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LendingTree Ranks States by Average Monthly Mortgage Payments

When calculating average monthly mortgage payments by state and the District of Columbia, ""Lending Tree"":https://www.lendingtree.com/#_blank found the nation's capital has the highest average monthly payment and highest share of income that goes toward a house payment.


In D.C., monthly mortgage payments average $1,641, while 31 percent of household income goes toward a mortgage, according to LendingTree.

Hawaii ranked second with its average payment of $1,536, and homeowners in the state spend about 30 percent of their household income for a house payment.


Typically, when determining housing affordability, mortgages are considered to be unaffordable if more than 30 percent of household income is spent on a monthly house payment.

The next three states positioned in the top five were California ($1,445), Virginia ($1,357) and New Jersey ($1,237).

In New Jersey, 22 percent of household income goes toward a mortgage, while in California, 30 percent is used to pay a mortgage.

Nebraska had the lowest monthly mortgage payment and averaged $711. Only 17 percent of household income goes to pay a monthly mortgage bill in the state.

Arkansas followed behind closely with an average monthly payment of $715, but 22 percent of income goes toward a mortgage. Iowa was positioned in third place for its monthly payment of $717 and just 17 percent of income is used to pay for a mortgage in the state.

The third and fourth spots went to Oklahoma and Missouri, where mortgage payments averaged $731 and $741 per month, respectively. Homeowners in both states spend about 20 percent of their income for their mortgage.

LendingTree's ranking also included the average credit score for homeowners in each state. New Hampshire's average credit score of 759 was the highest, while Louisiana's score of 729 was the lowest.

About Author: Esther Cho


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