RICHMOND, Va. (WWBT) -Renters are feeling the financial crisis created by COVID-19 more than homeowners are experiencing it. That’s according to a new study from our partners on the financial website Nerdwallet.
Half of the American renters used or planned to use their government stimulus check for necessities. Compare that to just 32% of homeowners. This data is from a NerdWallet survey, conducted online by The Harris Poll.
Holden Lewis-- NerdWallet’s authority on mortgages and real estate says it really shows how renters are in a tough bind.
Especially with eviction moratoriums expiring in many states. There is a federal moratorium, but it’s also not being honored in all states. Lewis says the shutdowns disproportionately affected industries where people are more likely to rent than own a home.
“If you’re a renter and you’re making $30,000 a year and you pay $9,000 a year for rent, you’re in a tighter squeeze than a homeowner who makes $60,000 a year and pays $12,000 a year in mortgage payments," Lewis said.
If you are in this situation. Call the landlord and see if you can negotiate a payment plan. Get whatever agreement you come up in writing-- it’s a must.
Don’t be afraid to reach out for help. You can go to 211.org or you can call legal aid.
It’s moments like this-- where food banks are here to help.
It’s also always good to go over your budget every week-- to account for every dollar and where it is going.
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