From Bad to Worse: Natural Disasters and Financial Health

Figures & data

Table 1. Characteristics of disasters included in our analysis sample.

Disaster	Date	States in sample	CDBG-DR
Hurricane Sandy	October 2012	MD, NJ, NY	Yes
Other large disasters
Super Outbreak 2011 and Related Storms	April 2011	AL, AR, MS	Yes
Severe Storms, Mississippi Basin Floods 2011	May 2011	IA, IL, MO, MS, ND, SD	Yes
Hurricane Irene	August 2011	MA, NC, NJ, NY, VT	Yes
Tropical Storm Lee	September 2011	NY, PA	Yes
Hurricane Isaac	August 2012	LA, MS	Yes
Medium-sized disasters
Super Outbreak and MS Basin Floods	April 2011	MO	Yes
Leap Day Tornado 2012	February 2012	KY, WV	No
West Virginia Severe Storms, Flooding, Mudslides, and Landslides March 2012	March 2012	WV	No
West Virginia Severe Storms and Straight-Line Winds June 2012	June 2012	WV	No
IL Severe Storms 2013	April 2013	IL	Yes
Alaska Flooding 2013	May 2013	AK	No
CO Severe Storm 2013	September 2013	CO	Yes
Tornado Outbreak 2014	April 2014	AL	No
Michigan Severe Storms and Flooding 2014	August 2014	MI	No

Notes. States included in our analysis are those with at least one ZIP code where at least 20% of households were assessed as having damage under the IHP program. CDBG-DR is funded through special congressional appropriations. Even where CDBG-DR is funded, not every state with an affected population received a housing grant. In the case of Hurricane Sandy, some housing grants were given to states that are not included in our analysis.

Source: Authors’ analysis of FEMA’s housing assistance data and review of federal appropriations and HUD grantee action plans.

Table 2. Size and scope of disasters included in our analysis.

	Total damage to owner-occupied housing (in dollars)	Number of ZIP codes in sample	Number of people in sample
Hurricane Sandy	2,221,449,984	56	14,966
Other large disasters
Super Outbreak 2011 and Related Storms	321,538,592	11	124
Severe Storms, Mississippi Basin Floods 2011	206,973,664	20	688
Hurricane Irene	540,736,832	39	611
Tropical Storm Lee	236,229,136	8	310
Hurricane Isaac	210,514,752	31	1,917
Medium-sized disasters
Super Outbreak and MS Basin Floods	68,953,592	2	16
Leap Day Tornado 2012	31,894,916	3	24
West Virginia Severe Storms, Flooding, Mudslides, and Landslides March 2012	3,308,837	1	27
West Virginia Severe Storms and Straight-Line Winds June 2012	3,981,028	3	26
IL Severe Storms 2013	140,227,104	5	325
Alaska Flooding 2013	4,050,355	3	20
CO Severe Storm 2013	60,373,224	5	118
Tornado Outbreak 2014	80,140,904	1	24
Michigan Severe Storms and Flooding 2014	111,254,824	13	7,402

Notes. Total damage to owner-occupied housing is calculated using assessments reported in FEMA’s Housing Assistance data. FEMA’s Housing Assistance data does not include the assessed value of damage to rental units. We define affected ZIPs as those in which at least 20% of households, both owners and renters, were found to have natural disaster-related damage by a FEMA inspection. Affected individuals are the residents of these ZIPs who are also present in the credit bureau data.

Source: Authors’ tabulations of credit bureau, FEMA’s Housing Assistance, and American Community Survey data.

Table 3. Definitions of financial health outcomes.

Variable	Definition
Credit score	VantageScore credit score. The VantageScore ranges from 300 to 850. “Poor” scores range from 300 to 649, “fair” from 650 to 699, and “good” from 700 to 850.
Delinquent mortgage	Has mortgage (1st or 2nd) or home equity line of credit that is at least 60 days past due or derogatory
Foreclosure	Mortgage foreclosure in the last two years
Debt in collections	Has debt in internal or external collections or is charged off Total balance of debt in internal or external collections or is charged off
Credit card	Has an open credit card Total balance on open credit cards

Table 4. Characteristics of people living in areas hit by a natural disaster, by disaster size.

