News & Trends » Research » How Much Americans Owe on Their Mortgages in Every State

How Much Americans Owe on Their Mortgages in Every State

The national average mortgage debt is $201,811, an increase of almost 3% from 2016, and up 9.49% from 2007.

States With the Highest and Lowest Mortgage Debt

Residents of Washington D.C. had the highest average mortgage debt for the second year in a row, at $406,035. California (~$347K) and Hawaii (~$342K) followed the District with the most mortgage debt.

People in West Virginia owed the least on their homes, with an average of $114,583 in mortgage debt.

Top 10 States with the Highest Average Mortgage Debt
Washington D.C. $406,035
California $347,652
Hawaii $342,613
Maryland $256,744
Massachusetts $252,624
Washington $250,467
New Jersey $247,868
Virginia $246,379
New York $243,244
Colorado $241,980
Source: Experian.com
Top 10 States with the Lowest Average Mortgage Debt
West Virginia $114,583
Mississippi $120,301
Indiana $122,791
Arkansas $126,481
Kentucky $126,446
Ohio $129,106
Iowa $130,242
Oklahoma $130,700
Michigan $135,240
Nebraska $136,882
Source: Experian.com

Changes in Mortgage Debt by State

North Dakota took the top spot with a whopping 40.66% increase in mortgage debt compared to last year. Residents of several other states, including Texas, Washington D.C. Oklahoma and Wyoming also increased the amount of mortgage debt significantly over 2016.

Top 10 States with the Highest % Increase in Mortgage Debt Compared to 2016
North Dakota 40.66%
Texas 23.85%
Washington D.C. 17.42%
Oklahoma 17.28%
Wyoming 16.72%
Louisiana 15.52%
Alaska 14.04%
New York 13.95%
Tennessee 13.81%
Montana 13.06%
Source: Experian.com
Top 10 States with the Highest % Increase in Mortgage Debt Compared to 2007
Massachusetts 100.3%
North Dakota 59.31%
Wyoming 36.9%
Texas 33.12%
Louisiana 30.65%
Oklahoma 29.44%
South Dakota 29.19%
Alaska 28.73%
Minnesota 28.46%
Montana 28.06%
Source: Experian.com

How Much Has Mortgage Debt Increased Since the Recession?

When looking at a longer time frame, Massachusetts mortgage debt doubled, from $126,332 in 2007 to $252,624 in 2017. North Dakota was second in line, with average mortgage debt increasing more than 59%.

On the other hand, Maine had a decrease in average mortgage debt by -34.96%. Missouri, Nevada, Arizona and Florida also decreased average mortgage debt compared to 2007, before the recession.

Top 10 States with the Lowest % Increase in Mortgage Debt Compared to 2016
Nevada -6.07%
Arizona -3.02%
Wisconsin .81%
Illinois .86%
New Mexico 1%
Michigan 1.08%
Ohio 2.12%
Florida 2.48%
Rhode Island 2.57%
Georgia 2.58%
Source: Experian.com
Top 10 States with the Lowest % Increase in Mortgage Debt Compared to 2007
Maine -34.96%
Missouri -17.91%
Nevada -13.11%
Arizona -3.92%
Florida -2.61%
California 0.98%
Illinois 2.56%
Michigan 2.83%
Ohio 4.26%
Rhode Island 4.52%
Source: Experian.com

Your mortgage debt appears on your credit report and is one of many factors that can influence your credit scores. Most credit scores consider the total amount of debt you have, your credit mix (types of debt), inquiries for new credit, and your payment history.

Making mortgage payments in full and on time, every time will help you build a positive payment history and can improve your credit scores whereas missing payments or paying less than the full amount owed can harm your scores.

If you’re ready to take on a mortgage, check out our resources on what to do to prepare for buying a home and learn more about good credit scores. While there are no set minimum credit scores to buy a house, having higher credit scores will increase the likelihood you’ll be approved for a mortgage and save money on lower interest rates.

Review Your Free Experian Credit Report Today

Good credit begins with knowing where your credit is today. Get started with your free Experian Credit Report, updated every 30 days on sign in. No credit card required.

Get Started for Free
Get Your Free Credit Report

View your free Experian Credit Report every 30 days on sign in.

No credit card required.

Get Started for Free