How much home can you really afford?

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Both your income and your debt determine how much house you can afford. Mortgage lenders plug these figures into certain calculations and ratios to come up with the loan amount they’re willing to offer. Knowing that number in advance allows consumers to shop only for homes that they will likely be approved for.

 

Going through the homebuying experience with confidence that your loan will be approved is worth a little math up front. Here’s how to figure out how much house you can afford based on income and debt.

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Related: How to Afford the Down Payment for a First Home

Ways to Calculate How Much House You Can Afford

Lenders may run your financials through a few different calculations when determining how much house you can afford based on income.

Using Your Debt-to-Income Ratio

Debt-to-income ratio is simply your total debt divided by your total income, shown as a percentage. Lenders use the ratio to help determine how much mortgage you can afford.

 

Generally, 43% is the highest acceptable ratio a buyer can have and still obtain a Qualified Mortgage (a category of lower risk loans). To assess your ratio, plug your numbers into a home affordability calculator.

Using the 28/36 Rule

The 28/36 rule combines two ratios that lenders use to determine home affordability based on income and debt. The first number sets 28% of gross income as the maximum total mortgage payment, including principal, interest, taxes, and insurance. The second number sets the limit on your mortgage payment plus any other debts you owe at no more than 36% of your gross income.

 

Example of the 28/36 rule: If your gross income is $6,000 per month, your magic numbers work out to be $1,680 and $2,160. According to this rule, you should aim for a monthly mortgage payment of $1,680, as long as your total debt (including credit cards, car payment, etc) doesn’t exceed $2,160.

Factors That Affect How Much House You Can Afford

Beyond the amount of debt and income you have, there are several factors that will affect how much house you can afford — primarily your down payment and credit score.

Your Down Payment

The larger the down payment you have saved, the more house you can afford. If you can manage at least a 20% down payment, you can avoid mortgage insurance, which will save you hundreds every month.

 

If you’re selling your current home before buying a new one, the value of your home will ultimately determine your down payment. Be modest in your appraisal, or get the help of an experienced real-estate agent.

Your Credit Score

Your credit score is a huge factor in how much house you can afford. That’s because buyers with the best credit scores qualify for the best interest rates. With a lower credit score and a higher interest rate, homeowners spend tens of thousands more over the life of a loan.

Expenses That May Change How Much House You Can Afford

By now, you have a good indication of how much house you can afford based on income, debt, down payment, and credit score. If you’re ready for the next level of detail, keep these expenses in mind to help you avoid any budget-busting surprises.

Insurance

The cost of homeowners insurance varies dramatically by area. Oklahoma and Texas have the highest average homeowners insurance cost at around $3,700 per year. That’s because homes there have a higher chance of being destroyed by a tornado. Areas with fewer natural disasters cost around $900. Homeowners insurance is a part of your 28% mentioned above. If your premium is especially high, you may need to pick a home at a lower price point.

Homeowners Association

In some neighborhoods and apartment buildings, a monthly homeowners association (HOA) fee helps pay for communal services like landscaping and elevator maintenance. A higher HOA fee will reduce how much you can afford to a surprising degree. Be sure to factor in the HOA fee when calculating your mortgage payment.

Mortgage Insurance

When homeowners have less than a 20% down payment, they are required to carry something called mortgage insurance, or PMI. The amount is a percentage of your loan, so the larger your mortgage, the larger mortgage insurance payment you’ll have.

Recommended: House Buying 101

Other Expenses

But wait, there’s more! These expenses won’t affect your loan but can still have a major impact on your budget.

  • Closing costs. Expect to pay between 3% and 5% of the loan amount in closing costs (lawyer fees, home inspection, etc). For the average $450,000 home in the U.S., that’s at least $13,500. Sometimes you can roll your closing costs into your loan, but that’s more common with a refinance.
  • Maintenance. The costs of homeownership can be quite hefty no matter how old your home is. If you’re not used to paying for repairs, it can be a real shock how much you’ll need to pay to repair plumbing, HVAC, roofing, and other issues that will naturally come up as the home ages. Experts advise to plan for spending 1% to 4% of the value of your home each year in maintenance costs.
  • Commuting costs. If you’re moving to the suburbs or an area where public transportation isn’t readily available, your commuting costs may increase substantially. Be sure to factor these into your budget before taking on a mortgage payment.

