BALTIMORE, MD—Americans owe more than $12 trillion on their mortgages, and the personal-finance website WalletHub this week released its report on the States Adding the Most Mortgage Debt to show where homeowners are struggling the most.
WalletHub compared the 50 states based on its proprietary data on mortgage debt from Q3 2023 to Q4 2023.
Maryland topped the list, with the average mortgage balance in the state increasing by 1.23% from Q3 2023 to Q4 2023.
The average mortgage balance in Maryland was $283,092 in Q4 2023. The average monthly mortgage payment in Maryland was $2,145 in Q4 2023.
“Mortgage interest rates are the highest they’ve been in around a decade, and home prices have seen a meteoric rise in recent years as well,” said John Kiernan, WalletHub Editor. “Even small increases in home prices can lead to thousands of dollars in extra mortgage interest costs for homeowners, so it’s important to choose wisely when deciding where and when to buy a house.”
“Maryland residents added the most mortgage debt from Q3 2023 to Q4 2023, at least in percentage terms, with the average balance rising by 1.23% to $283,092,” Kiernan added. “No other state had an increase above 1%, and 17 states even saw decreases during Q4.”
The full report can be viewed here at WalletHub.
More in the video below.
Photo via Pixabay
