Study Examines COVID-19 Pandemics Impact on Homeowners Vs. Renters

A recently released report from Clever Real Estate sought to discover the impact of COVID-19 on homeowners vs. renters. The report found that COVID-19 pandemic has and continues to cause housing payment – owned or rented – delinquencies. A survey of 1,500 adults conducted on Sept. 9, found that 46% of homeowner respondents said they missed three or more payments since March, while 46% still owe at least $2,000—including 18% who have at least $5,000 in deferred payments. Renters were more likely to miss or defer rent payments (33%), but homeowners generally owed more on the payments they failed to make. The study also found that more than half the homeowner respondents were back living paycheck-to-paycheck and 15% reported that they currently do not have a stable source of income. In comparison, 72% of renter respondents said they were on paycheck-to-paycheck existence and 30% lacked a stable income. Homeowners admitted to increasing their credit card debt or using their emergency savings to cover expenses, while renters were more likely to either tap their retirement savings, sell personal items, take a gig economy job, borrow from family and friends or move.