COVID-19 decimated balance sheets for the world’s poorest countries. That’s why the International Monetary Fund (IMF) teamed up with the World Bank to create a Debt Service Suspension Initiative (DSSI), allowing debtor countries to pause payments on externally held debt. Here’s an interactive visualization highlighting countries opted to participate in the program in 2020, and which countries ultimately own the underlying debt.

• China is the single biggest creditor under the DSSI for several countries, controlling the largest amount of debt for Pakistan ($2.92B), Angola ($2.99B) and Kenya ($849M) among several others.
• In comparison to China, the U.S. has lent relatively little money to the rest of the world under the DSSI, with the highest total going to Ghana ($146M).
• In total, the poorest countries paused payments on some $17.68B in sovereign debt under this program in 2020.
• China’s participation in the DSSI is strongly aligned with its strategic interests, suggesting that some alternative motivations are in play.

We took the numbers for our map directly from the World Bank. The pink countries are all participating in the Debt Service Suspension Initiative, and the color corresponds to the total amount of debt. When you click on a pink country, you will see which foreign governments own that suspended debt, again where the shade of blue indicates how much money is at stake. Click anywhere to reset the visual.

At the highest level, our interactive visualization shows which developed countries are lending money to poor governments, and not requiring immediate payments to service the debt. China evidently spent a lot of money through the DSSI, making it the single biggest creditor for several developing countries. Pakistan owes China $2.92B through this program, Angola another $2.99B and Kenya owes $849M, all for just 2020. Ethiopia, Myanmar, Lao PDR and Cameroon all share China as their single biggest creditor. Compare that to the U.S., which only sent tens of millions (and not billions) through the DSII. The U.S. is the biggest creditor to Ghana ($146M) but nowhere else are the sums of money enormous.

At first glance, this activity seems charitable. It’s the right thing to do when the world is facing a common crisis to pitch in and help out poor areas. After all, places like India are getting slammed with another wave of the coronavirus just as many Western countries are starting to reopen again thanks to vaccines. However, China is clearly sending money around the world to the poorest countries which are also directly aligned with its long term strategic interests. Pakistan is a natural ally because it sits on the other side of India, not to mention the massive investment in the China-Pakistan Economic Corridor. China has a strong interest in natural resources in Angola. The same can be said for Kenya. All of these countries need economic relief in light of the COVID-19 pandemic, however there are clearly some alternative motivations in play too.

Do you think the U.S. should be doing more to fight the pandemic in the world’s poorest countries? Let us know in the comments.

Data: Table 1.1

One way the U.S. recognizes military service is through the VA loan program. And although a lot of veterans are eligible to take out mortgages through this program, this map shows how some places see a lot more loans guaranteed through the VA than others.

• Washington, DC is the most expensive location for VA guaranteed loans, averaging $588K, followed by Hawaii at $579K.
• California has the highest number of overall VA-guaranteed loans, with 130,700 loans going to members of the military and their families, averaging $439K.
• Vermont has the fewest number of VA loans, at only 1,243 last year, averaging $249K.
• Higher loan amounts roughly correspond to housing market trends, where more expensive locations on the East and West coasts tend to have pricier homes.

We gathered the data to create our map of VA home loan volume for FY 2020 from the U.S. Department of Veterans Affairs. We color-coded each state to correspond to the average loan amount, with the darker shades of red representing higher average home loan amounts. We also added a shape to highlight the total number of loans, letting you easily and quickly understand the contributions of the VA to the U.S. housing market across the country.

Here’s how the VA loan program works at a high level. If an applicant meets certain criteria, he or she is eligible to take out a loan, underwritten by a bank but backed by the U.S. Department of Veteran Affairs. The VA program allows the applicant to put $0 down and waives the requirement to carry private mortgage insurance (PMI). The program also comes with potentially lower loan interest rates, and it waives various other prepayment penalties and fees as well. In short, a VA loan can potentially save veterans a lot of money.

Our map brings to light a few different interesting trends about loan guarantees through the VA across the U.S. housing market. The vast majority of loan recipients in 2020 live along the country’s edges, stretching from Washington to California, through Texas to Florida and back up to Virginia. This means there are several notable high population centers with relatively few VA loans, and by extension, military veterans. New York only saw 10,700 VA loans last year. Illinois likewise had 22,000. Compare that to California and Texas, which had 130,700 and 103,700, respectively. There are lots of U.S. military bases around the country, so it’s not exactly clear why some high-population states have relatively few VA loans. That being said, our map makes it clear that most VA-backed mortgages were issued in 2020 along the coasts, not the country’s interior.

