According to the Dallas Morning News, homeowners in the Dallas Ft. Worth area are running ahead of many other homeowners in the country in terms of their level of mortgage debt. D-FW area homeowners owe an average of $194,710 in mortgage debt, according to a new report by credit company Experian. The nationwide figure is $202,284. California numbers include $519,576 in San Jose and $480,531 in San Francisco.
Homeowners in Danville, Ill. owe the less on their properties, just $70,964. "Mortgage debt in Louisiana rose more than any other state year over year, with a 4% increase," Experian's Matt Tatham writes in the new report. "Next in line with highest increases were Texas, Utah, Colorado, Idaho and Massachusetts. "In fact, every state saw an increase to its average mortgage debt except Connecticut and New Mexico, whose average balance decreased by less than 1%."
Americans own about $9.5 trillion in total mortgages. In Texas, the average mortgage debt is $176,736 - up 3.6% from 2018 levels, Experian's researchers say. The highest mortgage balances in the state are in Austin at $228,108 - up 4.5% from 2018.
Four Texas markets have seen some of the biggest mortgage debt increases in the country, according to the credit bureau.In Sherman-Denison over there the last year the average mortgage debt has rising by 8.1%. In Odessa it's gone up by 7.4% and increased 6.9% in Midland.
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