With pandemic numbers rising again from some sources; it’s shaken investors and pushed 30-year mortgage rates lower again this week, though adjustable rates moved a little higher.MCLEAN, Va.
Average Mortgage Debt Tops $202K ☘ Hoey Team ☘ eXp Realty
Dated: August 16 2019
In more places, homeowners are carrying supersized mortgages. Outstanding mortgage balances rose nationwide for the seventh consecutive quarter and reached a new high of $9.5 trillion, according to first-quarter data from Experian.
“While mortgage debt numbers could be a cause for concern as buyers increasingly leverage their finances to purchase homes, other signs show they are more responsible with their mortgage debt than in years past,” Experian’s Matt Tatham notes in the report. Lower mortgage rates are making borrowing less expensive. Also, mortgage delinquency rates have steadily decreased since 2009, which means more borrowers are making on-time payments.
On average, the U.S. mortgage debt per borrower for the first quarter was $202,284, a 2.4% annual increase for 2019, Experian reports. The average sales price for new homes has risen 46% over the past decade.
Some homeowners are carrying much higher mortgage debt. For example, homeowners in Washington, D.C., averaged the highest mortgage debt in the country for the second year at $416,848 per borrower. California ranked second (at $363,537), followed by Hawaii ($344,819), Washington state ($262,641), and Colorado ($258,026).
The states with the lowest mortgage debt are West Virginia (owing on average $110,729), Indiana ($120,354), Mississippi ($121,608), Ohio ($122,765), and Kentucky ($126,310).
Average Mortgage Debt and Median Sales Price by State
Mortgage debt in Louisiana has been rising faster than any other state over the past year, according to the study. The state posted a 4% increase in mortgage debt in the first quarter of this year. Texas, Utah, and Colorado followed, at 3.6% and both 3.2%, respectively.
California had the highest number of metros—at eight—in the top 10 metros for highest mortgage debt in the country. San Jose-Sunnyvale-Santa-Clara, Calif., had the highest average mortgage debt nationwide at $519,576, followed by San Francisco-Oakland-Fremont, Calif.; Santa Barbara-Santa Maria-Goleta, Calif.; Los Angeles-Long Beach-Santa Ana, Calif.; and Santa Cruz-Watsonville, Calif.
Meanwhile, homeowners in Danville, Ill., owed the least on their homes, with an average $70,964 in mortgage debt in the first quarter of this year. Rounding out the top five for metros with the lowest mortgage debt were: Johnstown, Pa. ($71,269); Weirton-Steubenville, W.Va.-Ohio ($75,878); Terre Haute, Ind. ($79,281); and Youngstown-Warren-Boardman, Ohio-Pa. ($84,664).
Article content from NAR Realtor Magazine
Also; please check out the other blogs, and tabs to many other Links, Updates & Reports that we have here on our informational website. ☘
We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
“Please Share this and our informational website with anyone who you think the info will help.
Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can.
Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats. Thanks, Barry & Kim ☘”
"Your Real Estate Concierge" If you are looking for a REALTOR® or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....
Latest Blog Posts
Hello,Barry & Kim with the Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ hope that you and yours are doing good; wherever you are located.Hot off the press please find
Florida Realtors chief economist Dr Brad O'Connor: More homes are being listed than you think. Despite record-low inventory levels, the reason for current buyer frustrations isn’t
Welcome to the Luxury Market Report for June 2021, your guide to luxury real estate market data and trends for North AmericaProduced monthly by The Institute for Luxury Home Marketing, this report