One of the nation’s smallest states has the greatest increase of mortgage debt, according to a new data report from WalletHub.
In an analysis of proprietary data from 2024’s third quarter to fourth quarter, Vermont recorded the greatest upswing in mortgage debt, with the average balance rising by 2.63% to $208,730 and average monthly payments at $1,666. Although the increase might not seem dramatic, Vermont was the only state with an increase above 2%.
Delaware residents added the second-most mortgage debt over the analyzed period, with a 1.65% increase that brought the average balance in the state to $203,487 and the average monthly payment of $1,611. WalletHub noted Delaware ranks 34th among the states in terms of general affordability.
Another small East Coast state, Massachusetts, added the third-most mortgage debt with a 0.97% increase to an average mortgage balance of $302,242 and an average monthly mortgage payment of $2,380. Massachusetts is one of only five states with an average balance above $300,000 – many states had an average below $200,000.
At the other end of the spectrum, Kansas ranked last among the states and was one of 23 states where mortgage debt decreased.
“Mortgage 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, an editor at WalletHub. “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.”
