The 5 states where people have the most mortgage debt — and 5 where they have the least
Mortgage debt comprises about three-fourths of the debt burden in the U.S., according to a study
Mortgage debt has increased by 80% since 2003 and remains the primary source of debt in the US, a new study found.
The Kaplan Group, a commercial collection agency, released a study in June on the debt burden Americans face. It analyzed State Level Household Debt Statistics from 2003 to 2023 to discover that three-quarters of the total debt burden is mortgage debt.
Far behind mortgages are student loans and car loans, which each total 10% of Americans’ debt burden. Credit card debt comprises 7% of the overall debt, The Kaplan Group found.
Take a look at the states with the five highest and five lowest average amounts of mortgage debt.
1 / 10
5th Highest: Hawaii
Average Mortgage Debt: $63,620.00
2 / 10
4th Highest: Washington
Average Mortgage Debt: $64,750.00
3 / 10
3rd Highest: California
Average Mortgage Debt: $67,840.00
4 / 10
2nd Highest: Colorado
Average Mortgage Debt: $70,790.00
5 / 10
Highest: Washington DC
Average Mortgage Debt: $79,730.00
6 / 10
5th Lowest: Kentucky
Average Mortgage Debt: $25,270.00
7 / 10
4th Lowest: Oklahoma
Average Mortgage Debt: $24,730.00
8 / 10
3rd Lowest: Arkansas
Average Mortgage Debt: $24,000.00
9 / 10
2nd Lowest: Mississippi
Average Mortgage Debt: $20,750.00
10 / 10
Lowest: West Virginia
Average Mortgage Debt: $19,610.00