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5 states with the highest average mortgage debt

Posted: 3:02 PM, Jun 04, 2016
Updated: 2016-06-04 18:02:45-04

With a balance of  $8.74 trillion dollars , the U.S. mortgage industry makes up 72 percent of all consumer debt in the country, MarketWatch reports. While lower than the  79 percent it was before 2008 , this balance remains a large amount of money and is not distributed equally among all homeowners.

The financial company Credio has conducted a study to determine which states have higher-than-average mortgage debt. Using data provided by the  Federal Reserve Bank  of New York, they calculated the mortgage debt per capita for each state. Here are the states that topped the list:

Hawaii . With a mortgage debt per capita of $51,770 Hawaii tops the list. Despite this, the state's  mortgage delinquency rate  is not the highest. However, at 2.78 percent, it is still more than many other states on the list.

California . At number two,  California  has a per capita mortgage debt of $51,190. While there is not much difference between it and Hawaii, the state's delinquency rate stats at 1.21 percent as of 2015, are less than half of Hawaii's.

Maryland. While many would expect several other states to occupy this position, Maryland's $49,320 debt per capita earned it third place. The state's delinquency rate is also a high 2.89 percent.

Rounding out the top five is Virginia, with a mortgage debt per capita of $46,180 and a delinquency rate of 1.27 percent, and Colorado, with $46,050 and a low 0.79 percent delinquency rate.

This article was provided by our partners at  moneytips.com