You are using an older browser version. Please use a supported version for the best MSN experience.

The average home mortgage by state

Mediafeed Logo By Tendayi Kapfidze of Mediafeed | Slide 1 of 52: 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.Fortunately for borrowers struggling to keep up with their mortgage payments, there are numerous mortgage relief programs being implemented to help homeowners stay afloat.

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.

Fortunately for borrowers struggling to keep up with their mortgage payments, there are numerous mortgage relief programs being implemented to help homeowners stay afloat.

© DepositPhotos.com

More from Mediafeed

image beaconimage beaconimage beacon