Typical Massachusetts homeowner has big mortgage payment, high LTV
Lending Tree, the online mortgage company, has examined mortgage loan data across the country and found that some homeowners are paying a lot more per month than others.
LendingTree found that the states with the highest average monthly mortgage payment include DC, Hawaii, California and Virginia, followed by New Jersey, Maryland, and Massachusetts. Rounding out the Top Ten is Connecticut, Washington and Utah.
But, while Massachusetts’ homeowners are in the top 10 in monthly payments, they are (of course) also in the top 10 in annual and monthly household income.
Still, they are a bit higher than average when it comes to percentage of income going to loan payments, at around 23%. Better than Hawaii, California, and DC, at least.
Where we excel is at loan to value, at 68%. This means we have more equity in our homes than many other US homeowners, either because we put more down at closing or because the values of our homes have stayed strong.