Wyoming’s mortgage delinquency rate has risen above the US average, according to a recent analysis.
As of December 2023, 2.5% of Wyoming mortgages were at least 30 days delinquent, slightly higher than the national average of 2.4%. Additionally, 0.5% of Wyoming mortgages were over 90 days delinquent, compared to 0.6% nationwide.
The COVID-19 pandemic caused significant economic disruption, with unemployment spiking in 2020 and widespread financial instability. Federal relief measures, such as the CARES Act, temporarily protected homeowners from foreclosure and provided mortgage forbearance, helping to prevent a surge in delinquencies. During that period, mortgage delinquency rates fell to historic lows.
However, as the economy recovered and financial aid programs expired, homeowners have faced rising costs. Inflation, increasing home prices, and escalating insurance costs have placed additional strain on household budgets. Even though some homeowners secured low mortgage rates during the pandemic, many are now struggling to meet their payments amid these pressures.
In Wyoming, a state with a median home value of $352,427 and a median household income of $70,042, mortgage delinquencies have been creeping up, mirroring national trends. The state’s 3.8% unemployment rate is lower than the national average of 4.3%, but that hasn’t insulated many residents from financial challenges.
The Wyoming Housing Market, like the national market, plays a significant role in the broader economy. Rising mortgage delinquencies could have long-term implications for economic stability in the state.
The Wyoming Highway Patrol and other housing authorities continue to monitor the situation, with future actions expected to address rising delinquency rates.
For more information, including a detailed analysis, visit the Construction Coverage website.
Wyoming News Now contributed to this report.
