A new data study from WalletHub that analyzed mortgage debt levels among the states between the third and fourth quarters of 2023 has found Maryland as the national leader in percentage terms, with the average balance rising by 1.23% to $283,092.
WalletHub noted that Maryland was the only state with a quarterly mortgage debt increase above 1%, with 17 states recording a mortgage debt decrease during the fourth quarter.
“In addition to having the biggest increase in the average mortgage balance, Maryland residents also have one of the biggest mortgage balances in general,” said the WalletHub report. “Their average monthly payment is very high as a result, at $2,145. In addition to a high amount of mortgage debt, Maryland residents also have to deal with a relatively high property tax rate on their homes.”
Nevada residents added the second-most mortgage debt with a 0.73% increase that brought the average balance in the state to $279,215, while Hawaii added the third-most mortgage debt with a relatively scant 0.07% uptick – although the average mortgage balance in the Ahola State grew to $366,362, making it one of only four states had an average balance above $300,000 in the fourth quarter.
“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.”
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