It is undeniable that the COVID-19 pandemic has greatly affected everyone in one way or another. Redfin ran a survey to explore who amongst the homeowners and renters struggled financially more during the pandemic and the results are shocking!
The survey which was participated by more than 3,000 adults on October 7-15, 2020, showed that the pandemic took its toll on renters more than the homeowners.
It was found that 37% of the respondents who are renting feel they are financially worse now compared to the 22% of homeowners who feel the same way. As for the number of respondents who lost their jobs or experienced a decrease in their wage, reports show 39% of the renters lost their jobs or experienced a shrinkage of their income versus 30% of the homeowners.
Redfin Chief Economist Daryl Fairweather observed that renters who lost their jobs or saw shrinkage in wages are “likely dipping into savings for daily living expenses, pushing homeownership further out of reach. More homeowners have been able to keep their jobs, and many who can work remotely are cashing in their home equity to purchase a bigger, better home in a more desirable area.
