(WTNH) — As we approach the end of the year, a study has found that housing is a big issue as unemployment remains high and the eviction moratorium ends. We are stretching your dollar with what you can do if you’re worried about keeping a roof over your head.
Nick Vinzant is the Senior Research Analyst for Quote Wizard by Lending Tree. He said, “When we look at Connecticut specifically, what we found is that seven percent of people are at risk of foreclosure, and 21 percent of renters are at risk of eviction by the end of the year.”
Vinzant also found confidence was low when it comes to making enough money to pay rent or mortgage in many cases. It’s in part due to job losses amid the pandemic, and in part due to a shift in cost.
“Housing prices have increased nationwide 130 percent in the last decade. Compare that to wages that have only increased 33 percent,” Vinzant said.
So what can you do if you’re struggling?
- Be honest with your lender or landlord. They can’t work with you if they don’t know about the problem
- Consider nonprofit programs in your community that may be able to help trim your cost of living, like food or utilities.
- Work toward a permanent solution.
“The difficulty is now we’re a year and a half into the pandemic, and we’ve found some people are eight to nine months behind on their rent,” Vinzant said. “And you have this delicate situation of people who can’t afford to pay their rent, and landlords…have to make a living too.”
Vinzant suggests contacting your U.S. Representatives to bring awareness of whether affordable housing may be an issue in their community.
There are programs available to help here in our state. Click here to find out more.