Housing Markets Most Affected by COVID Pandemic

The states of New Jersey, Illinois and Delaware had the highest concentrations of the most at-risk housing markets due to COVID in Q3 2021.

Housing Markets in States and Regions More & Less Vulnerable to Pandemic

Continuing second quarter patterns, the housing markets that were most exposed to the negative effects of the COVID pandemic in Q3 2021 were in the states of New Jersey, Delaware and Illinois, according to ATTOM Data Solutions Q3 2021 Special Report.

The housing markets having the biggest clusters of negatively impacted area were in New York City and Chicago.  Counties in the West were much less at-risk from the pandemic.

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The 26 of 50 counties most exposed to potential housing-related impacts of the pandemic included:

• Eight in the Chicago metro
• Six counties near New York City
• Two of three of Delaware’s counties
• Three counties in the Philadelphia suburbs

How Vulnerability Determined

ATTOM looked at housing markets more or less at-risk from the impact of the COVID pandemic from the vantage points of:

• Percentage of homes facing possible foreclosure
• Portion of homes with mortgage balances exceeding estimated property values
• Percentage of average local wages required to pay for major home ownership expenses on median-prices houses/condos

Top 10 Counties Most Affected by Pandemic in Q3 2021

1. Sussex County NJ
   36. Q3 2021 % of income needed to buy – 36.9%
   37. Q2 2021 % of homes underwater – 18.1%
   38. Q3 2021 % of properties with foreclosure filings – 0.062%
2. Kendall County IL
   39. Q3 2021 % of income needed to buy – 39.5%
   40. Q2 2021 % of homes underwater – 11.7%
   41. Q3 2021 % of properties with foreclosure filings – 0.105%
3. McHenry County IL
   34. Q3 2021 % of income needed to buy – 34.6%
   35. Q2 2021 % of homes underwater – 15.0%
   36. Q3 2021 % of properties with foreclosure filings – 0.081%
4. Warren County NJ
   33. Q3 2021 % of income needed to buy – 33.6%
   34. Q2 2021 % of homes underwater – 16.1%
   35. Q3 2021 % of properties with foreclosure filings – 0/077%
5. Passaic County NJ
   43. Q3 2021 % of income needed to buy – 43.9%
   44. Q2 2021 % of homes underwater – 11.7%
   45. Q3 2021 % of properties with foreclosure filings – 0.061%
6. Will County IL
   32. Q3 2021 % of income needed to buy – 32.9%
   33. Q2 2021 % of homes underwater
   34. Q3 2021 % of properties with foreclosure filings – 0/148%
7. Gloucester County NJ
   31. Q3 2021 % of income needed to buy – 31.4%
   32. Q2 2021 % of homes underwater – 12.1%
   33. Q3 2021 % of properties with foreclosure filings – 0.144%
8. Atlantic County NJ
   26. Q3 2021 % of income needed to buy – 26.8%
   27. Q2 2021 % of homes underwater – 18.8%
   28. Q3 2021 % of properties with foreclosure filings – 0.141%
9. Essex County NJ
   37. Q3 2021 % of income needed to buy – 37.7%
   38. Q2 2021 % of homes underwater – 9.1%
   39. Q3 2021 % of properties with foreclosure filings – 0.104%
10. Bay County FL
    31. Q3 2021 % of income needed to buy – 31.1%
    32. Q2 2021 % of homes underwater – 15.0%
    33. Q3 2021 % of properties with foreclosure filings – 0.054%

Counties Least At-Risk Concentrated in South and Midwest

33 of the 50 counties least vulnerable to pandemic-related problems from the 570 counties included for analysis by ATTOM were in the South and Midwest.

Oregon had six of the 50 counties least at-risk and five were in Texas. Counties within Missouri, Colorado, Minnesota, Tennessee and Virginia were also least at-risk.

The less vulnerable counties to pandemic effects had low levels of unaffordable housing, underwater mortgages and foreclosure activity

Thanks to ATTOM Data Solutions