See How Much the Average American Spends on Their Mortgage

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For most Americans, homeownership accounts for the greatest portion of their net worth. But with homeownership comes (usually) a mountain of debt in the form of a mortgage. And that debt is increasing as mortgage rates climb (along with home prices) and inflation lingers. So how much is the average American dishing out on their mortgage every month? A new survey by GOBankingRates tackles that question with thorough breakdowns. 

How Much Americans Spend on Mortgage Payments Per Month 

Take a look at how the amounts break down overall among Americans who own homes.

• Under $500: 27%
• $500-$1,000: 14%
• $1,001-$1,500: 15%
• $1,501-$2,000: 22%
• $2,001-$2,500: 14%
• $2,501-$3,000: 4%
• $3,001-$3,500: 2%
• $3,501-$4,000: 1%
• $4,001-$4,500: 0.32%
• $4,501-$5,000: 1%
• $5,000+: 1%

How Much Americans Are Paying by Age 

The survey also determined the age and sex identification behind these statistics. Here’s a look at mortgage payment breakdowns only including those who own homes.

Mortgage Under $500 

• 6% of those ages 18 to 24 
• 11% of those ages 25 to 34 
• 17% of those ages 35 to 44 
• 32% of those ages 45 to 54 
• 25% of those ages 55 to 64 
• 50% of those ages 65 and over

The key takeaway: Folks in their golden years are by far the most likely to have mortgages under $500. This is almost certainly because if they bought their home at a relatively young age, they’re winding down on the debt owed on their abode — and they probably got their home at a much cheaper price.    

Mortgage Between $500 and $1,000 

• 6% of those ages 18 to 24 
• 13% of those ages 25 to 34 
• 19% of those ages 35 to 44 
• 7% of those ages 45 to 54 
• 18% of those ages 55 to 64
• 16% of those ages 65 and over

The key takeaway: 14% of Americans with homes are paying between $500 and $1,000. A mortgage under $1,000 a month is a real deal, when considering that the national average monthly mortgage payment is $1,768, according to data from the Council for Community and Economic Research (C2ER)’s 2022 Annual Cost of Living Index. Unsurprisingly, those ages 55 and over are more likely to swing this low monthly payment, however, the 35 to 44 age group pops up strong in this range.

Mortgage Between $1,001 and $1,500  

• 3% of those ages 18 to 24 
• 6% of those ages 25 to 34 
• 21% of those ages 35 to 44
• 23% of those ages 45 to 54
• 21% of those ages 55 to 64
• 8% of those ages 65 and over

The key takeaway: 15% of Americans are paying between $1,001 and $1,500 on their mortgage. It’s tougher to connect the dots on this one, but it looks like Gen Xers and young boomers are most likely to pay this amount, which is still below the national average, and points to the likelihood that this age cohort has owned their home for longer than younger generations and got in at a better price point. 

Mortgage Between $1,501 and $2,000  

• 35% of those ages 18 to 24
• 45% of those ages 25 to 34
• 23% of those ages 35 to 44
• 16% of those ages 45 to 54
• 20% of those ages 55 to 64
• 9% of those ages 65 and over

The key takeaway: 22% of Americans are paying between $1,501 and $2,00. As you can see, this one is scattered across the board, in terms of age. But, given that the national median monthly mortgage payment is $1,768, it adds up that so many people, regardless of age, are paying between $1,501 and $2,000. 

Mortgage Between $2,001 and $2,500  

• 39% of those ages 18 to 24
• 13% of those ages 25 to 34
• 11% of those ages 35 to 44
• 11% of those ages 45 to 54
• 7% of those ages 55 to 64
• 14% of those ages 65 and over

The key takeaway: 14% of Americans are paying between $2,001 and $2,500 a month on their mortgages. This is above the national median but, sadly, it makes sense that a good amount of Americans are dishing out this much dough a month on housing when considering how much mortgage interest rates have risen in recent months.   

