A new study by Bankrate found that almost 80% of Americans are losing sleep at night due to financial issues, with housing costs being one of them.
According to the survey, 78% of U.S. adults lose sleep due to their finances, personal relationships, housing costs, and other worries, which is a 9% increase from 2018.
The leading cost of sleepless nights was everyday expenses, at 32%, but housing costs—mortgage payments and rent—accounted for 18%.
Generation X respondents (ages 39-54) accounted for 64% of those who lose sleep over financial issues. Millennials (ages 23-38) accounted for 58% and 54% of baby boomers (ages 55-73) lost sleep over finances. The report states that Gen X is least likely to gain financial security and most likely to feel stressed about money.
The report also found that 63% of those who earn less than $30,000 per year have more financial concerns, compared to 53% who make $80,000 or more.
Despite these financial concerns for younger generations, it has been reported in recent months that millennials are putting more of an emphasis on homeownership. SunTrust released a survey in May that found nearly half of millennials who have been married say they and/or their spouse owned a home before marriage (48%), compared to only 35% of baby boomers.
"People are choosing from many different paths and reaching common life milestones at a wider age span than before, changing when they decide to purchase a home," said Sherry Graziano, Mortgage Transformation Officer at SunTrust.
The survey also found that an increasing number of couples are entering marriage where both individuals own a home. According to the survey, 25% of unmarried women and 21% of unmarried men said, if faced with this decision, they would prefer to sell both places and buy a new one after getting married.
Overall, first-time buyers such as millennials continue to reshape the mortgage market. According to the latest First-Time Homebuyer Market Report from Genworth Mortgage Insurance, first-time buyers make up 38% of single-family homebuyers and 57% of new purchase borrowers.