{"id":412971,"date":"2021-01-12T08:04:06","date_gmt":"2021-01-12T13:04:06","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=412971"},"modified":"2021-01-12T08:04:06","modified_gmt":"2021-01-12T13:04:06","slug":"despite-new-stimulus-more-than-3-million-renters-facing-covid-19-unemployment-bear-extreme-housing-cost-burden","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/despite-new-stimulus-more-than-3-million-renters-facing-covid-19-unemployment-bear-extreme-housing-cost-burden\/","title":{"rendered":"Despite New Stimulus, More Than 3 Million Renters Facing COVID-19 Unemployment Bear Extreme Housing Cost Burden"},"content":{"rendered":"
\n

Recently finalized stimulus package will help, but rent burdens continue to exceed affordability threshold<\/h2>\n

– Zillow estimates more than 3 million renters who were employed last March remained unemployed as of November, largely due to widespread layoffs in high-contact industries like hospitality and restaurants.<\/h2>\n

– Unemployed U.S. renters will typically spend 43% of unemployment insurance income on rent because of $300 weekly payments in the newly passed stimulus package, down from 81.2% with only state unemployment insurance.<\/h2>\n

– While still well above the 30% threshold for being considered rent burdened, the extra payments may help some of the millions of renters behind on their rent reduce the debt owed to their landlords before temporary eviction moratoriums expire.<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n SEATTLE<\/span>, Jan. 12, 2021<\/span> \/PRNewswire\/ —\u00a0For millions of renters who remain unemployed during the COVID-19 pandemic, the recently finalized fiscal stimulus package is desperately needed relief. The additional payments will bring their typical rent burdens from more than 80% of their income to less than half, a new Zillow\u00ae analysis<\/a>\u00a0shows. While the extra assistance helps on a monthly basis, millions behind on their rent still face an incredible challenge in catching up on payments that have piled up before temporary eviction moratoriums expire.<\/p>\n

Renters have carried much of the financial burden throughout the COVID-19 pandemic, in large part because of dramatic job losses in high-contact industries<\/a>\u00a0that are often staffed by renters. Zillow estimates at least 3 million renters who were employed last March had lost their jobs and were still out of work in November, including more than a million in the accommodation and food services industries that have been devastated by restrictions aimed at limiting the spread of COVID-19i<\/sup>.\u00a0<\/p>\n

Federal and state unemployment insurance is now the primary source of income for these renters who have lost their jobs. In November, a typical unemployed renter living alone spent 81.2% of that income on rent. The additional $300<\/span> a week from the current stimulus package will bring the typical rent burden down to 43%ii<\/sup>.\u00a0<\/p>\n

That is a huge improvement, but still well above the 30% threshold at which a household is officially “rent burdened.” Previous research<\/a>\u00a0from Zillow and collaborators at the University of Pennsylvania<\/span> and Boston University<\/span> found that homelessness rates in a community rise sharply once typical rent burdens climb above 30%. The additional $600<\/span> a week in unemployment insurance payments from the CARES Act passed in late March brought the rent burden down to 29.5% for unemployed renters paying the typical rent.<\/p>\n

“This analysis shows how much even relatively modest amounts of financial assistance can mean to struggling renters,” said Chris Glynn<\/span>, senior economist at Zillow. “Even though supplemental assistance has resumed, there are financial wounds to heal from the three-month period when some renters were sending more than 80% of their unemployment benefits out the door on the first of the month. Temporary eviction moratoriums and unemployment insurance alone may not be enough to keep some renters who have steadily accumulated debts in their homes long term. Housing vulnerability for renters will be a top issue for the incoming administration.”\u00a0<\/p>\n

A federal eviction moratorium remains in place to keep those unable to pay in their homes, though\u00a0industry estimates<\/a> show only small drops in the share of renters making payments in full compared to a year earlier. But the rent owed continues to accrue even without the looming threat of an eviction. A study by\u00a0Moody’s Analytics<\/a>\u00a0<\/u>estimated that nearly 12 million renters will owe an average of about $6,000<\/span> in back rent and utilities by this month. While unemployed renters remain significantly rent burdened, the additional $300<\/span> payments may help reduce the debt they will eventually owe when eviction moratoriums expire.\u00a0<\/p>\n

