Homeownership is another example of the pandemic economy’s mixed effects. The value of homes has never been higher, with buyers in markets nationwide competing fiercely for real estate and. But many current homeowners who aren’t looking to sell are struggling, as economic hardships during the pandemic have made it difficult to keep up with mortgage payments.
Further, certain segments of the population have had a harder time keeping up with payments over the last two years than others. One of the clearest differences is income level. Low income professions and workers have beenby pandemic-related disruptions, and with less financial cushion, low income households struggle more with unexpected economic challenges. As a result, 16.8% of mortgage holders making less than $25,000 annually report being behind on payments, compared to just 2.