Here’s How Much Coloradoan’s Owe on Average for Their Mortgage
The cost of housing in Colorado comes up every time the cost of living in Colorado comes up in conversation. So, with that being the case, what is the average amount owed on a mortgage in Colorado, and how does it compare to the rest of the country? Is there such a thing a "good debt?" That's a question asked by Business Insider when it did the research to find out what the average amount owed on a mortgage in the United States.
They found that the national average amount owed came in a $157,154. This is compared to the lowest average residing in West Virginia at $93,195, with Arkansas, Indiana and Mississippi all averaging under $100,000. The most expensive state... well sort of state, was the District of Columbia, with the average mortgage coming in at $275,254. With Washington D.C. topping the list, Hawaii, California, Maryland, New Jersey and Massachusetts all averaged over $200,000.
So where does Colorado come in on the national average? Living in the state, it was no surprise that Colorado came in above the national average, with an average mortgage of $173,928. This is actually surprising, with so many resort communities and what we experience here in Northern Colorado. I don't know about you, but as an individual who has several years of hand on experience with home finance, I couldn't imagine being able to purchase a home that would fit my whole family in Fort Collins for $174,000.