If you are eligible to take out a VA loan and are looking to get started, check out our VA home loan cost guide today.

Data: Table 1.1

Memorial Day, originally known as Decoration Day, honors our fellow Americans who died while serving in the United States military. Every year this holiday brings with it a bittersweet tone marked by the loss and celebration of lives that demonstrated great valor. Often when this holiday comes around, it's focused on those who served, but what about the sacrifices of the spouses and children of those who served as well?

• Although the minimum monthly rate of VA DIC 2021 benefits is $1,357.56 for surviving spouses as of December 2020, compensation may be higher if the Veteran was totally disabled for eight years or more while married, if the surviving spouse is disabled, and/or if the children are under age 18.
• For the surviving spouse or child of a Veteran who died before January 1, 1993, monthly VA DIC benefits are based on the Veteran’s pay grade category and the matching monthly payment (the minimum rate is also $1,357.56).
• When the Veteran doesn’t have a surviving spouse who’s eligible for VA DIC, surviving children will be eligible if they are under age 18, between 18 and 23 and in a VA-approved school program, or were disabled prior to 18 (i.e. helpless children).
• VA survivor benefits are tax-exempt which means that spouses and children will not have to pay any taxes on their compensation payments.

For our data, which comes from the U.S. Department of Veteran Affairs, VA Dependency and Indemnity Compensation (VA DIC) was defined as a tax-free monetary benefit provided to the eligible surviving spouse or child of a service member who died in the line of duty, or the survivor of a Veteran who died from a service-related injury or illness. It is important to note compensation may vary for spouses or children with disabilities, if the children are under the age of 18, or if they are between 18 and 23 in a VA-approved program. As a result, monthly VA DIC benefits for 2021 may be higher for these special populations.

As of 2021, VA DIC rates vary across surviving spouses and children, associated disabilities, dependent ages, and military pay grades. Favorably, the minimum monthly rate of VA DIC 2021 benefits loom around $1,357.56 for surviving spouses whether Veterans died before or after January 1, 1993. However, VA DIC compensation may increase if the Veteran was totally disabled for eight years or more while married; if the spouse is disabled; the family has more than nine children; or if the children are under age 18, between 18 and 23 in an approved school, or were disabled before 18.

Fortunately, U.S. recognition of military service spans the life and death of a Veteran. While this article primarily focused on VA DIC benefits, other survival benefits exist as well to help Veterans and their families. These include pensions; health care benefits for spouses, dependents, and family caregivers; and education benefits. As a result, VA DIC may affect compensations related to the VA Survivors Pension or Survivor Benefit Plans. In the event that surviving spouses or children are eligible for both DIC and Survivors Pension benefits, they will be paid whichever benefit is the most and will not receive both.

Furthermore, programs such as the VA loan program provide $0-down mortgages issued by private lenders and guaranteed by Veteran Affairs. These loans, which vary in volume and amount across the nation, are available to service members, veterans, and military spouses.

We are now aware that VA DIC compensation rates vary between surviving spouses and children of Veterans, especially if the children are over the age of 18. Considering the stipulations around children over the age of 18, mainly those not in a VA-approved program, should there be some additional benefits considered to offer more assistance? Why or why not? Let us know your thoughts in the comments below.

Data: Table 1.1

Who does the U.S. trade with the most? Our latest map breaks down one side of the equation, focusing on the top export partners for every state in the U.S.

• Canada is the single biggest trading partner for the vast majority of states, receiving the most exports for 33 states.
• North Dakota and New Mexico are the two states most heavily dependent on a single country for their export industries. 84.6% of all exports from North Dakota head north, and 59.5% from New Mexico go south.
• China is the largest trading partner for only 5 states, which includes Alaska. This is one sign of the large trade deficit between the U.S. and China.
• Most states have a balanced and diversified number of international trade partners, with the average across all states coming in at 26.4%.

We gathered the data from 2020 for our map from the U.S. Census Bureau. We overlaid the flag of the country for each state’s top export partner, together with a percentage of total state exports and the overall dollar figure. The result is an intuitive and original take on the U.S. place in the global economy.

