Mortgages make up the highest percentage of household debt nationwide, with the average American owing $258,214.
Millennials have the highest average mortgage debt at $320,027, with Gen X close behind at $286,574.
The District of Columbia, California and Hawaii have the highest average mortgage balance per borrower.
Collectively, Americans carry trillions in household debt, and mortgages are the biggest burden by far. With home values at all-time highs and the U.S. population continuing to grow, the total outstanding mortgage balance is at record levels.
Still, a mortgage is generally considered “good” debt, and it’s the cheapest way to borrow for many Americans. For those who locked in super-low rates during the pandemic, there’s no real urgency to pay it off, either.
With the high mortgage rate environment of the last few years, however, this type of loan might not be as attractive to some. Understanding the current mortgage debt climate can help you determine when to get a mortgage or whether to refinance your current one.
Average consumer mortgage debt, 2025 | $258,214 (up 3.1% from 2024) |
Number of cities where the average mortgage balance exceeds $1 million, 2025 | 67 (nearly half of which are in California) |
Total household debt, Q4 2025 | $18.8 trillion (up $191 billion from the previous quarter) |
Average home equity line of credit (HELOC) balance, 2025 | $48,298 (up 9% from 2024) |
Total HELOC debt, 2025 | $391.2 billion (up 11.3% from 2024) |
Total mortgage originations, Q4 2025 | $524 billion |
Average credit score of new mortgage borrowers, Q4 2025 | 775 |
Average 30-year fixed mortgage rate, March 2026 | 6.33% |
Mortgage debt is the heavyweight of household debt in the U.S., dwarfing credit card balances, student loans and auto loans. Since 2013, mortgage debt has steadily risen. But since the pandemic, increases in home prices and interest rates have kicked the climb into overdrive.
Americans generally begin taking on debt as young adults, slow their pace of borrowing in middle age, and work to pay off loans near or during retirement.
Generation | Average mortgage balance, Q3 2025 |
|---|---|
Generation Z (18-29) | $262,004 |
Millennials (30-45) | $320,027 |
Generation X (46-61) | $286,574 |
Baby Boomers (62-80) | $196,227 |
Silent Generation (81+) | $148,514 |
For each generation, this trend has taken place in tandem with mortgage rate fluctuations and home price appreciation, which has accelerated dramatically in recent years. In March 2020, the median existing-home sale price was $280,700, according to the National Association of Realtors. As of February 2026, the median was $398,000.