	Hurricane Sandy		Large Disasters		Medium-Sized Disasters
	Mean	Standard deviation	Mean	Standard deviation	Mean	Standard deviation
Individual-level credit characteristics
Age	47.0	17.0	48.2	17.6	44.2	16.9
Credit score	676	116	668	120	611	112
Has delinquent mortgage (%)	4.5	20.8	3.6	18.7	3.8	19.1
Foreclosure in last two years (%)	1.2	10.8	1.0	10.1	0.9	9.3
Has debt in collections (%)	29.5	45.6	33.3	47.1	53.7	49.9
Total debt in collections ($)	2,696	16,282	2,345	10,869	3,958	17,744
Utility debt in collections ($)	56	282	34	217	156	464
Has credit card (%)	61.4	48.7	34.4	19.3	51.3	13.5
Credit card balance ($)	4,029	9,215	3,112	7,966	1,798	5,349
ZIP code–level demographic characteristics
Share of residents of color (%)	38.0	26.5	24.6	29.1	82.2	22.5
Unemployment rate	8.0	3.1	9.3	7.8	16.0	7.2
Poverty rate	9.8	5.9	15.2	13.4	24.8	10.6
Share with income below 200% of poverty level	24.0	11.4	34.4	19.3	51.3	13.5
Number of observations	14,966		3,650		7,970

Source: Authors’ tabulations of credit bureau and American Community Survey data.

Figure 1. Change by disaster group and year(s) after disaster: Natural disasters lead to declines in credit scores, and these declines increase over time. Notes. Values represent estimates of average differences in credit scores between individuals affected by the indicated disaster (or set of disasters) and matched individuals from unaffected areas. Effects are estimated separately for each disaster for each of the four years following the disaster.

*p < 0.1, **p < 0.05, ***p < 0.01. Source: Authors’ calculations based on credit bureau, FEMA, and ACS data.

Table 5. Effect of natural disasters on credit score.

Years after disaster	Hurricane Sandy		Large Disasters		Medium-Sized Disasters
	Comparison mean	Estimated effect	Comparison mean	Estimated effect	Comparison mean	Estimated effect
1	679	−6.85***	654	−1.93	622	−9.15***
		(0.81)		(2.29)		(1.46)
2	686	−8.19***	659	−2.78	631	−11.53***
		(0.86)		(2.47)		(1.57)
3	692	−9.55***	663	−2.84	639	−19.20***
		(0.90)		(2.51)		(1.66)
4	698	−10.11***	668	−3.19	647	−21.72***
		(0.95)		(2.73)		(1.79)

Notes. The estimated effects are average differences in credit score between people affected by the indicated disaster (or set of disasters) and matched people from unaffected areas. Effects are estimated separately for each disaster for each of the four years following the disaster. Standard errors in parentheses.

*p < 0.1, **p < 0.05, ***p < 0.01.

Source: Authors’ calculations based on credit bureau, FEMA, and ACS data.

Table 6. Effect of natural disasters on credit score by pre-disaster credit score groups.

Years after disaster	Hurricane Sandy			Medium-Sized Disasters
	Poor Credit	Fair Credit	Good Credit	Poor Credit	Fair Credit	Good Credit
1	−2.04	−4.89**	−2.46***	−12.51***	−15.37***	−4.02*
	(1.52)	(2.27)	(0.71)	(1.62)	(4.11)	(2.27)
2	−6.55***	−6.82***	−4.05***	−15.67***	−15.85***	−0.87
	(1.69)	(2.51)	(0.81)	(1.76)	(4.80)	(2.54)
3	−5.79***	−10.28***	−4.95***	−26.42***	−19.76***	−4.68*
	(1.76)	(2.66)	(0.87)	(1.98)	(5.01)	(2.81)
4	−7.94***	−6.83**	−6.82***	−28.92***	−17.43***	−8.44***
	(1.92)	(2.84)	(0.91)	(2.08)	(5.28)	(3.08)