The U.S. has a lot of different trading partners scattered across the world, and a wide variety of different types of major exports. Our newest map highlights a different angle of all this economic activity, starting with the fact that Canada and Mexico are the largest trading partners for the vast majority of states. Canada alone is the top export partner for 33 states. Mexico claims top spot for an additional 6. The state most heavily dependent on Canadian exports is North Dakota, where 84.6% ($4.4B) of all exports head north. Likewise, New Mexico is the most dependent on Mexico, which accounts for 59.5%, ($2.2B). A lot of the local economies in these places hang in the balance of international trade agreements, which is why President Trump’s efforts to get rid of NAFTA, the North American Free Trade Agreement, were such a big deal.

If North Dakota and Mexico are the most heavily dependent on Canada and Mexico, Florida is at the opposite end of the spectrum. Florida is the only state to have Brazil as its top export partner, representing only 7.7% of the state’s exports ($3.5B). In fact, most states have somewhere between 20 to 30% of total exports going to a single trading partner. The average is 26.4% taking all the states together. All things considered, it is probably better to have a more diversified economy than one that is so dependent on a single trading partner.

Perhaps the most interesting thing our map demonstrates is how China is only the top export partner for 5 states, which includes Alaska. Our map’s focus on exports means that we are only looking at goods and services moving in one direction, from the U.S. to some other country. President Trump focused attention on how the U.S. is at a trade deficit with China, which soared during his time in office from $481B in 2016 to $916B in 2020. China and the U.S. have a dynamic relationship where each side sends the other many different types of goods. Our latest map is more evidence of how the relationship is imbalanced, where the U.S. imports a lot more from China than it exports.

Do you think it’s bad for a handful of states to be so dependent on single countries for their exports? Let us know in the comments.

Data: Table 1.1

Where does the U.S. get most of its imports? And does the main import partner for each state vary across the country? Our latest map of top importers around the country has the answers.

• Canada is the main import partner for 20 states, and Mexico is only the top import partner for 6 states.
• The U.S. has a massive trade imbalance with China. Although only a handful of states have China as their main export partner, China plays a much larger role in imports, serving as the main import partner for 15 states.
• Montana is the most heavily dependent state on a single country for imports. Montana received $3.4B in goods from Canada, representing 87% of the state’s total.
• Most states have a diversified portfolio of import partners, with the average top importer across all states and territories contributing some 28.3% of the total.

We grabbed the numbers for our map of main imports for each state for 2020 from the U.S. Census Bureau. We overlaid each state with the flag of its top import partner, adding the total value of goods as well as the share of imports each foreign country accounted for in the state. This lets us easily see where Americans get the bulk of their forign-made goods in any given place around the country.

One of the most interesting ways to understand this type of map is to compare it with a similar map of top export partners. Canada and Mexico both feature prominently on each one, but there is a key difference. Canada claims top import partner on the map for 20 states, and it’s the top export partner for 33. Mexico is similarly a top importer for 6 states, and it’s also the main source of goods for 6 states. But take a look at China, which is the top import partner for an incredible 15 states but only top exporter for 5. The U.S. is clearly taking in a lot more goods and services every year from China than it is selling back, meaning there’s a significant trade imbalance.

Because we are only focusing on the single biggest import partner for each state, we aren’t able to show which country contributes the largest amount of imports overall. For example, Canada is the top import partner for a lot of Western states with small populations, but China takes the top spot for several of the most populated states. California alone imported $130.3B in goods from China in 2020, which is more than the top import partners for 39 states and territories combined. Interestingly, Switzerland takes the top spot for New York. It’s therefore important to keep in mind the bigger picture of total economic activity in imports and exports.

Do you think it is a bad thing for the U.S. to have such a large trade imbalance with China? Let us know in the comments.

Data: Table 1.1

When considering a rental property usually the price, among other factors, determine if the option is a yay or nay.

During 2020 with telework mandated for many across the nation, many Americans opted for new surroundings, free from the restrictions they once had. As such, various U.S. cities experienced increases and decreases in average costs of rental properties, such as two-bedroom apartments. As our visualization shows, these percentages varied widely across cities from April 2020 to April 2021.

Based on city average rent price trends for two-bedroom apartments from April 2020 to April 2021:

• Although Las Vegas, NV tops the list with the biggest increase in rent pricing at 45.60% ($1,997), it does not top the list as one of the most expensive two-bedrooms.
• Scottsdale, AZ tops the list as the most expensive rent prices for a two-bedroom at $3,125 (a 36.80% increase).
• Seattle, WA experienced the largest decrease in rent pricing at 26.30% ($2,884) but was still not among the most inexpensive two-bedrooms.
• Lexington, KY and Fort Wayne, IN only experienced average decreases in rent pricing (17.70% and 14.50%, respectively) but were still amongst the most inexpensive two-bedrooms at $976 and $839, respectively.
• The average percentage that most rent prices increased by was 30.3% and the average percentage rent prices decreased was by 16.8%.

