Likelihood of eviction or foreclosure by state
1 in 3 Americans who are late on rent/mortgage said they were at risk of losing their home. In Louisiana and Alabama, it is 1 in 2.
Likelihood of eviction or foreclosure, Sep 14-26, 2022
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”
Source: Census Bureau’s Household Pulse Survey. Note: Estimate not available for Vermont.
In May 2022, the median rent in the U.S. reached a record high of $2,002 per month.1 As housing prices have increased, so has the fear of losing one’s home. 1 in 3 Americans who are past-due on rent/ mortgage fear that eviction or foreclosure is likely. Fears are particularly high in Louisiana (56%), Colorado (56%), Alabama (55%), New Mexico (55%), and Washington D.C. (51%).
More than 1 in 4 Southern renters have to spend the majority of their household income on rent and utilities (Severe Housing Cost Burden). Growing housing prices are a chronic problem across the U.S. And a fast increasing share of Americans (now almost half) say lack of affordable housing is a major problem in their area.2
State and local officials that speed up the distribution of Emergency Rental Assistance (ERA) funds can stabilize renters and landlords alike, but many Southern states including Alabama, Tennessee, Arkansas and Georgia have distributed less than half of their federal ERA funds (Emergency Rental Assistance).
“S&P/Case-Shiller U.S. National Home Price Index”. FRED. June, 2022. https://fred.stlouisfed.org/series/CSUSHPISA
“MBA: Mortgage Application Rates Plummet Nearly 7% From Last Week”. Wolak. National Mortgage Professional. June, 2022. https://nationalmortgageprofessional.com/news/mba-mortgage-application-rates-plummet-nearly-7-last-week
“Housing Data”. Zillow Research. https://www.zillow.com/research/data/
“HUD Expands Eviction Protection and Diversion Program With Additional $20 Million”. U.S. Department of Housing and Urban Development. May, 2022. https://www.hud.gov/press/press_releases_media_advisories/hud_no_22_091
