Key Highlights
- ATTOM Data Solutions’ Q3 2020 Special Report spotlights housing markets most and least vulnerable to COVID-economic impacts
- Northeast and Mid-Atlantic regions most vulnerable
- West and Midwest less at risk
According to ATTOM Data Solutions’ Q3 2020 Special COVID Housing Impact Report, the northeast and mid-Atlantic regions of the country are most vulnerable to the economic impacts of the coronavirus pandemic. Connecticut, New York, New Jersey, Pennsylvania, Maryland and Delaware are homes to 32 of the 50 counties most affected and most vulnerable to these impacts.
ATTOM factored in the following elements in making its analysis for the counties most and least vulnerable to the economic impacts of the pandemic:
– Percentage of homes currently facing foreclosure
– Portion of homes with mortgage balances that exceed estimated property value
– Percentage of local wages needed to pay for home ownership expenses
(All data was gleaned from ATTOM’s most recent Home Affordability Index.)
The least vulnerable areas to the economic ravages of the pandemic were the West and Midwest. California and Hawaii together only had four counties that were considered to be vulnerable while Illinois had only six counties in the Midwest that were considered to be vulnerable. Another eight counties scattered across Florida, Louisiana, North Carolina, Texas and Virginia were considered to be vulnerable to the pandemic-economy.
The largest populated counties least at risk to the economic impacts caused by COVID included those home to the states of Colorado, Indiana, Missouri, Texas and Wisconsin.
The Top US Housing Markets Most Vulnerable to the Impact of COVID-19, according to ATTOM Data Solutions, included:
- Charles County MD
- McHenry County IL
- Passaic County NJ
- Atlantic County NJ
- Sussex County NJ
- Litchfield County CT
- Sussex County DE
- Essex County NJ
- Middlesex County CT
- Gloucester County NJ
Thanks to ATTOM Data Solutions.
Also read: Zip Codes with Highest Foreclosure Rates in July 2020, Homeownership Too Expensive for Average Workers in Q3 2020, Home Flipping Rate in Q1 Hits 14-Year High While ROI Plunged to 9-Year Low
