Homeowners have struggled to make mortgage payments during the pandemic. Since March, 24% of homeowners have missed or deferred a mortgage payment, according to a survey from Clever Real Estate. Renters have also been significantly impacted, with one in three renters missing rent payments during the pandemic. Combined, these two groups paint a startling image of the pressure Americans are facing to keep up with necessities.

“Americans weren’t prepared for the pandemic financially in that many didn’t have enough in savings to cover multiple months with lower income. As the pandemic has continued on over 6 months, people’s savings are drying up,” Francesca Ortegren, data scientist at Clever Real Estate, tells GlobeSt.com. “When it comes down to it, people have to make a choice between deferring loan payments and paying for things that don’t afford deferment, like groceries. We suspect this is driving the increase in missed mortgage payments—essentially, people are running out of savings (or already have), and many either still don’t have a job or aren’t recovered fully from their time without a job. The ability to defer mortgage payments without penalty in some cases is an enticing option for those homeowners.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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