\n Renters who maintained stable employment<\/a>\u00a0in 2020, however, saw their rent burdens stabilize during the pandemic due to slowing rent growth for much of the year. In November, the typical U.S. renter who did not receive unemployment benefits paid an estimated 29.6% of their income on rent, a small improvement from 29.8% in Marchiii<\/sup>.\u00a0Rent growth has shown the first signs of a bounceback<\/a>, potentially reversing the small gains employed renters made in 2021 and making it more difficult for the millions who have fallen behind on payments.<\/p>\n

Catching up any debts accrued will likely prove difficult for many who did not have much financial breathing room to begin with. Low-income renters typically spent 53.1% of their income on rent in 2019iv<\/sup>, and Zillow research from before the pandemic and resulting recession showed that only 51% of renters said they could afford an unexpected $1,000<\/span> expensev<\/sup>.\u00a0<\/p>\n

Another potential cliff looms on March 14<\/span> when the current $300<\/span> weekly supplement expires.\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Metropolitan
Area*<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Typical Rent
(November
2020)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Rent Burden –
Unemployed
Renters w\/o $300
Weekly Boost<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Rent Burden –
Unemployed
Renters w\/ $300
Weekly Boost<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Rent Burden –
Unemployed Renters
w\/ $600 Weekly
Boost (April 2020)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n United States<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,734<\/span>\n <\/p>\n<\/td>\n

\n

\n 81.2%<\/span>\n <\/p>\n<\/td>\n

\n

\n 43.3%<\/span>\n <\/p>\n<\/td>\n

\n

\n 29.4%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n New York, NY<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,528<\/span>\n <\/p>\n<\/td>\n

\n

\n 92.9%<\/span>\n <\/p>\n<\/td>\n

\n

\n 53.9%<\/span>\n <\/p>\n<\/td>\n

\n

\n 38.1%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Los Angeles-Long Beach-Anaheim, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,579<\/span>\n <\/p>\n<\/td>\n

\n

\n 110.5%<\/span>\n <\/p>\n<\/td>\n

\n

\n 62.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n 43.2%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Chicago, IL<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,661<\/span>\n <\/p>\n<\/td>\n

\n

\n 83.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 45.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 30.8%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Dallas-Fort Worth, TX<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,570<\/span>\n <\/p>\n<\/td>\n

\n

\n 82.2%<\/span>\n <\/p>\n<\/td>\n

\n

\n 45.1%<\/span>\n <\/p>\n<\/td>\n

\n

\n 30.7%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Philadelphia, PA<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,610<\/span>\n <\/p>\n<\/td>\n

\n

\n 79.5%<\/span>\n <\/p>\n<\/td>\n

\n

\n 43.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 29.3%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Houston, TX<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,492<\/span>\n <\/p>\n<\/td>\n

\n

\n 74.1%<\/span>\n <\/p>\n<\/td>\n

\n

\n 41.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n 28.6%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Washington, DC<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,039<\/span>\n <\/p>\n<\/td>\n

\n

\n 115.7%<\/span>\n <\/p>\n<\/td>\n

\n

\n 64.6%<\/span>\n <\/p>\n<\/td>\n

\n

\n 44.8%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Miami-Fort Lauderdale, FL<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,935<\/span>\n <\/p>\n<\/td>\n

\n

\n 138.3%<\/span>\n <\/p>\n<\/td>\n

\n

\n 65.5%<\/span>\n <\/p>\n<\/td>\n

\n

\n 42.5%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Atlanta, GA<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,607<\/span>\n <\/p>\n<\/td>\n

\n

\n 83.5%<\/span>\n <\/p>\n<\/td>\n

\n

\n 45.5%<\/span>\n <\/p>\n<\/td>\n

\n

\n 30.7%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Boston, MA<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,270<\/span>\n <\/p>\n<\/td>\n

\n

\n 102.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n 58.3%<\/span>\n <\/p>\n<\/td>\n

\n

\n 41.2%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n San Francisco, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,985<\/span>\n <\/p>\n<\/td>\n

