According to a recent report from NewHomesMate, a marketplace for new construction homes, some people are opting for the latter option due to the rising utility costs.
The report from NewHomesMate revealed that out of the 1,000 Americans surveyed, 46% are finding it difficult to afford their bills. About 25% are adding extra layers of clothing, while 35% have to make the tough choice between heating their homes and buying groceries. Interestingly, 5% are using the warmth of their sheets to keep cozy, and 2% are turning to alcohol, as per the report.
According to the report, 60% of homeowners have taken a long-term approach by installing energy-saving improvements in their homes. About 16% of them replaced their windows, while 22% switched to smart thermostats. Although electricity costs have dropped by over 20% in 2023, they are still 29% higher than they were in January 2020, as per the US Bureau of Labor Statistics’ Consumer Price Index. In the Northeast, households using natural gas were projected to spend around $760 on heat this winter, while estimates rose to $1,700 for propane, $1,460 for electric heat, and $1,850 for oil.
It seems that with mortgage interest rates over 7% and a citywide median sales price of $775,000 in New York, locals who recently bought homes may be feeling the freeze. The older building stock in the Big Apple is known to be drafty and inefficient, which doesn’t help the situation. However, New Yorkers are resilient and often find ways to cope with the challenges they face, sometimes by using fun as a way to stay positive.
“As New York has been historically known as one of the American ‘sin cities,’ its citizens are likely to turn to vices, like sex or a cocktail or two, to save on heating,” Hnatkovskyy said.
