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Mortgage Madness: 67 US Cities with $1M+ Average Home Loans
17 Nov
Summary
- 67 US cities have average mortgage balances of $1 million or more
- California dominates the top 50 cities, with nearly half the spots
- Florida cities make up the top 5 highest mortgage balances
According to a recent report by Experian, the number of US cities with average mortgage balances of $1 million or more has been steadily rising over the past few years. As of 2025, there are now 67 such cities, up from 47 in 2024 and just 23 in 2023.
The report reveals that California is the clear leader in this high-cost housing market, with almost half of the top 50 cities located in the state. Meanwhile, Florida cities have claimed the top 5 spots, with Golden Oak, Gulf Stream, Golden Beach, Captiva, and Atlantis boasting the highest average mortgage balances in the country.
While some of these "cities" are actually small towns, villages, or private communities, Experian has counted them all as cities in its data. Nonetheless, the findings paint a stark picture of the growing affordability crisis facing many Americans, as the cost of homeownership continues to soar across the nation.