\n

\n 125.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 74.9%<\/span>\n <\/p>\n<\/td>\n

\n

\n 53.6%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Detroit, MI<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,322<\/span>\n <\/p>\n<\/td>\n

\n

\n 64.3%<\/span>\n <\/p>\n<\/td>\n

\n

\n 34.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 23.5%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Riverside, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,206<\/span>\n <\/p>\n<\/td>\n

\n

\n 96.5%<\/span>\n <\/p>\n<\/td>\n

\n

\n 52.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 35.7%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Phoenix, AZ<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,558<\/span>\n <\/p>\n<\/td>\n

\n

\n 124.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 54.7%<\/span>\n <\/p>\n<\/td>\n

\n

\n 34.4%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Seattle, WA<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,891<\/span>\n <\/p>\n<\/td>\n

\n

\n 97.5%<\/span>\n <\/p>\n<\/td>\n

\n

\n 58.3%<\/span>\n <\/p>\n<\/td>\n

\n

\n 41.2%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Minneapolis-St Paul, MN<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,546<\/span>\n <\/p>\n<\/td>\n

\n

\n 84.6%<\/span>\n <\/p>\n<\/td>\n

\n

\n 45.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n 30.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n San Diego, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,355<\/span>\n <\/p>\n<\/td>\n

\n

\n 129.2%<\/span>\n <\/p>\n<\/td>\n

\n

\n 69.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n 46.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n St. Louis, MO<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,154<\/span>\n <\/p>\n<\/td>\n

\n

\n 67.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n 34.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 22.4%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Tampa, FL<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,581<\/span>\n <\/p>\n<\/td>\n

\n

\n 108.3%<\/span>\n <\/p>\n<\/td>\n

\n

\n 51.2%<\/span>\n <\/p>\n<\/td>\n

\n

\n 33.0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Baltimore, MD<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,663<\/span>\n <\/p>\n<\/td>\n

\n

\n 74.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 43.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 30.6%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Denver, CO<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,743<\/span>\n <\/p>\n<\/td>\n

\n

\n 94.2%<\/span>\n <\/p>\n<\/td>\n

\n

\n 55.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 38.4%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Pittsburgh, PA<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,186<\/span>\n <\/p>\n<\/td>\n

\n

\n 47.7%<\/span>\n <\/p>\n<\/td>\n

\n

\n 28.2%<\/span>\n <\/p>\n<\/td>\n

\n

\n 19.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Portland, OR<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,665<\/span>\n <\/p>\n<\/td>\n

\n

\n 80.5%<\/span>\n <\/p>\n<\/td>\n

\n

\n 48.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 33.4%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Charlotte, NC<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,533<\/span>\n <\/p>\n<\/td>\n

\n

\n 81.5%<\/span>\n <\/p>\n<\/td>\n

\n

\n 42.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 28.6%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sacramento, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,948<\/span>\n <\/p>\n<\/td>\n

\n

\n 91.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n 52.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 35.5%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n San Antonio, TX<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,336<\/span>\n <\/p>\n<\/td>\n

\n

\n 77.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 40.7%<\/span>\n <\/p>\n<\/td>\n

\n

\n 27.3%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Orlando, FL<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,595<\/span>\n <\/p>\n<\/td>\n

\n

\n 125.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 59.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n 38.4%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cincinnati, OH<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,309<\/span>\n <\/p>\n<\/td>\n

\n

\n 47.6%<\/span>\n <\/p>\n<\/td>\n

\n

\n 28.6%<\/span>\n <\/p>\n<\/td>\n

\n

\n 20.3%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cleveland, OH<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,140<\/span>\n <\/p>\n<\/td>\n

\n

\n 59.1%<\/span>\n <\/p>\n<\/td>\n

\n

\n 31.5%<\/span>\n <\/p>\n<\/td>\n

\n

\n 21.2%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Kansas City, MO<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,205<\/span>\n <\/p>\n<\/td>\n

\n

\n 73.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 37.5%<\/span>\n <\/p>\n<\/td>\n

\n

\n 24.8%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Las Vegas, NV<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,483<\/span>\n <\/p>\n<\/td>\n

