The COVID-19 pandemic fueled a surge in demand among homebuyers that is only now beginning to show signs of slowing. This historic demand coincided with low borrowing costs, limited housing inventory, and labor and materials bottlenecks that have been hampering new construction. These factors have pushed home values to all time highs, forcing many buyers to take on mortgages that put them deep in debt.

According to a recent report from Experian, a consumer credit reporting company, American homeowners with a mortgage had an average unpaid balance of $229,242 in 2020. Mortgage debt can be impacted by multiple regional factors, and as a result, the amount of debt American homeowners are paying down varies considerably by state.

The average mortgage debt in Georgia of $196,030 is close to the median of all states, but is still about $33,200 less than the national average.

Though mortgage debt in the state is lower than average, homeowners in Georgia are slightly more likely to be paying a mortgage than the typical American homeowner. An estimated 64.2% of Georgia homeowners have a mortgage, compared to 61.7% of homeowners nationwide.

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All mortgage debt data used in this story from the 2020 State of Credit Report by Experian, a consumer reporting agency. Average mortgage debt is a measure of the average first mortgage balance per consumer who had an open first mortgage account. Figures for median home value, median household income, homeownership rates, and the share of owner-occupied households with a mortgage came from the U.S. Census Bureau’s 2019 American Community Survey.

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Rank	State	Average mortgage debt ($)	Median home value ($)	Median household income ($)	Homeowners with a mortgage (%)
50	West Virginia	128,004	124,600	48,850	46.4
49	Mississippi	135,374	128,200	45,792	49.1
48	Indiana	140,915	156,000	57,603	65.2
47	Ohio	142,293	157,200	58,642	62.1
46	Arkansas	143,066	136,200	48,952	53.0
45	Kentucky	143,329	151,700	52,295	56.9
44	Iowa	146,408	158,900	61,691	59.9
43	Oklahoma	147,538	147,000	54,449	54.4
42	Michigan	150,482	169,600	59,584	59.3
41	Missouri	155,203	168,000	57,409	60.2
40	Kansas	155,277	163,200	62,087	57.9
39	Nebraska	156,568	172,700	63,229	59.5
38	Wisconsin	160,116	197,200	64,168	62.7
37	Alabama	160,341	154,000	51,734	55.3
36	Louisiana	165,572	172,100	51,073	51.7
35	Maine	167,615	200,500	58,924	60.5
34	Vermont	172,919	233,200	63,001	61.7
33	South Dakota	173,005	185,000	59,533	55.6
32	New Mexico	174,292	180,900	51,945	52.9
31	Pennsylvania	175,648	192,600	63,463	59.1
30	North Dakota	181,930	205,400	64,577	52.1
29	South Carolina	183,603	179,800	56,227	58.0
28	Tennessee	184,360	191,900	56,071	58.2
27	North Carolina	188,520	193,200	57,341	63.2
26	Illinois	189,808	209,100	69,187	62.4
25	Georgia	196,030	202,500	61,980	64.2
24	Minnesota	198,039	246,700	74,593	65.1
23	Texas	201,084	200,400	64,034	56.1
22	Montana	206,561	253,600	57,153	55.4
21	New Hampshire	208,570	281,400	77,933	64.9
20	Idaho	208,645	255,200	60,999	64.3
19	Wyoming	208,716	235,200	65,003	59.2
18	Delaware	210,933	261,700	70,176	65.5
17	Florida	214,203	245,100	59,227	56.3
16	Rhode Island	217,019	283,000	71,169	66.3
15	Arizona	229,332	255,900	62,055	62.4
14	Alaska	244,840	281,200	75,463	60.8
13	Connecticut	247,241	280,700	78,833	66.2
12	Nevada	253,602	317,800	63,276	67.4
11	Utah	258,635	330,300	75,780	70.1
10	Oregon	261,147	354,600	67,058	66.1
9	Virginia	269,570	288,800	76,456	67.7
8	New Jersey	270,329	348,800	85,751	65.6
7	Maryland	274,311	332,500	86,738	71.9
6	New York	274,349	338,700	72,108	59.6
5	Massachusetts	292,513	418,600	85,843	68.3
4	Colorado	297,813	394,600	77,127	70.8
3	Washington	307,407	387,600	78,687	67.7
2	Hawaii	387,977	669,200	83,102	64.4
1	California	396,229	568,500	80,440	69.0