The Average Monthly Mortgage Payment in Every State
source-yahoo.finance
Your mortgage is largely based on your income, but your credit score also plays a role in determining the kind of loan you’re eligible for. The smart thing to do before you buy a home is to seek preapproval for a loan, so you know exactly what you’re able to borrow and how this will translate into a monthly mortgage payment.
Home prices vary from state to state, and, for this piece, GOBankingRates found the average monthly mortgage payment in every state assuming a 20% down payment, 30-year fixed loan, and a 6.9% interest rate as sourced from St. Louis Federal Reserve.
Alabama
Monthly mortgage payment: $1,200
2024 average home value: $214,175
Yearly mortgage: $14,398
Alaska
Monthly mortgage payment: $2,214
2024 average home value: $360,861
Yearly mortgage: $26,569
Arizona
Monthly mortgage payment: $2,502
2024 average home value: $431,917
Yearly mortgage: $30,029
Arkansas
Monthly mortgage payment: $1,132
2024 average home value: $195,185
Yearly mortgage: $13,590
California
Monthly mortgage payment: $4,536
2024 average home value: $769,579
Yearly mortgage: $54,429
Colorado
Monthly mortgage payment: $3,082
2024 average home value: $538,132
Yearly mortgage: $36,983
Connecticut
Monthly mortgage payment: $2,723
2024 average home value: $402,836
Yearly mortgage: $32,680
Delaware
Monthly mortgage payment: $2,120
2024 average home value: $366,934
Yearly mortgage: $25,438
Florida
Monthly mortgage payment: $2,443
2024 average home value: $405,396
Yearly mortgage: $29,321
Georgia
Monthly mortgage payment: $1,928
2024 average home value: $319,427
Yearly mortgage: $23,135
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Hawaii
Monthly mortgage payment: $5,253
2024 average home value: $948,964
Yearly mortgage: $63,035
Idaho
Monthly mortgage payment: $2,536
2024 average home value: $435,248
Yearly mortgage: $30,435
Illinois
Monthly mortgage payment: $1,771
2024 average home value: $252,899
Yearly mortgage: $21,250
Indiana
Monthly mortgage payment: $1,367
2024 average home value: $229,101
Yearly mortgage: $16,410
Iowa
Monthly mortgage payment: $1,372
2024 average home value: $209,990
Yearly mortgage: $16,469
Kansas
Monthly mortgage payment: $1,371
2024 average home value: $214,724
Yearly mortgage: $16,453
Kentucky
Monthly mortgage payment: $1,144
2024 average home value: $191,960
Yearly mortgage: $13,730
Louisiana
Monthly mortgage payment: $1,108
2024 average home value: $193,183
Yearly mortgage: $13,296
Maine
Monthly mortgage payment: $2,350
2024 average home value: $372,918
Yearly mortgage: $28,202
Maryland
Monthly mortgage payment: $2,530
2024 average home value: $411,837
Yearly mortgage: $30,363
Massachusetts
Monthly mortgage payment: $3,758
2024 average home value: $604,362
Yearly mortgage: $45,101
Michigan
Monthly mortgage payment: $1,455
2024 average home value: $226,746
Yearly mortgage: $17,465
Minnesota
Monthly mortgage payment: $1,995
2024 average home value: $322,082
Yearly mortgage: $23,939
Mississippi
Monthly mortgage payment: $986
2024 average home value: $169,211
Yearly mortgage: $11,832
Missouri
Monthly mortgage payment: $1,441
2024 average home value: $235,779
Yearly mortgage: $17,289
Montana
Monthly mortgage payment: $2,605
2024 average home value: $442,685
Yearly mortgage: $31,265
Nebraska
Monthly mortgage payment: $1,647
2024 average home value: $248,523
Yearly mortgage: $19,764
Nevada
Monthly mortgage payment: $2,506
2024 average home value: $434,956
Yearly mortgage: $30,067
New Hampshire
Monthly mortgage payment: $3,189
2024 average home value: $463,760
Yearly mortgage: $38,272
New Jersey
Monthly mortgage payment: $3,657
2024 average home value: $513,054
Yearly mortgage: $43,879
New Mexico
Monthly mortgage payment: $1,701
2024 average home value: $291,959
Yearly mortgage: $20,415
New York
Monthly mortgage payment: $2,735
2024 average home value: $425,053
Yearly mortgage: $32,825
North Carolina
Monthly mortgage payment: $1,903
2024 average home value: $319,721
Yearly mortgage: $22,836
North Dakota
Monthly mortgage payment: $1,517
2024 average home value: $249,280
Yearly mortgage: $18,204
Ohio
Monthly mortgage payment: $1,418
2024 average home value: $215,107
Yearly mortgage: $17,021
Oklahoma
Monthly mortgage payment: $1,183
2024 average home value: $196,835
Yearly mortgage: $14,197
Oregon
Monthly mortgage payment: $2,949
2024 average home value: $488,012
Yearly mortgage: $35,393
Pennsylvania
Monthly mortgage payment: $1,658
2024 average home value: $254,628
Yearly mortgage: $19,893
Rhode Island
Monthly mortgage payment: $2,842
2024 average home value: $441,648
Yearly mortgage: $34,107
South Carolina
Monthly mortgage payment: $1,639
2024 average home value: $285,275
Yearly mortgage: $19,663
South Dakota
Monthly mortgage payment: $1,812
2024 average home value: $290,267
Yearly mortgage: $21,748
Tennessee
Monthly mortgage payment: $1,776
2024 average home value: $304,832
Yearly mortgage: $21,316
Texas
Monthly mortgage payment: $1,984
2024 average home value: $297,525
Yearly mortgage: $23,810
Utah
Monthly mortgage payment: $2,936
2024 average home value: $511,137
Yearly mortgage: $35,230
Vermont
Monthly mortgage payment: $2,574
2024 average home value: $378,838
Yearly mortgage: $30,885
Virginia
Monthly mortgage payment: $2,251
2024 average home value: $375,558
Yearly mortgage: $27,012
Washington
Monthly mortgage payment: $3,452
2024 average home value: $575,888
Yearly mortgage: $41,421
West Virginia
Monthly mortgage payment: $875
2024 average home value: $152,323
Yearly mortgage: $10,499
Wisconsin
Monthly mortgage payment: $1,885
2024 average home value: $285,124
Yearly mortgage: $22,618
Wyoming
Monthly mortgage payment: $1,899
2024 average home value: $331,028
Yearly mortgage: $22,783