It is safe to say that the pandemic had a negative impact on almost everyone across the globe. Businesses, organizations, and individuals suffered physically, mentally, and, most of all, financially. Even after two years, people are still recovering from the consequences of the pandemic and its aftermath.
Maxwell Drever points out the situation was different in different parts of the globe, but everyone felt the heat in one way or another. The United States of America was no different. The pandemic had a significant impact on the country’s workforce, making it increasingly difficult for people to survive during these tough times.
Current Workforce Housing Situation in the US – Explained By Maxwell Drever
The unemployment rate in the USA increased drastically. In March 2020, it was 4.4%, and by April 2020, it had jumped to 14.7%. This number is still higher than pre-pandemic levels. Many people lost their jobs or were furloughed during this time.
This obviously had an impact on people’s ability to pay rent or mortgage. Many people could not make their payments on time, and some even defaulted on their payments. The pandemic also resulted in evictions and foreclosures. Even though the situation has gradually improved over the past year, it’s safe to say that USA’s workforce is still facing many challenges. The effects of the pandemic will be felt for many years to come.
Many working-class people are still struggling to make ends meet. According to Maxwell Drever, in a report by the Federal Reserve, 40% of Americans cannot cover a $400 emergency expense. This shows that many people are living paycheck to paycheck and do not have any savings to fall back on.
The situation is especially difficult for gig workers and contract workers who do not have any job security or health insurance. These workers are often not eligible for unemployment benefits and have to rely on food pantries and other forms of assistance.
As of February 2021, there are 1.4 million households at risk of eviction. This is a decrease from the 2.3 million households at risk of eviction in April 2020. However, it is still higher than the pre-pandemic levels.
The housing market has also not recovered fully from the impact of the pandemic. The prices of houses and apartments are still lower than they were before the pandemic. According to Zillow, the median rent price in the USA was $1,695 in February 2021. This is a decrease from the $1,741 in February 2020.
Is The Workforce Housing Situation Expected To Get Better In The Coming Years?
According to Maxwell Drever, the short answer is yes; the workforce housing situation is expected to get better in the coming years. The unemployment rate is gradually decreasing, and this will have a positive impact on people’s ability to pay rent or mortgage. Additionally, the prices of houses and apartments are also slowly increasing as demand starts to rebound.
However, it will take some time for the situation to return to normal. Many people are still struggling financially, and there will be a long road to recovery for many households. It is important to be patient and understand that the situation is slowly improving.
Maxwell Drever believes that workforce housing is a great way to alleviate accommodation pressures from the working class and ensure they live quality lives whilst they recover from the consequences of the pandemic.