Relief for Homeowners and Renters
We’re extending help to millions of homeowners and renters facing financial hardships as a result of COVID-19.
New consumer research from Freddie Mac found that the pandemic disrupted the homeownership goals of single female heads of households (SFHOHs). Although, some SFHOH renters believe they will buy upon their next move, nearly 60% of SFHOH renters surveyed indicate they feel homeownership is out of reach indefinitely.
Freddie Mac's survey confirms this demographic has experienced rising housing cost burdens and reduced confidence in wealth building over the past year, further illustrating how the pandemic's economic fallout has hit the country’s most economically vulnerable populations.
Many women had their work situation disrupted during the pandemic. Among those that dropped out of the workforce, a staggering 75% have not yet returned. Black and Hispanic women more frequently struggle to provide for their household and fear they will not recover financially in the next year — if ever. Generation X and younger respondents also struggle financially and feel stressed about the future.
The survey responses showed that SFHOH renters who are "cost burdened" are represented similarly across race, with majorities of Black (52%), White (55%) and Hispanic (55%) populations spending more than 30% on rent. However, a closer look found that Hispanic and Black SFHOH renters are more likely to be cost burdened, with 57% of Hispanic and Black respondents, not having enough to cover the basics or living payday to payday; compared to 47% of White SFHOH renters.
Nearly 60% of SFHOH renters do not believe they will ever be able to afford a home. Moreover, 82% say they don’t have enough money for a down payment or closing costs. Roughly 75% also believe a mortgage would be higher than their rent or they don’t earn enough for a mortgage payment.
This nationally representative online survey was fielded April 14-23, 2021, among 2,000 American single female heads of household, aged 18 and older.
Opinions, estimates, forecasts, and other views contained in this document are those of Freddie Mac's Economic & Housing Research group, do not necessarily represent the views of Freddie Mac or its management, and should not be construed as indicating Freddie Mac's business prospects or expected results. Although the Economic & Housing Research group attempts to provide reliable, useful information, it does not guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Information from this document may be used with proper attribution. Alteration of this document or its content is strictly prohibited. ©2021 by Freddie Mac.