Mortgage Debt Climbing For Minnesotans
In total, Americans owe $12.6 trillion on current mortgages and the average US household carries $105,000 in mortgage debt. When it comes to mortgage debt trends, Minnesota's debt is rising faster than most other states, per WalletHub.
Using the most recent data available, we find that Minnesota's average mortgage balance increased by 1.01% from the end of 2023 to the end of 2024.
The average mortgage balance in Minnesota is currently $217,851, more than double the average US household. That number equates to an average monthly mortgage payment of $1,984.
“Mortgage rates are the highest they’ve been in around a decade, and home prices have seen a meteoric rise in recent years as well," says WalletHub editor John Kiernan. "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.”
The three states accumulating mortgage debt faster than Minnesota were Vermont, Delaware and Massachusetts. Kansas, West Virginia, Nebraska, South Dakota and Montana were the 'bottom-five' so to speak.
To see the full study, check it out on WalletHub.
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