Special Report

How Mortgage Debt in Rhode Island Compares to Other States

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 Rhode Island is $217,019, more than in most states but about $12,200 less than the national average.

Accounting for income, homes in Rhode Island are less affordable than average. The typical home in the state is worth $283,000, 4.0 times more than the state’s median household income of $71,169. Meanwhile, the comparable affordability ratio nationwide is slightly lower, at 3.7-to-1.

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