Millions of renters are behind on payments
The economic turmoil brought on by the pandemic is taking its toll on both renters and their landlords. Approximately 18 percent of renters in the U.S. were behind on their payments as of January. This represents about 10 million households.
According to a report from Moody’s Analytics and the Urban Institute, even with forthcoming rental assistances from the federal government, 6.3 million renters will still be behind on their payments by March.
The Centers for Disease Control and Prevention have extended its eviction moratorium through the end of March. The average renter is currently about $5,600 behind on household expenses including utilities and growing late fees.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.
According to a report from Moody’s Analytics and the Urban Institute, even with forthcoming rental assistances from the federal government, 6.3 million renters will still be behind on their payments by March.
The Centers for Disease Control and Prevention have extended its eviction moratorium through the end of March. The average renter is currently about $5,600 behind on household expenses including utilities and growing late fees.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.