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:
| Pacific | $2,096 | Washington, Oregon, California, Hawaii, Alaska |
| New England | $1,912 | Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island |
| Middle Atlantic | $1,856 | New York, Pennsylvania, New Jersey |
| Mountain | $1,439 | Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico |
| South Atlantic | $1,437 | West Virginia, Maryland, Delaware, Washington D.C., Virginia, North Carolina, South Carolina, Georgia, Florida |
| West South Central | $1,397 | Oklahoma, Arkansas, Louisiana, Texas |
| West North Central | $1,321 | North Dakota, South Dakota, Nebraska, Kansas, Minnesota, Iowa, Missouri |
| East North Central | $1,296 | Wisconsin, Michigan, Illinois, Indiana, Ohio |
| East South Central | $1,140 | Kentucky, Tennessee, Mississippi, Alabama |
Source: “The Average Mortgage Payment Is Declining. Here’s Why,” The Mortgage Reports (Jan. 21, 2020)
