NYS Has 8th Highest Mortgage Debt of Any U.S. State

New York has the eighth highest mortgage debt of any state in the country with an average mortgage debt totaling $243,244, reports financial news website 247wallst.com. Click HERE to read 24/7’s article and HERE to view 24/7’s full list of the “States With the. Most Mortgage Debt.”

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)

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 down payment, and home prices impact how much you have to borrow.”

Methodology:

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.

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.

California ranks #1 in mortgage debt.