Half of U.S. homeowners and renters said they struggle to pay housing costs as elevated home prices, rents, and borrowing costs have strained budgets, according to a report by online real estate brokerage Redfin (RDFN). 

Redfin reported 49.9% of survey respondents said they♌ sometimes, regularly, or greatly struggle to afford housing payments and many are making sacrifices to cover costs. 

The study found more than one-third (34.5%) indicated they decided to cut back on vacations in order to pay housing bills. Almost one-quarter (22%) skipped meals, while about one-fifth worked extra hours (20.7%) or sold their belongings (20.6%). Others noted they borrowed from family or friends (17.9%), dipped into retirement savings (17.6%), or passed on or delayed medical care (15.6%).

Redfin Economics Research Lead Chen Zhao said that housing costs have become so burdensome some families “can no longer afford other essentiꦿals, including food and medical care, and have♛ been forced to make major sacrifices, work overtime, and ask others for money.”

With mortgages payments near an all-time high due to elevated prices and borrowing rates, Redfin said the "typical" household earns about $30,000 less than would be needed to afford a median-priced home.

Zhao noted "homebuyers may get a reprieve in June if the Federal Reserve cuts interest rates, which would bring down the cost of getting a mortgage."