How Mortgage Debt In Missouri Compares To Other States

Kansas City MO

27 September, 2021

4:23 PM

Description

By Samuel Stebbins, 24/7 Wall St. Kansas City 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. The typical home in Missouri is worth $168,000, about $72,500 less than the median home value nationwide. Lower home values mean that homeowners borrow less. The average mortgage debt in Missouri is $155,203, one of the lowest averages among states. Home values are typically a reflection of what area residents can afford, and just as home values are low in Missouri, so too are incomes. The typical household in the state earns $57,409 a year, less than in most other states and well below the national median household income of $65,712. 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.