“The findings in this survey highlight that economic challenges remain for a significant portion of the population,” the report states. “Although the U.S. economy is recovering from the Great Recession and most individuals appear to be generally stable financially, there are clearly segments of the population who are still struggling on one or more dimensions.”
Underwater Mortgages
In one especially clear sign of the downturn’s scarring, 14 percent of mortgage holders reported owing more than what their home is worth. People in the West were most likely to be underwater on their mortgages, at 17 percent, while people in the Northeast were least likely, at 11 percent.
What’s more, renters who wanted to own were encountering financial barriers that prevented them from buying. Some 81 percent of renters indicate that they would prefer to own their home if they could afford to buy one, yet 50 percent can’t afford a down payment and 31 percent said they couldn’t qualify for a mortgage.
“The survey results highlight the need to continue to monitor” populations that could experience economic hardship if they came across financial or economic disruption, the report states, and to “assess the extent to which they are, or are not, benefiting from broader economic recovery.”