Even before the pandemic, the US was facing an affordable housing crisis. Unfortunately, amid the economic slowdown following the lockdown measures, the affordable housing crisis is getting worse. Because the current health crisis has turned into a dangerous, multi-facet economic crisis, the number of Americans filing for unemployment has surged to a record high and many of them face the risk of long-term unemployment. This may have devastating consequences regarding their ability to meet their monthly financial obligations, including rent and mortgage payments.
Manufactured Housing News
The current health crisis is wreaking havoc on the economy and people’s lives. According to industry data, about 30% of households have failed to make their full housing payments over the past few months. Even before the pandemic, about 70% of renters were severely cost-burdened, struggling to cover their rental obligations, monthly utilities, and necessities like food, clothing, medical care, and transportation.
Due to the global health crisis we’re facing, now may seem like a weird time to buy a house. But even though the current economic downturn has affected and will likely continue to affect different industries, businesses as well as the financial lives of thousands of people, experts agree that buying a home right now may be one of the best decisions you could make in life.