16
August , 2018
Thursday

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With mortgage rates slowly climbing but still low, and with demand for homes exceeding supply, the free-credit-score website WalletHub today released its 2018 Home Overleverage Report.In order to determine where homeowners have the most unsustainable mortgage debts, WalletHub compared the median mortgage debt to the median income and median home value in more than 2,500 U.S. cities.

Mortgage Debt in Chicago (99th Percentile = Most Overleveraged):

  • WalletHub Home Overleverage Score: 30.78 (64th Percentile)
  • Median Mortgage Balance: $183,271
  • Median House Value: $235,000
  • Median Income: $47,250
  • Mortgage Debt-to-Income Ratio: 388% (68th Percentile)
  • Mortgage Debt-to-House Value Ratio: 78% (56th Percentile)

Prior to applying for a mortgage, we recommend prospective home buyers join WalletHub to review their free credit score and credit report to gauge their approval odds and possible interest rates. WalletHub’s Mortgage Payment Calculator can also help to determine an affordable monthly mortgage payment and realistic payoff timeline.

Please let me know if you have any questions or if you would like to schedule a phone, Skype or in-studio interview with one of our experts.

Best,
Diana Popa
WalletHub Communications Manager
(202) 684-6386

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