Connecticut Ranks Within One of the Best in the Country for Least Amount of Mortgage Debt

For most of us, our mortgage payment is by far the largest debt that most will have to pay off during the course of our lifetime.

The average American owes around $100,000 on their home, and overall, Americans owe $12 trillion dollars to lenders. How are your neighbors doing here in Connecticut with mortgage debt? According to wallethub.com, we're among the best in all of the U.S.

Wallethub.com has just published States Adding the Most Mortgage Debt for 2024, and arrived at their findings after comparing all 50 states across two key indicators: Annual change in mortgage debt, and average mortgage debt and monthly payment.  Connecticut did extremely well, landing near the bottom of the list, ranking #47 out of all 50 states. In fact, in all of New England, only one of our Northern neighbors did better, Vermont, which landed as the very best state in all of the US, when ranked for adding mortgage debt, at #50.

Wyoming at #48, and Delaware at #49, are the in-betweens of Connecticut and Vermont, but the New England state that fared the worst is Massachusetts. Massachusetts cracked the Top 10 of states adding the most mortgage debt, coming in at #7.

Who added the most mortgage debt in all of the U.S. in the past year? Maryland, which also has the largest mortgage balances overall, with the average resident facing monthly payments of $2,145. Connecticut didn't do so well when ranked by mortgage payment and debt, coming in at #24, but year over year increase in mortgage debt per quarter landed us at #47.