Likelihood of eviction or foreclosure, by state
1 in 4 Southerners who are late on rent/mortgage said they feared losing their home. In AL and WV, it is 1 in 2.
Likelihood of eviction or foreclosure, June 7-19, 2023
Percent of adults living in households not current on rent or mortgage where eviction or foreclosure in the next two months is “very likely” or “somewhat likely”
In the South, 25% of adults who were past-due on rent or mortgage feared that eviction or foreclosure was likely. Among Southern states, fears are highest in AL (48%), WV (48%), and MS (34%).
Rising interest rates and high inflation in 2022 resulted in higher housing costs. Mortgage interest rates grew by a higher margin in 2022 than in any other year on record, and rent increased about 5% in 2022 — after an 18% increase in 2021.1 More than 1 in 4 Southern renters have to spend the majority of their household income on rent and utilities (Severe housing cost burden). While inflation has fallen, as of June 2023, more than 1 in 3 American households were having difficulty paying for usual household expenses, up from 28% in June 2021 (Difficulty paying expenses).
“A Housing Market Hangover”. Kaysen. The New York Times. January, 2023. https://www.nytimes.com/2022/12/30/realestate/housing-market-prices-interest-rates.html
