Yahoo Finance Here’s How Much Mortgage Payments in Your State Have Increased in the Past Decade
No matter the state of the economy, housing is always one of the biggest monthly expenditures that Americans face. However, the housing market at this time is especially inflated, due to factors rippling out from the pandemic such as early supply chain disruptions on building materials, low housing inventory and high mortgage rates.
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First-time homebuyers are struggling to buy a home, and existing homeowners are feeling the pinch in their mortgage payments.
It’s so bad that the former secretary of housing and urban development under President Barack Obama, Shaun Donovan, recently told PBS News, “I’ve been doing housing work for 30 years — the housing affordability challenge is the worst I’ve ever seen in my career.”
GOBankingRates set out to find out how much Americans’ mortgage payments have increased in each state over the past decade by getting the February 2024 and February 2014 home values for every state. Additionally, GOBankingRates sought the 30-year fixed rate mortgage averages from both 2014 (4.37%) and 2024 (6.94%) from Freddie Mac.
Read on to see the effect of a decade on mortgage payments.
Alabama
February 2014 home value: $128,167
February 2024 home value: $217,961
February 2014 average mortgage payment: $512
February 2024 average mortgage payment: $1,153
10-year % change in mortgage payment: 125.37%
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Alaska
February 2014 home value: $260,819
February 2024 home value: $362,644
February 2014 average mortgage payment: $1,041
February 2024 average mortgage payment: $1,918
10-year % change in mortgage payment: 84.26%
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Arizona
February 2014 home value: $192,436
February 2024 home value: $436,307
February 2014 average mortgage payment: $768
February 2024 average mortgage payment: $2,308
10-year % change in mortgage payment: 200.47%
Arkansas
February 2014 home value: $117,907
February 2024 home value: $198,530
February 2014 average mortgage payment: $471
February 2024 average mortgage payment: $1,050
10-year % change in mortgage payment: 123.14%
California
February 2014 home value: $384,541
February 2024 home value: $785,294
February 2014 average mortgage payment: $1,535
February 2024 average mortgage payment: $4,154
10-year % change in mortgage payment: 170.63%
Colorado
February 2014 home value: $253,742
February 2024 home value: $550,989
February 2014 average mortgage payment: $1,013
February 2024 average mortgage payment: $2,915
10-year % change in mortgage payment: 187.77%
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Connecticut
February 2014 home value: $247,711
February 2024 home value: $409,905
February 2014 average mortgage payment: $989
February 2024 average mortgage payment: $2,168
10-year % change in mortgage payment: 119.30%
Delaware
February 2014 home value: $218,301
February 2024 home value: $371,763
February 2014 average mortgage payment: $871
February 2024 average mortgage payment: $1,967
10-year % change in mortgage payment: 125.68%
Florida
February 2014 home value: $166,288
February 2024 home value: $409,638
February 2014 average mortgage payment: $664
February 2024 average mortgage payment: $2,167
10-year % change in mortgage payment: 226.46%
Georgia
February 2014 home value: $138,646
February 2024 home value: $323,386
February 2014 average mortgage payment: $553
February 2024 average mortgage payment: $1,711
10-year % change in mortgage payment: 209.10%
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Hawaii
February 2014 home value: $536,391
February 2024 home value: $967,296
February 2014 average mortgage payment: $2,141
February 2024 average mortgage payment: $5,117
10-year % change in mortgage payment: 138.98%
Idaho
February 2014 home value: $170,896
February 2024 home value: $443,630
February 2014 average mortgage payment: $682
February 2024 average mortgage payment: $2,347
10-year % change in mortgage payment: 244.02%
Illinois
February 2014 home value: $150,696
February 2024 home value: $255,278
February 2014 average mortgage payment: $602
February 2024 average mortgage payment: $1,350
10-year % change in mortgage payment: 124.49%
Indiana
February 2014 home value: $115,056
February 2024 home value: $231,797
February 2014 average mortgage payment: $459
February 2024 average mortgage payment: $1,226
10-year % change in mortgage payment: 166.99%
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Iowa
