A Clever Real Estate report exposes the spending divide keeping millions from homeownership
Half of Americans are living paycheck to paycheck and nearly three in four expect no change a year from now, according to a survey of 1,000 adults published in August by Clever Real Estate, a nationwide real estate company.
For mortgage brokers, the findings map a financial fault line running directly through the housing market.
The Clever Real Estate survey, conducted July 8, found that 50% of Americans currently live paycheck to paycheck, rising to 62% of millennials and 57% of Generation Z.
More than a quarter of Americans (27%) describe themselves as overspenders, with 49% of Gen Z and 39% of millennials among them.
A FICO Homeownership survey previously revealed that three in four prospective buyers are sitting out the market due to financial unpreparedness, not lack of desire.
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The homeownership divide
The survey draws a clear boundary between those who own and those who don't. Just 42% of homeowners live paycheck to paycheck, compared to 61% of non-homeowners. Two-thirds of homeowners (68%) report satisfaction with their financial situation; among non-homeowners, that figure sits at 47%.
Emergency savings follow the same pattern. Some 61% of non-homeowners have no emergency fund, double the 30% rate among homeowners.
Non-homeowners are also nearly twice as likely to cite housing costs as their primary financial stressor — 39%, versus 22%.
Non-mortgage debt compounds the barrier. Two-thirds of Americans (68%) carry non-mortgage balances, with 29% owing at least $10,000.
Among self-described overspenders, those figures climb to 86% and 45%. Fewer than half of overspenders (49%) own a home, compared to 62% of those who don't self-identify as overspenders.
Homeownership consequences are direct: 10% of Americans told Clever they have delayed buying a home because of their spending habits, and 51% have postponed at least one major life milestone.
Homeownership & housing costs
Key findings from the Clever Real Estate American Spending Habits survey, July 2026
| Metric | Homeowners | Non-homeowners |
|---|---|---|
| Financial stability by ownership status | ||
| Living paycheck to paycheck | 42% | 61% |
| Satisfied with their financial situation | 68% | 47% |
| Have no emergency fund | 30% | 61% |
| Cite housing costs as primary financial stressor | 22% | 39% |
| Spending ≥$500/month on nonessentials | 30% | 18% |
| Paycheck-to-paycheck respondents who need ≥$3,000 extra/month to break cycle | 22% | 34% |
| Homeownership & the overspending gap | ||
| Own a home — self-described overspenders | 49% | |
| Own a home — non-overspenders | 62% | |
| Have delayed buying a home due to spending habits | 10% | |
| Would put a $10,000 windfall toward a down payment | 11% | |
| Home maintenance & cost pressures | ||
| Homeowners who have delayed home repairs due to spending | 20% | |
| Homeowner overspenders who have delayed home repairs | 35% | |
Source: Clever Real Estate, American Spending Habits: 2026 Edition, survey of 1,000 American adults conducted July 8, 2026. Published August 24, 2026.
What it means for the pipeline
The data arrives as affordability has been gradually improving. As US housing affordability climbed as the market found balance through mid-2026, real house prices fell 7.2% between April 2025 and April 2026, according to First American Data & Analytics. But those gains have not yet reached the paycheck-to-paycheck cohort.
That framing makes the Clever findings particularly timely. Nearly half of Americans (49%) say prices are so high that personal financial discipline alone would not resolve their situation. However, 11% of survey respondents said an unexpected $10,000 windfall would go toward a down payment.
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