Hawaii Leads U.S. With Highest Average Residential Loan Amount

Hawaii Leads U.S. With Highest Average Residential Loan Amount LendingTree.com, an online lender exchange and personal finance resource, has released data highlighting the average loan amount on residential real estate purchases for all 50 states and Washington, D.C., for the year.

According to the data, Hawaii leads the nation, with an average home loan amount of $677,299, followed by Washington, D.C., at $393,453, New Jersey at $344,240 and New York at $340,124. The states with the lowest average home loan amounts are Mississippi at $137,182 and Nebraska at $137,515. The national average for a home loan is $222,261. California has the ninth highest average home loan amount ($310,676).

Based on the average loan of $677,299 and an annual percentage rate of 4%, the average buyer in Hawaii would have a monthly payment for a 30-year mortgage (one point) of $3,234 before taxes and insurance. The average payment for Mississippi would be $655 based on the closed loan amount. The national average monthly payment for a 30 year mortgage at 4% would be $1,061.

The full list of average home loan amounts for all 50 states and Washington, D.C., can be found here.

LEAVE A REPLY

Please enter your comment!
Please enter your name here