(WFRV) – As housing costs continue to rise, stagnant wages prevail, and unemployment lingers, the number of people worried about losing their homes is rapidly increasing. Analysts say that in Wisconsin, 31.5 percent of residents say they could face foreclosure or be evicted in the next two months.
A report released by QuoteWizard, a leading online insurance marketplace, examining the growing housing fears shares that due to factors including unemployment attributed to the coronavirus pandemic, housing costs rising by nearly 70 percent in the last decade, and the annual gross income not meeting that increase, it has resulted in nearly 1 in 4 Americans nationwide, now worried they will be facing a foreclosure or eviction in the next couple of months.
The report highlights this fear is particularly high in the states of Maine, Rhode Island, Louisiana, Arkansas, Arizona, Colorado, and Wyoming with nearly 40 percent of people in those areas worried about keeping a roof over their heads. Analysts note that in Wisconsin, 27.3 percent of residents are at risk of eviction, 4.2 percent are facing foreclosure, and 5.9 percent of Wisconsinites are behind on paying their mortgage payments.
The study found that those having a harder time making their mortgage payments are people of color. Researchers report that Asian, Black and Hispanic communities are two to three times more likely to be facing foreclosure or be behind on their mortgage payments than white communities.
However, the looming housing fear isn’t exclusively for homeowners, but also for renters. Findings show that nearly 18 percent of renters are also facing worries of losing their homes in the near future. During the study, researchers identified eleven states where more than 25 percent of people are worried they won’t be able to afford rent in the next two months.
In January, the Centers for Disease Control and Prevention (CDC), announced the extension of the Eviction Moratorium Order, which temporarily halted residential evictions through March 31. The Order was then extended once again to June 30, providing some relief for these renters struggling to make ends meet.
For the full list of states facing a rise in fear of foreclosure and eviction, click here.