A home is the largest purchase most Americans make in their lifetimes. The typical American home now costs over $200,000 — significantly more money than most people have on hand. This disparity means that many homeowners must take on a mortgage, which usually leaves them hundreds of thousands of dollars in debt, to buy a house.
As long as the owner or owners have properly planned and budgeted their income, they should not face a severe financial burden from the debt. Yet not all Americans plan their finances correctly, and sometimes unforeseen circumstances get in the way. Just as home prices vary from state to state, so does the average mortgage debt.
To find the average mortgage debt in each state 24/7 Wall St. reviewed data from the 2017 State of Credit Report by Experian, a consumer reporting agency. Figures for median home value, median household income, homeownership rates, and the share of owner-occupied households with a mortgage come from the U.S. Census Bureau’s 2017 American Community Survey.
24/7 Wall St. spoke with Greg McBride, chief financial analyst at financial comparison service site Bankrate, about why some states have an average mortgage debt of less than $150,000, while others have an average debt exceeding $300,000. “Cost of living and home prices are a big factor,” McBride said. “The cost of living impacts how much you can save for something like a downpayment, and home prices impact how much you have to borrow.”
Wealthier states tend to have higher mortgage debts. All of the 10 states with the highest average mortgage debts rank among the wealthiest states in the country.
Click here to see the states with the most mortgage debt.
50. West Virginia
> Avg. mortgage debt: $114,583
> Median home value: $119,800 (the lowest)
> Median household income: $43,469 (the lowest)
> Homeownership rate: 72.5% (2nd highest)
> Homeowners with a mortgage: 45.9% (the lowest)
See all stories featuring: West Virginia
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49. Mississippi
> Avg. mortgage debt: $120,301
> Median home value: $120,200 (2nd lowest)
> Median household income: $43,529 (2nd lowest)
> Homeownership rate: 68.5% (15th highest)
> Homeowners with a mortgage: 49.1% (2nd lowest)
See all stories featuring: Mississippi
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48. Indiana
> Avg. mortgage debt: $122,791
> Median home value: $141,100 (6th lowest)
> Median household income: $54,181 (17th lowest)
> Homeownership rate: 69.0% (13th highest)
> Homeowners with a mortgage: 65.5% (15th highest)
See all stories featuring: Indiana
47. Kentucky
> Avg. mortgage debt: $126,446
> Median home value: $141,000 (5th lowest)
> Median household income: $48,375 (7th lowest)
> Homeownership rate: 66.5% (24th highest)
> Homeowners with a mortgage: 58.3% (15th lowest)
See all stories featuring: Kentucky
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46. Arkansas
> Avg. mortgage debt: $126,481
> Median home value: $128,500 (3rd lowest)
> Median household income: $45,869 (3rd lowest)
> Homeownership rate: 65.3% (18th lowest)
> Homeowners with a mortgage: 55.3% (7th lowest)
See all stories featuring: Arkansas
45. Ohio
> Avg. mortgage debt: $129,106
> Median home value: $144,200 (8th lowest)
> Median household income: $54,021 (16th lowest)
> Homeownership rate: 65.8% (22nd lowest)
> Homeowners with a mortgage: 62.8% (25th highest)
See all stories featuring: Ohio
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44. Iowa
> Avg. mortgage debt: $130,242
> Median home value: $149,100 (9th lowest)
> Median household income: $58,570 (25th highest)
> Homeownership rate: 71.6% (3rd highest – tied)
> Homeowners with a mortgage: 61.6% (23rd lowest)
See all stories featuring: Iowa
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43. Oklahoma
> Avg. mortgage debt: $130,700
> Median home value: $137,400 (4th lowest)
> Median household income: $50,051 (8th lowest)
> Homeownership rate: 65.5% (21st lowest)
> Homeowners with a mortgage: 54.8% (6th lowest)
See all stories featuring: Oklahoma
42. Michigan
> Avg. mortgage debt: $135,240
