Mortgages in the USA: which states have the lowest and highest monthly payments
With record levels of mortgage debt in the United States, paying off the money for a home can be a daunting task. This is especially true in recent months, when the coronavirus (COVID-19) pandemic has left millions of Americans without jobs and income. MSN.
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To find out where monthly mortgage costs are highest in the US, LendingTree analyzed the average mortgage payment offered through 2019 in each of the country's 50 states. Using this data, we ranked each state based on their respective average monthly payments and then compared them to the national average payment of $ 1159.
Analysts also studied the ratio of household income before the COVID-19 crisis to monthly mortgage payments in each state. The result is a rating based on where the mortgage is most expensive in relation to income.
50. Iowa
- Median Monthly Mortgage Payment: $ 970
- Median Monthly Household Income: $ 6329
- Difference between the average mortgage payment in the state and the country: - $189
49. Indiana
- Median Monthly Mortgage Payment: $ 980
- Median Monthly Household Income: $ 5993
- Difference between the average mortgage payment in the state and the country: - $179
48. Arkansas
- Median Monthly Mortgage Payment: $ 984
- Median Monthly Household Income: $ 5356
- Difference between the average mortgage payment in the state and the country: - $175
47. West Virginia
- Median Monthly Mortgage Payment: $ 989
- Median Monthly Household Income: $ 5102
- Difference between the average mortgage payment in the state and the country: - $170
46. Mississippi
- Median Monthly Mortgage Payment: $ 990
- Median Monthly Household Income: $ 5053
- Difference between the average mortgage payment in the state and the country: - $169
32. Pennsylvania
- Median Monthly Mortgage Payment: $ 1071
- Median Monthly Household Income: $ 6796
- Difference between the average mortgage payment in the state and the country: - $88
22. Florida
- Median Monthly Mortgage Payment: $ 1124
- Median Monthly Household Income: $ 6388
- Difference between the average mortgage payment in the state and the country: - $35
21. Illinois
- Median Monthly Mortgage Payment: $ 1130
- Median Monthly Household Income: $ 7405
- Difference between the average mortgage payment in the state and the country: - $28
On the subject: How to Save Hundreds a Month on Mortgages: The Way Millions of Americans Are Missing
11. Oregon
- Median Monthly Mortgage Payment: $ 1221
- Median Monthly Household Income: $ 6670
- State and National Average Mortgage Payout Difference: - $ 63
6. New Jersey
- Median Monthly Mortgage Payment: $ 1367
- Median Monthly Household Income: $ 9178
- State and National Average Mortgage Payout Difference: - $ 208
5. Massachusetts
- Median Monthly Mortgage Payment: $ 1442
- Median Monthly Household Income: $ 8886
- State and National Average Mortgage Payout Difference: - $ 283
4. Washington
- Median Monthly Mortgage Payment: $ 1459
- Median Monthly Household Income: $ 7821
- State and National Average Mortgage Payout Difference: - $ 300
3. New York
- Median Monthly Mortgage Payment: $ 1575
- Median Monthly Household Income: $ 8119
- State and National Average Mortgage Payout Difference: - $ 416
2. California
- Median Monthly Mortgage Payment: $ 1696
- Median Monthly Household Income: $ 8458
- State and National Average Mortgage Payout Difference: - $ 537
1. Hawaii
- Median Monthly Mortgage Payment: $ 1780
- Median Monthly Household Income: $ 8314
- Difference between the average mortgage payment in the state and the country: - $621
The full state ranking can be found here.
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