Special Report
How the Foreclosure Rate in Wisconsin Compares to the Nation
Published:
Last Updated:
Demand for single-family homes surged in the past two years, as the coronavirus pandemic prompted people to look for more living space. The increased demand, facilitated by low interest rates and coupled with supply constraints, led to soaring home prices. (These are 15 cities with the most overpriced housing markets.)
But now the U.S. housing market appears to be coming back to earth, with some parts of the country showing early distress signs. Foreclosure filings — a measure of the health of housing markets at local, state, or national levels — are on the rise across the country.
According to Attom, a curator of land and property data, home foreclosure filings – which include default notices, bank repossessions, and scheduled auctions – are up 153% in the first half of 2022 compared to the same period last year.
In Wisconsin, foreclosures rose by 60.1%, from 1,134 in the first six months of 2021 to 1,815 in the first half of 2022. The foreclosure rate in the state of one in every 1,503 homes ranks as the 17th lowest in the nation.
According to five-year estimates from the U.S. Census Bureau’s 2020 American Community Survey, 63.3% of homeowners in Wisconsin are paying down a mortgage, the 21st largest share among states.
The typical household in the state has an income of $63,293 a year, and the typical home is worth $189,200. For context, the typical American household’s annual income is $64,994, and the national median home value is $229,800.
Rank | State | Foreclosure rate (foreclosures per housing unit) | Homes in foreclosure, 1st half 2022 | Homes with a mortgage (%) | Median home value ($) |
---|---|---|---|---|---|
1 | Illinois | 1:385 | 14,086 | 62.8 | 202,100 |
2 | New Jersey | 1:410 | 9,177 | 66.0 | 343,500 |
3 | Ohio | 1:475 | 11,028 | 62.4 | 151,400 |
4 | Delaware | 1:497 | 903 | 64.7 | 258,300 |
5 | South Carolina | 1:513 | 4,568 | 57.7 | 170,100 |
6 | Florida | 1:560 | 17,624 | 56.7 | 232,000 |
7 | Nevada | 1:567 | 2,259 | 67.5 | 290,200 |
8 | Indiana | 1:606 | 4,822 | 65.2 | 148,900 |
9 | Georgia | 1:770 | 5,731 | 64.5 | 190,200 |
10 | Michigan | 1:773 | 5,913 | 59.6 | 162,600 |
11 | Connecticut | 1:773 | 1,979 | 67.4 | 279,700 |
12 | Oklahoma | 1:824 | 2,120 | 54.5 | 142,400 |
13 | Maryland | 1:863 | 2,934 | 72.5 | 325,400 |
14 | California | 1:881 | 16,340 | 69.5 | 538,500 |
15 | Iowa | 1:899 | 1,571 | 60.4 | 153,900 |
16 | Alabama | 1:925 | 2,475 | 55.7 | 149,600 |
17 | North Carolina | 1:958 | 4,917 | 62.5 | 182,100 |
18 | Arizona | 1:961 | 3,207 | 63.3 | 242,000 |
19 | Texas | 1:1,005 | 11,527 | 56.8 | 187,200 |
20 | Pennsylvania | 1:1,038 | 5,531 | 59.9 | 187,500 |
21 | Maine | 1:1,050 | 704 | 60.7 | 198,000 |
22 | Colorado | 1:1,073 | 2,322 | 70.8 | 369,900 |
23 | Missouri | 1:1,073 | 2,596 | 61.2 | 163,600 |
24 | New York | 1:1,106 | 7,673 | 59.9 | 325,000 |
25 | Louisiana | 1:1,107 | 1,873 | 52.0 | 168,100 |
26 | Utah | 1:1,127 | 1,022 | 70.1 | 305,400 |
27 | Minnesota | 1:1,169 | 2,126 | 66.0 | 235,700 |
28 | Virginia | 1:1,212 | 2,985 | 68.2 | 282,800 |
29 | New Mexico | 1:1,225 | 768 | 53.4 | 175,700 |
30 | Wyoming | 1:1,394 | 195 | 58.1 | 228,000 |
31 | Mississippi | 1:1,397 | 945 | 50.0 | 125,500 |
32 | Hawaii | 1:1,431 | 392 | 64.4 | 636,400 |
33 | Nebraska | 1:1,443 | 585 | 59.4 | 164,000 |
34 | Wisconsin | 1:1,503 | 1,815 | 63.3 | 189,200 |
35 | Tennessee | 1:1,528 | 1,984 | 59.0 | 177,600 |
36 | Massachusetts | 1:1,535 | 1,954 | 68.5 | 398,800 |
37 | Rhode Island | 1:1,560 | 310 | 67.9 | 276,600 |
38 | New Hampshire | 1:1,593 | 401 | 65.0 | 272,300 |
39 | Arkansas | 1:1,715 | 796 | 54.2 | 133,600 |
40 | Alaska | 1:1,985 | 160 | 61.9 | 275,600 |
41 | Washington | 1:2,400 | 1,334 | 68.2 | 366,800 |
42 | Kentucky | 1:2,432 | 820 | 57.2 | 147,100 |
43 | Idaho | 1:2,473 | 304 | 64.1 | 235,600 |
44 | Montana | 1:2,654 | 194 | 56.0 | 244,900 |
45 | Oregon | 1:2,782 | 652 | 66.1 | 336,700 |
46 | Kansas | 1:2,810 | 454 | 58.6 | 157,600 |
47 | West Virginia | 1:3,626 | 236 | 46.7 | 123,200 |
48 | North Dakota | 1:4,466 | 83 | 53.2 | 199,900 |
49 | Vermont | 1:7,598 | 44 | 62.4 | 230,900 |
50 | South Dakota | 1:9,068 | 43 | 55.0 | 174,600 |
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.