February 2014 home value: $126,296
February 2024 home value: $212,618
February 2014 average mortgage payment: $504
February 2024 average mortgage payment: $1,125
10-year % change in mortgage payment: 123.10%
Kansas
February 2014 home value: $118,509
February 2024 home value: $218,078
February 2014 average mortgage payment: $473
February 2024 average mortgage payment: $1,154
10-year % change in mortgage payment: 143.87%
Kentucky
February 2014 home value: $105,366
February 2024 home value: $196,576
February 2014 average mortgage payment: $421
February 2024 average mortgage payment: $1,040
10-year % change in mortgage payment: 147.24%
Louisiana
February 2014 home value: $152,998
February 2024 home value: $195,141
February 2014 average mortgage payment: $611
February 2024 average mortgage payment: $1,032
10-year % change in mortgage payment: 69.03%
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Maine
February 2014 home value: $175,417
February 2024 home value: $379,011
February 2014 average mortgage payment: $700
February 2024 average mortgage payment: $2,005
10-year % change in mortgage payment:186.33%
Maryland
February 2014 home value: $268,462
February 2024 home value: $418,225
February 2014 average mortgage payment: $1,072
February 2024 average mortgage payment: $2,213
10-year % change in mortgage payment: 106.45%
Massachusetts
February 2014 home value: $322,110
February 2024 home value: $616,983
February 2014 average mortgage payment: $1,286
February 2024 average mortgage payment: $3,264
10-year % change in mortgage payment: 153.84%
Michigan
February 2014 home value: $111,270
February 2024 home value: $230,579
February 2014 average mortgage payment: $444
February 2024 average mortgage payment: $1,220
10-year % change in mortgage payment: 174.62%
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Minnesota
February 2014 home value: $182,986
February 2024 home value: $328,696
February 2014 average mortgage payment: $730
February 2024 average mortgage payment: $1,739
10-year % change in mortgage payment: 138.05%
Mississippi
February 2014 home value: $108,191
February 2024 home value: $170,810
February 2014 average mortgage payment: $432
February 2024 average mortgage payment: $904
10-year % change in mortgage payment: 109.22%
Missouri
February 2014 home value: $124,287
February 2024 home value: $239,144
February 2014 average mortgage payment: $496
February 2024 average mortgage payment: $1,265
10-year % change in mortgage payment: 154.99%
Montana
February 2014 home value: $201,826
February 2024 home value: $450,517
February 2014 average mortgage payment: $806
February 2024 average mortgage payment: $2,383
10-year % change in mortgage payment: 195.82%
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Nebraska
February 2014 home value: $131,909
February 2024 home value: $251,976
February 2014 average mortgage payment: $527
February 2024 average mortgage payment: $1,333
10-year % change in mortgage payment: 153.15%
Nevada
February 2014 home value: $193,515
February 2024 home value: $441,950
February 2014 average mortgage payment: $773
February 2024 average mortgage payment: $2,338
10-year % change in mortgage payment: 202.66%
New Hampshire
February 2014 home value: $222,129
February 2024 home value: $475,398
February 2014 average mortgage payment: $887
February 2024 average mortgage payment: $2,515
10-year % change in mortgage payment: 183.62%
New Jersey
February 2014 home value: $292,407
February 2024 home value: $519,941
February 2014 average mortgage payment: $1,167
February 2024 average mortgage payment: $2,751
10-year % change in mortgage payment: 135.64%
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New Mexico
February 2014 home value: $162,708
February 2024 home value: $293,801
February 2014 average mortgage payment: $650
February 2024 average mortgage payment: $1,554
10-year % change in mortgage payment: 139.30%
New York
February 2014 home value: $230,212
February 2024 home value: $428,712
February 2014 average mortgage payment: $919
February 2024 average mortgage payment: $2,268
10-year % change in mortgage payment: 146.79%
North Carolina
February 2014 home value: $153,492
February 2024 home value: $324,113
February 2014 average mortgage payment: $613
February 2024 average mortgage payment: $1,715
10-year % change in mortgage payment: 179.84%
North Dakota
February 2014 home value: $198,435
February 2024 home value: $252,455
February 2014 average mortgage payment: $792
February 2024 average mortgage payment: $1,336
10-year % change in mortgage payment: 68.60%
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Ohio
