The SCOOP! Blog by® 'Stress-Free Mortgages'

Mortgage Payments Are Getting Cheaper

January 23rd, 2020 8:26 AM by Jackie A. Graves

The average mortgage payment is about $1,500 per month, according to the U.S. Census Bureau, coming in at about the same amount as the cost of renting (the average cost to rent was $1,476 in October).

Mortgage payments have decreased about 3% since mid-2018. They’re expected to get even lower this year, possibly 3.3% to 5.9% below this year, The Mortgage Reports notes.

The trend is occurring even as home prices rise. Mortgage rates, currently at around three-year lows, are helping more homeowners see a decrease in their monthly mortgage payments.

Census Bureau data shows that mortgage payments can vary quite a bit by location. For example, the Pacific region of the U.S., which faces some of the highest home prices, has an average mortgage payment of $2,096. On the other hand, the East South Central area has the lowest average for a mortgage, at $1,140.

This table from The Mortgage Reports shows the breakdown:



Washington, Oregon, California, Hawaii, Alaska

New England


Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island

Middle Atlantic


New York, Pennsylvania, New Jersey



Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico

South Atlantic


West Virginia, Maryland, Delaware, Washington D.C., Virginia, North Carolina, South Carolina, Georgia, Florida

West South Central


Oklahoma, Arkansas, Louisiana, Texas

West North Central


North Dakota, South Dakota, Nebraska, Kansas, Minnesota, Iowa, Missouri

East North Central


Wisconsin, Michigan, Illinois, Indiana, Ohio

East South Central


Kentucky, Tennessee, Mississippi, Alabama


Source: To view the original article click here


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