How Mortgage Debt In Florida Compares To Other States

West Palm Beach FL

27 September, 2021

12:54 PM

Description

By Samuel Stebbins, 24/7 Wall St. - West Palm Beach 2021-09-27 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. Florida has the highest average mortgage debt of any state in the South except Maryland and Virginia. An estimated 56.3% of homeowners in the Sunshine State have a mortgage, and the average debt among them is $214,203 — more than in most states, but about $15,000 below the national average. Home values in Florida are closely in line with the national average. The typical single-family home in the state is worth $245,100, compared with the national median of $240,500. 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.     Can't see the article's infographic? Click here to view the original story.This story was originally published by 24/7 Wall St., a news organization that produces real-time business commentary and data-driven reporting for state and local markets across the country.