Coronavirus Impact on the Housing Market
If you would go to analyze Zumper recent study of US housing reports. Over the last 2020 pandemic crisis, 3 out of 4 median income earners saw an increase in rent and housing market. While 6 out of 10 Americans with 100k and above annual income show a rent decrease.
And it only means to me that the rental business is still in demand. Although the 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 management saw a lot of struggles when it came to people losing jobs and businesses. Some of them give free rent and a date of payment deadline extension. Also, some give discounts than the original price. It seems like almost all of the 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 than property or home luxury. Whether 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 are 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 countries are not that active. Because they need to support their basic needs mostly health and food.
I got coronavirus last February and was hospitalized for 2 weeks. As a result of that, I need to be separated from my office colleagues and family. So I rented a place of my own. And that’s what happens to people infected by the virus globally.
The increase in home rental demands is going uptrend because of isolation issues. More and more people don’t go to office work. Instead, they work at home or rent a small place office place which is actually a few meters from home.
Housing is still a basic need, I think the natural coronavirus pandemic like the Spanish flu before stayed for years. I predict this will stay in the next 1-2 years unless we all get our vaccine.
Unemployment remains the main issue, but if the people choose to be liquid or accept any job. We have jobs for everybody, what I mean is people can shift their professional job to a home-based internet-based job. Some can be Uber drivers or food delivery guys. Some can teach their professional skills via Facetime online.
Given the fact that housing 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 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.
