Mortgage debt is dependent on a number of factors, including home price, downpayment and amount and interest rates. An analysis of the 10 U.S. cities with the lowest mortgage debt found a wide range in the 10 U.S. cities with the least average amount still owed on their homes.
- Youngstown-Warren-Boardman, OH-PA - $79,991
- Syracuse, NY - $80,427
- Buffalo-Niagara Falls, NY - $87,388
- Toledo, OH - $88,417
- Rochester, NY - $90,058
- Detroit, MI - $90,677
- Scranton-Wilkes-Barre, PA - $96,257
- Akron, OH - $97,724
- Jackson, MS - $98,978
- Wichita, KS - $103,805
What mortgages don't always indicate is cost of living, which includes relative price levels for housing (including rental rates), utilities, transportation, grocery items, health care and other goods and services. So even if you get a cheap house, it doesn't mean you can live cheaply.
Bethy Hardeman is the Social Media Manager and Writer at Credit Karma, where she's been since February 2011. When she's not writing about credit and finance all over the web, you can find her playing her guitar, catching the latest movie, training for her next race or just exploring the city of San Francisco. Say "Hi" on Twitter: @bhardeman.
*These numbers come from our March 2013 data. We took a took a look at the mortgage debt of 563,415 Credit Karma members total, ages 18 and above.