For most Americans, a home purchase is the biggest purchase of their life and thus requires taking on a large amount of debt. The average mortgage debt can vary considerably from state to state.
“Cost of living and home prices are a big factor,” says Greg McBride, chief financial analyst at Bankrate. “The cost of living impacts how much you can save for something like a down payment, and home prices impact how much you have to borrow.”
Wealthier states tend to have the highest amount of mortgage debt. 24/7 Wall St., a personal finance website, pinpointed which states have the highest amount of mortgage debt. Here are the top 10:
1. California
- Avg. mortgage debt: $347,652
- Median home value: $509,400 (2nd highest)
- Median household income: $71,805 (8th highest)
2. Hawaii
- Avg. mortgage debt: $342,613
- Median home value: $617,400 (the highest)
- Median household income: $77,765 (3rd highest)
3. Maryland
- Avg. mortgage debt: $256,744
- Median home value: $312,500 (9th highest)
- Median household income: $80,776 (the highest)
4. Massachusetts
- Avg. mortgage debt: $252,624
- Median home value: $385,400 (3rd highest)
- Median household income: $77,385 (4th highest)
5. Washington
- Avg. mortgage debt: $250,467
- Median home value: $339,000 (5th highest)
- Median household income: $70,979 (10th highest)
6. New Jersey
- Avg. mortgage debt: $247,868
- Median home value: $334,900 (6th highest)
- Median household income: $80,088 (2nd highest)
7. Virginia
- Avg. mortgage debt: $246,379
- Median home value: $273,400 (11th highest)
- Median household income: $71,535 (9th highest)
8. New York
- Avg. mortgage debt: $243,244
- Median home value: $314,500 (8th highest)
- Median household income: $64,894 (14th highest)
9. Colorado
- Avg. mortgage debt: $241,980
- Median home value: $348,900 (4th highest)
- Median household income: $69,117 (11th highest)
10. Connecticut
- Avg. mortgage debt: $235,786
- Median home value: $273,100 (12th highest – tied)
- Median household income: $74,168 (5th highest)
See how your state stacks up and view the full list at 24/7 Wall Street.
Source: “States With the Most Mortgage Debt,” 24/7 Wall Street (June 2019)
