The Federal Reserve Bank of Philadelphia released new estimates of rental debt for households that experienced job loss or involuntary part-time work during COVID-19. The report, “Household Rental Debt During COVID-19: Update for August 2021,” finds that without federal interventions, rental debt for households that experienced job loss or a reduction in hours would continue to increase through the end of the year. The analysis estimates that renter households currently have $15.3 billion in debt, a figure that is expected to increase to $18.6 billion by December. The report also contains state-level estimates for the share and number of renter households in debt, amount of debt, and average household debt. These estimates do not take into account recent policies, such as the emergency rental assistance (ERA) program, illustrating the critical need for efficient disbursal of ERA funds to fill these gaps.
Published by Oklahoma Coalition for Affordable Housing
The vision of OCAH: That all Oklahomans have the opportunity to live in safe, healthy and affordable homes. Our Mission: To lead the movement to ensure that all residents of the state of Oklahoma flourish in safe, affordable homes and to help communities develop safe and affordable housing options for all of their residents. We reach our mission through advocacy, education and practical training to foster the production and maintenance of affordable housing throughout the state. View all posts by Oklahoma Coalition for Affordable Housing