Data recorded by Experian, a consumer credit reporting company, highlighted that the San Diego-Carlsbad-San Marcos area now has the sixth-highest average mortgage debt within major metropolitan areas in the country. With a mean of $386,530 in San Diego, the average mortgage debt has since increased by 2 percent since 2018’s first quarter.
Different metro regions of California represent eight of the top 10 highest mortgage debt areas, with only Washington D.C. besting California with an average mortgage debt of $418,555. The fact that California represents eight of the top 10 is a significant reflection on the high cost of housing in California.
The San Jose-Sunnyvale-Santa Clara region topped the list with an average of $519,756, with San Francisco-Oakland-Fremont, Santa Barbara-Santa Maria-Goleta, Los-Angeles-Long Beach-Santa Ana, and Santa Cruz-Watsonville representing the rest of the top five in the state.
Experian also noted the mortgage debt on a countrywide level. Within the last six years, mortgage debt has increased each quarter, with the total in 2019 reaching $9.5 trillion. On an individual level, the average mortgage debt has risen by $200,000—the largest amount over the last five years.
Even though the mortgage debt is increasing, homeowners are becoming more responsible with their debts. Furthermore, other components, such as low-interest rates and available inventory, make the home-searching process easier and more efficient in the San Diego area.
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