If you’ve been told that renting is a smarter choice than buying a home, that’s not always true. While there are a few reasons why renting could be better than buying, which range from maintenance-free living to lower upfront costs, many renters are actually missing out on some important benefits of homeownership that fall in the financial realm.
Manufactured Housing News
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.
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.