Maryland saw its average mortgage balance increase by more than a percent in the last quarter of 2023 as compared to the three months prior, according to a recent study.
That 1.23% increase brings Maryland’s average mortgage balance to just over $283,000, according to the study from personal finance company WalletHub.
Neighboring Virginia came in at No. 11 in terms of largest mortgage balance increase. D.C. was not analyzed as part of the study.
The study looked at all 50 states, analyzing the change in mortgage debt between the third quarter and the fourth quarter of 2023, as well as the average mortgage balances and monthly payments from the fourth quarter of 2023.
WalletHub analyst Cassandra Happe told WTOP that Maryland’s ranking is a little concerning to see, but it “might also be a good sign that maybe there’s been an uptick in the housing market in Maryland, and it’s just the result of more people” buying homes.
Click here to read the rest of the article written by Dana Sukontarak over at WTOP
