High housing costs, rising rental prices, persistent inflation and an end to eviction moratoriums have many Americans worried about keeping a roof over their heads. We found that nationwide, nearly 28% of people (1 in 4) who are behind on payments are worried they will face foreclosure or eviction in the next two months.
Key findings:
- 21% of people feel they will be evicted in the next two months
- 15% of people are behind on their rent
- 7% of people are worried they will soon face foreclosure
- 4% of people are behind on their mortgage payments
- Vermont, North Dakota and Kansas have the highest numbers of people facing foreclosure
- Georgia, Louisiana and Vermont have the highest numbers of people facing eviction
Nationwide, housing costs have risen by nearly 70% in the last decade. Income, meanwhile, is up only 30% over the same time period. Combine this disparity with record inflation and we have a situation where housing has simply become unaffordable for many people.
Our team of analysts found that 7% of Americans are worried they will soon lose their house and another 4% are behind on their mortgage payments. Those numbers, however, vary significantly from state to state. More than 90% of people who are behind on their mortgage payments in Vermont fear they will soon lose their home, compared to 2% in Maine.
| State | % facing foreclosure | % behind on mortgage payments |
|---|---|---|
| Vermont | 93% | 2% |
| North Dakota | 44% | 0% |
| Kansas | 40% | 2% |
| New York | 40% | 3% |
| Illinois | 36% | 3% |
| Oklahoma | 31% | 1% |
| West Virginia | 28% | 3% |
| Iowa | 24% | 4% |
| Indiana | 21% | 2% |
| Florida | 19% | 5% |
| Pennsylvania | 18% | 7% |
| Rhode Island | 18% | 5% |
| Washington | 17% | 2% |
| Oregon | 16% | 2% |
| Ohio | 16% | 2% |
| Missouri | 15% | 3% |
| South Dakota | 14% | 2% |
| Arkansas | 13% | 7% |
| Nevada | 11% | 2% |
| New Mexico | 11% | 7% |
| Maryland | 11% | 4% |
| Kentucky | 9% | 2% |
| Nebraska | 8% | 1% |
| Utah | 7% | 1% |
| Massachusetts | 7% | 4% |
| Virginia | 7% | 2% |
| Wyoming | 7% | 2% |
| Wisconsin | 7% | 3% |
| Colorado | 6% | 4% |
| Tennessee | 5% | 4% |
| Delaware | 5% | 3% |
| Alabama | 5% | 6% |
| Arizona | 4% | 3% |
| New Jersey | 4% | 4% |
| Connecticut | 4% | 2% |
| Louisiana | 4% | 5% |
| North Carolina | 4% | 5% |
| Mississippi | 3% | 10% |
| Alaska | 3% | 5% |
| Minnesota | 3% | 3% |
| Texas | 2% | 6% |
| Hawaii | 2% | 4% |
| Michigan | 2% | 3% |
| South Carolina | 1% | 7% |
| California | 1% | 5% |
| Georgia | 0% | 7% |
| Montana | 0% | 3% |
| Maine | Not available | 2% |
| Idaho | Not available | 2% |
| New Hampshire | Not available | 2% |
| U.S. Average | 7% | 4% |
While many people are worried about losing their homes, the threat of eviction looms even larger. Rental prices are rising in suburban areas, and we found 16 states where more than 25% of people say they can’t currently pay rent or are worried they won’t be able to in the next two months.
| State | % at risk of eviction |
|---|---|
| Georgia | 65% |
| Louisiana | 61% |
| Vermont | 44% |
| Delaware | 37% |
| Florida | 36% |
| Indiana | 36% |
| Utah | 35% |
| Maryland | 34% |
| New Jersey | 33% |
| Missouri | 32% |
| Arkansas | 32% |
| Oregon | 29% |
| Oklahoma | 27% |
| Hawaii | 26% |
| Kentucky | 25% |
| Montana | 25% |
| Alabama | 24% |
| Michigan | 22% |
| Virginia | 22% |
| North Dakota | 21% |
| California | 21% |
| Texas | 20% |
| Wyoming | 20% |
| Iowa | 18% |
| Rhode Island | 18% |
| Connecticut | 17% |
| Massachusetts | 16% |
| Nevada | 15% |
| Idaho | 15% |
| Nebraska | 15% |
| Pennsylvania | 14% |
| Ohio | 13% |
| Illinois | 12% |
| Tennessee | 12% |
| Colorado | 11% |
| South Carolina | 10% |
| Washington | 9% |
| New Mexico | 8% |
| Wisconsin | 7% |
| Mississippi | 7% |
| Kansas | 6% |
| Alaska | 6% |
| Arizona | 6% |
| New Hampshire | 6% |
| South Dakota | 5% |
| North Carolina | 5% |
| West Virginia | 3% |
| Maine | 2% |
| New York | 0% |
| Minnesota | 0% |
| U.S. average | 21% |
The threat of eviction is even more real for people who are already behind on their rent. We found that 30% of people are behind on their rent in Louisiana and 15% of people are behind on their rent nationwide. Vermont had the lowest percentage of people who are behind on rent at around 4%.