Notes. The estimated effects are average differences in credit score between people affected by the indicated disaster (or set of disasters) and matched people from unaffected areas, as described in the methods section. Effects are estimated separately for each disaster for each of the four years following the disaster. We use VantageScore credit scores which range from 300 to 850. “Poor” scores range from 300 to 649, “fair” from 650 to 699, and “good” from 700 to 850. Standard errors in parentheses.

*p < 0.1, **p < 0.05, ***p < 0.01.

Source: Authors’ calculations based on credit bureau, FEMA, and ACS data.

Table 7. Effect of natural disasters on credit score by age groups.

Years after disaster	Hurricane Sandy				Medium-Sized Disasters
	24-34	35-49	50-64	65 and older	24-34	35-49	50-64	65 and older
1	−4.3**	−2.9**	−3.3***	−7.9***	−15.2***	−11.7***	−3.8	−9.1***
	(2.0)	(1.4)	(1.2)	(1.9)	(2.8)	(2.4)	(2.5)	(3.5)
2	−7.8***	−5.5***	−5.1***	−10.3***	−16.8***	−17.5***	−10.3***	4.3
	(2.1)	(1.6)	(1.4)	(2.1)	(3.1)	(2.7)	(2.8)	(3.7)
3	−7.1***	−7.4***	−6.3***	−10.6***	−29.6***	−23.9***	−19.4***	−0.1
	(2.3)	(1.7)	(1.5)	(2.0)	(3.4)	(3.0)	(3.2)	(4.4)
4	−9.5***	−9.6***	−6.7***	−11.7***	−34.2***	−24.1***	−20.9***	−0.0
	(2.4)	(1.8)	(1.5)	(2.1)	(3.7)	(3.2)	(3.4)	(4.4)

Notes. The estimated effects are average differences in credit score between people affected by the indicated disaster (or set of disasters) and matched people from unaffected areas, as described in the methods section. Effects are estimated separately for each disaster for each of the four years following the disaster. Standard errors in parentheses.

*p < 0.1, **p < 0.05, ***p < 0.01.

Source: Authors’ calculations based on credit bureau, FEMA, and ACS data.

Table 8. Effect of natural disasters on credit score by ZIP code racial and ethnic composition.

Years after disaster	Hurricane Sandy		Medium-Sized Disasters
	Areas majority people of color	Areas majority white	Areas majority people of color	Areas majority white
1	0.52	−8.79***	−10.37***	1.98
	(1.90)	(0.96)	(1.61)	(3.19)
2	−5.86***	−9.44***	−14.61***	3.02
	(1.97)	(1.03)	(1.75)	(3.77)
3	−7.93***	−9.39***	−25.71***	−4.53
	(2.14)	(1.05)	(1.87)	(4.15)
4	−9.72***	−10.7***	−30.87***	−4.17
	(2.30)	(1.10)	(2.01)	(4.12)

Notes. The estimated effects are average differences in credit score between people affected by the indicated disaster (or set of disasters) and matched people from unaffected areas, as described in the methods section. Effects are estimated separately for each disaster for each of the four years following the disaster. Standard errors in parentheses.

*p < 0.1, **p < 0.05, ***p < 0.01.

Source: Authors’ calculations based on credit bureau, FEMA, and ACS data.

Table 9. Effect of natural disasters on mortgage delinquencies (60 days past due) and foreclosures.

