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Title: Household Rental Debt During COVID-19
Citation Type: Miscellaneous
Publication Year: 2020
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Abstract: COVID-19 and associated economic shutdowns have led to unprecedented job losses, with up to 20 million households and 24 million individuals experiencing an unemployment spell between March 2020 and August 2020.1 The scale of these losses, their disproportionate impact on lower-income workers, and the uncertain timeline of economic recovery have raised concerns about the ability of households to maintain rent payments while out of work. Helping households stay in their homes is important for public health reasons and because eviction is associated with many negative outcomes, particularly for disadvantaged households (Desmond 2012, Desmond and Bell 2015, Desmond and Kimbro 2015), and in particular causes lost earnings, financial strain, homelessness, and health emergencies (Collinson and Reed 2019, Humphries et al. 2019). Beyond the effects on renters, the inability to repay rental debt could create cascading financial challenges for smaller landlords and significantly disrupt local housing markets (Choi and Young 2020, Brennan et al. 2020).
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Authors: Reed, Davin; Divringi, Eileen
Publisher: Federal Reserve Bank of Philadelphia
Data Collections: IPUMS USA, IPUMS CPS
Topics: Health, Housing and Segregation
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