Michigan renters are falling behind on payments more so than the rest of the country.
A report from LendingTree found Michigan is fifth among states where renters have fallen the most behind on payments.
In Michigan, 22% of renters are behind on payments, and 29.1% of renters doubt they’ll be able to cover next month’s rent. In total, renters in Michigan owe $252,066,792 in back rent.
At the top of the list was Mississippi, where 29% of renters are behind on payments, nearly double the average national rate of 16.2%. Comparatively, Montana renters owed the least, as only 4.2% of renters were behind on their payments.
Mississippi renters also were the least confident in being able to make their next payments, and 46.4% reported little to no confidence. Wyoming renters were the most confident, as only 11% reported little to no confidence in making their next payment.
Michigan was 1 of 4 of the top 10 states in this study that had higher rates of job losses due to the COVID-19 pandemic, according to another LendingTree study. Between April 2019 and April 2020, Michigan lost 23% of its workers, going from 4,430,900 to 3,413,800 year-over-year.
Methodology
LendingTree researchers analyzed U.S. Census Bureau Household Pulse Survey data from Sept. 30-Oct. 12, 2020, to rank the states where renters are most behind on payments, as well as where renters have the least confidence to make next month’s payments.
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