According to data from Experian, the national home mortgage debt in 2017 stood at $201,811.
That figure is up nearly 3% from 2016, and up 9.49% from 2007, signaling that too many American homeowners are sliding back into the mortgage debt morass that helped fuel the Great Recession of 2008 and 2009.
Of course, some states have more mortgage debt than others, and the range in mortgage debt from state to state is sizeable.
So, which states have the highest mortgage debt? We provide some clarity on the issue, in our benchmark “Experian State of Credit: 2017” report.
States with the Highest Mortgage Debts
At $204,478, Utah is one of the highest-averaging mortgage debt states in the U.S. The state saw an $8,134 rise in household mortgage debt from 2016 to 2017.
Las Vegas, a hot-spot for sun-seekers and thrill-seekers, has an average of $215,366 in average mortgage debt.
The Beaver state clocks in at an average of $218,408, edging out Nevada. Oregon saw its average mortgage debt rise by $7,452 from 2016 to 2017.
The Natural State saw its average mortgage debt rise to $220,088 in 2017, a $4,128 upward spike from 2016.
There’s a sizable jump in mortgage debt rates from Arkansas to Connecticut, with the Constitution State posting an average rate of $235,786 in 2017.
With an average of $241,980, Colorado lands on the list of U.S. states with the most mortgage debt.
9. New York
The Empire State, which includes New York City, one of the most expensive cities to live in the U.S., has a mortgage debt average of $243,244.
Northern Virginia is a popular commuter for federal government workers heading to D.C., so it’s no surprise Virginia is on this list. The average mortgage rate in Virginia is $246,379.
7. New Jersey
The Garden State is known for its high cost of living, relative to other states, and home ownership is no exception. At $247,868, its average residential mortgage debt is one of the highest in the U.S.
3,000 miles to the west, Washington is experiencing an influx of newcomers, lured by lucrative high-tech jobs at companies like Amazon, Microsoft, and Starbucks. Rising demand for homes is a big reason why the state’s average mortgage rate stands at $250,467.
Another technology mecca that also boasts some of the most high-profile universities in the country is Massachusetts. Younger career professionals are heading to the Bay State in droves and that’s helping drive home prices up, to an average of $252,624.
The Old Line State makes the list of states with the highest mortgage debt, at $256,744.
At $342,613 in average mortgage debt, the Aloha State is an expensive place to own a home. Given the beautiful vistas and tropical weather, many Hawaii homeowners apparently believe it’s all worth the robust price.
Like Hawaii, beautiful scenery and warm weather is a big attraction for Americans looking to strike career gold, and need a good home to get that job done. At $347,652 in average mortgage debt, the Golden State is the state with the highest mortgage debt in the U.S.
1. Washington, D.C
Although not a U.S state, The District of Columbia is the most expensive place to own a home, and its average residential mortgage debt, at a whopping $406,035, shows exactly why.
Need help figuring out your mortgage? Here’s some help.
Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, or other company, and have not been reviewed, approved or otherwise endorsed by any of these entities. All information, including rates and fees, are accurate as of the date of publication.