One Month--May 2020--Regular Unemployment Insurance ONLY: $20 Billion Paid in UI, $5.3 Billion Availailable for Housing Expenses, AFTER Taxes.

The table pasted below shows the total amount of regular unemployment insurance (ONLY) paid in ONE month--May 2020--and the monthly net amount available for housing (at 30% of the UI benefit less taxes).

The data includes a national total as well as data for select states, including Oregon.  For states I made some assumptions about tax rates, starting with a presumed 10% federal income tax rate.

The table does NOT:

• Include in the total data for all states-Florida and Michigan data was not yet been posted as of the date I compiled this data. 
• Include claims and benefit paid for workshare/short term compensation UI.
• Include claims and benefits paid for CARES act UI programs, including PUA, and the supplemental $600 weekly bonus.
• IF these claims and benefits paid were added the net amount available for housing would substantially increase. 

Observations: 

1. AFTER assumed taxes recipients spending 30% of their income for housing would have $5.3 billion to pay for housing expenses, an average of $367 monthly. (As a point of reference, the TOTAL FY 2020 HUD budget for vouchers was $23.9 Billion).
2. In Oregon, AFTER assumed taxes. recipients spending 30% of their income for housing would have $69 million to pay for housing expenses, an average of $394 monthly. 
3. The NET percentage available for housing will vary by state. Recipients would have a net higher amount available for housing in states that tax only a portion of unemployment benefits OR without income taxes.
4. At the tax rate used, ONE month of federal and state income taxes would total  $2.4 Billion; in Oregon $44 million.

Originally created and posted on the Oregon Housing Blog.