6 Million Households Couldn't Afford Their Rent or Mortgage in September
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USA Today Reports: More than 6M households missed their rent or mortgage payment in September
As layoffs continue, the labor market is struggling to recover. Millions of Americans are now struggling to make ends meet.
More than 6 million households failed to make their rent or mortgage payments in September, according to the Mortgage Bankers Association's Research Institute for Housing America, a sign that the economic fallout from the coronavirus pandemic is weighing on jobless Americans as Congress stalls on relief measures.
While the percent of homeowners behind on their payments fell slightly from the previous quarter, the amount is still alarmingly high.
Over the summer, rent and mortgage payment collections improved as states resumed business reopenings and more Americans returned to work. High unemployment, however, continues to place hardships on millions of U.S. households.
In September, 8.5% of renters, or 2.82 million households, missed, delayed, or made a reduced payment. Additionally, 7.1% or 3.37 million homeowner missed their mortgage payment altogether.
Renters receiving unemployment benefits rose from 3% in early April to 7% by the end of September. Mortgagers getting jobless aid remained unchanged at 3% during that time span.
Meanwhile, economic relief for the virus hasn't been approved since March. Economists now worry that millions of U.S. households will fall further behind in the coming months.
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