These 10 States Have The Biggest Mortgage Debt

Purchasing a home is a significant investment that can take a financial toll on many people, and many homeowners are falling behind on their payments as a result. With more than $8.74 trillion of U.S. debt related to mortgages, here are the numbers behind the most marked debts as determined by the Federal Reserve Bank of New York. 

New Jersey

New Jersey may have one of the highest household incomes in the country, but with a 10% drop in the home prices, the mortgage debt rate per capita is $39,100 and the delinquency rate is 5.43%.

Alaska

Like much of the country, the recession adversely affected the debt load, but Alaska is still 9th in line with a debt per capita of $40,470 and a delinquency rate of 0.85%.

Connecticut

Connecticut may have the fourth-highest median income in the country, but with the high price of homes, the mortgage debt per capita is $40,990 and the delinquency rate is 3.27%.

Massachusetts

With some of the highest median home values and wages in the country, Massachusetts is 7th in line with a mortgage debt per capita of $43,460 and a delinquency rate of 2.36%. 

Washington

Washington has a much lower credit card debt rate than many other states, but the mortgage debt per capita sits at $43,980 and the delinquency rate hovers at 1.61%. 

Colorado

Despite a low poverty and unemployment rate, Colorado has one of the highest rates of foreclosure. The debt per capita is $46,050 and the delinquency rate is 0.79%

Virginia

Virginia boasts one of the best median household incomes in the country, but they also have a high amount of credit card debt. The mortgage debt per capita is $46,180 and the delinquency rate is 1.27%

Maryland

Maryland has a high median household income and one of the highest home values in the country. As a result, the debt per capita sits at $49,320 and the delinquency rate is 2.89%.

California

Prior to 2008, California had the most expensive housing in the country, but with a 30% decline, the mortgage debt per capita is now $51,190, and the delinquency rate is 1.21%.

Hawaii

The island state has one of the highest median incomes in the country and the highest home value, making the mortgage debt per capita $51,770 and the delinquency rate 2.78%.