Do You Know How Housing Spend Affects Your Health?

Housing costs can impact both physical and mental health.

Eighty-four percent of people think housing impacts their physical health, and 83% of participants in a national online Freddie Mac survey believe housing also impacts levels of stress, according to a post at freddiemac.com. 

One big factor in housing’s health impact is cost.  The rule of thumb is that consumers should not spend beyond 30% of their monthly income on housing—but survey results show 64% of renters and 48% of homeowners exceed this suggested spending limit.

Of course, greater expenditures on housing means there is less money available for other necessities like food and medicine--and the typical monthly bills.  Making decisions about allocating funds can be a stressor, and “greater financial stress is linked to a greater likelihood of depression, anxiety or other mental disorder,” the post notes.

Budgeting is helpful: perhaps you can downsize, limit discretionary spending, and comparison shop to see if you might find savings in utility or other bills to help reduce stress.

Consider also that it could be to the renter’s advantage to buy a home that is not necessarily a “forever home”.  Buying a starter home with monthly housing spend within or below a consumer’s financial means may equal a house lacking certain attributes—or even some sacrifice of nice amenities in the rental unit—but such a purchase could stabilize regular monthly payments while allowing the homeowner to build equity to put toward a future home-upgrade purchase. 

How does housing spend impact your health?  What might you do to boost your physical and mental wellbeing?

Post authored by Lora Bray.

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