Housing markets in states along the East Coast — and in clusters in New York City, Chicago and southern Florida — were most at risk to the impact of COVID-19 in the first quarter of 2021, according to
ATTOM Data Solutions’ first-quarter 2021
Special Coronavirus Report.
Florida, Illinois, New Jersey, Connecticut and North Carolina had 33 of the 50 counties most vulnerable to the economic impact of the pandemic in the first quarter, according to the report. They included seven suburban counties in the Chicago metro area, four near New York City, five in southern Florida and two around Hartford, Conn.
The only three West Coast counties in the top 50 were in northern California, while the only southern state outside of the East Coast with more than two counties was Louisiana.
“Clearly, the housing market continues to surge, and things are looking up, more and more, for the U.S. economy in 2021, after a year of major setbacks in many sectors. But the pandemic still looms large and may pose a threat to the progress made so far, and by extension could affect home sales and prices,” ATTOM Chief Product Officer Todd Teta said in a release. “Our analysis suggests that even as the market remains hot, pockets of the East Coast, Midwest and South are at higher risk from potential damage connected to the pandemic.”
Markets were considered at risk based on the percentage of homes facing possible foreclosure, with mortgage balances that exceeded the estimated property value, and average local wages required to pay for major homeownership expenses.
Twenty-two of the 50 counties least vulnerable to pandemic-related problems were in Colorado, Minnesota, Wisconsin and Texas. Ten of them were in the Denver, Colo.; Dallas, Texas, and Minneapolis, Minn., metro areas, including Hennepin County, Minn.; Dallas County, Texas; Tarrant County (Fort Worth), Texas; Denver County, Colo., and Arapahoe County (Aurora), Colo.