, CEO and founder of Brace. “They’re seeking financial guidance, strategies, and education.”
The survey’s complete findings can be accessed here.