(FinancialHealth.net) – The COVID-19 pandemic put millions of Americans out of work. Of course, that means some of them couldn’t make their rent and mortgage payments. That’s why some states put a hold on evictions and foreclosures. Sadly, the US may still be facing a homelessness crisis.
According to an Apartment List survey, 32% of Americans have not made full payments for their housing in July. This was the fourth month in a row where people were unable to pay their rent or mortgage costs completely.
32% of Owners and Renters Missed Housing Payments in July https://t.co/HIeC37JZ4J
— Liquidity Trader (@Lee_Adler) July 8, 2020
Apartment List explained 1 month’s late payment is a “strong indicator” the next month won’t be on time either. In fact, 70% of the people who didn’t pay on time in May also paid late in June.
So what exactly does that mean? The country could be headed for a homelessness crisis. If the eviction moratoriums are lifted and property owners begin cracking down on renters, people could suddenly be without homes — especially because many renters also work in industries that were ravaged by lockdowns, like hospitality and retail.
How to solve this problem is the question. Not allowing property owners to evict and get paying renters into their houses means they could be left holding the bag. That’s not fair either. It’s really a bad place for the country to be in, and the only hope, really, is our leaders finding a solution.
~Here’s to Your Financial Health!
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