Mortgage
debt
has
ballooned
by
80%
over
the
past
20
years,
resulting
in
an
unprecedented
level
of
household
debt
among
Americans.

That’s
according
to

a
new
study
from
debt
collection
agency

The
Kaplan
Group
that
examines
debt
across
many
types
of
loans
and
U.S.
states.
While
mortgage
debt
accounts
for
74%
of
all
household
debt,
student
and
auto
loans
each
make
up
11%,
and
credit
cards
comprise
7%.

“The
most
striking
finding
is
the
substantial
increase
in
total
household
debt,
which
has
grown
by
81.5%
over
the
past
two
decades,”
Dean
Kaplan,
CEO
of
Kaplan
Group,
told

HousingWire.
“This
significant
rise
underscores
the
escalating
financial
pressures
on
American
families.”

There’s
no
secret
as
to
why
mortgage
debt
is
increasing.
The
rapidly
rising
cost
of
homes,
particularly
since
the
beginning
of
the
COVID-19
pandemic,
has
led
to
higher
levels
of
mortgage
debt
than
ever
before.
Kaplan’s
numbers
show
a
clear
acceleration
in
the
volume
of
mortgage
debt
since
2020.

The
residents
of
the

District
of
Columbia
have
the
highest
average
level
of
outstanding
mortgage
debt
at
$79,730
per
inhabitant. 

“Data
indicate
that
DC
has
significantly
higher
levels
of
student
loan
debt
compared
to
the
average,
which
could
be
due
to
high
education
costs
and
a
large
number
of
residents
with
higher
education
degrees,”
Kaplan
reported.
“Additionally,
credit
card
debt
in
DC
is
also
higher
than
the
average,
which
could
be
influenced
by
the
high
cost
of
living
and
possibly
lower
average
incomes.”

Rounding
out
the
states
where
residents
have
the
most
mortgage
debt
are

Colorado
($70,790),

California
($67,840),

Washington
($64,750),
and

Hawaii
($63,620).

The
states
with
the
least
amount
of
mortgage
debt
tend
to
be
more
rural
states
in
the
South
and
Southeast
that
have
more
affordable
housing.

West
Virginia
has
the
least
amount
of
mortgage
debt
at
only
$19,610
per
inhabitant.
That’s
particularly
interesting
because
according
to

Property
Shark,
West
Virginia
has
the
highest
homeownership
rate
in
the
country
at
about
75%. 

Rounding
out
the
states
with
the
lowest
levels
mortgage
debt
per
person
are

Mississippi
($20,750),

Arkansas
($24,000),

Oklahoma
($24,730),
and

Kentucky
($25,275).

While
mortgage
debt
makes
up
the
bulk
of
the
four
types
of
debt
examined
by
the
student,
it’s
not
the
fastest-growing
segment.
That
ignominious
distinction
belongs
to
student
loan
debt,
which
over
the
past
20
years
has
risen
by
a
whopping
430%.

Auto
loans
are
also
outpacing
mortgage
debt,
having
risen
by
91%
since
2003.

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