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

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.”