Editor's Note: This story originally appeared on Construction Coverage.
Nationally, total mortgage debt stands at more than $12 trillion and accounts for more than 70% of the total debt held by U.S. households.
Outstanding mortgage debt rose sharply over the past several years as below-average interest rates, elevated demand for housing, and a surge in residential construction pushed new mortgage originations to record levels.
While mortgage delinquency rates remain low nationally, the concentration of delinquent mortgages varies significantly by location.
In general, delinquency rates tend to be highest in areas with higher levels of unemployment and poverty, lower levels of income, and lower property values.
The following is a breakdown of delinquency rates in major metropolitan areas.
The analysis was conducted by researchers at Construction Coverage using data from the Consumer Financial Protection Bureau, U.S. Census Bureau, and Zillow. For more information, refer to the methodology at the end.
1. New Orleans-Metairie, LA
- Percentage of mortgages 30+ days delinquent: 3.0%
- Percentage of mortgages 90+ days delinquent: 0.8%
- Unemployment rate: 5.3%
- Median home value: $246,261
- Median household income: $61,602
2. San Antonio-New Braunfels, TX
- Percentage of mortgages 30+ days delinquent: 2.9%
- Percentage of mortgages 90+ days delinquent: 0.6%
- Unemployment rate: 4.6%
- Median home value: $292,527
- Median household income: $70,538
3. Memphis, TN-MS-AR
- Percentage of mortgages 30+ days delinquent: 2.8%
- Percentage of mortgages 90+ days delinquent: 0.8%
- Unemployment rate: 4.9%
- Median home value: $237,146
- Median household income: $64,008
4. Houston-The Woodlands-Sugar Land, TX
- Percentage of mortgages 30+ days delinquent: 2.7%
- Percentage of mortgages 90+ days delinquent: 0.6%
- Unemployment rate: 5.1%
- Median home value: $305,666
- Median household income: $74,863
5. Birmingham-Hoover, AL
- Percentage of mortgages 30+ days delinquent: 2.7%
- Percentage of mortgages 90+ days delinquent: 0.7%
- Unemployment rate: 3.4%
- Median home value: $252,414
- Median household income: $67,242
6. Tulsa, OK
- Percentage of mortgages 30+ days delinquent: 2.5%
- Percentage of mortgages 90+ days delinquent: 0.8%
- Unemployment rate: 3.9%
- Median home value: $225,614
- Median household income: $63,396
7. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Percentage of mortgages 30+ days delinquent: 2.5%
- Percentage of mortgages 90+ days delinquent: 0.7%
- Unemployment rate: 4.8%
- Median home value: $346,484
- Median household income: $84,123
8. Rochester, NY
- Percentage of mortgages 30+ days delinquent: 2.5%
- Percentage of mortgages 90+ days delinquent: 0.7%
- Unemployment rate: 4.2%
- Median home value: $239,688
- Median household income: $69,580
9. Buffalo-Cheektowaga-Niagara Falls, NY
- Percentage of mortgages 30+ days delinquent: 2.4%
- Percentage of mortgages 90+ days delinquent: 0.6%
- Unemployment rate: 3.5%
- Median home value: $252,418
- Median household income: $68,698
10. Cleveland-Elyria, OH
- Percentage of mortgages 30+ days delinquent: 2.3%
- Percentage of mortgages 90+ days delinquent: 0.7%
- Unemployment rate: 4.4%
- Median home value: $218,489
- Median household income: $65,198
11. Louisville/Jefferson County, KY-IN
- Percentage of mortgages 30+ days delinquent: 2.3%
- Percentage of mortgages 90+ days delinquent: 0.7%
- Unemployment rate: 4.1%
- Median home value: $249,246
- Median household income: $69,547
12. Pittsburgh, PA
- Percentage of mortgages 30+ days delinquent: 2.3%
- Percentage of mortgages 90+ days delinquent: 0.6%
- Unemployment rate: 4.1%
- Median home value: $208,351
- Median household income: $70,607
13. Hartford-West Hartford-East Hartford, CT
- Percentage of mortgages 30+ days delinquent: 2.2%
- Percentage of mortgages 90+ days delinquent: 0.7%
- Unemployment rate: 4.6%
- Median home value: $337,720
- Median household income: $85,723
14. Atlanta-Sandy Springs-Roswell, GA
- Percentage of mortgages 30+ days delinquent: 2.2%
- Percentage of mortgages 90+ days delinquent: 0.6%
- Unemployment rate: 4.0%
- Median home value: $373,494
- Median household income: $84,876
15. Baltimore-Columbia-Towson, MD
- Percentage of mortgages 30+ days delinquent: 2.2%
- Percentage of mortgages 90+ days delinquent: 0.6%
- Unemployment rate: 3.7%
- Median home value: $374,617
- Median household income: $90,505
Methodology
The data used in this study is from the Consumer Financial Protection Bureau’s Mortgage Performance Trends dataset, the U.S. Census Bureau’s 2022 American Community Survey 1-Year Estimates, and Zillow’s Zillow Home Value Index (ZHVI).
To determine the locations with the most mortgage delinquencies, researchers ranked locations based on the percentage of mortgages at least 30 days delinquent as of December 2022.
In the event of a tie, the location with the greater percentage of mortgages at least 90 days delinquent was ranked higher.
For additional context, researchers also included the average unemployment rate and median household income for 2022, as well as the most recent ZHVI.
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