> Median home value: $155,700 (11th lowest)
> Median household income: $54,909 (18th lowest)
> Homeownership rate: 71.3% (5th highest)
> Homeowners with a mortgage: 60.2% (18th lowest)
See all stories featuring: Michigan
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41. Nebraska
> Avg. mortgage debt: $136,882
> Median home value: $155,800 (12th lowest)
> Median household income: $59,970 (21st highest)
> Homeownership rate: 66.3% (25th highest)
> Homeowners with a mortgage: 61.0% (21st lowest)
See all stories featuring: Nebraska
40. Missouri
> Avg. mortgage debt: $137,723
> Median home value: $156,700 (13th lowest)
> Median household income: $53,578 (15th lowest)
> Homeownership rate: 67.0% (20th highest)
> Homeowners with a mortgage: 61.9% (25th lowest)
See all stories featuring: Missouri
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39. Kansas
> Avg. mortgage debt: $137,869
> Median home value: $150,600 (10th lowest)
> Median household income: $56,422 (21st lowest)
> Homeownership rate: 65.9% (23rd lowest)
> Homeowners with a mortgage: 59.0% (17th lowest)
See all stories featuring: Kansas
38. Alabama
> Avg. mortgage debt: $140,963
> Median home value: $141,300 (7th lowest)
> Median household income: $48,123 (6th lowest)
> Homeownership rate: 68.0% (17th highest)
> Homeowners with a mortgage: 56.4% (9th lowest)
See all stories featuring: Alabama
37. Wisconsin
> Avg. mortgage debt: $142,993
> Median home value: $178,900 (22nd lowest)
> Median household income: $59,305 (22nd highest)
> Homeownership rate: 66.6% (22nd highest – tied)
> Homeowners with a mortgage: 64.1% (22nd highest)
See all stories featuring: Wisconsin
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36. Maine
> Avg. mortgage debt: $148,682
> Median home value: $191,200 (24th lowest)
> Median household income: $56,277 (20th lowest)
> Homeownership rate: 73.2% (the highest)
> Homeowners with a mortgage: 61.5% (22nd lowest)
See all stories featuring: Maine
35. Louisiana
> Avg. mortgage debt: $149,294
> Median home value: $162,500 (15th lowest)
> Median household income: $46,145 (4th lowest)
> Homeownership rate: 65.2% (15th lowest – tied)
> Homeowners with a mortgage: 52.7% (3rd lowest)
See all stories featuring: Louisiana
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34. Tennessee
> Avg. mortgage debt: $150,456
> Median home value: $167,500 (16th lowest)
> Median household income: $51,340 (10th lowest)
> Homeownership rate: 65.4% (19th lowest – tied)
> Homeowners with a mortgage: 58.9% (16th lowest)
See all stories featuring: Tennessee
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33. South Dakota
> Avg. mortgage debt: $152,335
> Median home value: $167,600 (17th lowest)
> Median household income: $56,521 (22nd lowest)
> Homeownership rate: 67.7% (19th highest)
> Homeowners with a mortgage: 55.4% (8th lowest)
See all stories featuring: South Dakota
32. Vermont
> Avg. mortgage debt: $155,077
> Median home value: $226,300 (19th highest)
> Median household income: $57,513 (24th lowest)
> Homeownership rate: 69.5% (11th highest)
> Homeowners with a mortgage: 61.8% (24th lowest)
See all stories featuring: Vermont
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31. North Dakota
> Avg. mortgage debt: $159,057
> Median home value: $194,700 (25th lowest)
> Median household income: $61,843 (18th highest)
> Homeownership rate: 63.4% (11th lowest)
> Homeowners with a mortgage: 54.5% (5th lowest)
See all stories featuring: North Dakota
30. New Mexico
> Avg. mortgage debt: $159,458
> Median home value: $171,300 (19th lowest)
> Median household income: $46,744 (5th lowest)
> Homeownership rate: 67.9% (18th highest)
> Homeowners with a mortgage: 53.6% (4th lowest)
See all stories featuring: New Mexico
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29. South Carolina
> Avg. mortgage debt: $160,016
> Median home value: $161,800 (14th lowest)
> Median household income: $50,570 (9th lowest)
> Homeownership rate: 68.7% (14th highest)
> Homeowners with a mortgage: 57.6% (12th lowest)
See all stories featuring: South Carolina
28. Pennsylvania
