Florida Ranks High with the Highest Mortgage Balances

Mortgage Balances Soar in Florida

While most people might think California stands out for its high mortgage balances, a new study reveals that Florida is leading in this regard. According to a recent study conducted by Experian, currently the five cities with the highest mortgage balances are located in Florida.

Florida has surpassed California as the top state on the list of cities with the highest mortgage balances. Particularly in the affluent neighborhoods of this state, multi-million dollar mortgages are becoming increasingly common. Here are the ten cities where Floridians have the highest mortgage balances:

Golden Oak, located just four miles from the Magic Kingdom, requires a high price for its luxurious living. According to the Experian report, residents in Golden Oak have an average mortgage balance of $3,627,594, the highest level in America.

The second city in Florida is Gulf Stream, with an average mortgage balance of $3,206,007. This charming seaside town is notable for its magnificent properties.

In Golden Beach, which offers a tranquil seaside lifestyle, mortgage balances are also quite high. Research shows that homeowners in this town have an average mortgage debt of $2,969,951.

For some, living on the white sandy beaches comes at a steep cost, as residents of Captiva Island carry an average mortgage debt of $2,620,156. Homes in this area are luxurious and often cost several million dollars.

Ranking fifth is Atlantis, a golfing destination located in Palm Beach County. Homeowners in this exclusive area have an average mortgage balance of $2,585,199.

California also managed to rank high on the list; for example, residents of Montecito hold an average mortgage debt of $2,487,787. This area is known for being home to celebrities like Oprah Winfrey.

Residents of the high-priced Hidden Hills have an average mortgage balance of $2,149,578. This area, located near Los Angeles, offers daily commuting options while providing a vacation feel.

Another California city, Atherton, also made it onto this list; homeowners here have an average mortgage balance of $2,137,851. Despite the high prices, this city offers not only luxurious homes but also magnificent views and proximity to major industrial centers.

In addition to Florida and California, Hunts Point also stands out in terms of mortgage balances. Homeowners in this area have an average mortgage balance of $2,016,164.

Sagaponack, a preferred choice for those seeking a peaceful environment, has an average mortgage balance of $1,977,857, making it to the list.