How Pennsylvania Mortgage Debt Compares to Other States State
The COVID-19 pandemic has fueled an increase in demand among home buyers that is only now starting to show signs of slowing down. This historic demand has coincided with low borrowing costs, a limited housing stock and labor and material bottlenecks that have hampered new construction. These factors have pushed home values ââto all-time highs, forcing many buyers to take out mortgages that put them in heavy debt.
According to a recent report from Experian, a consumer credit reporting company, US homeowners with mortgages had an average outstanding balance of $ 229,242 in 2020. Mortgage debt can be affected by several regional factors and, hence, the amount of debt of US homeowners. reimburse varies widely from state to state.
The average mortgage debt in Pennsylvania is $ 175,648, less than in most states. As is generally the case in areas with below average mortgage debt, homes are cheaper than average in Pennsylvania. A typical house in the state of Keystone is worth $ 192,600, which is about $ 53,600 less than the national median.
With lower house 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 lower share than the 61.7% of homeowners nationwide.
All of the mortgage debt data used in this article comes from the 2020 Credit Report Report from Experian, a consumer information 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 share of owner-occupied households with a mortgage come from the 2019 American Community Survey from the U.S. Census Bureau.
|Rank||State||Average mortgage debt ($)||Median house value ($)||Median household income ($)||Homeowners with a mortgage (%)|
|38||Wisconsin||160 116||197,200||64 168||62.7|
|32||New Mexico||174,292||180 900||51 945||52.9|
|29||Caroline from the south||183,603||179,800||56 227||58.0|
|23||Texas||201 084||200 400||64,034||56.1|
|21||New Hampshire||208,570||281,400||77 933||64.9|
|18||Delaware||210 933||261,700||70 176||65.5|
|8||New Jersey||270,329||348,800||85 751||65.6|
|6||new York||274,349||338,700||72 108||59.6|