Yahoo Finance GoFundMe Becomes A Lifeline For Renters Facing Eviction. Eviction Fundraisers Increase By 40 Percent This Year
As the cost of living keeps going up, many Americans are having a hard time paying for their housing. According to Newsweek, GoFundMe is now something people facing eviction regularly use. The site has seen a 40% rise in eviction fundraisers compared to before the pandemic.
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When families face eviction, they often have very little time to come up with the money needed to stay in their homes. Without savings to fall back on, the situation can quickly become dire. For families living paycheck to paycheck, any disruption can be devastating.
GoFundMe reported a 20% increase in eviction fundraisers between March and April, reflecting the broader housing crisis in the U.S. High mortgage rates, rising home prices, and increasing rent are pushing more people to the edge.
Even Janet Yellen, the U.S. Treasury Secretary, has recognized the growing worry about the rising cost of living affecting many Americans, noting that, despite recent wage increases, housing costs and prices for everyday items stay high. "They notice it when they buy groceries. They notice it with rent prices. With higher mortgage rates, it’s tough for young people who want to buy a house to get into the market," Yellen said.
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There’s also little talk about the fact that home insurance premiums are rising in some of the country’s most vulnerable areas. People living in places prone to floods, hurricanes, or wildfires pay more to protect their homes. For many, this makes owning a home almost impossible, and even current homeowners are struggling with higher monthly payments and insurance costs. Renting isn't much easier, either, as affordable options are becoming scarce.
The rise in eviction fundraisers is revealing thousands of heart-wrenching stories, showing just how badly the housing crisis is affecting people and families. Forbes recently shared a story from Gustavo Martinez and his family. They've lived in their Los Angeles apartment for 37 years but now face a no-fault eviction with just a 60-day notice.
On their GoFundMe page, Gustavo says that the money raised from this campaign will help them afford housing. Donations will cover a few months of rent and other expenses while they search for steady jobs that can pay higher rental prices.
At the time of writing, Gustavo and his family had raised more than $75,000 from 192 donations, $45,000 over their original goal of $30,000. They were also interviewed by Fox 11 LA, which probably helped their crowdfunding efforts.
About 35% of American adults don’t have $400 saved for emergencies. When unexpected costs like medical bills or car repairs pop up, many people can’t afford them. Starting a crowdfunding campaign is often one of the few options they have.
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