Why North Dakota Is Taking It Slow On Mortgage Debt

A new report from WalletHub shows North Dakota near the bottom nationally when it comes to growth in mortgage debt, reflecting relatively modest increases compared to most other states.

In the 2026 analysis, North Dakota ranked 49th overall for mortgage debt growth from the third quarter to the fourth quarter of 2025, ahead of only Vermont. The study measured how much mortgage balances increased, along with average loan sizes and monthly payments.

Across the region, North Dakota trails most neighboring states. Montana ranked 11th, placing it among the states with the largest increases in mortgage debt. South Dakota came in at 38th, while Wyoming ranked 39th. Minnesota placed 40th and Iowa ranked 41st, all ahead of North Dakota but still in the lower half nationally.

At the top of the list, Alaska ranked first, followed by Delaware and Maine, where mortgage balances grew the fastest.

Nationally, mortgage debt remains the largest category of household debt, with the average household owing about $109,000 and total balances reaching $13.2 trillion.

“Mortgage rates are the highest they’ve been in around a decade, and home prices have seen a meteoric rise in recent years as well,” said John Kiernan. “Even small increases in home prices can lead to thousands of dollars in extra mortgage interest costs for homeowners, so it’s important to choose wisely when deciding where and when to buy a house.”

The report found that while some states are experiencing sharp increases in mortgage debt tied to rising home prices and demand, others like North Dakota are seeing slower growth. That difference can point to varying housing market conditions across the country.

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For North Dakota, the findings suggest a more measured pace in mortgage borrowing compared to both national leaders and neighboring states, even as broader trends continue to push housing costs higher nationwide.