10 Cities Where Average Mortgage Balances Are Over $1 Million

Apparently, high mortgage rates have not dissuaded everyone from buying a home. In fact, according to a new report by data analytics and consumer credit reporting company Experian, the number of cities in which the average mortgage balance is north of $1 million has more than doubled in the past year. Forty-seven cities in the nation have an average mortgage balance of at least $1 million, with three breaking the $2 million mark.

Predictably, the list of 47 is dominated by cities in California, Florida and New York. However, Washington, Colorado, South Carolina, Montana and a handful of other states also make an appearance.

Here are the top 10 cities with the highest average mortgage balances.

Also see how much you’ll pay monthly on a $500,000 mortgage.

• Average mortgage balance: $1,657,651

Boasting a population of 6,000 and located just south of Denver, Cherry Hills Village has been called “the suburban home of Denver’s wealthy” by Forbes. Residents enjoy the solitude and privacy the open land provides and a buffer from the big city. Of course, in the modern world, solitude has a big price tag.

• Average mortgage balance: $1,738,811

This small Marin County town, 18 miles north of San Francisco, has natural charm, with more than 50 acres of parks and open space. But that peace and beauty will cost you dearly.

Pictured: San Rafael, California

• Average mortgage balance: $1,747,575

This quiet, rural enclave of 900 families lies on the North Shore of Long Island, within 25 miles or so of Manhattan. One of this small town’s claims to fame is it was the inspiration for F. Scott Fitzgerald’s novel “The Great Gatsby.” In fact, in 2017, the mansion that sparked Fitzgerald’s story went on sale for $16.88 million.

Pictured: Long Island, New York

• Average mortgage balance: $1,783,075

A few miles east of Seattle and only about a square mile in size, this small West Coast town is land that was homesteaded in 1882 by an Irish immigrant named Patrick Downey. Today, that land has homes with seven- and even eight-figure price tags.

• Average mortgage balance: $1,842,460

Now more famous for its home to Mar-a-Lago, former President Donald Trump’s home and private club, than for its world-class beaches and shopping, Palm Beach has to many fine estates. And while a membership at Mar-a-Lago will now cost you a cool million, it’s still cheaper than the average mortgage balance for the area.

• Average mortgage balance: $1,888,234

Established in 1653, this small village at the east end of Southampton boasts more part-time residents (1,000-plus) than year-round ones (350). So it’s safe to say that this enclave is for the affluent only. According to its official website, over the course of its long history, the small village has been home to “farmers, fishermen, whalers, wood-cutters, men of the Bible, builders, lawyers, and men of state.” We’re guessing a few of those would be priced out of town today.

• Average mortgage balance: $1,975,660

If it’s good enough for the Duke and Duchess of Sussex — Prince Harry and the former Meghan Markle — it’s no wonder Montecito commands such high prices. Located in Santa Barbara County and home to many famous names (Oprah Winfrey also has a home there), this low-key, high-worth enclave has ideal year-round weather, many trails for hiking and long stretches of coastline for ocean lovers.

• Average mortgage balance: $2,082,074

No. 3 in the coveted $2 million-plus club is this 1,700-resident, upscale Los Angeles community nestled in the foothills of the San Fernando Valley. This horse-friendly community is also now a celebrity enclave, with stars like Kim Kardashian, Kevin Durant and a host of others owning property there.

• Average mortgage balance: $2,447,013

Considering a quick search for Atherton properties for sale on Zillow kicks back homes priced up to $55 million, it’s not too surprising that this northern California community, located near Palo Alto, is No. 2 on the list. This is a community of big estates and big mortgages.

• Average mortgage balance: $2,589,207

Located in Miami, with properties listed in the multimillions — and one beachfront estate with an asking price of $66 million — it’s not surprising that Bal Harbour tops the list. Sunshine, upscale shopping and white sand beaches don’t come cheap.

Pictured: Miami Beach, Florida