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