Residents of San Luis Obispo, Calif., don’t earn much, but that hasn’t stopped them from buying houses well out of their price range.
WalletHub found a few dozen cities that are home to the most overleveraged mortgage debtors. San Luis Obispo was among the most extreme results. The median mortgage debt there is $333,641, but the median income is only $16,565, which equates to a 2,014 percent mortgage debt-to-income ratio, the highest in the nation.
Several other California towns and cities made the list, as did Williamsburg, Va., Beaver Falls, Pa., Provo, Utah, and College Station, Texas.
Brooksville, Fla., had the highest mortgage debt-to-house value ratio, at 214 percent. The median home value is $48,200, but the median mortgage debt is $103,023.
Advertisement
Related Stories
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Housing Policy + Finance
Even With Inflation Running Hot and Elevated Mortgage Rates, Buyer Demand Rises
Mortgage rates will likely stay high for the next few months, but that doesn't seem to be deterring homebuyers
Financing
Q1 2024 Foreclosure Activity Rises Slightly
Data show New York, Houston, and Chicago topping the list of major metros with the greatest number of foreclosure starts during Q1 2024