Significant homeownership costs—mortgage payments, property taxes, and insurance—on median-priced single-family homes and condos consumed more than one-third of average local wages in 36 of the 50 most vulnerable counties. Nationwide, these expenses accounted for 32.3% of average local wages.
Additionally, at least 5% of residential mortgages were underwater in 41 of the 50 most at-risk counties, compared to the national average of 6.6%. More than one in every 1,000 residential properties faced foreclosure action in 44 counties, whereas the national rate was one in 1,478 homes.
Unemployment rates in March 2024 were at least 5% in 30 of the 50 most vulnerable counties, while the national figure stood at 3.8%.
“The patterns of varying market vulnerability that we’ve been seeing over the past few years are pretty much continuing in place, with some of the same areas falling out at opposite ends of the trend line,” said Rob Barber, CEO at ATTOM.
Less vulnerable regions
On the opposite end of the spectrum, 22 of the 50 least vulnerable counties are in Virginia, Wisconsin, and Tennessee. Four counties are in the Washington, DC, and Richmond, VA, metropolitan areas.
