According to a Wallethub study, Connecticut ranks 47 out of all 50 states for growth in overall mortgage debt in the third and fourth quarters of 2023.
Mortgage debt has increased significantly in recent years, and the average American household owes more than $100,000 for a grand national total exceeding $12 trillion.
“Mortgage rates are the highest they’ve been in around a decade, and home prices have seen a meteoric rise in recent years as well. Even small increases in home prices can lead to thousands of dollars in extra mortgage interest costs for homeowners, so it’s important to choose wisely when deciding where and when to buy a house,” said WalletHub editor John Kiernan.
The study ranked states on the basis of the change between the average debt balance between quarters in the second half of 2023 and the average balance and monthly payment size for the same period.
For Connecticut the balance in mortgages actually decreased by 1.27 percent for an average of $263,465 in Quarter 4, when the average monthly payments was $2,177.
