The recent economic shutdown resulted in record unemployment and left millions of Americans struggling financially. Even as the country reopened and people went back to work, some aspects of the economy have yet to return to normalcy. Housing costs are often the biggest line item for most people’s budgets, and the recent inflationary climate has made it difficult for many people to pay their mortgages.
Americans who own their homes outright are less vulnerable during recessions compared to those households with large mortgages. According to Census Bureau data, while nearly 63% of owner-occupied housing units are owned free and clear for homeowners age 65 and older, less than 28% of homeowners below retirement age have paid for their homes in full. This can leave the vast majority of the working population exposed to financial impact during periods of economic turmoil.
The Gwinnett Daily Post is a daily newspaper published in Gwinnett County, Georgia, and serves as the county's legal organ. The newspaper is owned by Times-Journal Inc. and prints Wednesday and Sunday each week.
