Chicago Relocation
 

How Does Your Home Loan Compare?

May 11, 2012

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John D’Ambrogio

How much does the average Illinoisan owe?  How does that compare nationwide, or to other big cities like New York or LA?  A new report by Lending Tree sheds some light.

We’re not too bad, actually.  IL has the 18th highest average loan per homeowner in the US.  WHOOPS –  $211,900, that’s significantly more than the average home value in Chicago ($162,800, according to Zillow).  Illinois was one of 13 states with average home loans in the $200Ks.  There are seven states with averages in the $300Ks (including, of course, NY and CA), and the big kahuna (no pun intended) is Hawaii – With an average home loan of $667K!!!!  Sounds like a classic case of supply and demand…

Lending Tree notes:  ”The average buyer in Hawaii, based on the average loan of $677,299 and an APR of 4%, would have a monthly payment for a 30 year mortgage (1 point) of $3,234 before taxes and insurance. The average payment for Mississippi would be $655 based on the closed loan amount.” Mississippi and Nebraska bring of the rear with lowest average loans, each with average home loans of less than $138K.

Actually, we’re a bit below the national average of $222,261.  How do you compare?

 

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