Here's where average monthly mortgage payments are highest in the country

The nationwide average monthly payment on a new mortgage is $2,317, but depending on where the buyer is from, the amount can range from $1,700 to $3,696, a LendingTree study found.

Affordability has been hampered since 2022 as property prices rose, although that growth has started to decelerate. At the same time mortgage rates, while having backed down from their November high point, are still much higher than they were in 2021.

The average payment is the highest in Hawaii at $1,379 over the national average at $3,696. The next highest states are California at $3,399 and Massachusetts at $3,021.

At the other end of the spectrum, after West Virginia with an average of $1,700, the next least expensive states are Kentucky at $1,711 and Michigan at $1,742.

LendingTree analyzed 1.7 million mortgage offers to its users between Jan. 1 and March 31 to determine these averages.

"Unfortunately even as the housing market cools and prices fall in some areas, mortgage payments are likely to remain steep for most new buyers, at least compared to where they were over the pandemic," Jacob Channel, LendingTree senior economist, said in a press release. "This is because mortgage rates are poised to remain relatively high for some time while prices aren't likely to drop drastically in most parts of the country."

A Redfin report from early March based on its own data found the average monthly mortgage payment for a new home was $2,563, up 29% from the same time in 2022.

While some indicators are pointing towards a more affordable housing market, others still show the challenges.

The First American Real House Price Index declined for the fourth month in a row between January and February. Yet on an annual basis, the index was 31.7% higher.

"Recently falling mortgage rates have overpowered the affordability-dampening effects of higher nominal house prices," said Mark Fleming, chief economist of First American, in a press release. "Nominal house price appreciation has slowed dramatically in response to affordability-constrained lower demand."

Nominal price growth was 3.1% in February, according to First American.

While 85% of current renters want to own a home, 72% believe they never will because they don't earn enough money based on where prices are now, a survey of 1,000 people conducted by the Home Bay unit of Clever Real Estate on March 16 and 17.

Using an average home price of $535,000, a 10% down mortgage at 6.5%, Home Bay calculated an average monthly payment of $3,812; that's not just principal and interest but also taxes and insurance.

At that number, and using a baseline of 33% of income spent on housing, a borrower would need to have income of $138,618. The median worker makes $54,132, according to data cited by Home Bay.

In Hawaii, the average payment is 39.69% of the average household income, while in California, it is 33.72%, the LendingTree study noted.