Years after disaster	Hurricane Sandy		Large Disasters		Medium-Sized Disasters
	Comparison mean	Estimated effect	Comparison mean	Estimated effect	Comparison mean	Estimated effect
	Share of people with delinquent mortgages (%)
1	3.69	0.38**	3.32	0.04	2.83	0.63**
		(0.16)		(0.40)		(0.26)
2	3.11	0.96***	3.06	−0.06	2.23	0.52**
		(0.17)		(0.39)		(0.24)
3	2.48	1.10***	2.69	0.80*	1.81	0.32
		(0.17)		(0.43)		(0.22)
4	2.06	0.99***	2.41	1.04**	1.82	−0.28
		(0.16)		(0.43)		(0.21)
	Share of people with foreclosures (%)
1	0.88	−0.12	0.83	−0.18	0.52	0.17
		(0.09)		(0.20)		(0.13)
2	0.62	0.28***	0.66	0.00	0.45	−0.15
		(0.09)		(0.20)		(0.09)
3	0.44	0.51***	0.54	0.23	0.33	0.00
		(0.10)		(0.20)		(0.09)
4	0.33	0.39***	0.46	0.09	0.24	0.01
		(0.08)		(0.18)		(0.08)

Notes. The estimated effects are average differences for each outcome between people affected by the indicated disaster (or set of disasters) and matched people from unaffected areas, as described in the methods section. Effects are estimated separately for each disaster for each of the four years following the disaster. Standard errors in parentheses.

*p < 0.1, **p < 0.05, ***p < 0.01

Source: Authors’ calculations based on credit bureau, FEMA, and ACS data.

Table 10. Effect of Hurricane Sandy on mortgage delinquencies and foreclosures by pre-disaster credit score groups.

Years after disaster	Hurricane Sandy
	Poor Credit	Fair Credit	Good Credit
	Share of people with delinquent mortgages (%)
1	0.75**	−0.1	−0.05
	(0.36)	(0.49)	(0.13)
2	1.84***	0.27	0.3**
	(0.39)	(0.53)	(0.15)
3	1.90***	0.74	0.5***
	(0.38)	(0.55)	(0.15)
4	1.92***	0.87	0.27**
	(0.38)	(0.54)	(0.13)
	Share of people with foreclosures (%)
1	−0.13	−0.05	−0.19***
	(0.23)	(0.21)	(0.04)
2	0.66***	0.37	−0.05
	(0.23)	(0.25)	(0.06)
3	1.08***	0.66**	0.07
	(0.23)	(0.29)	(0.07)
4	0.78***	0.45*	0.10
	(0.20)	(0.26)	(0.06)

Notes. The estimated effects are average differences for each outcome between people affected by the indicated disaster (or set of disasters) and matched people from unaffected areas, as described in the methods section. Effects are estimated separately for each disaster for each of the four years following the disaster. We use VantageScore credit scores which range from 300 to 850. “Poor” scores range from 300 to 649, “fair” from 650 to 699, and “good” from 700 to 850. Standard errors in parentheses.

*p < 0.1, **p < 0.05, ***p < 0.01

Source: Authors’ calculations based on credit bureau, FEMA, and ACS data.

Table 11. Effect of Hurricane Sandy on mortgage delinquencies and foreclosures by age groups.

Years after disaster	Hurricane Sandy
	24-34	35-49	50-64	65 and older
	Share of people with delinquent mortgages (%)
1	−0.07	0.97**	0.46	0.06
	(0.33)	(0.39)	(0.34)	(0.28)
2	0.34	1.94***	0.95***	0.67**
	(0.37)	(0.42)	(0.35)	(0.32)
3	0.30	2.35***	1.10***	0.64**
	(0.36)	(0.42)	(0.34)	(0.33)
4	0.34	1.93***	0.97***	0.87***
	(0.36)	(0.40)	(0.30)	(0.34)
	Share of people with foreclosures (%)
1	−0.30	−0.10	0.01	−0.26*
	(0.21)	(0.21)	(0.19)	(0.15)
2	0.07	0.40*	0.47**	0.20
	(0.19)	(0.22)	(0.20)	(0.16)
3	−0.05	0.80***	0.89***	0.33*
	(0.18)	(0.22)	(0.21)	(0.18)
4	0.03	0.60***	0.53***	0.46**
	(0.16)	(0.19)	(0.17)	(0.19)

Notes. The estimated effects are average differences for each outcome between people affected by the indicated disaster (or set of disasters) and matched people from unaffected areas, as described in the methods section. Effects are estimated separately for each disaster for each of the four years following the disaster. Standard errors in parentheses.

p < 0.1, **p < 0.05, ***p < 0.01

Source: Authors’ calculations based on credit bureau, FEMA, and ACS data.

