Delaware ranked 49th among the 50 states in adding mortgage debt.
The WalletHub financial information site issued the report. WalletHub compared the 50 states based on its data on mortgage debt from the third quarter of this year to the previous period a year earlier.
Delaware highlights
- Overall rank: 49th
- Change in average mortgage debt: The average mortgage balance in Delaware decreased by 1.83%.
- Average mortgage debt: The average mortgage balance in Delaware was $201,654 in Q4 2023.
- Average monthly payment: Delaware’s average monthly mortgage payment was $1,547 in Q4 2023.
Interestingly enough, neighboring Maryland ranked first in the change in mortgage debt. Pennsylvania ranked 40th.
“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,” said John Kiernan, WalletHub editor.
The report comes after the Delaware Association of Realtors reported an increase in home listings heading into spring. That could lead to more choices for potential homebuyers. Despite the increase in listings, home sales prices remained stable and have risen year to year.
The full report is available at
https://wallethub.com/edu/states-adding-the-most-mortgage-debt/132824
| Overall Rank* | State | Total Score | Change in Mortgage Debt Q4 2023 vs Q3 2023 Rank | Average Mortgage Balance Q4 2023 & Monthly Payment Q4 2023 Rank |
|---|---|---|---|---|
| 1 | Maryland | 88.84 | 1 | 8 |
| 2 | Nevada | 76.81 | 4 | 12 |
| 3 | Hawaii | 75.35 | 27 | 2 |
| 4 | Texas | 74.07 | 8 | 13 |
| 5 | Arizona | 73.20 | 6 | 19 |
| 6 | California | 70.85 | 42 | 1 |
| 7 | Massachusetts | 70.67 | 23 | 6 |
| 8 | New York | 70.40 | 33 | 3 |
| 9 | Maine | 69.89 | 3 | 34 |
| 10 | Alaska | 69.42 | 15 | 16 |
| 11 | Virginia | 68.63 | 21 | 10 |
| 12 | Oregon | 66.28 | 22 | 14 |
| 13 | Georgia | 65.82 | 19 | 17 |
| 14 | Utah | 65.68 | 26 | 11 |
| 15 | Florida | 65.64 | 24 | 15 |
| 16 | Washington | 65.58 | 40 | 4 |
| 17 | Arkansas | 65.35 | 2 | 48 |
| 18 | Colorado | 65.15 | 37 | 7 |
| 19 | Alabama | 65.12 | 5 | 43 |
| 20 | Oklahoma | 64.89 | 7 | 37 |
| 21 | South Carolina | 64.11 | 14 | 27 |
| 22 | Louisiana | 63.08 | 13 | 32 |
| 23 | Tennessee | 62.38 | 18 | 26 |
| 24 | New Jersey | 62.05 | 41 | 5 |
| 25 | Indiana | 61.09 | 11 | 42 |
| 26 | Minnesota | 59.81 | 30 | 23 |
| 27 | Ohio | 59.67 | 10 | 46 |
| 28 | Michigan | 59.46 | 16 | 40 |
| 29 | Wisconsin | 59.45 | 12 | 44 |
| 30 | New Hampshire | 59.36 | 38 | 18 |
| 31 | Illinois | 58.79 | 35 | 21 |
| 32 | North Dakota | 58.34 | 20 | 36 |
| 33 | Rhode Island | 58.14 | 28 | 29 |
| 34 | West Virginia | 57.68 | 9 | 50 |
| 35 | Missouri | 55.62 | 25 | 41 |
| 36 | Kentucky | 54.72 | 17 | 49 |
| 37 | New Mexico | 54.54 | 31 | 39 |
| 38 | Kansas | 54.13 | 32 | 38 |
| 39 | North Carolina | 53.83 | 39 | 30 |
| 40 | Pennsylvania | 53.19 | 36 | 35 |
| 41 | Mississippi | 51.27 | 29 | 47 |
| 42 | Iowa | 50.55 | 34 | 45 |
| 43 | South Dakota | 48.06 | 44 | 22 |
| 44 | Nebraska | 46.50 | 43 | 28 |
| 45 | Idaho | 45.91 | 45 | 25 |
| 46 | Montana | 43.64 | 46 | 20 |
| 47 | Connecticut | 42.95 | 47 | 9 |
| 48 | Wyoming | 23.32 | 49 | 24 |
| 49 | Delaware | 22.93 | 48 | 33 |
| 50 | Vermont | 8.95 | 50 | 31 |
Key takeaways and WalletHub commentary are included below in text and video format (https://wallethub.com/edu/states-adding-the-most-mortgage-debt/132824#video). Feel free to use the provided content as is or edit the raw files as you see fit.
“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
