6 ways COVID-19 changed rent payments
For the 44.6 million households who rent, based on U.S. Census Bureau data from 2019, coming into the crisis almost 27% were already paying half or more of their monthly income on housing. That meant they had little ability to save for an emergency, let alone a pandemic that would cause record job losses.
According to the PEW Research Center, fewer families that rented in 2015 were becoming homeowners, compared to those that made that transition in 2001. Additionally, PEW Research Center also found in 2017 that more U.S. households were renting than at any point since 1965. This could be a signal of bigger financial issues, since home ownership is often viewed as a key milestone in financial wellness.
The following data sets illustrate the dynamics of the U.S. rental market and what’s happened since COVID-19 burst onto the scene in March.