DISCLAIMER: As the COVID-19 public health situation evolves, new regulations are being continually issued. This page/story/information may not include the most recent information.
Americans are feeling a high level of housing insecurity amid the COVID-19 pandemic despite its economic impacts beginning to soften, according to a new report from Apartment List.
“Social distancing restrictions have started to ease across the country and some of those who faced layoffs were able to get back to work in recent weeks,” Chris Salviati, Apartment List housing economist and co-author of the report, said in an email to MPA. “However, despite these positive signals, the degree to which Americans are struggling to make their housing payments has yet to show any notable improvement.”
The report, based on a survey of more than 4,000 homeowners and renters, found that three in 10 Americans – both homeowners and renters – missed their housing payment or made only a partial payment in June.
These numbers are far outside the norm. According to data from the most recent American Housing Survey, collected in 2017, in a typical month only 3.9% of renters fail to pay their full rent, and the typical delinquency rate among mortgage borrowers is even lower. However, those rates skyrocketed in April, with 24% failing to make their housing payments. Mortgage delinquencies alone posted their largest single-month jump in history in April. The missed-payment rate spiked to 31% in May before creeping down to 30% in June.