Sellers are also being sidelined as homeowners stay locked into their comparatively low rates.Įven with fewer homebuyers on the market, Redfin’s Homebuyer Demand Index shows still a disconnect between supply and demand in which homebuyers are at a greater disadvantage. As a result, wannabe homebuyers are staying put to avoid having to take out the more expensive mortgages that would accompany a new home purchase. Mortgage payments are ultra-high thanks to rising interest rates, which hit almost 7% last week. New listings were down even more by 21% year-over year - but Redfin’s Homebuyer Demand Index (which measures early-stage demand by looking at buying services like requests for home tours) only decreased 4% from a year earlier.Elevated mortgage bills are continuing to hurt market activity: The number of homes for sale last month was down 19%, the biggest decline in a year and a half, Redfin says.That’s a 3.2% higher than the previous year and another record-breaker for home prices. In July, the median home sale price posted the biggest increase since November, hitting $380,250. Costs reached an all-time high of $2,637 in early July. homebuyer, monthly mortgage payments increased to $2,605 in the four weeks ending July 30, 19% higher than the same time last year - but that's just the average for the month. Census Bureau’s 2019 American Community Survey.Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas Open an Account Today What the data says

Figures for median home value, median household income, homeownership rates, and the share of owner-occupied households with a mortgage came from the U.S.

Average mortgage debt is a measure of the average first mortgage balance per consumer who had an open first mortgage account. An estimated 65.2% of homeowners in the state have an outstanding mortgage, a larger share than in most states and slightly higher than the 61.7% share of homeowners with a mortgage nationwide.Īll mortgage debt data used in this story from the 2020 State of Credit Report by Experian, a consumer reporting agency. Homeowners in Indiana are more likely than most to finance their home through a lender. Homeowners with a mortgage in the state owe an average of just $140,915 on their home loan, nearly $90,000 below the national average. Indiana has the lowest average mortgage debt of any state in the Midwest and third lowest nationwide. Mortgage debt can be impacted by multiple regional factors, and as a result, the amount of debt American homeowners are paying down varies considerably by state.

These factors have pushed home values to all time highs, forcing many buyers to take on mortgages that put them deep in debt.Īccording to a recent report from Experian, a consumer credit reporting company, American homeowners with a mortgage had an average unpaid balance of $229,242 in 2020. This historic demand coincided with low borrowing costs, limited housing inventory, and labor and materials bottlenecks that have been hampering new construction. The COVID-19 pandemic fueled a surge in demand among homebuyers that is only now beginning to show signs of slowing.

Average mortgage payment in indiana