JACKSON, Miss. ( WJTV ) – Mortgages are America’s biggest source of debt, but a WalletHub report reveals that Mississippians have among the lowest increases of said debt nationwide.

Rising prices and current interest rates often price potential homeowners out of the market. These rising costs have affected lower-income Americans the hardest. Still, the Magnolia state’s numbers on mortgage debt increases are the 10th lowest nationwide. To determine the states adding the most mortgage debt, WalletHub compared the 50 states based on proprietary data from Q3 2023 to Q4 2023. Below are some of the factors they used.

• Mortgage debt average balance change
• Mortgage debt average balance (per tradeline)
• Average monthly mortgage payment (per tradeline)

According to Federal Reserve Economic Data , around two-thirds of Americans owned their own home in 2023. In Mississippi, that number eclipsed 75% . The median home price across the U.S. was over $417,000 ; Mississippi’s median home price is over 40% less at $242,300 . According to WalletHub, the average household owes around $100,000 on their house, with the total balance exceeding $12 trillion nationwide.

For those looking to reduce their overall debt, WalletHub has a few suggestions for consumers.

• Consider refinancing
  • If current market conditions are favorable and interest rates have dropped since you initially took out your mortgage, explore refinancing. Refinancing your mortgage to a lower interest rate can lead to significant long-term savings.
• Make extra payments
  • Consider making additional payments toward your mortgage whenever possible. Even small extra payments can add up over time and significantly reduce the total interest paid. Check with your lender to ensure there are no prepayment penalties, and if not, allocate extra funds toward the principal to accelerate your mortgage payoff.
• Review and Trim Your Budget
  • Regularly review your budget and identify areas where you can cut unnecessary expenses. Redirecting even small amounts from non-essential spending toward your mortgage can add up over the years.
• Switch to biweekly payments
  • Instead of making monthly payments, switch to a biweekly payment schedule. This results in 26 half-payments (or 13 full payments) per year instead of 12. Over time, this can shave years off your mortgage term and save you money on interest.
• Use windfalls strategically
  • Apply tax refunds, work bonuses, inheritance money, etc. toward your mortgage. Using these extra funds to make lump-sum payments may significantly reduce the outstanding balance and shorten the repayment period.

For more information on housing assistance programs , visit the U.S. Department of Housing and Urban Development’s website or click here to find local resources in your community.

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