February 2014 home value: $114,204
February 2024 home value: $218,937
February 2014 average mortgage payment: $456
February 2024 average mortgage payment: $1,158
10-year % change in mortgage payment: 154.06%
Oklahoma
February 2014 home value: $112,502
February 2024 home value: $200,364
February 2014 average mortgage payment: $449
February 2024 average mortgage payment: $1,060
10-year % change in mortgage payment: 136.02%
Oregon
February 2014 home value: $233,107
February 2024 home value: $494,780
February 2014 average mortgage payment: $931
February 2024 average mortgage payment: $2,618
10-year % change in mortgage payment: 181.29%
Pennsylvania
February 2014 home value: $153,241
February 2024 home value: $256,822
February 2014 average mortgage payment: $612
February 2024 average mortgage payment: $1,359
10-year % change in mortgage payment: 122.10%
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Rhode Island
February 2014 home value: $222,066
February 2024 home value: $448,778
February 2014 average mortgage payment: $886
February 2024 average mortgage payment: $2,374
10-year % change in mortgage payment: 167.82%
South Carolina
February 2014 home value: $144,335
February 2024 home value: $289,251
February 2014 average mortgage payment: $576
February 2024 average mortgage payment: $1,530
10-year % change in mortgage payment: 165.58%
South Dakota
February 2014 home value: $160,012
February 2024 home value: $293,085
February 2014 average mortgage payment: $639
February 2024 average mortgage payment: $1,550
10-year % change in mortgage payment: 142.74%
Tennessee
February 2014 home value: $137,693
February 2024 home value: $310,207
February 2014 average mortgage payment: $550
February 2024 average mortgage payment: $1,641
10-year % change in mortgage payment: 198.56%
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Texas
February 2014 home value: $146,971
February 2024 home value: $299,474
February 2014 average mortgage payment: $587
February 2024 average mortgage payment: $1,584
10-year % change in mortgage payment: 170.03%
Utah
February 2014 home value: $224,197
February 2024 home value: $519,469
February 2014 average mortgage payment: $895
February 2024 average mortgage payment: $2,748
10-year % change in mortgage payment: 207.06%
Vermont
February 2014 home value: $216,671
February 2024 home value: $375,943
February 2014 average mortgage payment: $865
February 2024 average mortgage payment: $1,989
10-year % change in mortgage payment: 129.94%
Virginia
February 2014 home value: $228,844
February 2024 home value: $383,327
February 2014 average mortgage payment: $914
February 2024 average mortgage payment: $2,028
10-year % change in mortgage payment: 121.98%
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Washington
February 2014 home value: $254,897
February 2024 home value: $589,807
February 2014 average mortgage payment: $1,018
February 2024 average mortgage payment: $3,120
10-year % change in mortgage payment: 206.65%
West Virginia
February 2014 home value: $98,985
February 2024 home value: $155,333
February 2014 average mortgage payment: $395
February 2024 average mortgage payment: $822
10-year % change in mortgage payment: 107.96%
Wisconsin
February 2014 home value: $153,064
February 2024 home value: $289,236
February 2014 average mortgage payment: $611
February 2024 average mortgage payment: $1,530
10-year % change in mortgage payment: 150.42%
Wyoming
February 2014 home value: $208,744
February 2024 home value: $333,745
February 2014 average mortgage payment: $833
February 2024 average mortgage payment: $1,766
10-year % change in mortgage payment: 111.88%
Methodology: For this piece, GOBankingRates found the February 2024 and February 2014 home values for every state as well as the Feb. 27, 2014, 30-year fixed rate mortgage average (4.37%) from Freddie Mac as well as the February 29, 2024 30-year fixed rate mortgage average (6.94%) from Freddie Mac. GOBankingRates was then able to calculate the 2024 and 2014 average mortgage payments for each state with the following assumptions: 30-year fixed rate mortgage, 20% down payment, no P&I and no HOA fees, and with property taxes excluded as a different charge. GOBankingRates then found the 10-year monetary and percent difference in average mortgage payment for every state. All data was collected and is up to date as of April 8, 2024.
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This article originally appeared on GOBankingRates.com: Here’s How Much Mortgage Payments in Your State Have Increased in the Past Decade
