How Has The Pandemic Exacerbated Housing Instability In The USA?
By Homz | February 17, 2023
The USA has been plagued by housing instability for a long time, even before the outbreak of Covid-19. The pandemic has only exacerbated the situation by taking a heavy toll on the economy.
During the pandemic, residents experienced greater housing difficulties such as evictions, delayed rent or mortgage payments, and unexpected expenses for utilities and home repairs. Renters have been particularly affected, with many struggling to find affordable rental housing options and often dedicating more than half of their income just to housing.
In this blog, we will discuss the reasons behind housing insecurities post-pandemic.
With people losing their jobs and struggling to make ends meet, the need for affordable housing has become more pressing. The demand for attainable housing has skyrocketed post-pandemic.
Housing Hardships for POC:
People of color, who have faced higher rates of lost employment during the pandemic, continue to be disproportionately cost-burdened, more likely to miss rent payments, and, therefore, at an increased risk of eviction.
Lack of Multifamily Housing:
As many as64 million people in the US live in multigenerational households. However, housing is rarely constructed with multigenerational families in mind, and the supply does not meet the growing demand.
Need for Employment and Security:
With the pandemic affecting people’s jobs, employment and security have become key factors in the housing market. People are looking for attainable housing in a location that provides employment opportunities and job security.
Focus on Sustainability and Wellness:
In the post-pandemic world, people are looking for housing that promotes sustainability and wellness. There is a high demand for sustainable communities that make healthy living and proactive healthcare accessible.
Supply and Demand Imbalance:
The supply of attainable housing has not kept pace with the above diverse demands. The imbalance between supply and demand is one of the primary reasons for the aggravated lack of housing.
It’s clear that addressing these issues is crucial to resolving the housing crisis and providing attainable housing options for millions of households in the United States.
At HOMZ we are working towards developing multifamily housing communities across the USA to address housing shortages.