Millions of Americans missed housing payments in September
Six million people paid housing payments late
After reports that talks of a second stimulus payment to Americans for COVID-19 relief have been put on hold by the White House, the nation continues to struggle with rent and mortgage payments.
USA Today reported that in the month of September, over six million people paid housing payments late, partially, or not at all, as per a report from the Mortgage Bankers Association’s Research Institute for Housing America.
Last month, 7.1 percent of homeowners either missed or partially paid their mortgages, which accounts for 3.37 million people. 2.82 million renters, which is 8.5 percent of renters in the country, either didn’t pay their rent at all or paid it late.
The Department of Labor stated in August that unemployment in America had gone from 7.9 percent to 8.4 percent.
There was a 4 percent increase in renters receiving unemployment benefits over a four month period, rising from 3 percent in April to 7 percent in September.
The percentage of homeowners claiming unemployment during that same time period has held steady at 3 percent.
This comes after 22.1 million Americans lost their jobs in the spring.
Gary V. Engelhardt, professor of economics in the Maxwell School of Citizenship and Public Affairs at Syracuse University, indicated that President Donald Trump’s decision to halt talks of a second stimulus check until the election is over will be troubling for renters.
“With the current eviction moratorium expiring in January, the situation could be even more challenging for renters,” Engelhardt said. “Many renter households across the country could find themselves with no place to live and no means to repay missed payments.”
The government issued stimulus checks for $1,200 to millions of households while also raising unemployment benefits by $600 back in March.
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