Data-Driven Mortgage News & Analysis


Mortgage-Holding Residents in Indiana Pay the Lowest Percentage of Income towards Housing Costs in the Country

No Image

By: Kevin Pryor June. 28, 2018

A recent study discovered that mortgage-holding residents in Indiana pay the lowest percentage of income towards homeownership costs compared to the rest of the nation. In other words, Indiana has the lowest cost of living in the United States in terms of percentage of income spent on housing costs.

This study conducted by Gavop used data collected by the United States Census Bureau. The results showed that homeowners with a mortgage in Indiana paid ...

Continue reading

Fewer Homes in Missouri Have a Second Mortgage or Equity Loan

No Image

By: Ramu Garuda June. 25, 2018

Missouri has seen a substantial drop in the proportion of homes with a second mortgage, equity loan, or both between 2009 to 2016. In 2009, 14.09 percent of all homes in Missouri had a second mortgage or equity loan—that number reduced by more than half to 7.14 percent in 2016.

These are the latest findings shared by Gavop, on the basis of its analysis of Missouri real estate data from the ...

Continue reading

How Much Do Pennsylvania Homeowners with a Mortgage Spend on Housing?

No Image

By: Kevin Pryor June. 20, 2018

Gavop used data from the United States Census Bureau to analyze the proportion of income that homeowners in Pennsylvania spend on housing costs, especially those with a mortgage. Overall, Gavop found that Pennsylvania homeowners spend 29.9 percent of their income on housing costs, which is just one percent lower than national values.

Housing costs refer to the how much individuals spend collectively on mortgage payments, real estate taxes, home insurance, and utilities. The ...

Continue reading

Massachusetts Homeownership: Amount of Income Spent on Housing Costs Varies by Location

No Image

By: Kevin Pryor June. 18, 2018

A recent study by Gavop analyzed the proportion of income that is spent on housing costs by homeowners with a mortgage in Massachusetts. The cost of homeownership is the percentage of income allocated to expenses such as mortgage payments, real estate taxes, home insurance, and utilities.

The data show that homeowners with a mortgage in Massachusetts pay a statewide median value of 33.0 percent of their income on housing costs; this is a ...

Continue reading

Over Half of All Homes in Alabama Are Mortgaged

No Image

By: Ramu Garuda June. 15, 2018

Gavop’s latest study shows that over half of all homeowners in Alabama have used mortgages to help finance their house. As of 2016, 56.61 percent of homes had a mortgage or other debt and 6.37 percent of homes had a second mortgage, equity loan, or both.

Gavop analyzed data from the United States Census Bureau to to confirm the proportion of mortgaged homes at the county, state, and national level.

As ...

Continue reading

Older Homeowners Have Fewer Mortgaged Homes in Texas

No Image

By: Kevin Pryor June. 12, 2018

A recent study conducted by Gavop using United States Census Bureau data clearly shows that in the state of Texas, the number of mortgaged homes decrease as the mortgage holder’s age increases. In general, as people grow older, they are able to accumulate more money to pay off mortgage debt, as opposed to younger adults who may be on their first or second homes.

Specifically, 79.02 percent of homeowners under the age ...

Continue reading

Are Mortgaged Homes A Sign of High Income in New York?

No Image

By: Ramu Garuda June. 07, 2018

Most of the mortgaged homes in New York belong to households that have an annual income of over $100,000. In fact, the number of mortgaged homes belonging to households in this income category has increased from 2009 to 2016 while mortgaged homes for household incomes of under $50,000 and incomes between $50,000 and $100,000 have decreased.

This came to light during a recent study by Gavop on county-level real estate ...

Continue reading

Texas Housing Costs for Mortgage Holders are Above National Values

No Image

By: Kevin Pryor June. 06, 2018

Gavop used data from the U.S. Census Bureau to create a county-level analysis on the expenses of homeownership for those with a mortgage in Texas. The study looks at the percentage of income spent on housing costs, including mortgage payments, real estate taxes, home insurance, and utilities.

Results show that homeowners with a mortgage in Texas paid a statewide median proportion of 31.2 percent of their income on homeowner costs. Additionally, Texas ...

Continue reading

Maryland Homeownership — Majority of Mortgaged Homes were of High-Income Households

No Image

By: Kevin Pryor May. 31, 2018

The largest proportion of mortgaged homes in Maryland came from homes that took in over $100,000 per year. Specifically, 54.79 percent of households of the over $100,000 income level had a mortgage on their home in 2016 compared to 29.52 percent for households with an annual income between $50,000 and $100,000, and 15.68 percent for households with an annual income below $50,000.

Gavop used data from ...

Continue reading

New Jersey Housing Costs for Mortgaged Homeowners—3rd Highest in the Country

No Image

By: Ramu Garuda May. 24, 2018

A recent study conducted by Gavop using data from the U.S. Census Bureau analyzed the expenses of homeowners with mortgages in the state of New Jersey, at both the state and county level.

The cost of homeownership is the income allocated to expenses including mortgage payments, real estate taxes, home insurance, and utilities.

Overall, the data shows that homeowners with mortgages in New Jersey pay a statewide median of 36.9 percent of ...

Continue reading