\n

\n 82.9%<\/span>\n <\/p>\n<\/td>\n

\n

\n 44.6%<\/span>\n <\/p>\n<\/td>\n

\n

\n 30.0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Columbus, OH<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,333<\/span>\n <\/p>\n<\/td>\n

\n

\n 77.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n 39.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 26.4%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Indianapolis, IN<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,273<\/span>\n <\/p>\n<\/td>\n

\n

\n 69.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n 35.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 23.7%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n San Jose, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,958<\/span>\n <\/p>\n<\/td>\n

\n

\n 142.9%<\/span>\n <\/p>\n<\/td>\n

\n

\n 85.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 61.3%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Austin, TX<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,539<\/span>\n <\/p>\n<\/td>\n

\n

\n 81.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 47.5%<\/span>\n <\/p>\n<\/td>\n

\n

\n 33.3%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Virginia Beach, VA<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,397<\/span>\n <\/p>\n<\/td>\n

\n

\n 74.3%<\/span>\n <\/p>\n<\/td>\n

\n

\n 41.1%<\/span>\n <\/p>\n<\/td>\n

\n

\n 28.1%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Nashville, TN<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,597<\/span>\n <\/p>\n<\/td>\n

\n

\n 105.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n 50.2%<\/span>\n <\/p>\n<\/td>\n

\n

\n 32.6%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Providence, RI<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,609<\/span>\n <\/p>\n<\/td>\n

\n

\n 71.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 38.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 25.7%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Milwaukee, WI<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,213<\/span>\n <\/p>\n<\/td>\n

\n

\n 64.7%<\/span>\n <\/p>\n<\/td>\n

\n

\n 34.5%<\/span>\n <\/p>\n<\/td>\n

\n

\n 23.4%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Jacksonville, FL<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,400<\/span>\n <\/p>\n<\/td>\n

\n

\n 101.5%<\/span>\n <\/p>\n<\/td>\n

\n

\n 48.2%<\/span>\n <\/p>\n<\/td>\n

\n

\n 31.0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Memphis, TN<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,320<\/span>\n <\/p>\n<\/td>\n

\n

\n 81.7%<\/span>\n <\/p>\n<\/td>\n

\n

\n 38.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 25.0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Oklahoma City, OK<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,103<\/span>\n <\/p>\n<\/td>\n

\n

\n 42.1%<\/span>\n <\/p>\n<\/td>\n

\n

\n 26.3%<\/span>\n <\/p>\n<\/td>\n

\n

\n 18.8%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Louisville-Jefferson County, KY<\/span>\n <\/p>\n<\/td>\n

\n

\n $995<\/span>\n <\/p>\n<\/td>\n

\n

\n 59.6%<\/span>\n <\/p>\n<\/td>\n

\n

\n 31.2%<\/span>\n <\/p>\n<\/td>\n

\n

\n 20.8%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Hartford, CT<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,391<\/span>\n <\/p>\n<\/td>\n

\n

\n 67.6%<\/span>\n <\/p>\n<\/td>\n

\n

\n 37.7%<\/span>\n <\/p>\n<\/td>\n

\n

\n 25.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Richmond, VA<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,330<\/span>\n <\/p>\n<\/td>\n

\n

\n 74.2%<\/span>\n <\/p>\n<\/td>\n

\n

\n 40.1%<\/span>\n <\/p>\n<\/td>\n

\n

\n 27.3%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n New Orleans, LA<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,409<\/span>\n <\/p>\n<\/td>\n

\n

\n 98.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 44.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 28.2%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Buffalo, NY<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,123<\/span>\n <\/p>\n<\/td>\n

\n

\n 60.6%<\/span>\n <\/p>\n<\/td>\n

\n

\n 31.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 21.3%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Raleigh, NC<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,526<\/span>\n <\/p>\n<\/td>\n

\n

\n 83.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n 44.7%<\/span>\n <\/p>\n<\/td>\n

\n

\n 30.0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Birmingham, AL<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,104<\/span>\n <\/p>\n<\/td>\n

\n

\n 71.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n 34.1%<\/span>\n <\/p>\n<\/td>\n

\n

\n 22.0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Salt Lake City, UT<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,416<\/span>\n <\/p>\n<\/td>\n

