How Far Behind Are Americans on Rent Payments?
November 4, 2020
With unemployment still high and further stimulus still undecided, many Americans have fallen behind on their rent payments. A recent study conducted by the Fed shows that renters will owe approximately $7.2 billion in rent by December. This amounts to about 1.34 million renters, 4.2% of all renter households, who owe, on average, $5,4000.
While this is a high number, it is actually much lower than previous studies about the topic, which have suggested that as many as 40 million Americans are behind on rent. The Federal Reserve Bank of Philadelphia used data on payroll numbers and unemployment insurance to create a more precise estimate.