This Is the State Where People Are Worried the Most About Losing Their Homes
The year-long ravaging spread of the COVID-19 pandemic has robbed millions of people of jobs. In some cities, the jobless rate is above 10%. In other cases, those with work worry about whether they can maintain their wages. These financial strains have begun to move into the stability of the housing market which is, in part, driven by the number of people who cannot or worry they cannot pay their mortgages. (Click here to see the U.S. city where the most people are out of work).
The last time that foreclosures and evictions burdened the housing market was during the Great Recession. The Chicago Fed estimated that there were about 3.8 million foreclosures in the U.S. between 2007 and 2010. It will almost certainly not come to that in the COVID-19 driven economic downturn. Federal government assistance has allowed some families that have struggled with joblessness or low incomes. The Biden Administration has proposed another round of similar support. This new set of programs could offer a boost of as much as $1.9 trillion to the economy.
Despite government assistance, many Americans face cash shortages today. The U.S. Census Bureau established the Household Pulse Survey to track the effects of COVID-19 on Americans. The survey is in its 23nd week of data collection.
One of the questions in the Household Pulse Survey is about “Likelihood of Eviction or Foreclosure”. Specifically, it seeks to determine the “Percentage of adults living in households not current on rent or mortgage where eviction or foreclosure in the next two months is either very likely or somewhat likely.”
The state where the people believe they are most likely to be evicted or foreclosed on is Georgia, where the figure is 48.6%. It is followed by Ohio at 46.5%, and Louisiana at 46.2%.
At the other end of the spectrum, the figure for Vermont is 7.7%, and for South Dakota 10.8%. These all compare to a national figure of 33.3%.
24/7 Wall St. reviewed the United States Census Bureau Household Pulse Survey for Week 23, which covers the period from January 20 through February 1, 2021. We looked at the total individual population age 18+
These are the states where people are worried about losing their homes.
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