Story at a glance
- The threat is greatest in Georgia, where 65 percent of renters are staring down evictions, according to a new report from Quote Wizard.
- After Georgia, the danger of eviction is highest in Louisiana, Vermont, Delaware and Florida.
- Black and Hispanic communities are more likely to facing evictions.
Close to one-fifth of Americans worry they will face eviction in the next two months amid soaring rents and inflation.
But the threat is greatest in Georgia, where 65 percent of renters are staring down evictions, according to a new report from Quote Wizard.
After Georgia, the danger of eviction is highest in Louisiana, Vermont, Delaware and Florida. And Black and Hispanic communities are more likely to face evictions.
The report notes that wages have failed to keep up with housing costs over the past decade, as incomes have increased by 30 percent compared to housing prices, which have risen by 70 percent nationwide. This has left many renters behind in their monthly rents and homeowners close to foreclosure.
Around 15 percent of renters nationwide are behind in their rents, but the rate is highest in Louisiana at 30 percent.
“As troublesome as the data presented in this study is, America’s struggle with affordable housing is a problem that may soon get worse,” the report read.
“An increase in unemployment benefits, stimulus checks and a moratorium on evictions kept many people in their homes during the height of the COVID-19 pandemic, but those programs appear to be winding down,” the report continued.
Quote Wizard compiled foreclosure, rent and mortgage payment information data from the Census Bureau’s Household Pulse Surveys.
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A separate survey from Freddie Mac released earlier in August revealed while most American renters experienced rent increases over the past year, less than 40 percent saw their wages go up.
The survey found that nearly 1 in 5 renters whose rental costs rose believe they are likely to miss a payment. Only a third of renters who earned pay raises in the past 12 months said their new incomes will cover their new rent.
“The surge in rents that took place over the last 12 months has created even greater housing uncertainty for the most vulnerable renters,” Kevin Palmer, head of Freddie Mac Multifamily, said in a media release.
“Our survey shows that the national housing affordability crisis is worsening, and that inflation is a key driver,” Palmer added.
Published on Aug 30,2022