By Elizabeth Troutman |

Arizona ranked fifth out of states adding the most mortgage debt between quarters three and four of 2023 according to a WalletHub survey.

WalletHub released a report Friday showing in what state homeowners are struggling the most in response to the upward trend of mortgage debt over the past few years. 

The personal finance website compared the 50 states based on its proprietary data on mortgage debt from Q3 to Q4 2023. 

Mortgage debt is by far the biggest category of debt for Americans, with the average household owing around $100,000. WalletHub found the total balance to be more than $12 trillion. 

“Mortgage rates are the highest they’ve been in around a decade, and home prices have seen a meteoric rise in recent years as well,” WalletHub Editor John Kiernan said in a news release. “Even small increases in home prices can lead to thousands of dollars in extra mortgage interest costs for homeowners, so it’s important to choose wisely when deciding where and when to buy a house.”

The average mortgage balance in Arizona increased by 0.068% from Q3 to Q4 2023, and the average mortgage balance was more than a quarter of a million in Q4 2023. 

The Grand Canyon state’s average monthly payment for mortgages in Q4 2023 was $1,751. 

The states ahead of Arizona for adding the most mortgage debt included Maryland, Nevada, Hawaii, and Texas. The states with the smallest increases to mortgage debts were Wyoming, Delaware, and Vermont. 

Elizabeth Troutman is a reporter for AZ Free News. You can send her news tips using this link.