Jul 20, 2020
As we continue to navigate the
choppy waters of a pandemic economy, we’re still in the process of
gathering data on how different demographics have been impacted
economically. One of the companies exploring the pressures of the
pandemic economy is Motley
Fool’s The Ascent
In a recent study and article, they put their focus on renters. There’s been a lot of focus on how homeowners have been affected, but renters are also in a precarious situation. 50 million renters have experienced immediate job and income loss; creating financial challenges many feel they will never recover from.
What makes the time we’re living through so challenging is that there’s no precedent for this. There’s nothing to fall back on or refer back to, so what’s playing out is truly uncharted territory. What sectors, demographics and states have been hit hardest in this pandemic economy? What assistance is available to affected renters? The Ascent’s Dann Albright shares insights on how this economy has impacted our population.
Make smart decisions where you can, save up an emergency fund and dip into it in times like these. -Dann Albright
States that shut down their businesses early and aggressively tend to have lower infection rates but also have high unemployment rates right now. -Dann Albright
Things We Learned from Dann Albright
Renters are getting hit harder than homeowners
Renters have less housing security and are at the mercy of landlords. Programs have been put in place to help mortgage payers, but in many states renters don’t have access to the same assistance.
Many states have been affected in surprising ways
States like Nevada and renters who live there have been hit hard by the pandemic because they rely on tourism and hospitality. Surprisingly there are many other states that on the surface would seem unaffected, but actually rely on leisure and hospitality too.
We won’t fully know the effects of this crisis for years to come
It’s so easy to speculate, but the truth is, we will get the final data on how this has affected us months and years from now, not immediately. This situation is ongoing and evolving daily. We’ll have a clearer picture once the dust settles.