\n

\n 76.7%<\/span>\n <\/p>\n<\/td>\n

\n

\n 43.1%<\/span>\n <\/p>\n<\/td>\n

\n

\n 29.5%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

<\/p>\n

\n\n\n
\n

\n
\n *Table ordered by market size<\/i>\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n About<\/b>
\n \u00a0Zillow Group
<\/b>Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life’s next chapter.\u00a0<\/p>\n

As the most-visited real estate website in the U.S., Zillow\u00ae and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Offers\u00ae buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. Zillow Home Loans\u2122, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. Zillow recently launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions.\u00a0\u00a0<\/p>\n

Zillow Group’s affiliates and subsidiaries include Zillow\u00ae, Zillow Offers\u00ae, Zillow Premier Agent\u00ae, Zillow Home Loans\u2122, Zillow Closing Services\u2122, Zillow Homes, Inc., Trulia\u00ae, Out East\u00ae, StreetEasy\u00ae and HotPads\u00ae. Zillow Home Loans, LLC is an Equal Housing\u00a0Lender, NMLS #10287 (www.nmlsconsumeraccess.org<\/a><\/u>).\u00a0<\/p>\n

\n i<\/sup> Unemployment estimates are based on an analysis of the Current Employment Statistics data from the U.S. Bureau of Labor Statistics, with estimates constructed from industry-level data and the share of workers in each industry classified as a renter from the American Community Survey.
ii<\/sup> Calculations assume that household income is the maximum possible amount of federal and state unemployment insurance payments for one person, and the household pays the typical rent in a given area.
iii<\/sup> Calculations assume that household income is the median U.S. renter household income, no unemployment insurance payments were received, and the household pays the typical U.S. rent.
iv<\/sup> U.S. Census Bureau, 2019 American Community Survey: https:\/\/www.census.gov\/programs-surveys\/acs\/news\/data-releases.html<\/a>
v<\/sup> Zillow Research, Sacrifices People Make to Afford the Rent: https:\/\/www.zillow.com\/research\/sacrifices-to-afford-the-rent-25956\/<\/a><\/p>\n

\u00a0<\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/despite-new-stimulus-more-than-3-million-renters-facing-covid-19-unemployment-bear-extreme-housing-cost-burden-301205940.html<\/a><\/p>\n

SOURCE Zillow<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Recently finalized stimulus package will help, but rent burdens continue to exceed affordability threshold – Zillow estimates more than 3 million renters who were employed last March remained unemployed as of November, largely due to widespread layoffs in high-contact industries like hospitality and restaurants. – Unemployed U.S. renters will typically spend 43% of unemployment insurance income on rent because of $300 weekly payments in the newly passed stimulus package, down from 81.2% with only state unemployment insurance. – While still well above the 30% threshold for being considered rent burdened, the extra payments may help some of the millions of renters behind on their rent reduce the debt owed to their landlords before temporary eviction moratoriums expire. PR Newswire SEATTLE, … <\/p>\n

Continue reading “Despite New Stimulus, More Than 3 Million Renters Facing COVID-19 Unemployment Bear Extreme Housing Cost Burden”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-412971","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nDespite New Stimulus, More Than 3 Million Renters Facing COVID-19 Unemployment Bear Extreme Housing Cost Burden - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/despite-new-stimulus-more-than-3-million-renters-facing-covid-19-unemployment-bear-extreme-housing-cost-burden\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Despite New Stimulus, More Than 3 Million Renters Facing COVID-19 Unemployment Bear Extreme Housing Cost Burden - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Recently finalized stimulus package will help, but rent burdens continue to exceed affordability threshold – Zillow estimates more than 3 million renters who were employed last March remained unemployed as of November, largely due to widespread layoffs in high-contact industries like hospitality and restaurants. – Unemployed U.S. renters will typically spend 43% of unemployment insurance income on rent because of $300 weekly payments in the newly passed stimulus package, down from 81.2% with only state unemployment insurance. – While still well above the 30% threshold for being considered rent burdened, the extra payments may help some of the millions of renters behind on their rent reduce the debt owed to their landlords before temporary eviction moratoriums expire. 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