Table 12. Effect of natural disasters on mortgage delinquencies and foreclosures by ZIP code racial and ethnic composition.

Years after disaster	Hurricane Sandy
	Areas majority people of color	Areas majority white
	Share of people with delinquent mortgages (%)
1	0.88**	0.25
	(0.36)	(0.18)
2	2.04***	0.62***
	(0.40)	(0.19)
3	2.09***	0.77***
	(0.39)	(0.19)
4	2.41***	0.52***
	(0.39)	(0.18)
	Share of people with foreclosures (%)
1	−0.05	−0.10
	(0.21)	(0.10)
2	0.43**	0.24**
	(0.22)	(0.10)
3	0.65***	0.47***
	(0.21)	(0.11)
4	0.49***	0.36***
	(0.19)	(0.09)

Notes. The estimated effects are average differences for each outcome between people affected by the indicated disaster (or set of disasters) and matched people from unaffected areas, as described in the methods section. Effects are estimated separately for each disaster for each of the four years following the disaster. Standard errors in parentheses.

*p < 0.1, **p < 0.05, ***p < 0.01

Source: Authors’ calculations based on credit bureau, FEMA, and ACS data.

Table 13. Effect of natural disasters on debt in collections.

Years after disaster	Hurricane Sandy		Large Disasters		Medium-Sized Disasters
	Comparison mean	Estimated effect	Comparison mean	Estimated effect	Comparison mean	Estimated effect
	Share of people with any debt in collections (%)
1	29.73	−0.05	39.85	−0.69	50.82	4.98***
		(0.30)		(0.75)		(0.52)
2	28.61	0.36	39.29	0.50	48.09	6.07***
		(0.34)		(0.83)		(0.59)
3	27.01	0.65*	38.45	0.24	45.02	6.75***
		(0.37)		(0.91)		(0.64)
4	25.07	0.29	37.12	0.34	42.51	10.00***
		(0.38)		(0.96)		(0.68)
	Total amount of debt in collections ($)
1	2467	188	2747	−414	3152	1420***
		(128)		(366)		(269)
2	2260	81	2786	−441	2834	1745***
		(139)		(334)		(268)
3	2027	22	2686	−691**	2635	1701***
		(137)		(352)		(399)
4	1804	67	2494	−467	2715	2014***
		(140)		(331)		(453)
	Share of people with utility debt in collections (%)
1	9.62	−0.51**	14.71	−1.06	20.39	2.38***
		(0.23)		(0.79)		(0.59)
2	9.44	0.78***	15.02	−0.28	20.04	3.66***
		(0.26)		(0.83)		(0.63)
3	9.15	0.23	14.74	0.85	20.30	7.64***
		(0.27)		(0.86)		(0.67)
4	9.25	0.50*	14.89	0.65	18.86	10.10***
		(0.28)		(0.88)		(0.71)
	Amount of utility debt in collections ($)
1	63	15***	100	−6	134	32***
		(4)		(11)		(11)
2	62	21***	106	8	139	51***
		(4)		(13)		(11)
3	62	23***	114	14	157	100***
		(5)		(13)		(13)
4	69	27***	119	5	157	158***
		(5)		(14)		(14)

Notes. The estimated effects are average differences for each outcome between people affected by the indicated disaster (or set of disasters) and matched people from unaffected areas, as described in the methods section. Effects are estimated separately for each disaster for each of the four years following the disaster. Standard errors in parentheses.

*p < 0.1, **p < 0.05, ***p < 0.01

Source: Authors’ calculations based on credit bureau, FEMA, and ACS data.

