Redfin Survey Reveals 32 Percent of American Renters have Lost their Jobs or Wages Due to Pandemic

Redfin Survey Reveals 32 Percent of American Renters have Lost their Jobs or Wages Due to Pandemic

Broken down by homeownership status, 53 percent of homeowners are financially well than they were four years ago, compared with 44 percent of renters. On the flip side, 37 percent of renters are financially worse off versus just 22 percent of homeowners.

FREMONT, CA: Thirty-two percent of Americans have lost wages or lost their job—or someone in their household has—because of the coronavirus pandemic, as per a new report from Redfin, the technology-powered real estate brokerage. The report shows results from a survey of more than 3,000 US residents that was fielded in October.

Broken down by homeownership status, 39 percent of renters reported a lost wages or job, versus 30 percent of homeowners.

"The pandemic is exacerbating inequality and widening the wealth gap between those who own homes and those who don't," stated Redfin chief economist Daryl Fairweather. "Renters who have lost jobs or 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."

Broken down by homeownership status, 53 percent of homeowners are financially well than they were four years ago, compared with 44 percent of renters. On the flip side, 37 percent of renters are financially worse off versus just 22 percent of homeowners.

"Even though the country is in the midst of a major economic downturn, the majority of homeowners have made financial gains over the last four years, partly due a big increase in home values," Fairweather stated. "But renters who have faced rising housing costs without a corresponding rise in wealth from home equity are more likely to be financially worse off than they were four years ago. The desire for change may be one reason why renters are significantly more likely to have voted for Joe Biden for president."

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