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%.
| 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. .
| 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%.
| 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.
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.
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