Recommended: How to Pay for Emergency Home Repairs

How Much House You Can Get With an FHA Loan

The hallmarks of an FHA loan include the ability to buy a home with a low down payment or a lower credit score. The loan is issued by a private lender, but is guaranteed by the Federal Housing Administration (FHA). Mortgage insurance is required for all FHA loans, which does decrease the amount of the mortgage you’re able to take on.

 

The Consumer Financial Protection Bureau (CFPB) advises consumers with higher credit scores and higher down payment capabilities to consider conventional loans because they will most likely be cheaper.

How Much House You Can Get With a VA Loan

VA loans are an excellent option if you qualify. VA loans can include zero down payment, low interest rates, limited closing costs, and no mortgage insurance — all of which make your mortgage payment more affordable. VA loan guidelines limit the debt-to-income ratio at 41%.

Steps to Try When Your Income Is Too Low

Let’s say you don’t qualify for a mortgage sufficient to buy a home in your desired area. Don’t give up: There are some things you can do to keep moving toward homeownership.

Look for Programs Specifically for Low-Income Households

You may qualify for down payment assistance, grants, or programs designed for low-income households. Self-help build programs, which allow you to build equity by making improvements to the house, also subsidize the interest rate on your mortgage or offer a longer term on your loan. This can help make the monthly payment match your budget. A Housing and Urban Development (HUD) counselor may be able to point you in the direction of programs in your area.

Consider a Cosigner

It’s not uncommon to see a cosigner alongside a mortgage applicant. A cosigner is responsible for the mortgage if the primary borrower is unable to pay. They must have a credit score above 670 and show they have sufficient income to make payments on the loan if the original borrower defaults. If you’re sure you’re able to make the mortgage payment, a cosigner could be just what you need to become qualified.

Increase Your Income

Sure, it’s easier said than done to increase your income. However, negotiating a pay raise, finding higher-paying work, or taking on a side hustle could help the income equation on your mortgage application.

Consider a Different Area

Rural areas tend to be much more affordable. You can also finance a home with a zero-down United States Department of Agriculture (USDA) loan in a qualified rural area. You’ll have to weigh the benefits of cheaper housing against living farther from family support and possibly fewer available job opportunities.

Reduce Your Debt

If debt is preventing you from qualifying for a mortgage and your top goal is to get into a home, a laser-like focus on paying off your debt can help. Try using any “bonus” money — your tax refund, birthday cash — to pay it down. Above all, make a solid, strategic plan (and get your partner on board). This debt payoff planner can help.

FAQ

How many times my income can I afford in a house?

Aim to buy a house that equals three to five times your yearly income. If you have more debt, you’re looking at the lower end. Less debt means you can aim for a higher number. However, this calculation may not work for every situation and housing market. A mortgage lender can help with your unique situation.

How much do I need to make to buy a $450K house?

The rule of thumb is to spend about 28% of your income on housing. If you are a first-time homebuyer with an FHA loan, the payment for a $450k house with an interest rate of 5% and a down payment of $15,750 (3.5%) is $2,331 for principal and interest.

 

That $2,331 payment amount would need to be 28% of your income or less: You would need to make more than $8,325 gross per month or $99,900 per year (assuming you had no debt; the calculation changes with the amount of debt you’re servicing each month). Your best bet is to talk with a mortgage lender who can look at your income and debts, and find a mortgage that works for you.

What is the mortgage on a $500K house?

For a conventional loan with a 20% down payment and an interest rate of 5%, the payment for a $500K house would be $2,147 for principal and interest. The real number for the mortgage on a $500K house will depend on your interest rate, down payment, and loan type.

The Takeaway

Take steps to understand how lenders look at your income, debt, credit score, and down payment. Use the 28/36 rule to determine your max mortgage payment and overall debt. Then factor in other expenses like insurance (homeowners and mortgage) and HOA fees, plus home maintenance and even commuting costs to determine how much home you can afford.

