Zillow Research Shows the Depth of the Connection Between Unemployment and Paying Rent

June 9, 2020
Share this Post: 

Expectedly, there are a number of long-term effects we, as a society, will be dealing with due to the global coronavirus pandemic. 

According to Zillow analysis of data from the US Department of Labor and US Census Bureau, service workers who have lost their jobs because of the coronavirus pandemic owe over $1.7 billion a month in housing payments, 70% being rent.

At the beginning of April, 22% of US renters could not pay any of their bill, explained the National Multifamily Housing Council. That number has fallen 2% in May and shows that the stimulus funds and unemployment benefits are easing some of that stress for those struggling to pay for their housing.

The numbers are shocking the say the least. They paint a picture of the risk the industry could face if financial support from the government should fail to meet the needs of unemployed citizens across the country

According to the Pew Research Center, 29% of unemployed individuals actually received their benefits in March

Experts are calling for stable and long-lasting measures to be put in place to ensure the market survives the pandemic and the effects it brings with it, for however long that lasts. 

In other Zillow news, the CEO, along with executives from other large real estate companies, has called for the Georgia government to instate a hate crime law in response to the recent civil rights movement rippling across the country

The Metro Atlanta and Georgia Chambers of Commerce along with the 60 signers said they are committed to helping the General Assembly make House Bill 426 into law:

“We must come together, engage in tough conversations, and find solutions to make our communities and our country a place of hope and not despair, where diversity is celebrated and justice is assured.

“Georgia’s economic future and the dignity of our citizens depend on it.”

June 9, 2020
Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.

Subscribe to our mailing list to get news updates!

Enter your email address and get updates from Online Marketplaces.

Related News

Proptech Group Results Generic
PropTech Group Shows Impressive Growth in Q1 Figures

The ASX-listed property technology group The PropTech Group has released figures for Q1 of its FY22 operations. Headline figures from...

Read More
Bien Ici Paris
Bien’ici Debuts New Elixir Property Platform

French property portal Bien’ici has launched a technology platform focused on sales of new property projects. Elixir aims to provide...

Read More
Dutch Portal Funda Acquires Commercial Player RealNext

Dutch commercial property platform RealNext has been acquired by NVM in a move that will see its assets incorporated into...

Read More
Zumper Movoto Deal
US Portal Operators OJO Labs and Zumper Sign Listings Deal

The US real estate portal operator OJO Labs has announced that it has signed a listings partnership deal with rental...

Read More

Popular News