Renters were three times more likely than homeowners to miss payments in September and October, according to newly released research by the Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA).
The study revealed that the share of renters who missed, delayed, or made a reduced payment rose from 9.6% in September to 10.9% in October. That’s compared to 3.8% of homeowners who missed payments in October, up from 3.2% in September.
Gary Engelhardt, professor of economics in the Maxwell School of Citizenship and Public Affairs at Syracuse University, said the uptick in missed housing payments during the period was likely a result of several factors, such as the expiration of federal forbearance programs, inflationary pressures, and rising COVID-19 cases.