Ranked: The average monthly mortgage payment in every state
[MSN, DepositPhotos]
Paying off a home
With mortgage debt at record levels, paying off a home can be expensive. This is especially true in recent weeks as the coronavirus (COVID-19) pandemic has left millions of Americans out of work and without an income.
To see where monthly mortgage costs are highest, LendingTree analysts looked at the average mortgage payment offered through 2019 to LendingTree users in each of the nation’s 50 states. With this data, LendingTree analysts ranked each state based on its respective average monthly mortgage payment and then compared that to the national average payment of $1,159.
Additionally, LendingTree also studied the ratio of household income before the coronavirus crisis hit to monthly mortgage payments in each state. Our analysts then created a separate ranking based on where mortgages are the most expensive, relative to income. Borrowers in states with the highest relative mortgage payments will likely struggle the most in the wake of COVID-19, as homeowners lose their jobs and see their incomes reduced dramatically.
lFortunately for borrowers struggling to keep up with their mortgage payments, there are numerous mortgage relief programs being implemented to help homeowners stay afloat.
Methodology
To calculate the average monthly mortgage payment in each state, LendingTree averaged the monthly mortgage payments offered by lenders on the LendingTree platform through 2019. Using this number, each state was ranked from the highest average monthly mortgage payment to the lowest.
LendingTree analysts used estimates provided by S&P Global Market Intelligence to determine the average household income in each state for 2019. By dividing monthly mortgage payments by the average household income, our analysts determined what share of a household’s income goes toward its mortgage payment.
50. Iowa
Average monthly mortgage payment: $970
Average monthly household income: $6,329
Difference between state and national average mortgage payment: -$189
49. Indiana
Average monthly mortgage payment: $980
Average monthly household income: $5,993
Difference between state and national average mortgage payment: -$179
48. Arkansas
Average monthly mortgage payment: $984
Average monthly household income: $5,356
Difference between state and national average mortgage payment: -$175
47. West Virginia
Average monthly mortgage payment: $989
Average monthly household income: $5,102
Difference between state and national average mortgage payment: -$170
46. Mississippi
Average monthly mortgage payment: $990
Average monthly household income: $5,053
Difference between state and national average mortgage payment: -$169
45. Kentucky
Average monthly mortgage payment: $1,003
Average monthly household income: $5,593
Difference between state and national average mortgage payment: -$156
44. Oklahoma
Average monthly mortgage payment: $1,005
Average monthly household income: $5,855
Difference between state and national average mortgage payment: -$154
43. Nebraska
Average monthly mortgage payment: $1,014
Average monthly household income: $6,440
Difference between state and national average mortgage payment: -$145
42. Missouri
Average monthly mortgage payment: $1,020
Average monthly household income: $6,095
Difference between state and national average mortgage payment: -$139
41. Ohio
Average monthly mortgage payment: $1,023
Average monthly household income: $6,176
Difference between state and national average mortgage payment: -$136
40. Michigan
Average monthly mortgage payment: $1,031
Average monthly household income: $6,279
Difference between state and national average mortgage payment: -$128
39. South Dakota
Average monthly mortgage payment: $1,042
Average monthly household income: $6,147
Difference between state and national average mortgage payment: -$117
38. North Dakota
Average monthly mortgage payment: $1,052
Average monthly household income: $7,004
Difference between state and national average mortgage payment: -$107
37. Wisconsin
Average monthly mortgage payment: $1,054
Average monthly household income: $6,474
Difference between state and national average mortgage payment: -$104
36. Kansas
Average monthly mortgage payment: $1,060
Average monthly household income: $6,459
Difference between state and national average mortgage payment: -$99
35. Alabama
Average monthly mortgage payment: $1,060
Average monthly household income: $5,604
Difference between state and national average mortgage payment: -$99
34. New Mexico
Average monthly mortgage payment: $1,060
Average monthly household income: $5,547
Difference between state and national average mortgage payment: -$99
33. Vermont
Average monthly mortgage payment: $1,070
Average monthly household income: $6,539
Difference between state and national average mortgage payment: -$89
32. Pennsylvania
Average monthly mortgage payment: $1,071
Average monthly household income: $6,796
Difference between state and national average mortgage payment: -$88
31. Louisiana
