Alabama just misses out on the top ten among states with the nation’s lowest total mortgage debt.
But experts say that could be changing.
Consumer credit reporting agency Experian says that Alabama has an average mortgage debt of $140,963, placing it 13th among the states.
At the top of the list is West Virginia, where average mortgage debt hovers at $114,583 . Tops for mortgage debt, unsurprisingly, is California, where residents hold an average debt of $347,652.
Several Southern states are among the nation’s lowest. Mississippi checks in at No. 2, while Kentucky and Arkansas made the top 10.
But Experian says Alabama could be in danger of losing its status among the nation’s lowest. From 2016 to 2017, Experian reported, the state’s average mortgage debt rate rose 5.18%.
A rising debt rate doesn’t necessarily align with data on home prices. According to the Alabama Center for Real Estate, the median sales price in Alabama for residential homes in September was $162,482, a 0.6% increase from last year. Alabama’s home sales in September were up 8.5% from last year.
Tribune Content Agency