SOURCE: SaveUp, Inc.


June 18, 2013 08:03 ET

SaveUp Trend Report: Mortgage Debt Tells the Story of Two Americas

West Recovering and Taking On More Mortgage Debt While South and Midwest Continue to Shed Debt to Clear Economic Woes

SAN FRANCISCO, CA--(Marketwired - June 18, 2013) - SaveUp (, a national online financial rewards program for saving and paying down debt, today announced the findings of its June U.S. Consumer Savings and Debt Report. Findings show that while the United States economy continues to improve, regional economic indicators paint a different picture. While the average mortgage debt balance increased by 1.7% in the West it decreased by 1.1% in the Midwest proving there is disparity between improvements of regional economies.

In the Midwest the average mortgage debt load decreased (May to June) by $2,416, while the Northeast experience a smaller decrease of $1,421 on average. However, the South saw an increase in average mortgage load to the tune of $1,209, while the average mortgage load in the West increased by a staggering $2,791. The drop in average mortgage debt in the Midwest was primarily driven by Michigan, where the average debt load dropped $10,131 from May to June. However, the increasing mortgage debt in the West was primarily influenced by California, where mortgage debt increased $2,128.

The Midwest carries the lowest amount of mortgage debt, which is affected by an average of $107,626 in mortgage debt per homeowner in Michigan. Conversely, homeowners in the West carry an average of $255,979 in mortgage debt, which is impacted by California's average mortgage debt load of $297,920, nearly 2.8x Michigan's average.

Region Avg. Mortgage Debt
Midwest $143,850
Northeast $197,240
South $179,595
West $255,979

Priya Haji, CEO of SaveUp, said, "As Americans are aiming to come out of the recession, seeing a stable and progressive recovery in the housing market and mortgage sector is going to be important. Americans need to put themselves back in the position to rebuild their balance sheets. In a regionalized way, Americans are focusing on adjusting up and adjusting down depending on the local economic circumstances. While the nation continues to improve from economic disrepair, SaveUp aims to be a partner in helping Americans rebuild their balance sheets."

Additionally, in an independent index, US consumer confidence surged to its highest point since July 2007 reaching 84.5, up from the expected 83.7.* Home prices have surged 11% over the last year, which can lead homeowners to feel wealthier and more likely to spend.* Economic expectations may however be tempered by the fact that regional indicators are quite divergent.

Additional findings include:

  • Men took on a disproportionate amount of additional mortgage debt in June with the average male compiling an additional $1,980 of mortgage debt, while the average female shed $458 in mortgage debt. 
  • Gen X and Gen Y alike took on heavier mortgage debt burdens with the average Gen X and Gen Y's mortgage debt increasing by $1,043 and $643 respectively.

The SaveUp U.S. Consumer Savings and Debt Report analyzes current savings and debt levels of its user base and makes monthly comparisons pulled at least 30 days prior and no more than 90 days prior to the stated month. This month's report is based on the data of a representative sample of more than 25,000 SaveUp users' savings and debt balances.

About SaveUp
Founded in 2011, San Francisco-based SaveUp is the first free nationwide rewards program that encourages Americans to save money, pay down debt and make positive financial changes. By partnering with major consumer brands and financial institutions, SaveUp gives users the opportunity to win exciting prizes for performing positive financial actions. Individual user information is secure on the site with bank level encryption. Intuit provides the back-end aggregation technology and SaveUp has completed a bank-level security audit.

To get rewarded for your positive financial actions or to partner with SaveUp as a bank or sponsor, please visit us at


  • Account balances for each type of account mentioned represents the average account balance for participants in the data set who have that particular financial vehicle. Not all participants in the data set have every type of financial vehicle mentioned.
  • * The Conference Board, May 2013

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