The Round-Up Volume 16: Only 29% of Renters Voted in the Last Election
Now––more than ever––we believe everyone has the right to own a stake in our communities.
September 25, 2020
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Welcome to the new-look of The Round-Up ✉️, providing you with all the real estate, economic and financial information you need in an even easier-to-read format.
Take a look around, and don’t hesitate to drop us a line with some feedback. We’d love to hear from you!
Chaos of 2020
The chaos of 2020 is really doing a number on traditional methods of ownership.
Following the expiration of expanded unemployment benefits, many homeowners are in dire straits financially. And some are slipping through the cracks and missing out on homeowner relief programs they didn’t even know they qualified for.
Based on a temporary relief program set up at the onset of the pandemic, homeowners with federally guaranteed mortgages only need to request to delay their payments for up to a year without penalty. Yet, according to the Wall Street Journal, about 680,000 homeowners have fallen behind on payments instead of seeking relief, simply because they don’t know it’s available. That means a wave of evictions could happen when moratoriums are lifted...You guessed it, that’s not ideal.
Meanwhile, stricter credit standards and higher unemployment among minorities are widening the racial gap in homeownership and wealth. Following the 2008 financial crisis the homeownership rate between Black and White Americans spread to 32 percentage points. It narrowed through last year, but that’s likely to reverse due to the pandemic.
Traditional homeownership doesn’t hold up well during times like this. These problems weren’t created by the challenges we face in 2020, they were just simply exposed. Especially for young adults, who were finally making up ground from the financial crisis and Great Recession.
That’s why it’s such an important moment to have innovative alternative options (i.e. Rentership) to own within our communities.
The Passing of an Icon
We’re saddened by the passing of Supreme Court Justice Ruth Bader Ginsburg, an icon and champion for democracy, equality, and justice. She was principled, dedicated, curious, and the last person to say things should be done a certain way simply because they’ve always been done that way.
A pioneer of women’s rights and a fierce proponent of progress, she embodied so many of the values we strive to uphold. At a time when there are still incredible disparities in housing, healthcare, education, and wealth, the loss of RBG is a big one. It’ll be up to all of us to pick up the mantle and continue her legacy.
RIP RBG, an American legend ⚖️.
In Other News
Evictions have slowed dramatically thanks to a federal ban on evictions. However, some people are still getting evicted because they don’t understand the process, which requires a written submission to their landlord.
For all the talk of mass migration from urban centers, it’s not bearing out in the data being collected. In fact, fewer Americans have actually moved, and of those who did, only a small share cited the uncertainty of 2020 as a reason for their move.
The Federal Reserve has indicated it will continue to promote a low rate environment for years. Here’s a look at five ways that impacts you.
The employment recovery is leveling off, as jobless claims held steady, according to the latest Labor Department figures.
New From Rhove
Rhove Co-founder and CEO Calvin Cooper appeared on the Future of Living podcast.
Calvin and show host Blake Miller discussed the importance of everyone having an economic stake in our communities, the explosion of Proptech solutions, and how real estate investors can future-proof their properties, among other topics. Give it a listen.
The passing of RBG and the looming election has us thinking—more than usual—about democracy and the importance of voting. If we’ve said it once, we’ve said it a thousand times. Ownership is about so much more than finance. It’s about participating in our community. It’s about stepping up to make it a better place. It’s about making our voices heard. Ownership bestows a sense of belonging so powerful that we are driven to participate.
When it’s boiled down, Rhove’s mission is to advance these principles. We aim to turn every renter into an owner with Rentership, but it’s about so much more than that.
We aim to empower everyone to have a greater voice, more pride, and a sense of ownership in our communities. Rentership is all about participation. It's about belonging. It's about being heard. It’s about being given an opportunity. It's about being the progress we want to see in the communities we call home.
Unfortunately, renters vote at a much lower rate than homeowners. During the last election, only 29% of renters voted. But we can change that. Now––more than ever––we believe everyone has the right to own a stake in our communities. Get out there, make sure our voices are heard, and register to vote! 🗳️
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