Mortgage Between $2,501 and $3,000 

• 3% of those ages 18 to 24
• 6% of those ages 25 to 34
• 2% of those ages 35 to 44
• 4% of those ages 45 to 54
• 5% of those ages 55 to 64
• 3% of those ages 65 and over

The key takeaway: Just 4% are paying between $2,501 and $3,000 on their mortgages. This adds up, as it’s on the higher end.

Mortgage Between $3,001 and $3,500 

• 3% of those ages 18 to 24
• 2% of those ages 25 to 34
• 2% of those ages 35 to 44
• 4% of those ages 45 to 54
• 0% of those ages 55 to 64
• 0% of those ages 65 and over

The key takeaway: Only 2% of Americans have a mortgage with payments between $3,001 and $3,500. A mortgage this steep is untenable for most, so it makes sense that so few owe so much. It is interesting that — and unclear as to why — Gen Xers are the most likely to pay this much.     

Mortgage Between $3,501 and $4,000

• 0% of those ages 18 to 24
• 2% of those ages 25 to 34
• 0% of those ages 35 to 44
• 2% of those ages 45 to 54
• 2% of those ages 55 to 64
• 0% of those ages 65 and over

The key takeaway: But a mere microscopic fraction of the population (1%) carry a mortgage that commands payments between $3,501 and $4,000. And unsurprisingly so. This is impossibly high for more than the vast majority of Americans, and only very high earners could cover this debt. 

Mortgage Between $4,001 and $4,500

• 0% of those ages 18 to 24
• 0% of those ages 25 to 34
• 0% of those ages 35 to 44
• 0% of those ages 45 to 54
• 2% of those ages 55 to 64
• 0% of those ages 65 and over

The key takeaway: Even more microscopic is the amount of Americans paying between $4,001 and $4,500: 0.32%. The only age cohort spending this much are older Gen Xers/younger boomers. 

Mortgage Between $4,501 and $5,000

• 0% of those ages 18 to 24
• 0% of those ages 25 to 34
• 4% of those ages 35 to 44
• 0% of those ages 45 to 54
• 0% of those ages 55 to 64
• 0% of those ages 65 and over

The key takeaway: Are mortgages between $4,501 and $5,000 so hard to come by? It appears so, given that less than 1% of Americans — all older millennials and young Gen Xers — are spending this amount. 

Mortgage of $5,000+

• 3% of those ages 18 to 24
• 2% of those ages 25 to 34
• 2% of those ages 35 to 44
• 2% of those ages 45 to 54
• 0% of those ages 55 to 64
• 0% of those ages 65 and over

The key takeaway: The sky could be the limit for those paying $5,000 and up on their mortgage, which only 1% of Americans do. 

Methodology: GOBankingRates surveyed 1,091 Americans aged 18 and older from across the country between August 14 and August 16, 2023, asking twenty different questions: (1) Have you had trouble paying your utility (gas, electric, heat, internet, etc.) bills in the last 6-12 months?; (2) Which of the following bills/expenses has been the hardest to keep up with over the past year?; (3) Have you bought a car/truck in the last 6-12 months?; (4) Have you ever been on food stamps?; (5) Have you or would you use artificial intelligence (AI) to earn a passive income?; (6) Where do you shop for the best deals on groceries?; (7) What is your current annual income?; (8) How much were you able to contribute to your savings this year?; (9) How much have your savings/investments decreased over the past year?; (10) Next year’s (2024) Social Security Cost of Living Adjustment (COLA) will be 3% instead of the 8.7% it saw in 2023. Will this affect you?; (11) What assets do you have in your retirement portfolio? (select all that apply); (12) How much money do you currently have saved for retirement?; (13) How much personal savings do you currently have?; (14) What’s the first step you would take if you were starting a small business?; (15) If given the choice between your current job and starting your own business, which would you choose?; (16) If you have any plans to start a small business, what is the timeline?; (17) How much do you currently spend on rent?; (18) How much do you currently pay monthly on your mortgage?; (19) How much has your housing (rent, mortgage, etc.) gone up over the past year?; and (20) How long do you believe it will take you to save, in order to buy a house?. GOBankingRates used PureSpectrum’s survey platform to conduct the poll.

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