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Alabama Features One Of The Nation's Lowest Total Mortgage Debt

November 13, 2018

Alabama nearly makes it into the list of top ten states with the nation's lowest total mortgage debt, according to a recent report. Unfortunately, the state may not be making the top ten list any time soon.

 

"Consumer credit reporting agency Experian says that Alabama has an average mortgage debt of $140,963, placing it 13th among the states," according to National Mortgage News.

 

"At the top of the list is West Virginia, where average mortgage debt hovers at $114,583 . Tops for mortgage debt, unsurprisingly, is California, where residents hold an average debt of $347,652."

 

The report pointed out that Alabama's average mortgage debt rate rose 5.18% from 2016 to 2017 according to data from Experian. While the numbers for lowest total mortgage debt aren't trending well for Alabama, the state is seeing a slight increase in median home prices of residential homes, as well as a significant 8.5% increase in home sales.

 

To learn more about the lowest total mortgage debt numbers for Alabama, click on the image above.

 

 

 

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