Special Report
How Mortgage Debt in Ohio 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 typical home in Ohio is worth $157,200 — less than in all but seven other states and well below the national median home value of $240,500. Lower home values mean homeowners do not have to borrow as much. The average mortgage debt in Ohio is $142,293, the fourth lowest of any state.
Lower-valued homes also make homeownership more affordable for a broader range of budgets, and may help explain the slightly lower than average concentration of renters in the state. Only 34.0% of Ohio residents rent compared to 35.9% of all Americans.
All mortgage debt data used in this story from the 2020 State of Credit Report by Experian, a consumer reporting agency. Average mortgage debt is a measure of the average first mortgage balance per consumer who had an open first mortgage account. Figures for median home value, median household income, homeownership rates, and the share of owner-occupied households with a mortgage came from the U.S. Census Bureau’s 2019 American Community Survey.
Rank | State | Average mortgage debt ($) | 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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