10 States Where Residents Are Financially Hurting the Most

by akoloy


unemployed woman in mask with sign
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This story initially appeared on SmartAsset.com.

The COVID-19 pandemic has impacted the private funds of hundreds of thousands of Americans, making it tough for a lot of to satisfy their financial needs and goals. While unemployment has declined by greater than half from its excessive of 14.8% in April 2020, the speed of 6.2% in February 2021 continues to be virtually twice as excessive because the pre-pandemic price of three.5% in February 2020.

Of course, financial hardships can’t be attributed solely to the coronavirus. Multiple elements — together with the devastating blizzards that hit a number of states in February 2021 — have wreaked havoc on folks’s monetary livelihoods and impeded their capability to cowl fundamental housing and meals bills. Still, although not working in a vacuum, the pandemic has had an outsize affect on Americans’ struggles and infiltrated almost each facet of their monetary lives. Now, multiple 12 months after the coronavirus outbreak, SmartAsset took a more in-depth take a look at the states the place residents are financially hurting essentially the most.

To do that, we examined knowledge from all 50 states throughout the next six metrics: January 2021 unemployment price, change in unemployment throughout COVID-19, unemployment alternative price, current housing insecurity, current meals shortage and poverty price. For particulars on our knowledge sources and the way we put all the data collectively to create our closing rankings, try the Data and Methodology part on the finish.

This is SmartAsset’s second research on the states the place residents are financially hurting essentially the most. Read the 2020 version here.

1. Louisiana

Baton Rouge Louisiana
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Louisiana ranks within the backside 20 of the research for all six metrics. At 55%, the state has the bottom unemployment alternative price – the ratio of common unemployment advantages acquired to the common employee’s wage. It additionally has the second-highest 2019 poverty price (19.0%) and the fifth-highest proportion of adults experiencing current meals insufficiency (13.6%).

2. New York

New York City
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New York ranks within the backside third of states for all metrics and within the worst three for 4 metrics: January 2021 unemployment price, improve in unemployment throughout COVID-19, unemployment alternative price and up to date housing insecurity. The New York January 2021 unemployment price was 8.8% – greater than 5% larger than the pre-pandemic price. We estimate that the unemployment alternative price is second-lowest in our research, at 60%. And lastly, 12.3% of residents reported in mid- to late-February 2021 that they both missed final month’s lease or mortgage payment or weren’t assured that they may make subsequent month’s cost on time.

3. Texas

Laredo, Texas
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Texas has the second-highest current meals insufficiency determine within the research, with 15.2% of adults not having sufficient meals over the course of the earlier seven days. The state has the Eleventh-highest 2019 poverty price (with 13.6% of individuals experiencing poverty that 12 months) and the Twelfth-highest change in unemployment through the COVID-19 pandemic (3.3% from February 2020 to January 2021). Almost 10% of residents reported in mid- to late-February 2021 that they both missed final month’s lease or mortgage cost or weren’t assured that they may make subsequent month’s cost on time.

4. Tennessee

Chattanooga, Tennessee
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Though the January 2021 unemployment price in Tennessee was decrease than the nationwide common – at 5.1% – many residents are reporting current financial misery. Specifically, Tennessee has the fourth-highest and eighth-highest proportion of adults experiencing housing and meals insecurity – 11.9% and 12.6%, respectively. The state additionally has the ninth-highest 2019 poverty price, at 13.9%.

5. West Virginia

David Byron Keener / Shutterstock.com

At 16.0%, West Virginia has the sixth-highest 2019 poverty price throughout all 50 states. Furthermore, it has the Tenth-lowest unemployment alternative price (73%) and the Eleventh-highest proportion of adults reporting current housing insecurity (10.1%).

6. Illinois

Chicago, Illinois
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Illinois ranks within the backside 10 of the research for 3 out of six metrics: January 2021 unemployment price (ninth-highest within the research, at 7.7%), improve in unemployment throughout COVID-19 (seventh-highest within the research, at 4.3%) and unemployment alternative price (sixth-lowest within the research, at 72%).

