Homeowners have struggled to make mortgage payments during the pandemic. Since March, 24% of homeowners have missed or deferred a mortgage payment, according to a survey from Clever Real Estate. Renters have also been significantly impacted, with one in three renters missing rent payments during the pandemic. Combined, these two groups paint a startling image of the pressure Americans are facing to keep up with necessities.

"Americans weren't prepared for the pandemic financially in that many didn't have enough in savings to cover multiple months with lower income. As the pandemic has continued on over 6 months, people's savings are drying up," Francesca Ortegren, data scientist at Clever Real Estate, tells GlobeSt.com. "When it comes down to it, people have to make a choice between deferring loan payments and paying for things that don't afford deferment, like groceries. We suspect this is driving the increase in missed mortgage payments—essentially, people are running out of savings (or already have), and many either still don't have a job or aren't recovered fully from their time without a job. The ability to defer mortgage payments without penalty in some cases is an enticing option for those homeowners."

Of the homeowners that have missed payments, only 16% have repaid the missed payments, and 46% of homeowners with deferred payments have missed three or more payments. Forbearance policies have helped, but the protection isn't universal. "The policies vary widely depending on the lender and type of loan. There's more protections for those who have government backed loans in terms of whether they can be charged penalties and how repayment options have to be set up," says Ortegren. "In those cases, the policies are likely helping as homeowners won't be required to pay back deferred payments in a lump sum and won't accrue late penalties."