Table 14. Effect of natural disasters on debt in collections by pre-disaster credit score groups.

Years after disaster	Medium-Sized Disasters
	Poor Credit	Fair Credit	Good Credit
	Share of people with debt in collections (%)
1	4.10***	5.66***	2.77***
	(0.60)	(2.02)	(1.02)
2	5.06***	8.20***	2.51**
	(0.68)	(2.23)	(1.09)
3	6.00***	5.55**	2.42**
	(0.76)	(2.34)	(1.13)
4	10.00***	7.55***	3.56***
	(0.80)	(2.44)	(1.18)
	Amount of debt in collections ($)
1	2,042***	673	84
	(378)	(958)	(277)
2	1,789***	1,436*	115
	(535)	(769)	(269)
3	2,075***	1,246**	23
	(532)	(612)	(191)
4	2,132***	1,201*	157
	(606)	(673)	(225)

Notes. The estimated effects are average differences for each outcome between people affected by the indicated set of disasters and matched people from unaffected areas, as described in the methods section. Effects are estimated separately for each disaster for each of the four years following the disaster. We use VantageScore credit scores which range from 300 to 850. “Poor” scores range from 300 to 649, “fair” from 650 to 699, and “good” from 700 to 850. Standard errors in parentheses.

*p < 0.1, **p < 0.05, ***p < 0.01

Source: Authors’ calculations based on credit bureau, FEMA, and ACS data.

Table 15. Effect of natural disasters on having a credit card and credit card balance.

Years after disaster	Hurricane Sandy		Large Disasters		Medium-Sized Disasters
	Comparison mean	Estimated effect	Comparison mean	Estimated effect	Comparison mean	Estimated effect
	Share of people with a credit card (%)
1	68.20	0.18	55.58	−0.22	48.16	−3.91***
		(0.27)		(0.71)		(0.50)
2	71.24	0.07	57.96	0.02	53.46	−4.7***
		0.30		(0.80)		(0.58)
3	74.14	−0.27	60.82	0.05	58.41	−5.35***
		(0.32)		(0.87)		(0.63)
4	76.61	0.39	63.89	−0.0892	62.27	−6.45***
		(0.33)		(0.91)		(0.68)
	Credit card balance ($)
1	4130	−4	2854	−120	1995	206***
		(120)		(179)		(74)
2	4456	89	3095	242	2311	257***
		(125)		(173)		(88)
3	4748	66	3298	12	2608	263***
		(132)		(212)		(90)
4	4909	351**	3576	240	3109	23
		(143)		(222)		(114)

Notes. The estimated effects are average differences for each outcome between people affected by the indicated disaster (or set of disasters) and matched people from unaffected areas, as described in the methods section. Effects are estimated separately for each disaster for each of the four years following the disaster. Standard errors in parentheses.

*p < 0.1, **p < 0.05, ***p < 0.01

Source: Authors’ calculations based on credit bureau, FEMA, and ACS data.

Table 16. Effect of natural disasters on having a credit card and credit card balance by pre-disaster credit score groups.

Years after disaster	Medium-Sized Disasters
	Poor Credit	Fair Credit	Good Credit
	Share of people with a credit card (%)
1	−4.52***	1.70	1.12
	(0.64)	(1.62)	(0.72)
2	−6.03***	1.82	2.53***
	(0.74)	(1.89)	(0.83)
3	−6.93***	2.13	2.38**
	(0.81)	(1.88)	(0.93)
4	−8.55***	0.40	3.90***
	(0.88)	(2.09)	(1.01)
	Credit card balance ($)
1	17	474	921***
	(62)	(532)	(298)
2	−93	1194***	907**
	(70)	(460)	(359)
3	−48	1078**	711*
	(89)	(507)	(376)
4	−263***	558	734*
	(94)	(552)	(427)

Notes. The estimated effects are average differences for each outcome between people affected by the indicated set of disasters and matched people from unaffected areas, as described in the methods section. Effects are estimated separately for each disaster for each of the four years following the disaster. We use VantageScore credit scores which range from 300 to 850. “Poor” scores range from 300 to 649, “fair” from 650 to 699, and “good” from 700 to 850. Standard errors in parentheses.

