Responses from the July 2025 edition of the LIFE Survey reveal that large proportions of both homeowners and renters faced financial disruptions such as income loss, job separations, and increases in household costs, including rent, property taxes, and insurance. Renters and FHA loan holders were particularly likely to struggle with making their housing and other debt payments in the year before the survey, with payment difficulties occurring at nearly three times the rate of conventional mortgage borrowers (those with mortgages not insured through programs such as the FHA or VA). We also find that nearly 20 percent of all homeowners surveyed and 35 percent of those with FHA loans find themselves unable to afford critical maintenance on their homes. Finally, we find that households report a variety of strategies to cope with financial difficulties, with cutting discretionary spending being the most common strategy, although renters and FHA borrowers were more likely than other respondents to report more borrowing, relying on friends and family, and paying down their debts more slowly or skipping them altogether.

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