> Avg. mortgage debt: $161,013
> Median home value: $181,200 (23rd lowest)
> Median household income: $59,195 (24th highest)
> Homeownership rate: 68.3% (16th highest)
> Homeowners with a mortgage: 60.3% (19th lowest)
See all stories featuring: Pennsylvania
27. Idaho
> Avg. mortgage debt: $163,370
> Median home value: $207,100 (24th highest)
> Median household income: $52,225 (11th lowest)
> Homeownership rate: 69.7% (10th highest)
> Homeowners with a mortgage: 64.4% (17th highest – tied)
See all stories featuring: Idaho
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26. North Carolina
> Avg. mortgage debt: $166,561
> Median home value: $171,200 (18th lowest)
> Median household income: $52,752 (13th lowest)
> Homeownership rate: 65.4% (19th lowest – tied)
> Homeowners with a mortgage: 63.1% (23rd highest – tied)
See all stories featuring: North Carolina
25. Texas
> Avg. mortgage debt: $166,762
> Median home value: $172,200 (20th lowest)
> Median household income: $59,206 (23rd highest)
> Homeownership rate: 62.0% (6th lowest)
> Homeowners with a mortgage: 57.7% (13th lowest)
See all stories featuring: Texas
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24. Georgia
> Avg. mortgage debt: $169,990
> Median home value: $173,700 (21st lowest)
> Median household income: $56,183 (19th lowest)
> Homeownership rate: 62.9% (10th lowest)
> Homeowners with a mortgage: 65.0% (16th highest)
See all stories featuring: Georgia
23. Montana
> Avg. mortgage debt: $175,730
> Median home value: $231,300 (18th highest)
> Median household income: $53,386 (14th lowest)
> Homeownership rate: 69.2% (12th highest)
> Homeowners with a mortgage: 57.1% (11th lowest)
See all stories featuring: Montana
22. Minnesota
> Avg. mortgage debt: $175,993
> Median home value: $224,000 (20th highest)
> Median household income: $68,388 (12th highest)
> Homeownership rate: 71.6% (3rd highest – tied)
> Homeowners with a mortgage: 67.1% (11th highest)
See all stories featuring: Minnesota
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21. Illinois
> Avg. mortgage debt: $179,683
> Median home value: $195,300 (25th highest)
> Median household income: $62,992 (16th highest)
> Homeownership rate: 66.2% (24th lowest – tied)
> Homeowners with a mortgage: 63.1% (23rd highest – tied)
See all stories featuring: Illinois
20. Florida
> Avg. mortgage debt: $183,016
> Median home value: $214,000 (23rd highest)
> Median household income: $52,594 (12th lowest)
> Homeownership rate: 65.2% (15th lowest – tied)
> Homeowners with a mortgage: 56.9% (10th lowest)
See all stories featuring: Florida
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19. New Hampshire
> Avg. mortgage debt: $184,209
> Median home value: $263,600 (14th highest)
> Median household income: $73,381 (6th highest)
> Homeownership rate: 69.8% (9th highest)
> Homeowners with a mortgage: 65.8% (14th highest)
See all stories featuring: New Hampshire
18. Wyoming
> Avg. mortgage debt: $186,388
> Median home value: $214,300 (22nd highest)
> Median household income: $60,434 (19th highest)
> Homeownership rate: 70.8% (7th highest)
> Homeowners with a mortgage: 58.1% (14th lowest)
See all stories featuring: Wyoming
17. Delaware
> Avg. mortgage debt: $192,708
> Median home value: $252,800 (17th highest)
> Median household income: $62,852 (17th highest)
> Homeownership rate: 70.9% (6th highest)
> Homeowners with a mortgage: 64.6% (17th highest – tied)
See all stories featuring: Delaware
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16. Rhode Island
> Avg. mortgage debt: $194,851
> Median home value: $257,800 (16th highest)
> Median household income: $63,870 (15th highest)
> Homeownership rate: 60.8% (5th lowest)
> Homeowners with a mortgage: 69.3% (6th highest)
See all stories featuring: Rhode Island
15. Arizona
> Avg. mortgage debt: $198,385
> Median home value: $223,400 (21st highest)
> Median household income: $56,581 (23rd lowest)
> Homeownership rate: 64.7% (14th lowest)
> Homeowners with a mortgage: 64.4% (19th highest)
See all stories featuring: Arizona
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14. Utah
