Hispanic and African Americans had the lowest median income of $43,000 and $39,000. At $77,000, Asian residents had the highest median income by race, while white Americans came in next with $62,000. The index of Hispanic, white, and African American-owned properties was $251,500, $242,800, and $173,700.Īs for the median income, Americans had a median income of $56,000. This explains why the income versus average mortgage debt per household rate among Asian Americans was the second highest. While the overall ZHMI was about $168,900, Asian-owned homes had a ZHMI of about $402,500. The Zillow Home Value Index, with race weighted, was the highest for properties owned by Asian Americans.
In contrast, only 31% of African Americans and 35% of Hispanic mortgage holders have the same rates. For example, 50% of Asian mortgage holders have rates under 3.9%.
So, it makes sense that the average mortgage balance in the US among consumers from a particular race is lower.
Asian and white Americans are most likely to get better rates, while Hispanics and African Americans get worse rates. The rates offered to different consumers are also interesting. According to Zillow’s research from 2012, these are the loan value to annual income ratios by race. Mortgage Debt by RaceĪsians and African Americans have the highest average debt to income ratio for mortgage but also for other segments. This disparity in income versus mortgage contributes to higher average debt. Female mortgage borrowers further tend to have lower incomes compared to males. Unfortunately, they often get worse conditions and higher fees. In the US, about 24% of mortgage holders are female. When we move to the older age group, 31-40, women owe more. In most cases, mortgage borrowers are male, or the primary holder is male. Namely, the rejection rates among female applicants are higher. You can also see which generation’s debt has increased the most.Īs you can see in the table, females aged 21-30 carry the lowest average US mortgage debt. The table also compares how the average mortgage debt by age has changed between Q1 of 2019 and Q1 of 2020. In the table below, you can find mortgage debt data for different generations. Boomers and the Silent Generation, in contrast, have already paid a significant share of their mortgages. Gen Z Americans are still too young to invest in homes. These people, alongside Millennials and Gen X residents, are the most likely home buyers at the moment. Average Balances Owed by AgeĪmericans in their prime owe the most in mortgage debt. It’s important to understand that the average mortgage debt drastically varies by state, age, gender, and even credit score. In comparison, the total consumer debt in the US during the same period was significantly lower at $4.19 trillion. Meaning, the five-year increase in the segment was a considerable 16.99%.Īs for the total US mortgage debt, it got dangerously near $10.76 trillion in early 2021. For example, in 2015, the average balance owed for mortgages was $184,323. If we go further back, the difference is a bit higher. In 2019, the average American mortgage debt was $213,599. Would you like to learn all about the average balances owed for mortgages across the US and other developed economies? If so, you’ve come to the right place. Mortgage debt also differs among generations and even genders. Buying a house in some states is much cheaper and, therefore, the average debt there is much lower. Yet, not every American owes the same balance when it comes to mortgages. The country’s average mortgage debt is over $215,000, and the segment has been on the rise for years now. Americans are drowning in debt, and the largest share comes from mortgages.
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