These 4 States Have the Most Mortgage Balances Over $1 Million — What Does That Mean for Their Housing Markets?

Average balances are now more than 7% in U.S. markets, where loan amounts exceeding $1 million are typical, .

Given that the trend has been down for a couple of years, this suggests prices are pretty accessible in some areas. Still, it begs the question of whether this is sustainable for the price point, the area around it, and the environment in which it exists. Here are four states with the greatest number of houses with of one million dollars.

How will this affect their housing market? Let’s find out. Earning passive income doesn't need to be difficult. California is once again among the top states in America for , with mortgage balances of more than $1 million.

The top cities with the highest averages are Atherton ($2,447,013), Hidden Hills ($2,082,074) and Montecito ($1,975,661). The state has 26 cities on Experian’s list, most of which are territories of the ultra-luxury properties market. Given that home prices keep rising, more consumers are being pushed to take .

These loans often have strict credit policies and charge high interest rates. While the $1 million dollar mortgage is normal in California, it’s a clear indication of the state’s housing affordability. High balances represent the general increase in house prices, making it difficult for new homeowners to afford these houses.

New York is second on Experian’s list, with seven cities having an average of over $1 million in mortgage balances. Sagaponack takes the top spot at $1,888,234 for an average m.