*p < 0.1, **p < 0.05, ***p < 0.01

Source: Authors’ calculations based on credit bureau, FEMA, and ACS data.

Table 17. Effect of Hurricane Sandy on selected credit and debt outcomes, regression model.

	Credit Score	Delinquent Mortgage (%)	Foreclosure (%)	Debt in Collections (%)	Debt in Collections ($)	Utility Debt ($)	Credit Card Balance ($)
Sandy, t-2	2.26***	−0.74***	−0.11	−0.05	71	−6*	−30
	(0.60)	(0.18)	(0.11)	(0.31)	(130)	(3)	(71)
Sandy, t-1	1.27**	−0.39**	−0.02	−0.06	56	8**	25
	(0.59)	(0.17)	(0.10)	(0.31)	(127.8)	(3)	(70)
Sandy, t + 1	0.01	0.55***	0.21**	−0.20	193	12***	−15
	(0.59)	(0.17)	(0.10)	(0.31)	(128)	(3)	(70)
Sandy, t + 2	−1.29**	1.26***	0.66***	0.13	329**	20***	−32
	(0.60)	(0.18)	(0.11)	(0.31)	(130)	(3)	(71)
Sandy, t + 3	−2.73***	1.40***	0.87***	−0.13	331**	14***	45
	(0.61)	(0.18)	(0.11)	(0.32)	(132)	(3)	(72)
Sandy, t + 4	−2.48***	01.41***	0.78***	−0.53	520***	25***	178**
	(0.62)	(0.179)	(0.11)	(0.32)	(133)	(3)	(72)
Sandy, t + 5	−3.26***	1.19***	0.66***	−0.30	542***	29***	36
	(0.62)	(0.18)	(0.11)	(0.33)	(135)	(3)	(73)
2010	−4.37***	0.74***	0.27***	1.30***	−57	−47***	−78***
	(0.25)	(0.07)	(0.04)	(0.13)	(54)	(1)	(30)
2011	−1.39***	0.65***	0.24***	0.05	−86	4***	−119***
	(0.25)	(0.07)	(0.04)	(0.13)	(53)	(1)	(29)
2013	2.99***	−0.85***	−0.36***	−0.18	−282***	7***	109***
	(0.25)	(0.07)	(0.04)	(0.13)	(53)	(1)	(29)
2014	6.34***	−1.50***	−0.70***	−0.40***	−494***	7***	298***
	(0.25)	(0.07)	(0.04)	(0.13)	(54)	(1)	(29)
2015	9.56***	−2.09***	−0.89***	−0.92***	−779***	9***	427***
	(0.25)	(0.07)	(0.04)	(0.13)	(55)	(1)	(30)
2016	12.30***	−2.64***	−1.00***	−2.02***	−999***	14***	520***
	(0.26)	(0.07)	(0.04)	(0.13)	(55)	(1)	(30)
2017	15.42***	−2.91***	−1.10***	−2.82***	−1,066***	15***	969***
	(0.26)	(0.08)	(0.045)	(0.14)	(56)	(1)	(30)
Constant	686.2***	4.01***	1.17***	27.5***	2,559***	48***	4,354***
	(0.16)	(0.05)	(0.03)	(0.08)	(34)	(1)	(18)

Notes. Table reports coefficients from panel regressions with individual-level fixed effects estimating the effects of living in areas affected by Hurricane Sandy on indicated credit and data outcomes. Each column is a separate regression, regressing the outcome indicated on a set of year indicators and treatment-year interactions; 2012 is the omitted year. Standard errors in parentheses.

*p < 0.1, **p < 0.05, ***p < 0.01

Source: Authors’ calculations based on credit bureau, FEMA, and ACS data.