 

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This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.

 

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Home foreclosures are on the rise in these states

 

Editor’s Note: Updated for July 2022

 

Amid rising mortgage rates and falling home sales, foreclosures are on the upswing. The number of U.S. properties with foreclosure filings in June was 31,707, according to ATTOM Data Solutions. This is up over 143% from a year ago. Much of the foreclosure activity is on loans that began prior to the pandemic and would have been foreclosed on without pandemic protections.

 

With the median home price reaching a record $407,600, home ownership is becoming more difficult for new buyers and existing owners alike. In this climate of high mortgage rates combined with historically high inflation, sellers may need to adjust, especially considering that home resales, which form the majority of US home sales, plummeted by over 8% compared to this time last year.

 

While the rate of increased foreclosure filings was relatively small from May to June – up by just a little over 2.5% – the dramatic year-over-year increases in foreclosure activity, which the experts at ATTOM expect to continue, suggest that foreclosure starts could be back to normal levels by early 2023.

Read on for the foreclosure rates in June 2022 – plus the five counties with the highest rates within those states.

 

Related: The safest cities in the US

 

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As noted, foreclosures are up marginally from last month, but significantly compared to last year. Read on for June foreclosure rates for all 50 states — plus the District of Columbia — beginning with the state that had the lowest rate of foreclosure filings per housing unit.

 

 

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Ranking in population between Vermont and Alaska, the country’s 49th and 48th least populated states, Washington, D.C. had 16 foreclosures in June. With a total of 350,364 housing units, Washington, D.C.’s foreclosure rate was one in every 21,898 households, putting it in between the states of North Dakota (#48) and West Virginia (#47).

 

 

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South Dakota nabbed the 50th spot in June. Having 389,921 total housing units, the fifth least populated state had a foreclosure rate of one in every 48,740 households with eight foreclosures. Only four counties saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Brookings, Codington, Minnehaha, and Pennington.

 

 

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In 49th place for population, Vermont claimed the 49th spot for its foreclosure rate. Of Vermont’s 334,318 housing units, seven homes went into foreclosure at a rate of one in every 47,760 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Grand Isle, Rutland, Addison, Bennington, and Washington.

 

 

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North Dakota’s foreclosure rate was one in every 28,511 homes. That puts the fourth least populated state – with a total of 370,642 housing units (of which 13 were in foreclosure) — in 48th place. The counties with the most foreclosures per housing unit were (from highest to lowest): Wells, Pembina, Traill, Stark, and Stutsman.

 

 

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The 39th most populated state, West Virginia, ranked 47th. It has 855,635 homes, of which 48 went into foreclosure. That means the foreclosure rate was one in every 17,826 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Boone, Hancock, Raleigh, Jackson, and Marion.

 

 

 

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Kansas took the 46th spot once again. With 1,275,689 homes and a total of 88 housing units going into foreclosure, the 35th most-populated state’s foreclosure rate was one in every 14,496 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Rush, Harper, Pawnee, Cowley, and Cowley.

 

 

Michael Pham

 

Ranked 13th for most populated state, Washington came in 45th place for highest foreclosure rate. It has 3,202,241 housing units, of which 240 went into foreclosure, making the state’s foreclosure rate one in every 13,343 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Pacific, Cowlitz, Asotin, Okanogan, and Lewis.

 

 

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With a total 1,994,323 housing units, Kentucky saw 155 homes go into foreclosure. That put the foreclosure rate for the 26th most populated state at one in every 12,867 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Hardin, Jackson, Grayson, Daviess, and Mercer.

 

 

Thomas Kelley

 

The 38th most populated state, Idaho had 65 homes go into foreclosure. With 751,859 total housing units, the state’s foreclosure rate was one in every 11,567 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lincoln, Jerome, Gooding, Caribou, and Payette.

 

 

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With 276 foreclosures out of 2,727,726 total housing units, Wisconsin, the 20th most populated state, had a foreclosure rate of one in every 9,883 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Dodge, Douglas, Marquette, Vernon, and Walworth.

