A mortgage is considered “good debt,” meaning it’s a debt that could be considered an investment in yourself. By paying this debt, you’re securing a place to live.
That’s not to say that a mortgage isn’t serious. According to credit bureau Experian, the average amount of money owed on a mortgage in the US is over $US157,000, ranging from an average of about $US93,000 in West Virginia to an intimidating $US275,000 in Washington, D.C.
Using data provided to Business Insider by Experian’s Decision Analytics group, we made a map showing the average mortgage balance — how much is still owed on existing mortgages — per account in each state:
Here’s a table showing the average balance for each state, along with the average for the US as a whole: