Coronavirus Impact on the Housing Market

Home Improvement

If you would going to analyze Zumper recent study of US housing reports. Over the last 2020 pandemic crisis 3 out of 4 median income earner saw an increase of rent. While 6 out of 10 Americans with 100k and above annual income show rent decrease.

And it only means to me that the rental business is still on demand. Although median earner would see it as going expensive. Other people may see it as decreasing its value. I also see it decreasing its value everywhere I go.

Why? Landlord and apartment building rental managements saw a lot of struggles when it come to people losing jobs and business. Some of them give free rent and date of payment deadline extention. Also some give discounts than the original price. It seems like almost all of properties now are in sale or promo rent.

How did it change and Why? Because people all over the world would prioritize food and health products rather that property or home luxury. Wether you live in urban counties or expensive cities. I found out that the rental and car business are going on sale.

The inequality ramifications of this pandemic crisis is quite different. A lot of people like the white collar job cannot afford the rental anymore. Some of them are getting evicted by landlords and some transfer to a cheaper apartment. Public transport and travel company is dying and most people are buying bikes and scooters.

If you could hear on the news, civil conflicts in several counries are not that active. Because they need to support thier basic needs mostly health and food.

I got corona virus last February and got hospitalized for 2 weeks. As a result of that, I need to be separated from my office collegues and family. So I rented a place of my own. And that’s is what happening to people infected by the virus globally.

The increase of home rental demands is going uptrend because of isolation issue. More and more people doesnt got to office work. Instead they work at home, or rented a small place office place which is actually a few meters from home.

Housing is still a basic need, I think the natural corona virus pandemic like the Spanish flu before stayed for years. I predict this will stay in the next 1-2 years unless we are all got our vaccine.

Unemployement remains the main issue, but if the people choose to be liquid or accept any job. We got job for everbody, what I mean is people can shift their professional job to a home based internet based job. Some can be an uber driver or a food delivery guys.  Some can do teach thier proffesional skills via facetime online.

Given the facts that housin harmed lower income Americans. Zumper will still tell you reality for instance living in New York State. What are the average income and relevant information living in this State.

According to demographics, race and household income – it will give you a great advice for better decision making not only on the State. But in different Cities, Towns and Counties in the US. It will also give you relevant information on Government news and updates about federal and local housing aid assistance.