 

 

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The 27th most populated state ranked 41st for highest foreclosure rate. Of Oregon’s 1,813,747 homes, 187 went into foreclosure, making for a foreclosure rate of one in every 9,699 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Crook, Lake, Multnomah, Clackamas, and Douglas.

 

Recommended: Tips on Buying a Foreclosed Home

 

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The 41st most populated state, New Hampshire, ranked 40th for highest foreclosure rate. Of 638,795 homes, 67 went into foreclosure, making for a foreclosure rate of one in every 9,534 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Belknap, Carroll, Cheshire, Rockingham, Coos, and Grafton.

 

 

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The 15th most populated state ranked 39th for highest foreclosure rate. Of Massachusetts’ 2,998,537 housing units, 335 went into foreclosure, making for a foreclosure rate of one in every 8,951 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Hampden, Berkshire, Franklin, Plymouth, and Worcester.

 

 

 

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In Tennessee, the 16th most populated state, there were 370 foreclosures out of 3,031,605 housing units. That put the foreclosure rate at one in every 8,194 homes and in the 38th spot once again. The counties with the most foreclosures per housing unit were (from highest to lowest): Houston, Polk, Chester, Mcnairy, and Haywood.

 

 

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Ranked 37th for population, Nebraska claimed the 37th spot with a foreclosure rate of one in every 8,041 homes. With a total 844,278 housing units, the state had 105 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Boyd, Gage, Hamilton, Johnson, and York.

 

 

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Ranked 33rd for most populated state, Arkansas took the 36th spot for highest foreclosure rate. It has 1,365,265 housing units, of which 173 went into foreclosure, making the state’s latest foreclosure rate one in every 7,892 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Franklin, Lonoke, Pulaski, Saint Francis, and Conway.

 

 

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The eighth least populated state took the 35th spot for highest foreclosure rate. A total of 62 homes went into foreclosure out of 483,474 total housing units, making the foreclosure rate for the Ocean State one in every 7,798 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Bristol, Kent, Providence, Washington, and Newport.

 

 

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The 40th most populated state, Hawaii, came in 34th for highest foreclosure rate. Of 561,066 homes, 73 went into foreclosure, making for a foreclosure rate of one in every 7,686 households. Only four counties in the state had foreclosures. They were (from highest to lowest): Hawaii, Honolul, Maui, and, Kauai.

 

 

Art Wager

 

In Mississippi, the 34th most populated state, there were 173 foreclosures out of 1,319,945 housing units. That put the foreclosure rate at one in every 7,630 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Jefferson Davis, Leake, Coahoma, Simpson, and Quitman.

 

 

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Ranked 18th for most populated state, Maryland took 32nd place for highest foreclosure rate. With a total of 2,530,844 housing units, of which 334 housing units went into foreclosure, the state’s foreclosure rate was one in every 7,577 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Caroline, Prince George’s County, Wicomico, Cecil, and Baltimore City.

 

 

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The 21st most populated state ranked 31st for highest foreclosure rate. Of Colorado’s 2,491,404 housing units, 329 went into foreclosure, making for a foreclosure rate of one in every 7,573 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Rio Blanco, Park, Pueblo, Morgan, and Weld.

 

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In Arizona, the 14th most populated state, there were 424 foreclosures out of 3,082,000 housing units. That put the foreclosure rate at one in every 7,269 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Yuma, Greenlee, La Paz, Pinal, and Cochise.

 

 

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The 36th most populated state took the 29th spot for highest foreclosure rate. Of its 940,859 homes, 130 went into foreclosure, making for a foreclosure rate of one in every 7,237 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Valencia, Chaves, Sierra, Curry, and Lincoln.

 

 

 

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Ranked the least populated state in the country, Wyoming claimed the 28th spot once again for highest foreclosure rate. With 271,887 housing units, of which 43 went into foreclosure, the state’s foreclosure rate was one in every 6,323 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Campbell, Weston, Carbon, Sweetwater, and Converse.

 

 

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Pennsylvania had the 27th highest foreclosure rate once again. The fifth most populated state had a total of 939 housing units out of 5,742,828 homes go into foreclosure, making the state’s foreclosure rate one in every 6,116 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Philadelphia, Delaware, Wayne, Montgomery, and Bucks.

 

 

 

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Alaska saw 52 foreclosures, making the foreclosure rate one in every 6,106 homes. That caused the third least populated state, with a total of 317,524 housing units, to take the 26th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Anchorage, Fairbanks North Star, Matanuska-Susitn, Kenai Peninsula, and Juneau.

 

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The 12th most populated state ranked 25th for highest foreclosure rate, with 620 homes going into foreclosure. Having 3,618,247 total housing units, the state saw a foreclosure rate of one in every 5,836 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Galax City, Martinsville City, Buena Vista City, Suffolk City, and Portsmouth City.

 

 

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Ranked 22nd for most populated state, Minnesota took the 24th spot for highest foreclosure rate. It has 2,485,558 housing units, of which 429 went into foreclosure, making the state’s foreclosure rate one in every 5,794 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Jackson, Sherburne, Mower, Rice, and Steele.

 

 

JoeChristensen

 

The 19th most populated state, Missouri came in 23rd for highest rate of foreclosures. Of its 2,786,621 homes, 488 went into foreclosure, making for a foreclosure rate of one in every 5,710 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Webster, Stoddard, Pulaski Randolph, and Bates.

 

 

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Ranked 25th for population, Louisiana took the 22nd spot, with 365 homes out of a total of 2,073,200 housing units going into foreclosure. That means Louisiana had a foreclosure rate of one in every 5,680 households. The counties with the most foreclosures per housing unit were (from highest to lowest): West Baton Rouge, Tangipahoa, Livingston, Beauregard, and Ascension.

 

 

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Utah placed 21st for highest foreclosure rate. Of the Beehive State’s 1,151,414 housing units, 214 homes went into foreclosure, making the 30th most-populated state’s foreclosure rate one in every 5,380 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Daggett, Tooele, Beaver, Morgan, and Salt Lake.

 

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The 44th most populated state took the 20th spot. With 100 foreclosures out of 514,803 housing units, its foreclosure rate was one in every 5,148 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Sheridan, Wheatland, Judith Basin, Blaine, and Hill.

 

 

JoeChristensen

 

Ranked as the ninth least populated state, Maine placed 19th for highest foreclosure rate. With a total of 739,072 housing units, the Pine Tree State saw 144 foreclosures for a foreclosure rate of one in every 5,132 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Aroostook, Penobscot, Somerset, Washington, and Waldo.

 

 

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The Lone Star State saw 2,284 foreclosures. With a foreclosure rate of one in every 5,074 households, this put the second most populous state with 11,589,324 housing units into the 18th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Orange, Scurry, Terry, Liberty, and Carson.

 

 

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With 1,733 out of a total 8,488,066 housing units going into foreclosure, the fourth most populated state took the 17th spot. New York’s foreclosure rate was one in every 4,898 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Steuben, Schoharie, Cattaraugus, Suffolk, and Nassau.

 

 

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Ranking 10th in population, Michigan took the 16th spot with a foreclosure rate of one in every 4,678 homes. With a total of 4,570,173 housing units, the state had 977 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Cass, Saint Joseph, Calhoun, Ionia, and Genesee.

 

 

 

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Iowa had the 15th highest foreclosure rate. With 308 housing units out of 1,412,789 homes going into foreclosure, the 31st most populated state’s foreclosure rate was one in every 4,587 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Taylor, Jones, Des Moines, Tama, and Washington.

 

 

JoeChristensen

 

The ninth most populated state took 14th place for highest foreclosure rate. Out of 4,708,710 homes, 1,060 went into foreclosure. That put the Tar Heel State’s foreclosure rate at one in every 4,442 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Martin, Cleveland, Hertford, Hoke, and Cumberland.

 

 

” Darwin Brandis”

 

The eighth most populated state, Georgia ranked 13th for highest foreclosure rate. Of its 4,410,956 homes, 1,096 were foreclosed on. That put the state’s foreclosure rate at one in every 4,025 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Crawford, Quitman, Rockdale, Macon, and Liberty.

