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    Study: Rising Fear of Eviction or Foreclosure in Vermont and US

    admin4By admin4August 29, 2022No Comments
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    Vermont Business Magazine Between high housing costs and steady inflation, more and more people are worried about losing their homes.Lending Tree’s QuoteWizard released today, based on data from the U.S. Census Bureau, shows that mortgage payments are slowing down. It found that 93% of people in lagging Vermont are worried about facing foreclosure within the next two months.

    This is by far the highest “fear” in the nation, even though Vermont has only 2% of homeowners in arrears on their mortgage, half the national average of 4%. rate (the fear factor averages only 7%). The rent situation is similar, and while the number of people who are actually behind on their rent is low, the level of fear is high in Vermont.

    Vermont Key Findings:

    • 2% of people are behind on their mortgage payments (U.S. average 4%)
    • 4% of people are behind on their rent (lowest in any state, US average 15%)
    • However, 44% of rent delinquents face eviction (U.S. average 21%).

    With soaring housing costs, rising rents, persistent inflation, and the end of the eviction moratorium, many Americans are uneasy about keeping their roofs up. A QuoteWizard survey found that nearly 28% of people nationwide who are behind on their payments (her one in four) fear they will face foreclosure or eviction within the next two months. increase.

    Key domestic findings:

    • 21% feel they will be kicked out within the next two months.
    • 15% of people are behind on their rent
    • 7% worry about facing foreclosure
    • 4% of people are behind on their mortgage payments
    • Vermont, North Dakota and Kansas have the highest number of people facing foreclosure among delinquent mortgages
    • Georgia, Louisiana and Vermont have the highest number of rent delinquents facing eviction
    • Nationally, people of color are two to three times more likely to face eviction or foreclosure

    Nationwide, housing costs have risen nearly 70% over the past decade. On the other hand, income increased by only 30% over the same period. This disparity combined with record inflation has made housing out of control for many.

    QuoteWizard analysts found that 7% of Americans fear they will soon lose their home, and an additional 4% are behind on their mortgage payments. However, these numbers vary greatly from state to state. In Vermont, more than 90% of people who are behind on their mortgage payments are afraid of losing their homes soon, while in Maine he is 2%.

    Fear of Foreclosure in States
    state Percentage facing foreclosure Percentage of late 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 twenty four% Four%
    Indiana twenty one% 2%
    Florida 19% Five%
    pennsylvania 18% 7%
    rhode island 18% Five%
    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% Four%
    kentucky 9% 2%
    Nebraska 8% 1%
    Utah 7% 1%
    Massachusetts 7% Four%
    Virginia 7% 2%
    wyoming 7% 2%
    Wisconsin 7% 3%
    colorado 6% Four%
    Tennessee Five% Four%
    Delaware Five% 3%
    Alabama Five% 6%
    Arizona Four% 3%
    new jersey Four% Four%
    connecticut Four% 2%
    Louisiana Four% Five%
    north carolina Four% Five%
    Mississippi 3% Ten%
    Alaska 3% Five%
    Minnesota 3% 3%
    texas 2% 6%
    Hawaii 2% Four%
    Michigan 2% 3%
    south carolina 1% 7%
    California 1% Five%
    Georgia 0% 7%
    Montana 0% 3%
    maine out of service 2%
    Idaho out of service 2%
    new hampshire out of service 2%
    US average 7% Four%

    Many people worry about losing their homes, but the threat of eviction is even greater. Rent prices are rising in suburban areas, and in 16 states, he found that more than 25% of people are worried they can’t pay their rent now or in the next two months. .

    Eviction Threats in States
    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 twenty five%
    Montana twenty five%
    Alabama twenty four%
    Michigan twenty two%
    Virginia twenty two%
    north dakota twenty one%
    California twenty one%
    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 Ten%
    Washington 9%
    new mexico 8%
    Wisconsin 7%
    Mississippi 7%
    Kansas 6%
    Alaska 6%
    Arizona 6%
    new hampshire 6%
    south dakota Five%
    north carolina Five%
    west virginia 3%
    maine 2%
    New York 0%
    Minnesota 0%
    US average twenty one%

    The threat of eviction is even more real for those who are already behind on their rent. We found that 30% of people in Louisiana are behind on their rent, and 15% of people nationwide are behind on their rent. Vermont had the lowest rate of rent arrears at about 4%.

    Rent arrears by state
    state Rent delinquency rate
    Louisiana 30%
    west virginia 28%
    new mexico twenty one%
    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 Ten%
    Minnesota Ten%
    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 Four%
    US average 15%

    Our analysis also found that people of color struggle to pay their mortgages and rent. Black and Hispanic communities are significantly more likely to face eviction, foreclosure, or default on their mortgage. We also found that while the financial status of black and Hispanic communities remained roughly the same throughout the pandemic, the risk of eviction and foreclosure decreased in white communities.

    Eviction or foreclosure rates by gender

    Eviction or Foreclosure Rates by Race/Ethnicity

    As troubling as the data presented in this study is, America’s struggle for affordable housing is one that could quickly worsen. Increased unemployment, stimulus checks and moratoriums on evictions kept many people at home, but those programs appear to be curtailing.

    President Joe Biden has proposed a $640 billion plan to address the shortage of affordable housing, but the question is, will it be enough?

    methodology

    Information on foreclosures, rent, and mortgage payments was compiled using data from the U.S. Census Bureau’s Household Pulse Survey. Analysts then segmented that data along state and demographic lines to identify the number of people facing foreclosure or eviction.

    QuoteWizard.com LLC makes every effort to ensure that the information on this site is correct, but cannot guarantee that it is free from inaccuracies, errors or omissions. ALL CONTENT AND SERVICES PROVIDED ON OR THROUGH THIS SITE ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. QuoteWizard.com LLC makes no representations or warranties of any kind, express or implied, as to the operation of this site or the information, content, materials, or products contained on this site. You expressly agree that your use of this site is your sole responsibility.



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