Average mortgage debt in 2026

Core Insights - The total outstanding mortgage balance in the U.S. is at record levels, driven by high home values and a growing population [2] - Mortgages are generally viewed as "good" debt, providing the cheapest borrowing option for many Americans, especially those with low rates locked in during the pandemic [2] - The current high mortgage rate environment may make mortgages less attractive, influencing decisions on when to obtain or refinance loans [3] Average Mortgage Debt Insights - Mortgage debt is the largest component of household debt in the U.S., significantly surpassing credit card balances, student loans, and auto loans, with a steady increase since 2013, particularly accelerated by the pandemic [4] - Average mortgage balances vary by generation, with Millennials holding the highest average at $320,027, followed by Generation X at $286,574, and Baby Boomers at $196,227 [6] - The median existing-home sale price rose from $280,700 in March 2020 to $398,000 by February 2026, reflecting the impact of home price appreciation on mortgage debt [6] Geographic Insights - The average American owes $258,214 in mortgage debt, with the highest average mortgage balances found in the District of Columbia, California, and Hawaii [7]