20 East Coast Metros That Could Be Headed for a Housing Crisis
Have you taken a look at the economy lately? You might be avoiding it and with good reason. The stock market has gone from the highest highs to the lowest lows and the rumblings about a recession have not gone away. The forecast seems to be signaling some rough road ahead.
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What does that mean for the housing market? In some American cities, this is a boom time to get in on bargain prices for homes. In other cities, things aren't looking so good.
To find the East Coast metros most likely to experience a housing crisis, GOBankingRates focused on several factors, including the areas with the highest rates of delinquent mortgages, homeowner vacancy, rental vacancy, homes sold below list price and more.
If you're an east coaster looking to buy -- or just a concerned resident -- here are 20 East Coast metros that could be headed for a housing crisis in the not-too-distant future.
20. Pittsburgh, Pennsylvania
Percentage of mortgages 90+ days delinquent: 0.61%
Percentage of sales under list price: 60.06%
Homeowner vacancy rate: 1.30%
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19. Fayetteville, North Carolina
Percentage of mortgages 90+ days delinquent: 0.86%
Percentage of sales under list price: 33.87%
Homeowner vacancy rate: 2.50%
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18. Macon-Bibb County, Georgia
Percentage of mortgages 90+ days delinquent: 0.58%
Percentage of sales under list price: 56.48%
Homeowner vacancy rate: 1.80%
17. Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware-Maryland
Percentage of mortgages 90+ days delinquent: 0.71%
Percentage of sales under list price: 46.29%
Homeowner vacancy rate: 1.10%
16. Greensboro-High Point, North Carolina
Percentage of mortgages 90+ days delinquent: 0.70%
Percentage of sales under list price: 53.27%
Homeowner vacancy rate: 1.20%
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15. Chambersburg-Waynesboro, Pennsylvania
Percentage of mortgages 90+ days delinquent: 0.76%
Percentage of sales under list price: 41.79%
Homeowner vacancy rate: 0.70%
14. Hickory-Lenoir-Morganton, North Carolina
Percentage of mortgages 90+ days delinquent: 0.66%
Percentage of sales under list price: 61.16%
Homeowner vacancy rate: 1.30%
13. Erie, Pennsylvania
Percentage of mortgages 90+ days delinquent: 0.66%
Percentage of sales under list price: 53.23%
Homeowner vacancy rate: 1.40%
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12. Atlantic City-Hammonton, New Jersey
Percentage of mortgages 90+ days delinquent: 0.81%
Percentage of sales under list price: 54.61%
Homeowner vacancy rate: 2.30%
11. Syracuse, New York
Percentage of mortgages 90+ days delinquent: 0.92%
Percentage of sales under list price: 38.31%
Homeowner vacancy rate: 1.60%
10. Lakeland-Winter Haven, Florida
Percentage of mortgages 90+ days delinquent: 0.60%
Percentage of sales under list price: 61.10%
Homeowner vacancy rate: 1.80%
9. Utica-Rome, New York
Percentage of mortgages 90+ days delinquent: 0.77%
Percentage of sales under list price: 61.73%
Homeowner vacancy rate: 1.60%
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8. Scranton-Wilkes-Barre, Pennsylvania
Percentage of mortgages 90+ days delinquent: 0.72%
Percentage of sales under list price: 59.25%
Homeowner vacancy rate: 1.50%
7. Jacksonville, North Carolina
Percentage of mortgages 90+ days delinquent: 1.11%
Percentage of sales under list price: 37.41%
Homeowner vacancy rate: 1.40%
6. Ocala, Florida
Percentage of mortgages 90+ days delinquent: 0.71%
Percentage of sales under list price: 66.00%
Homeowner vacancy rate: 1.60%
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5. Columbia, South Carolina
Percentage of mortgages 90+ days delinquent: 0.79%
Percentage of sales under list price: 57.12%
Homeowner vacancy rate: 1.20%
4. Hagerstown-Martinsburg, Maryland-West Virginia
Percentage of mortgages 90+ days delinquent: 0.89%
Percentage of sales under list price: 42.95%
Homeowner vacancy rate: 2%
3. East Stroudsburg, Pennsylvania
Percentage of mortgages 90+ days delinquent: 0.66%
Percentage of sales under list price: 57.60%
Homeowner vacancy rate: 1.90%
2. Dover, Delaware
Percentage of mortgages 90+ days delinquent: 1.09%
Percentage of sales under list price: 42.01%
Homeowner vacancy rate: 1.50%
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1. Florence, South Carolina
Percentage of mortgages 90+ days delinquent: 0.82%
Percentage of sales under list price: 55.39%
Homeowner vacancy rate: 1.40%
More From GOBankingRates
In order to find east coast metros that could be poised for a housing crisis, GOBankingRates looked at 158 of the largest metro statistical areas on the east coast (CT, DE, FL, GA, ME, MD, MA, NH, NY, NJ, NC, PA, RI, SC, VT, VA and DC) across the following factors: (1) percent of mortgages 30-89 days delinquent as sourced from the Consumer Financial Protection Bureau; (2) percent of mortgages 90-plus days delinquent as sourced from the Consumer Protection Bureau; (3) homeowner vacancy rate as sourced from the 2021 American Community Survey; (4) rental vacancy rate as sourced from the 2021 American Community Survey; (5) mean days from when a house hits market to pending sale as sourced from Zillow; (6) percent of homes sold below final list price as sourced from Zillow; (7) mean days from pending to closed sale as sourced from Zillow; and (8) the percent of listings with a price cut as sourced from Zillow. These eight factors were then scored and combined with the highest score indicating the California metro most likely to be poised for a housing crisis. Factors (1) and (2) were weighted 3x and factors (4) and (7) were weighted 0.5x. All data was collected on and up to date as of May 2, 2023.
This article originally appeared on GOBankingRates.com: 20 East Coast Metros That Could Be Headed for a Housing Crisis
