Mortgage Debt Rose 14% From 2017-2021: Experian – NMP Skip to main content

Mortgage Debt Rose 14% From 2017-2021: Experian

Aug 12, 2022
Experian Average Mortgage Debt
Staff Writer

The New York Federal Reserve Bank says Americans now hold more than $11 trillion in mortgage debt

As housing prices rose during the pandemic, U.S. homeowners saw their mortgage debt increase along with them, credit agency Experian reports.

Experian looked at how mortgage debt varies by state and how it's grown over time, specifically from 2017 to 2021. The analysis included mortgage holders who owned just one property, as well as those who had invested in one or more properties they do not live in. The data is representative of total mortgage debt per person, and includes only residential property owners, it said.

According to the study, American homeowners' mortgage debt increased from $196,403 in 2017 to $223,952 in 2021, with homeowners in Idaho and Utah seeing increases of more than 30% and 26%, respectively.

Homeowners in Colorado, Tennessee, Texas and Washington were right behind those two states, increasing their mortgage debt by as much as 20%, Experian said.

Combined, American consumers hold $11.39 trillion in mortgage debt, up $207 billion in the second quarter of 2022, according to a report from the New York Federal Reserve Bank.

Experian said homeowners in California and Washington had the highest average mortgage debt, while West Virginia and Mississippi had the lowest. Hawaii's average of more than $371,000 made it the second-highest state for mortgage debt, it said.

Home prices began increasing dramatically in the summer of 2020, after many states eased COVID-19 lockdown restrictions. Housing markets heated especially in states with less dense populations that saw a surge of remote workers who were no longer required to live close to their offices, Experian said.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index shows that U.S. housing prices increased by nearly 19% annually by December 2021, up from 2020’s 10.4% gain.

Home-price growth tapered a bit at the start of 2022, and following four interest rate hikes this year by the Federal Reserve, the market is experiencing a slowdown. Home prices are expected to keep growing, but much more slowly.

Mortgage rates also have risen, and while fluctuating recently, now average around 5.5% nationally, Bankrate says.

About the author
Staff Writer
Doug Page was a staff writer at NMP.
Published
Aug 12, 2022
Better Will Miss September Break-Even Target, Interim CEO Says

Platform volume overtook DTC, but costly enterprise integrations have yet to deliver, and new partnership growth is not expected until Q4

Aug 07, 2026
loanDepot Nears Break-Even, But Adjusted Profitability Still Lags

Home equity and purchase lending lifted production economics, while management characterized its relaunched wholesale channel as a supporting business rather than a major growth engine

Aug 06, 2026
Lower-Payment Mortgage Applications Nearly Match Median Rent

Principal-and-interest payments reached $1,522 for lower-payment purchase applicants in June, just $9 below the national median asking rent

Aug 03, 2026
Home Price Cuts Keep Purchase Market Moving

One in five listings had a price reduction in July, while pending sales increased for the eighth consecutive month

Aug 03, 2026
Higher Mortgage Rates Shrink Purchase Demand, Expand Buyer Leverage

Pending sales fell to their lowest level since early April, but lower asking prices and reduced competition give originators more options to structure deals for qualified borrowers

Jul 31, 2026
Even Stable Public-Service Careers No Longer Guarantee Homeownership

Younger teachers, health care workers, first responders, and military households can afford median-priced homes in only a fraction of major metros

Jul 31, 2026