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A study by WalletHub finds that mortgage debt is increasing more in Maryland than in any other state

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Maryland Ranks 1st among the States Where Mortgage Debt is Increasing the Most – WalletHub Study

Americans owe more than $12 trillion on their mortgages, and the personal-finance website WalletHub today released its report on the States Adding the Most Mortgage Debt to show where homeowners are struggling the most. WalletHub compared the 50 states based on its proprietary data on mortgage debt from Q3 2023 to Q4 2023.

Maryland Stats

  • Overall Rank: 1st
  • Change in average mortgage debt: The average mortgage balance in Maryland increased by 1.23% from Q3 2023 to Q4 2023.
  • Average mortgage debt: The average mortgage balance in Maryland was $283,092 in Q4 2023.
  • Average monthly payment: The average monthly mortgage payment in Maryland was $2,145 in Q4 2023.

For the full report, please visit:
https://wallethub.com/edu/states-adding-the-most-mortgage-debt/132824

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The top 5 states in this study (States Adding the Most Mortgage Debt) include:

  1. Maryland
  2. Nevada
  3. Hawaii
  4. Texas
  5. Arizona

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Key takeaways and WalletHub commentary

“Mortgage interest rates are the highest they’ve been in around a decade, and home prices have seen a meteoric rise in recent years as well. Even small increases in home prices can lead to thousands of dollars in extra mortgage interest costs for homeowners, so it’s important to choose wisely when deciding where and when to buy a house.”

“Maryland residents added the most mortgage debt from Q3 2023 to Q4 2023, at least in percentage terms, with the average balance rising by 1.23% to $283,092. No other state had an increase above 1%, and 17 states even saw decreases during Q4.”

– John Kiernan, WalletHub Editor


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