7. Nevada

Palm trees at sunset in Paradise, Nevada
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Nevada ranks throughout the backside half of the research for all metrics. It has the fifth-worst January 2021 employment price and improve in unemployment throughout COVID-19, at 8.1% and 4.5%, respectively. Recent U.S. Census Bureau survey knowledge signifies that 11.8% of adults didn’t have sufficient meals over the course of the earlier seven days – the Eleventh-highest price of meals shortage in our research.

8. Florida

Pompano Beach Florida
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Florida has the eighth-highest proportion of residents experiencing current housing insecurity and fourth-highest proportion of adults experiencing current meals insecurity total, at 11.0% and 13.7%, respectively. While its January 2021 unemployment price was the bottom throughout the ten states we checklist right here, the determine nonetheless totaled 4.8%. In 2019, 12.7% of Florida residents fell beneath the federal poverty degree.

9. California

San Francisco, California
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California ranks within the backside 4 states of the research for 3 metrics: January 2021 employment price (9.0%), improve in unemployment throughout COVID-19 (5.1%) and unemployment alternative price (67%). The proportion of residents experiencing current housing insecurity within the state was 7.9% and the 2019 poverty price was 11.8%.

10. Mississippi

Shrimp boats in Biloxi, Mississippi
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Mississippi has the best 2019 poverty price within the research, at 19.6%. The state additionally has the second-highest determine for current housing insecurity, with 13.9% of adults reporting they both missed final month’s lease or mortgage cost or weren’t assured that they may make subsequent month’s cost on time. Mississippi has the seventh-highest current meals shortage determine within the research (12.8%) and the 18th-highest January 2021 unemployment price, at 6.4%.

Data and Methodology

Woman looking at tax document
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To discover the states the place residents are financially hurting essentially the most, SmartAsset checked out knowledge for all 50 U.S. states. We in contrast them throughout six metrics:

  • January 2021 unemployment price. Data comes from the U.S. Bureau of Labor Statistics’ Local Area Unemployment Statistics.
  • Change in unemployment throughout COVID-19. This is the proportion level distinction between the February 2020 unemployment price and January 2021 unemployment price. Data comes from the Bureau of Labor Statistics’ Local Area Unemployment Statistics.
  • Unemployment alternative price. This is the ratio of common unemployment profit acquired to the common employee’s weekly wage. The common unemployment profit is the profit underneath the Pandemic Unemployment Assistance (PUA) Program as a part of the CARES Act and contains the $300 weekly bonus from the Biden administration’s stimulus plan. Data comes from the U.S. Department of Labor.
  • Percentage of adults experiencing current housing insecurity. This is the proportion of adults who missed final month’s lease or mortgage cost, or who’ve slight or no confidence that their family will pay subsequent month’s lease or mortgage on time. Data comes from the Census Bureau’s Household Pulse Survey. Respondents have been surveyed from Feb. 17 by means of March 1, 2021.
  • Percentage of adults experiencing current meals insufficiency. This is the proportion of adults in households the place there was both generally or typically not sufficient to eat within the final seven days. Data comes from the Census Bureau’s Household Pulse Survey. Respondents have been surveyed from Feb. 17 by means of March 1, 2021.
  • Poverty price. This is the proportion of residents residing beneath the poverty line. Data comes from the U.S. Census Bureau’s 2019 1-year American Community Survey.

We ranked every state in each metric, giving a half weight to the primary two metrics: January 2021 unemployment price and alter in unemployment throughout COVID-19. We gave full weight to all different metrics. Using these rankings, we discovered every state’s common rating and used the common to find out a closing rating. The state with the best common rating acquired a rating of 100. The state with the bottom common rating acquired a rating of 0.

Disclosure: The info you learn right here is at all times goal. However, we generally obtain compensation whenever you click on hyperlinks inside our tales.



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