> Avg. mortgage debt: $204,478
> Median home value: $275,100 (10th highest)
> Median household income: $68,358 (13th highest)
> Homeownership rate: 69.9% (8th highest)
> Homeowners with a mortgage: 71.1% (3rd highest)
See all stories featuring: Utah
13. Nevada
> Avg. mortgage debt: $215,366
> Median home value: $258,200 (15th highest)
> Median household income: $58,003 (25th lowest)
> Homeownership rate: 56.6% (3rd lowest)
> Homeowners with a mortgage: 69.0% (7th highest)
See all stories featuring: Nevada
12. Oregon
> Avg. mortgage debt: $218,408
> Median home value: $319,200 (7th highest)
> Median household income: $60,212 (20th highest)
> Homeownership rate: 62.8% (8th lowest – tied)
> Homeowners with a mortgage: 66.8% (13th highest)
See all stories featuring: Oregon
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11. Alaska
> Avg. mortgage debt: $222,088
> Median home value: $273,100 (12th highest – tied)
> Median household income: $73,181 (7th highest)
> Homeownership rate: 63.5% (12th lowest)
> Homeowners with a mortgage: 64.2% (20th highest – tied)
See all stories featuring: Alaska
10. Connecticut
> Avg. mortgage debt: $235,786
> Median home value: $273,100 (12th highest – tied)
> Median household income: $74,168 (5th highest)
> Homeownership rate: 66.2% (24th lowest – tied)
> Homeowners with a mortgage: 68.0% (10th highest)
See all stories featuring: Connecticut
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9. Colorado
> Avg. mortgage debt: $241,980
> Median home value: $348,900 (4th highest)
> Median household income: $69,117 (11th highest)
> Homeownership rate: 65.2% (15th lowest – tied)
> Homeowners with a mortgage: 71.3% (2nd highest)
See all stories featuring: Colorado
8. New York
> Avg. mortgage debt: $243,244
> Median home value: $314,500 (8th highest)
> Median household income: $64,894 (14th highest)
> Homeownership rate: 53.8% (the lowest)
> Homeowners with a mortgage: 60.9% (20th lowest)
See all stories featuring: New York
7. Virginia
> Avg. mortgage debt: $246,379
> Median home value: $273,400 (11th highest)
> Median household income: $71,535 (9th highest)
> Homeownership rate: 66.6% (22nd highest – tied)
> Homeowners with a mortgage: 68.9% (8th highest)
See all stories featuring: Virginia
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6. New Jersey
> Avg. mortgage debt: $247,868
> Median home value: $334,900 (6th highest)
> Median household income: $80,088 (2nd highest)
> Homeownership rate: 63.8% (13th lowest)
> Homeowners with a mortgage: 67.0% (12th highest)
See all stories featuring: New Jersey
5. Washington
> Avg. mortgage debt: $250,467
> Median home value: $339,000 (5th highest)
> Median household income: $70,979 (10th highest)
> Homeownership rate: 62.8% (8th lowest – tied)
> Homeowners with a mortgage: 68.8% (9th highest)
See all stories featuring: Washington
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4. Massachusetts
> Avg. mortgage debt: $252,624
> Median home value: $385,400 (3rd highest)
> Median household income: $77,385 (4th highest)
> Homeownership rate: 62.3% (7th lowest)
> Homeowners with a mortgage: 69.9% (5th highest)
See all stories featuring: Massachusetts
3. Maryland
> Avg. mortgage debt: $256,744
> Median home value: $312,500 (9th highest)
> Median household income: $80,776 (the highest)
> Homeownership rate: 66.7% (21st highest)
> Homeowners with a mortgage: 72.9% (the highest)
See all stories featuring: Maryland
2. Hawaii
> Avg. mortgage debt: $342,613
> Median home value: $617,400 (the highest)
> Median household income: $77,765 (3rd highest)
> Homeownership rate: 58.5% (4th lowest)
> Homeowners with a mortgage: 64.2% (20th highest – tied)
See all stories featuring: Hawaii
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1. California
> Avg. mortgage debt: $347,652
> Median home value: $509,400 (2nd highest)
> Median household income: $71,805 (8th highest)
> Homeownership rate: 54.8% (2nd lowest)
> Homeowners with a mortgage: 70.5% (4th highest)
See all stories featuring: California
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