A new WalletHub report indicates that total national mortgage debt is now over $12.6 trillion, with the average American household currently owing $105,000 on their mortgages. The report blames rising interest rates and housing costs for making home ownership more challenging.
Vermont, the sixth-smallest state in the nation, experienced the largest increase in mortgage debt at the end of 2024, with the average balance rising by 2.63 percent to $208,730.
“Vermont has a high median annual income, and a lot of people fleeing places like New York may be willing to take on a larger mortgage in exchange for a less stressful lifestyle,” WalletHub analyst Chip Lupo told The Epoch Times. “While the increase may not seem like a large number, no other state saw growth above 2 percent.”…