It’s harder than ever to keep a roof over your head.

Home and rental costs have skyrocketed in most areas of the country. About half of those in the United States say that high housing costs are a major problem in their community, according to a recent survey, with 70% of young adults saying it is harder for them to buy a home compared to their parents. 

How High Housing Costs Are Affecting You

Housing inventory is low, leading to a 25% rise in the median single-family home sale price. For many, housing costs are making the American Dream unattainable. 

If you’re dealing with a high mortgage or rising rent, there are many options for help. You just need to know where to look.

See if You Qualify for Assistance Programs

There are countless programs offered by the federal, state, and local governments that offer rental assistance and homebuying assistance to temper high housing costs (you can search for available programs in your state on the U.S. Department of Housing and Urban Development’s website).

Those with low income may qualify for a rental assistance program, especially if they are struggling financially during the COVID-19 pandemic. The Homeowner Assistance Fund is a recent program designed to prevent foreclosures and mortgage defaults, as well as help with paying utilities.

The Federal Housing Administration offers a popular loan for first-time homebuyers to lower down payments. Other specialty housing programs are geared toward those living in public housing, members of the military, and purchasing incentives for those employed as teachers, police officers, firefighters, and medical care providers.  

Look For Apartments with Reduced Rent

The federal government also has programs specializing in rental assistance. On HUD’s website, you can look for an apartment in your state that is privately owned and offers lowered rent rates.

You can also apply for public housing if you are elderly, have a disability, or have a low income. HUD’s Housing Choice Voucher Program typically covers at least part, if not all, of rent for Section 8 housing. 

Improve Your Credit Score

Not only does an improved credit score mean you may be able to afford a home faster, but improving it while you’re a homeowner may help you reduce housing costs by qualifying for a money-saving mortgage refinance. That can mean drastically lower monthly payments.

Expect the Unexpected 

There are certain housing costs you can easily predict, including the down payment, utility bills, taxes, and insurance. It’s the high housing cost variables that can lead to needing a lot of help. This can include maintenance if your roof is unexpectedly damaged, or you find a plumbing issue that was not disclosed when you purchased a home.

Start budgeting for such expenses with an emergency fund that you regularly contribute to each month. As your home ages, a fat nest egg isn’t just helpful — it’s vital.

Generate More Income Streams

If your full-time job isn’t quite enough to cover high housing costs, look into some side gigs that can make up the distance and provide a financial cushion. It’s easy to find a side hustle that matches your skills, time, and energy.

This can include everything from renting out a room in your basement and selling crafts online to freelance graphic design and pet sitting.

Negotiate

Not all power rests in the hands of home sellers and landlords. As a home buyer or renter, you can negotiate your rental costs and detail what assistance you require from a seller before buying, including extra money for necessary repairs and help with closing costs.

You won’t know how much extra help you can get unless you ask.

Pursue a Florida Payday Advance

Not being able to cover housing costs is a serious financial emergency that puts your well-being at stake. A Florida payday advance may help by offering a loan to cover housing expenses in between paychecks.

Designed to help with financial emergencies and not long-term financial struggles, a payday advance offers cash to be paid back eventually, usually when you get your next paycheck.

It can take as little as 30 minutes to qualify for a payday advance of up to $1,000 at Fast Payday Loans, Inc. of Florida.

The best part: If you qualify you can receive the cash you need the same day or the very next business day.

We’ve streamlined the payday advance process by letting you get started online. Just fill out the payday advance form on our homepage and a loan representative will give you a call to guide you through the rest of the easy process.

Get Started Today

High housing costs are impacting millions of Americans. A payday advance can help ease the burden. Either start online, give us a call, or visit one of our payday loan locations near you today. We’re always here to help.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.