The weight of the pandemic is hanging around millions of renters' necks.
"California’s back rent is projected to reach nearly $1.7 billion by the end of the year, or almost a fourth of the total rental debt nationwide," according to a new report by the Federal Reserve bank of Philadelphia, cited in an article by Jeff Collins.
"In all, nearly 240,000 renter households in the state have fallen behind on rent, with an average debt of $6,953 per household, the study by the Federal Reserve Bank of Philadelphia found."
The report includes findings for the rest of the nation as well. In the entire country, rent debt is project to hit the eyepopping figure of $7.2 billion. "The Philadelphia Fed determined 1.34 million American households will owe an average of $5,400 apiece in unpaid rent," explains Collins.
An article by Davin Reed and Eileen Divringi wrote an article for the Federal Reserve in October to provide insight into the report's findings.
FULL STORY: Back rent in California nearing $1.7 billion, Fed study finds
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