Average monthly mortgage payment: $1,073
Average monthly household income: $5,735
Difference between state and national average mortgage payment: -$86
30. Minnesota
Average monthly mortgage payment: $1,083
Average monthly household income: $7,550
Difference between state and national average mortgage payment: -$76
29. Maine
Average monthly mortgage payment: $1,096
Average monthly household income: $6,101
Difference between state and national average mortgage payment: -$63
28. Georgia
Average monthly mortgage payment: $1,100
Average monthly household income: $6,548
Difference between state and national average mortgage payment: -$59
27. South Carolina
Average monthly mortgage payment: $1,102
Average monthly household income: $5,841
Difference between state and national average mortgage payment: -$57
26. Arizona
Average monthly mortgage payment: $1,116
Average monthly household income: $6,435
Difference between state and national average mortgage payment: -$43
25. Rhode Island
Average monthly mortgage payment: $1,118
Average monthly household income: $7,127
Difference between state and national average mortgage payment: -$41
24. Delaware
Average monthly mortgage payment: $1,121
Average monthly household income: $7,247
Difference between state and national average mortgage payment: -$38
23. North Carolina
Average monthly mortgage payment: $1,122
Average monthly household income: $6,146
Difference between state and national average mortgage payment: -$37
22. Florida
Average monthly mortgage payment: $1,124
Average monthly household income: $6,388
Difference between state and national average mortgage payment: -$35
21. Illinois
Average monthly mortgage payment: $1,130
Average monthly household income: $7,405
Difference between state and national average mortgage payment: -$28
20. Montana
Average monthly mortgage payment: $1,135
Average monthly household income: $5,913
Difference between state and national average mortgage payment: -$24
19. Texas
Average monthly mortgage payment: $1,137
Average monthly household income: $7,018
Difference between state and national average mortgage payment: -$22
18. Wyoming
Average monthly mortgage payment: $1,138
Average monthly household income: $6,605
Difference between state and national average mortgage payment: -$20
17. New Hampshire
Average monthly mortgage payment: $1,140
Average monthly household income: $7,990
Difference between state and national average mortgage payment: -$19
16. Tennessee
Average monthly mortgage payment: $1,147
Average monthly household income: $5,955
Difference between state and national average mortgage payment: -$12
15. Idaho
Average monthly mortgage payment: $1,155
Average monthly household income: $5,885
Difference between state and national average mortgage payment: -$4
14. Nevada
Average monthly mortgage payment: $1,191
Average monthly household income: $6,443
Difference between state and national average mortgage payment: $32
13. Alaska
Average monthly mortgage payment: $1,201
Average monthly household income: $8,042
Difference between state and national average mortgage payment: $42
12. Connecticut
Average monthly mortgage payment: $1,209
Average monthly household income: $9,141
Difference between state and national average mortgage payment: $50
11. Oregon
Average monthly mortgage payment: $1,221
Average monthly household income: $6,670
Difference between state and national average mortgage payment: $63
10. Utah
Average monthly mortgage payment: $1,261
Average monthly household income: $7,254
Difference between state and national average mortgage payment: $102
9. Virginia
Average monthly mortgage payment: $1,334
Average monthly household income: $8,167
Difference between state and national average mortgage payment: $175
8. Colorado
Average monthly mortgage payment: $1,342
Average monthly household income: $7,710
Difference between state and national average mortgage payment: $183
7. Maryland
Average monthly mortgage payment: $1,351
Average monthly household income: $8,957
Difference between state and national average mortgage payment: $192
6. New Jersey
Average monthly mortgage payment: $1,367
Average monthly household income: $9,178
Difference between state and national average mortgage payment: $208
5. Massachusetts
Average monthly mortgage payment: $1,442
Average monthly household income: $8,886
Difference between state and national average mortgage payment: $283
4. Washington
Average monthly mortgage payment: $1,459
Average monthly household income: $7,821
Difference between state and national average mortgage payment: $300
3. New York
Average monthly mortgage payment: $1,575
Average monthly household income: $8,119
Difference between state and national average mortgage payment: $416
2. California
Average monthly mortgage payment: $1,696
Average monthly household income: $8,458
Difference between state and national average mortgage payment: $537
1. Hawaii
Average monthly mortgage payment: $1,780
Average monthly household income: $8,314
Difference between state and national average mortgage payment: $621
By Tendayi Kapfidze