Bankrate used its Housing Hardship Index to determine which state economies saw the largest and smallest impact from the COVID-19 pandemic. The report revealed that economies of tourism-dependent states like Nevada and Hawaii, while seeing relatively few deaths associated with COVID-19, are suffering the most among other states across the U.S.
The impact was determined by using mortgage delinquencies and unemployment numbers to show which states had the largest slowdowns during the pandemic. The five states that were hit the hardest include Nevada, Hawaii, Michigan, New Jersey and Rhode Island. The mortgage delinquency rate in Nevada rose to 9.99% in May 2020, while unemployment fell to 25.3%. Hawaii's mortgage delinquency rate rose to 9.30% with unemployment rising slightly to 22.6%.