Special Report
How Mortgage Debt in Kansas Compares to Other States
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The COVID-19 pandemic fueled a surge in demand among homebuyers that is only now beginning to show signs of slowing. This historic demand coincided with low borrowing costs, limited housing inventory, and labor and materials bottlenecks that have been hampering new construction. These factors have pushed home values to all time highs, forcing many buyers to take on mortgages that put them deep in debt.
According to a recent report from Experian, a consumer credit reporting company, American homeowners with a mortgage had an average unpaid balance of $229,242 in 2020. Mortgage debt can be impacted by multiple regional factors, and as a result, the amount of debt American homeowners are paying down varies considerably by state.
The average mortgage debt in Kansas is $155,277 — the 11th lowest amount of any state. The lower mortgage debt is likely partially the result of the state’s relatively affordable housing market. The typical home in Kansas is worth $163,200, only 2.6 times more than the state’s median household income of $62,087. Meanwhile, the comparable affordability ratio nationwide is far higher, at 3.7-to-1.
The state’s affordable housing also likely explains why homeowners in Kansas are less likely than those in most other states to need to take out a mortgage in the first place. Only 57.9% of homeowners in Kansas are financing with a mortgage, compared to 61.7% of all U.S. homeowners.
All mortgage debt data used in this story from the 2020 State of Credit Report by Experian, a consumer reporting agency. Average mortgage debt is a measure of the average first mortgage balance per consumer who had an open first mortgage account. Figures for median home value, median household income, homeownership rates, and the share of owner-occupied households with a mortgage came from the U.S. Census Bureau’s 2019 American Community Survey.
Rank | State | Average mortgage debt ($) | Median home value ($) | Median household income ($) | Homeowners with a mortgage (%) |
---|---|---|---|---|---|
50 | West Virginia | 128,004 | 124,600 | 48,850 | 46.4 |
49 | Mississippi | 135,374 | 128,200 | 45,792 | 49.1 |
48 | Indiana | 140,915 | 156,000 | 57,603 | 65.2 |
47 | Ohio | 142,293 | 157,200 | 58,642 | 62.1 |
46 | Arkansas | 143,066 | 136,200 | 48,952 | 53.0 |
45 | Kentucky | 143,329 | 151,700 | 52,295 | 56.9 |
44 | Iowa | 146,408 | 158,900 | 61,691 | 59.9 |
43 | Oklahoma | 147,538 | 147,000 | 54,449 | 54.4 |
42 | Michigan | 150,482 | 169,600 | 59,584 | 59.3 |
41 | Missouri | 155,203 | 168,000 | 57,409 | 60.2 |
40 | Kansas | 155,277 | 163,200 | 62,087 | 57.9 |
39 | Nebraska | 156,568 | 172,700 | 63,229 | 59.5 |
38 | Wisconsin | 160,116 | 197,200 | 64,168 | 62.7 |
37 | Alabama | 160,341 | 154,000 | 51,734 | 55.3 |
36 | Louisiana | 165,572 | 172,100 | 51,073 | 51.7 |
35 | Maine | 167,615 | 200,500 | 58,924 | 60.5 |
34 | Vermont | 172,919 | 233,200 | 63,001 | 61.7 |
33 | South Dakota | 173,005 | 185,000 | 59,533 | 55.6 |
32 | New Mexico | 174,292 | 180,900 | 51,945 | 52.9 |
31 | Pennsylvania | 175,648 | 192,600 | 63,463 | 59.1 |
30 | North Dakota | 181,930 | 205,400 | 64,577 | 52.1 |
29 | South Carolina | 183,603 | 179,800 | 56,227 | 58.0 |
28 | Tennessee | 184,360 | 191,900 | 56,071 | 58.2 |
27 | North Carolina | 188,520 | 193,200 | 57,341 | 63.2 |
26 | Illinois | 189,808 | 209,100 | 69,187 | 62.4 |
25 | Georgia | 196,030 | 202,500 | 61,980 | 64.2 |
24 | Minnesota | 198,039 | 246,700 | 74,593 | 65.1 |
23 | Texas | 201,084 | 200,400 | 64,034 | 56.1 |
22 | Montana | 206,561 | 253,600 | 57,153 | 55.4 |
21 | New Hampshire | 208,570 | 281,400 | 77,933 | 64.9 |
20 | Idaho | 208,645 | 255,200 | 60,999 | 64.3 |
19 | Wyoming | 208,716 | 235,200 | 65,003 | 59.2 |
18 | Delaware | 210,933 | 261,700 | 70,176 | 65.5 |
17 | Florida | 214,203 | 245,100 | 59,227 | 56.3 |
16 | Rhode Island | 217,019 | 283,000 | 71,169 | 66.3 |
15 | Arizona | 229,332 | 255,900 | 62,055 | 62.4 |
14 | Alaska | 244,840 | 281,200 | 75,463 | 60.8 |
13 | Connecticut | 247,241 | 280,700 | 78,833 | 66.2 |
12 | Nevada | 253,602 | 317,800 | 63,276 | 67.4 |
11 | Utah | 258,635 | 330,300 | 75,780 | 70.1 |
10 | Oregon | 261,147 | 354,600 | 67,058 | 66.1 |
9 | Virginia | 269,570 | 288,800 | 76,456 | 67.7 |
8 | New Jersey | 270,329 | 348,800 | 85,751 | 65.6 |
7 | Maryland | 274,311 | 332,500 | 86,738 | 71.9 |
6 | New York | 274,349 | 338,700 | 72,108 | 59.6 |
5 | Massachusetts | 292,513 | 418,600 | 85,843 | 68.3 |
4 | Colorado | 297,813 | 394,600 | 77,127 | 70.8 |
3 | Washington | 307,407 | 387,600 | 78,687 | 67.7 |
2 | Hawaii | 387,977 | 669,200 | 83,102 | 64.4 |
1 | California | 396,229 | 568,500 | 80,440 | 69.0 |
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