For our data presented, city average rent price trends and percentages were gathered from the Apartment Guide’s Rent Report, May 2021: The State of the Rental Market. It is important to note that the cities included in the top 10 list experienced the biggest increases or decreases in two-bedroom rent prices year-over-year. Furthermore, this report also includes a more inclusive list of how rent prices are changing among the 100 most populated U.S. cities as well.

Top 5 U.S. Cities With the Largest Rental Price Increase

Top 5 U.S. Cities With the Largest Rental Price Decrease

As of April 2021, the average price of two-bedroom apartments across U.S. cities has varied widely since April 2020. With the average percentage that most rental prices increased by 30.3% and decreasing by 16.8%, this gives a consumer much to think about regarding their next rental decision.

For renters interested in the Midwest, Scottsdale, AZ tops the list at $3,125 for a two-bedroom (the highest on the top 10 list) with a 36.80% increase since last year. Conversely in a neighboring city, with a percentage increase at $28.8%, Tucson, AZ offers the lowest rental price among the top 10 at $1,366. Shifting to the cities with the largest decreases in rental price percentages, the West tops the list with Seattle, WA. With a steep decrease of 26.3%, renters can enjoy two-bedrooms in Seattle at an average price of $2,884. Additionally, for renters looking for the most budget-friendly options, Lexington, KY and Fort Wayne, IN offer average rental prices at $976 and $839, respectively, which still fall near or slightly below the average percentage decrease of 16.8%.

As a final note, remember that when choosing a rental property, regardless of fluctuating rental prices from year to year, renters insurance is important and should be considered. With unexpected expenses or a looming disaster always an unfortunate possibility, allocating for it into your rental budget is critical.

Now aware that some U.S. cities have declined by large percentages over the past year, if you are a renter, does this potentially pique your interest to explore another city? Furthermore, if rates have risen by a large percentage in your city, does this push you closer to pursuing homeownership? Why or why not? Let us know your thoughts in the comments below.

Data: Table 1.1

How big is the market for insurance in the U.S.? And which companies dominate the industry? Our newest visualization provides an intuitive way to think about insurance company rankings based on direct premiums.

• MetLife wrote the most direct premiums in any single insurance sector, topping $103.3M in its life/annuity insurance business.
• State Farm boasts the highest market share of any insurance sector. The company received $40.4M of direct passenger auto insurance premiums in 2020, about 16.2% of the total market.
• The insurance market is much more fragmented in some sectors than others. Workers’ compensation only has two companies, Travelers and Hartford, with more than 5% market share.
• Direct premiums don’t always translate into profits. They don’t take into account reinsurance or how much money gets paid out in claims.

We found the information for our visualization at the Insurance Information Institute (III). We wanted to understand how much money was coming into which companies across the entire insurance industry, broken down into different sectors. The circles in our visual correspond to the amount of direct premiums written in 2020, while the color highlights the relative percentage of market share. We added each company’s logo to make it even easier to see the largest winners in each sector.

Our visualization shows how some parts of the insurance industry are a lot more top-heavy than others. MetLife clearly dominated the life/annuity sector last year, taking in some $103.3M in direct premiums. Life insurance is complicated, but that represents about 13% of the entire market. Homeowners and auto insurance are also both top-heavy, with State Farm taking the top spot in each. But compare that to workers’ compensation or commercial property insurance, where several companies control much smaller slices. In fact, Travelers and Hartford are the only two companies with more than 5% market share of workers’ comp (7.3% and 5.9%, respectively).

There are a few things to keep in mind about our visualization of insurance premiums. First off, our visual doesn’t consider reinsurance, which occurs when a company issues a policy and then transfers the underlying risk to other companies. Different types of insurance are also subject to wildly different market conditions. A major hurricane for example could devastate a large part of the country, and property/casualty companies could lose a lot of money. Likewise, the COVID-19 pandemic has scrambled plans around life expectancy, not to mention workers’ compensation. In other words, just because a company is getting a lot of premium income, doesn’t necessarily mean it translates into profitability.

If you are looking for any type of insurance, we have a robust set of cost guides to help get you started today.

Data: Table 1.1