According to the WalletHub report, Maryland had the largest increase in average monthly mortgage between the third and fourth quarters of last year. During that time span, the average mortgage debt balance in Maryland rose 1.23% to $283,092. Underscoring the significance of that mortgage debt increase, is the report's finding that "no other state had an increase above 1%" and average mortgage debt actually decreased in 17 states during the fourth quarter of 2023.
The report states that “Maryland residents also have one of the biggest mortgage balances in general" and that "[t]heir average monthly payment is very high as a result, $2,145." On top of very high monthly mortgage debt, the report points out that "Maryland residents also have to deal with a relatively high property tax rate on their homes." A February 2024 ranking of state property tax rates by WalletHub found that Maryland had an effective real estate tax rate of 1.02%.
One common-sense takeaway from Maryland's high average monthly mortgage debt and its real estate tax burden is that Maryland's legislature should resist any future real estate tax rate hikes and it should instead consider providing real estate tax relief for Maryland residents.
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