State
of Affairs
PRESENTS
TOP NEWS
The nation's capital has the highest mortgage payments, with borrowers there using more of their income to cover the mortgage than
anywhere else in the country, according to a study by LendingTree. In Washington D.C., monthly mortgage payments average $1,641, while
31 percent of household income pays the mortgage. Hawaii has the second-highest average payment at $1,536; homeowners there spend about
30 percent of their household income for a house payment. Typically, when determining housing affordability, mortgages are considered to be
unaffordable if more than 30 percent of household income is spent on a monthly house payment. California also just hits that point of balance,
with 30 percent of household income needed to cover a monthly mortgage payment of $1,445 on average. Nebraska had the lowest monthly
mortgage payment in the nation, averaging $711. Only 17 percent of household income goes to pay a monthly mortgage bill in Nebraska.
Arkansas' average monthly payment of $715 was almost neck-and-neck with the Cornhusker State, but in Arkansas, 22 percent of income goes
toward the mortgage. Iowa has the nation's third-lowest average payment at $717 with just 17 percent of income needed to cover the mortgage
each month.
Note: The state-by-state trends are based on a compilation
of October 2012 real estate public records data and proprietary
mortgage loan performance transactions provided by
Lender Processing Services, Inc. as well as a preliminary
unemployment rate for October 2012 based upon public
information from the Bureau of Labor Statistics.
Lender Processing Services, Inc. (LPS) is a provider of mortgage and consumer loan processing
services, mortgage settlement services, default solutions, and loan performance analytics, as well as solutions
for the real estate industry, capital markets investors, and government offices. Formed from a 2008 spin-off,
LPS' predecessor companies date back nearly half a century to the early beginnings of computing and
statistical services. LPS' high-performance technology, robust data, innovative services, and award-winning
customer support are why most of the nation's top 50 banks have chosen LPS to provide the solutions they
need in today's competitive marketplace. To learn more about LPS visit lpsvcs.com.