 

 

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Oklahoma claimed the 12th spot. With housing units totaling 1,746,807, the 28th most populated state saw 436 homes go into foreclosure at a rate of one in every 4,006 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Kingfisher, Cimarron, Tillman, Caddo, and Comanche.

 

 

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The country’s most populated state ranked 11th for highest foreclosure rate. Of its 14,392,140 housing units, 3,663 went into foreclosure, making California’s foreclosure rate one in every 3,929 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Glenn, Sutter, Lake, Merced, and Trinity.

 

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The 17th largest state by population, Indiana took the 10th spot once again with a foreclosure rate of one in every 3,908 homes. Of its 2,923,175 homes, 748 homes were foreclosed on in June. The counties with the most foreclosures per housing unit were (from highest to lowest): Grant, Wabash, Vanderburgh, Wayne, and White.

 

 

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Ranked 24th for most populated, Alabama came in ninth for highest foreclosure rate. Of its 2,288,330 homes, 624 went into foreclosure, making for a foreclosure rate of one in every 3,667 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Dallas, Jefferson, Butler, Geneva, and Walker.

 

 

James Deitsch

 

With 423 of its 1,530,197 homes going into foreclosure, Connecticut had the eighth highest foreclosure rate at one in every 3,617 households. In the 29th most populated state, the counties that had the most foreclosures per housing unit were (from highest to lowest): Windham, Litchfield, New Haven, New London, and Fairfield.

 

 

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The third most populated state in the country has a total of 9,865,350 housing units, of which 3,429 went into foreclosure. The state’s foreclosure rate is one in every 2,877 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Gadsden, Gilchrist, Osceola, Santa Rosa, and Pasco.

 

 

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With a foreclosure rate of one in every 2,735 homes, New Jersey fell out of the top three and into sixth place for highest foreclosure rate. The 11th most populated state has 3,761,229 housing units, of which 1,375 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Cumberland, Salem, Camden, Atlantic, and Gloucester.

 

 

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With one in every 2,471 homes going into foreclosure, South Carolina took the fifth spot. Ranked 23rd for population, South Carolina has 2,344,963 housing units and saw 949 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Fairfield, Dorchester, Kershaw, Richland, and Spartanburg.

 

 

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Ranking 32nd in population, Nevada took the fourth spot for foreclosure rate. With one in every 2,408 homes going into foreclosure, and a total of 1,281,018 housing units, the state had 532 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Lander, Churchill, Washoe, Clark, and White Pine.

 

 

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Ohio moved into the top three in June with a foreclosure rate of one in every 2,386 homes. With a total of 5,242,524 housing units, the seventh most populated state had a total of 2,197 filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Cuyahoga, Huron, Lake, Fayette, and Stark.

 

 

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The sixth least populated state in the country, Delaware crept up from third to second place in June for highest foreclosure rate. With one in every 2,117 homes going into foreclosure and a total 448,735 housing units, Delaware saw a total of 212 foreclosure filings. With only three counties in the state, the most foreclosures per housing unit were in (from highest to lowest): Kent, New Castle, and Sussex.

 

 

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Illinois took the number one spot again in June. Of its 5,426,429 homes, 2,589 went into foreclosure, making the sixth most populated state’s foreclosure rate one in every 2,096. The counties with the most foreclosures per housing unit were (from highest to lowest): Saint Clair, Madison, Piatt, Gallatin, and Rock Island.

 

 

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Of all 50 states, California had the most foreclosure filings (3,663); Vermont had the least (7). As for the states with the highest foreclosure rates, Illinois, Delaware and Ohio took the top three spots, respectively.

 

Two regions – The Great Lakes and the Southeast – tied for having the largest presence among the 10 states that ranked the highest for foreclosure rates. The states in the Great Lakes region were (from highest to lowest): Illinois, Ohio, and Indiana. The states in the Southeast region were (from highest to lowest): South Carolina, Florida, and Alabama.

 

The Plains region had the largest presence among the 10 states that ranked the lowest for foreclosure rates. The states were (from highest to lowest): Kansas, North Dakota, and South Dakota.

 

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This article originally appeared on SoFi.comand was syndicated by MediaFeed.org.

 

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