Mom-and-pop landlords are in a worse financial position relative to their higher-earning peers as unemployment remains elevated and Americans continue to struggle to pay rent, according to a new analysis.
Roughly a third of individual landlords who own residential property are from low- to moderate-income households (those with incomes of less than $90,000 a year), according to researchers at the Hamilton Project, an economic policy arm of the Brookings Institution, a left-leaning think tank.
Roughly a third of individual landlords who own residential property are from low- to moderate-income households (those with incomes of less than $90,000 a year), according to researchers at the Hamilton Project, an economic policy arm of the Brookings Institution, a left-leaning think tank.
Key Points
- Residential
landlords who make less than $50,000 a year get a bigger share of their
annual income from rent than higher earners, according to the Hamilton
Project.
- That means a tenant’s inability to pay rent has an outsized impact on such landlords, who are also more likely than higher earners to have lost a job or employment income during the recession.
RSK: This is not good for Mom & Pop owners of small income properties. Tenants stressed and can`t pay is putting pressure on many of them.
Heather Ewing: It is sad but true. A survey by the Central Business Improvement District of 100 of the 152 businesses on State Street has revealed that 40 of those businesses are unlikely to reopen.
Share this article on you social outlets
Our Sponsors
- - Volume: 8 - WEEK: 40 Date: 9/29/2020 8:12:00 AM -