National Foundation for Credit Counseling Launches “Make it R.E.A.L” (Renter Equity at Last) to Address Renter Insecurity Across the Country

New Survey reveals 62% of American renters feel insecure about their current rental housing

WASHINGTON, July 19, 2023 /PRNewswire/ — U.S. housing insecurity has dramatically increased in recent decades and its effect on mental health, financial systems and neighborhoods is increasingly felt. After all, a lack of stable housing can impede interpersonal relationships as well as the ability to work or pursue higher education. Like other forms of socio-economic bias, housing insecurity is disproportionately experienced by Black women.

A new campaign from the National Foundation for Credit Counselling (NFCC), supported by the Wells Fargo Foundation, aims to reverse this trend. “Make it R.E.A.L.” raises awareness about housing instability and the unique challenges renters face. Through financial education, testimonials and inroads to debt management counseling from authorized NFCC-certified credit counselors – both in-market and via tele-sessions – the campaign aims to mitigate involuntary moves such as notices, evictions and liens and make housing stability real for all.

“Post COVID-19 rent moratoriums have uncovered a pressing need to assist individuals and families facing housing instability,” said Barry Coleman, Vice President Vice President, Program Management and Education, NFCC. “With our partners at the Wells Fargo Foundation, the NFCC launched a summer campaign to educate the public about the instabilities renters face and drive awareness of the resources available to them through the NFCC.”

The Census Bureau reliably estimates 36% of the nation’s households rent. The NFCC recently surveyed over 2000 U.S. renters about their experiences, goals and fears; key findings include:

• Fifty percent of renters have some kind of personal experience with eviction. For Black Americans, that number increases to 57%;
• People 35+ are more likely than people under 35 to blame the tenant (57% to 41%) in landlord-tenant issues;
• Only 36% of people feel they fully understand their “rights and opportunities” when it comes to eviction;
• The dominant emotion associated with eviction is “sadness;”
• Half of those surveyed (50%) aren’t aware that financial literacy and debt management programs for renters exist.

Housing instability involves the inability to pay rent, consistent relocation, overcrowding, and excessive spending on housing. According to Bloomberg, eight million rental households are currently behind on their rent, with Black families in Southern states experiencing the highest rates of housing hardship.

As a part of the campaign, the NFCC will focus on educating renters about their options and opportunities. The organization helps consumers develop comprehensive financial plans that address credit card debt, student loans, and medical debt. By combating unsecured debt, individuals are better positioned to prevent eviction or foreclosure.

Survey Methodology
The NFCC, with a grant from the Wells Fargo Foundation, used the Glimpse human response platform (www.glimpsehere.com) to conduct an online survey of 2,000 U.S. renters with household incomes of $75,000 or less, between June 6 and 13, 2023. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base over-indexed to ensure Black renters represent approximately 25% of respondents. Researchers reviewed all responses for quality control.

About The NFCC
Founded in 1951, the National Foundation for Credit Counseling (NFCC) is the oldest nonprofit dedicated to improving people’s financial well-being. With 1,215 NFCC Certified Credit Counselors serving 50 states and all U.S. territories, NFCC nonprofit counselors are financial advocates, empowering millions of consumers to take charge of their finances through one-on-one financial reviews that address credit card debt, student loans, housing decisions, and overall money management. For expert guidance and advice, call (800) 388-2227 or visit www.nfcc.org.

Contact:

Cheryl Overton

Cheryl Overton Communications

917-373-3514

[email protected]com

SOURCE National Foundation for Credit Counseling