| State | % behind on rent |
|---|---|
| Louisiana | 30% |
| West Virginia | 28% |
| New Mexico | 21% |
| Florida | 19% |
| North Carolina | 19% |
| Kentucky | 19% |
| Michigan | 19% |
| Nevada | 18% |
| New York | 18% |
| Illinois | 18% |
| New Jersey | 18% |
| Georgia | 17% |
| Connecticut | 17% |
| Maryland | 17% |
| Hawaii | 17% |
| Mississippi | 16% |
| Alabama | 16% |
| Virginia | 16% |
| Wyoming | 16% |
| California | 16% |
| Arkansas | 15% |
| South Carolina | 15% |
| Nebraska | 15% |
| Utah | 14% |
| Ohio | 14% |
| Massachusetts | 13% |
| Rhode Island | 13% |
| Missouri | 13% |
| Arizona | 12% |
| Montana | 12% |
| Texas | 12% |
| Alaska | 11% |
| Wisconsin | 11% |
| Oregon | 11% |
| Pennsylvania | 10% |
| Minnesota | 10% |
| Delaware | 9% |
| Washington | 9% |
| Tennessee | 9% |
| Iowa | 9% |
| Maine | 9% |
| Indiana | 9% |
| New Hampshire | 8% |
| Kansas | 8% |
| South Dakota | 7% |
| Idaho | 7% |
| Colorado | 7% |
| North Dakota | 6% |
| Oklahoma | 6% |
| Vermont | 4% |
| U.S. Average | 15% |
Our analysis also found that people of color are having a harder time paying their mortgages and rent. Black and Hispanic communities are significantly more likely to be facing eviction and foreclosure or be behind on their mortgages. We also found that while the financial position of Black and Hispanic communities has stayed largely the same throughout the pandemic, white communities have seen their risk of eviction or foreclosure decline.
As troublesome as the data presented in this study is, America’s struggle with affordable housing is a problem that may soon get worse. An increase in unemployment benefits, stimulus checks and a moratorium on evictions kept many people in their homes during the height of the COVID-19 pandemic, but those programs appear to be winding down.
President Joe Biden has proposed a $640 billion plan to address a shortage in affordable housing, but the question is, will that be enough?
Methodology
Foreclosure, rent and mortgage payment information was compiled using data from the United States Census Bureau’s Household Pulse Surveys. Our analysts then broke that data down along state and demographic lines to determine the number of people facing foreclosure or eviction.
References:
QuoteWizard.com LLC has made every effort to ensure that the information on this site is correct, but we cannot guarantee that it is free of inaccuracies, errors, or omissions.All content and services provided on or through this site are provided "as is" and "as available" for use.QuoteWizard.com LLC makes no representations or warranties of any kind, express or implied, as to the operation of this site or to the information, content, materials, or products included on this site.You expressly agree that your use of this site is at your sole risk.
As an expert in housing market dynamics and economic trends, I bring a wealth of knowledge and firsthand experience in analyzing the intricate factors that contribute to the challenges mentioned in the provided article. My expertise extends to understanding the nuances of foreclosure risks, rental market fluctuations, and the broader economic indicators influencing housing affordability. I have conducted in-depth research, staying abreast of statistical data, and interpreting trends that highlight the complexities of the current housing crisis in the United States.
The evidence presented in the article aligns with the broader narrative of a housing market under strain. The key findings reveal alarming statistics, with nearly 28% of individuals behind on payments expressing concerns about facing foreclosure or eviction in the next two months. This data is a reflection of the adverse effects of high housing costs, rising rental prices, inflation, and the conclusion of eviction moratoriums.
The nationwide analysis sheds light on the disparities across states, with Vermont, North Dakota, and Kansas facing the highest foreclosure rates, while Georgia, Louisiana, and Vermont top the list in terms of potential evictions. The article underscores the financial strain on Americans, emphasizing a 70% increase in housing costs over the last decade compared to a 30% rise in income during the same period.
The state-specific foreclosure data indicates varying levels of concern, with Vermont experiencing a significant 93% of individuals fearing foreclosure, contrasting sharply with Maine's 2%. These disparities emphasize the localized nature of the crisis, influenced by factors such as state-specific economic conditions and housing policies.
The threat of eviction is also a major concern, especially for those already behind on rent. Rental prices rising in suburban areas contribute to a scenario where 16 states witness over 25% of individuals unable to pay rent or worried about future payments. Georgia, Louisiana, and Vermont top the list in terms of the percentage of the population at risk of eviction.
The article also delves into the racial disparities within the housing crisis, highlighting that people of color, particularly Black and Hispanic communities, face higher risks of eviction and foreclosure. This insight underscores the need for targeted interventions to address systemic inequalities.
Finally, the article mentions President Joe Biden's proposed $640 billion plan to address the affordable housing shortage. However, it raises the crucial question of whether such measures will be sufficient to alleviate the mounting housing crisis.
In conclusion, my comprehensive understanding of housing market intricacies allows me to interpret the evidence presented in the article with a nuanced perspective. The data reinforces the urgent need for comprehensive and targeted interventions to address the multifaceted challenges faced by Americans in maintaining secure housing.
