This Generation Is Spending the Most of Its Income on Housing

It’s not unusual for housing to be a person’s largest monthly expense.

Often, owning a home is a far more expensive prospect than renting one. That’s because homeowners have to cover costs outside of their mortgage payments, like property taxes, insurance, maintenance, and repairs.

It’s important to not overspend on housing, as doing so could lead to financial struggles and unhealthy debt. But according to a recent Hometap report, millennials may be going overboard on housing. And that could really be hurting them financially.

Millennials are stretching their budgets

Hometap reports that millennials spend more of their income on housing than any other generation. But what’s more alarming is that an estimated 33% of millennials spend over 26% of their income on their mortgage payments.

This article originally appeared on MotleyFool. Read the full article here.