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Average U.S. Mortgage Balance by Year

Last updated
May 4, 2026
Units
Dollars
Frequency
Annually
Source
New York Fed Consumer Credit Panel / Equifax, BLS
Key insights
  • In 2025, the average mortgage balance plateaued at $44,300, nearly unchanged from $44,156 in 2024.
  • Mortgage debt peaked in 2008 at $58,729, rising by about $17,000 from 2003 levels over a five-year housing boom.
  • After the 2008 housing crash, mortgage balances steadily declined, bottoming out in 2016 at $42,423 — a level close to early-2000s averages.

Methodology

Our researchers pulled data from the New York Fed Consumer Credit Panel/Equifax to examine the average per-person mortgage balance from 2003 to 2025 (Q4). We reviewed both nominal and inflation-adjusted figures (in November 2025 dollars) to compare trends over time. We then calculated percentage changes and analyzed year-over-year changes to identify long-term growth patterns, key peaks and declines. 

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