Massachusetts residents are among the most credit-worthy in the country, this despite the fact that the state’s average mortgage balance is a lofty $221,671. Local residents also have some of the largest student-loan balances nationally.
The Bay State’s average home-loan balance ranked as the sixth-highest in the United States in May, behind only California ($318,731); Hawaii ($296,857); Maryland ($241,279); New Jersey ($231,021); and Washington ($227,500). The data was included in the most-recent Credit Climate Report issued by Credit Karma Inc., a financial research and credit-services provider.
The state’s average mortgage balance was up slightly from the $219,051 and $220,631 balances posted in May 2010 and April of this year, respectively.
Meanwhile, Massachusetts residents ranked second nationally in outstanding student-loan debt, with an average loan balance of $33,310 among college borrowers. That was slightly back of Maryland, which posted an average student-loan balance of $33,602 as of May 31. The Bay State’s average student loan balance was $32,345 in May 2010.
Nonetheless, the state fared well in other debt-related categories, ranking third nationally with an average credit score of 682 per borrower. The state’s average credit score was 687 in the year-earlier period. The best credit score in the country was found in California, which posted an average of 685. The worst was Mississippi’s score of 634.
Among the report’s other findings:
Massachusetts had one of the lowest auto-loan balances ($13,310 per borrower, 46th overall) among the 50 states. Its average auto-loan balance was $12,868 in May 2010. The highest average auto-loan balance was recorded in Wyoming ($18,575), while the lowest was in Wisconsin ($12,464).
The average credit card balance among Massachusetts residents surveyed was $6,310, 34th overall. New Jersey had the highest credit-card balance in the Credit Karma survey, averaging $7,545 per card customer surveyed. Wisconsin had the lowest balance of $4,637.
Read more: Mass. mortgage balances among highest in U.S. | Boston Business Journal