Home Finance U.S. states with the highest—and lowest—average monthly mortgages

U.S. states with the highest—and lowest—average monthly mortgages

by CoinNews

This week, bill pay service doxo released its annual Household Bill Pay report, which breaks down how much the average U.S. household spends on essentials, including auto loans, utilities, health insurance, rent and mortgages. The average amount consumers spend per year on household bills grew 4% year over year.

The doxo report found that 40% of households in the U.S. have to pay a monthly mortgage and that the average monthly payment is $1,402. It was the most expensive common household bill, with Americans spending an average of $885,000,000,000 a year on it.

Doxo used U.S. Census mortgage data, inclusive of taxes and homeowners insurance, to rank the states with the highest and lowest average monthly mortgage payments.

The U.S. state with the highest average monthly mortgage: California

California ranked as the state with the highest average monthly mortgage payments, according to doxo.

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The cost of living in California is 38% higher than the national average and housing is 97% higher than the national average, according to RentCafe.

Some of the most expensive cities to live in the state include Sunnyvale, San Jose, and San Francisco. All of these cities have deep ties to the tech industry, which is a big reason for the higher cost of living.

Sunnyvale’s cost of living is 63% higher than the state average and 125% higher than the rest of the U.S. The city is home to tech giants like Google, LinkedIn and Oracle.

10 U.S. states with the highest average monthly mortgage payments

New Jersey ranked as the No. 2 state with the highest average monthly mortgage, according to doxo.

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The U.S. state with the lowest average monthly mortgage: West Virginia

West Virginia ranked as the state with the lowest average monthly mortgage, according to doxo.

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10 U.S. states with the lowest average monthly mortgage

  1. West Virginia
  2. Arkansas
  3. Alabama
  4. Indiana
  5. Kentucky
  6. Mississippi
  7. Oklahoma
  8. Ohio
  9. New Mexico
  10. Iowa

Arkansas ranked as the No. 2 state with the lowest average monthly mortgages. Households pay an average of $1,022 a month, according to doxo. The state also has the second-lowest average monthly rent payment in the U.S.

Arkansas ranked as the No. 2 state with the lowest average monthly mortgage, according to doxo.

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While Arkansas has a lower mortgage rate than other places in the U.S., the sales tax is higher.

According to SmartAsset, Arkansas is also considered a tax-friendly state. The state does not tax Social Security retirement benefits and property taxes are among the lowest in the U.S.

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