How mortgage debt in Oklahoma compares to other states



The COVID-19 pandemic has fueled an increase in demand among home buyers that is only now starting to show signs of slowing down. This historic demand has coincided with low borrowing costs, a limited housing stock and labor and material bottlenecks that have hampered new construction. These factors have pushed home values ​​to all-time highs, forcing many buyers to take out mortgages that put them in heavy debt.

According to a recent report from Experian, a consumer credit reporting company, US homeowners with mortgages had an average outstanding balance of $ 229,242 in 2020. Mortgage debt can be affected by several regional factors and, hence, the amount of debt of US homeowners. reimburse varies widely from state to state.

Oklahoma is one of four states where most homes are worth less than $ 150,000. In part due to the relatively low values ​​of homes, mortgage debt in Oklahoma is also relatively low, averaging only $ 147,538.

Home values ​​generally reflect what area residents can afford, and just as home values ​​are low in Oklahoma, so are incomes. The typical state household earns $ 54,449 per year, less than in most other states and well below the national median household income of $ 65,712.

All of the mortgage debt data used in this article comes from the 2020 Credit Report Report from Experian, a consumer information agency. Average mortgage debt is a measure of the average first mortgage balance per consumer who had an open first mortgage account. Figures for median home value, median household income, homeownership rates, and share of owner-occupied households with a mortgage come from the 2019 American Community Survey from the U.S. Census Bureau.

Leave A Reply

Your email address will not be published.