Many renters and homeowners alike are missing payments, according to a survey conducted by Apartment List. The June rate is 30%, down slightly from 31% in May but up from 24% in April. Of those who have yet to make their June housing payment, one-third made a partial payment and two-thirds made no payment at all.
Missed payment rates are highest for renters (32%), households earning less than $25,000 per year (40%), adults under the age of 30 (40%), and those living in high-density urban areas (35%).
A large percentage of mortgaged homeowners are also feeling the pressure, as just over one-quarter are at least somewhat concerned their homes will be foreclosed on in the coming six months. Foreclosure concern is greatest among homeowners under 30 (48%), indicating that first-time homeowners may be feeling disproportionate strain. Other groups with elevated foreclosure concern include those with household incomes below $25,000 (52%), and those living in dense urban areas (47%).
For renters, Apartment List notes that while the missed payment rate for mortgaged homeowners is just three percentage points lower than renters, the data indicate that homeowners are getting more assistance from their lenders than renters are from landlords. The survey asks which concessions (e.g., deferred or reduced payments), if any, are being made to assist with housing costs. Each month about 40% of renters who make less than a full payment say they made some such arrangement with their landlords. But for homeowners in a similar situation, the percentage who received a concession has steadily ticked up: from 44% in April to 47% in May to 53% in June.
Despite many households missing payments at the beginning of each month, the majority have managed to close the gap with late payments over the following weeks. In April, nearly one quarter did not make a full on-time payment, but fewer than 10% remained delinquent by the end of the month. May showed a similar trend: the missed payment rate dropped from 31% at the beginning of the month to 11% at the end.