Research sneak preview: How SaverLife members are navigating housing (in)security

Written by: Maya Pendleton

Between March and May 2024, nearly 600 SaverLife members completed a survey about their housing experiences and housing insecurity. We asked our members about:

• Different housing situations, circumstances, and conditions

• Problems paying for housing

• Interest in and concerns about homeownership

• Awareness and use of various housing assistance programs

This fall, SaverLife will publish three research briefs with in-depth quantitative and qualitative findings related to these topics. But in the meantime, we’re offering a sneak preview of some especially important insights related to our members’ housing experiences and financial health.

Housing affordability is posing a threat

As we’ve noted previously, housing affordability is a major problem affecting the U.S. — especially for those with low-to-moderate incomes (LMI). For example, in 2022 half of all renters were considered cost burdened. In fact, the number of cost burdened renters climbed to 22.4 million, a steep increase from prior years.

SaverLife’s recent survey on housing experiences echoes the affordable housing crisis in the U.S. Problems paying for housing are common among SaverLife members, with over a third (34%) of survey participants reporting they had missed or been late on a rent or mortgage payment within the prior 12 months. Additionally, 14% of SaverLife members said they’d been threatened with eviction or foreclosure.

Transitional housing creates additional challenges

In addition to issues affording and paying for housing, many SaverLife members also experience volatile and substandard housing conditions. More than one in three SaverLife members said they were temporarily living with someone or had someone temporarily living with them. While relying on family and friends during times of need can be crucial for meeting individuals' basic needs, in the context of housing, this can also indicate housing insecurity or instability. “Doubling up” and living with others is a common way to manage housing insecurity. However, overcrowding can lead to an increase in overcrowded living conditions which then places strain on personal relationships and hinders children’s performance in school.

Moves are also frequent among SaverLife members. Almost one in four SaverLife members say they’ve moved in the last 12 months for a variety of reasons — one major reason being affordability. Research shows that forced moves related to housing affordability can have dire impacts on both adults and children, at times further destabilizing households.

Moreover, over three quarters of members said they had at least one problem in their home, such as mold, pests, or broken appliances. Topping the list of problems were frequent plumbing problems, roaches or other insects, and structural damage. These housing conditions can be detrimental to not only SaverLife members’ financial health, but also their physical health and safety. 

Housing support isn’t easy to access

Our research clearly shows that SaverLife members face hurdles when it comes to affording and finding adequate housing. At the same time, we also found that members struggle to find meaningful housing support. Among members who rent their homes, only 16% are currently receiving rental vouchers and even less (5%) live in a reduced rent unit. Similarly, 68% of members who are homeowners said they have problems affording property taxes, repairing or replacing appliances, and making home repairs. But 63% and 55% of homeowners were unaware of property tax and home repair assistance programs. Among all SaverLife members, only 37% were aware of housing counseling as a service.

There’s critical opportunities to create affordable, accessible housing

The challenges highlighted in our survey underscore the urgent need for comprehensive and accessible housing support for those earning low-to-moderate incomes. As housing costs rise, the pressures on LMI households are becoming increasingly severe. Our findings reveal significant gaps in both awareness and availability of housing assistance programs, indicating a critical need for better, more targeted support services.

Addressing these issues is essential not only for improving individual well-being, but also for fostering financially healthy communities. As we prepare to release our detailed research briefs this fall, we hope to shed further light on these issues and advocate for effective solutions to combat housing insecurity and improve housing conditions for all. Stay tuned for more in-depth insights and recommendations aimed at alleviating these challenges.

Maya Pendleton is Senior Research Manager for SaverLife. In this role, she supports the development of strategies and innovations to foster greater financial security and improved financial outcomes. Before joining SaverLife, Maya focused her work on examining how inequities manifest at the intersections of class, race, and gender.