Kansas, the District of Columbia, and Vermont were the top three states with the least owners impacted by the COVID shutdowns. More than 93% of the mortgage holders paid last month’s mortgage payment.
In contrast, less than 80% of the mortgage holders paid last month’s payment in Louisiana, North Dakota, and Mississippi.
The U.S. Census Bureau releases the results of the 2020 Household Pulse Survey (HPS) every week (starting April 23, 2020). Specifically, the HPS asks individuals about their experiences regarding employment status, spending patterns, food security, housing, physical and mental health, access to health care, and educational disruption. The survey provides insights into how household experiences have changed during the pandemic. Thus, the ultimate goal of this weekly survey is to understand how individuals are experiencing this period and responding to the business curtailment and closures, stay-at-home and safer-at-home orders, school closures, changes in consumer patterns and the availability of consumer goods, and other abrupt and significant changes to American life.
The National Association of REALTORS® closely monitors the results of this survey in order to address the needs and concerns of people in regards to housing during the pandemic. Particularly, the HPS provides estimates about the last month’s payment status for owner- and renter-occupied housing units and confidence in the ability to make next month’s payment.
The current blog compares the ability of mortgage holders to meet their needs for each state across the country. In Kansas, the District of Columbia and Vermont more than 93% of the mortgage holders paid last month’s mortgage payment1. For instance, in Kansas, 94% of owners paid while only 5% did not pay and 1% deferred the payment. In contrast, in Louisiana, 23% of the owners did not pay or deferred their payment. The map below shows the share of mortgage holders who paid/did not pay/deferred their mortgage payment for each state. The darker the color, the higher the share of owners who paid the payment.
Taking the analysis one step further, the National Association of REALTORS® also examined and compared the mortgage payment status for each state by the following demographic categories.
Young owners (18-40)
The District of Columbia, Ohio, and Wyoming had the greatest number of young owners who were able to pay their mortgage payment. Specifically, only 3% of these owners on average did not pay or deferred their mortgage payment. For instance, nearly 99% of the young owners in Wyoming paid their mortgage. In contrast, Colorado, Hawaii, and Missouri had the greatest number of young owners who did not pay or deferred their payment. Particularly, Hawaii had the greatest number of young owners who deferred their payment. Nearly 30% of young mortgage holders did not pay their mortgage, while 17% of them deferred their payment.
Gen Xers (40-54)
Tennessee was the state with the most Gen Xers who were impacted financially by the pandemic and were not able to pay their mortgage. Nearly 40% of the mortgage holders in the age group 40 to 54 did not pay or deferred their payment.
Although there are fewer seniors who missed their mortgage payment compared to the other age groups, nearly 23% of them in Georgia did not pay or deferred their payment.
See the mortgage payment status for each age group by state:
Across the country, nearly 30% of owners with income less than $50K did not make their payment on time. In California, Louisiana, and North Dakota, their share was 33%. In the meantime, California and North Dakota had the most owners who deferred their payment. Particularly, in North Dakota, 25% of the owners with income $100K–$150K deferred their payment; in California, 22% of the owners with income less than $50K deferred their payment.
See the mortgage payment status by income level for each state:
1 According to U.S. Census Bureau Household Pulse Survey, week June 18-June 23.