States With the Most Mortgage Debt

The average mortgage debt in Maine is $167,615, the lowest of any state in the Northeast and the 16th lowest nationwide.

Not only do homeowners in Maine tend to owe less than those in most other states, but Maine residents in general are more likely to own their home than most other Americans. Only 27.8% of housing units in Maine are rented compared to 35.9% of housing units nationwide. Similarly, Maine’s homeownership rate of 72.2% is the second highest among states and well above the 64.1% national rate.

Vermont is one of the few states in the Northeast with lower average mortgage debt than the comparable national average. An estimated 61.7% of homeowners in the Green Mountain State have a mortgage, and the average debt among them is $172,919 — about $56,300 less than the national average.

Homes in Vermont are about as affordable as they are nationwide on average. The typical home in Vermont is worth $233,200, 3.7 times more than the state’s median household income of $63,001 — exactly in line with the comparable affordability ratio nationwide of 3.7-to-1.

The average mortgage debt in South Dakota is $173,005, less than in most other states and about $56,200 less than the national average.

As is often the case in states with lower average mortgage debt, homes cost less than average in South Dakota, and homeowners are less likely to need to take out a mortgage. The typical home in South Dakota is worth $185,000, about $55,500 less than the typical home nationwide, and only 55.6% of homeowners in the state have a mortgage, compared to 61.7% of homeowners nationwide.

The average mortgage debt in New Mexico is $174,292, about $55,000 below the national average. The below average mortgage debt across the state is partially attributable to relatively low home values in the state. The typical home in New Mexico is worth just $180,900, less than in most other states and about $59,600 below the national median.

Low home values also mean residents are less likely to need to take out a mortgage to afford a home, and those who do can pay down their mortgage faster. Only 52.9% of homeowners in New Mexico are paying a mortgage, a smaller share than in all but four other states and well below the 61.7% national share.

The average mortgage debt in Pennsylvania is $175,648, less than in most states. As is typically the case in areas with lower than average mortgage debt, homes are less expensive than average in Pennsylvania. The typical home in the Keystone State is worth $192,600, about $53,600 below the national median.

With lower than home values, Pennsylvanians are also less likely to need to take out a mortgage. An estimated 59.1% of homeowners in the state have a mortgage on their home, a slightly smaller share than the 61.7% of homeowners nationwide.