The Federal Reserve Bank of New York today launched a series of reports detailing trends in borrowing and indebtedness at the state and local level. The Regional Household Debt and Credit Snapshot includes data about mortgages, student loans, credit cards, auto loans and delinquencies for New York City and its boroughs, as well as various metro areas in New York State, northern New Jersey and western Connecticut. There are a total of 27 Snapshots.
These reports are based on data from the New York Fed’s Consumer Credit Panel, a nationally representative sample drawn from anonymized Equifax credit data.
They find that New York, New Jersey and Connecticut have higher balances, on average, for mortgages, home equity lines of credit (HELOC), student loans and credit cards compared to the national average. However, the rate of overall consumer distress (having any seriously delinquent debt or third party collections debt) is lower in the tristate region than the nation.
Other notable findings from the Snapshots include:
- Borrowing for a home varies considerably within New York State. Fourteen percent of New York City residents have a mortgage with the fewest (9 percent) in the Bronx and most (28 percent) in Staten Island.
- Upstate, average mortgage balances are about $100,000 in the Buffalo, Rochester and Syracuse metro areas. The average mortgage balance in New York City is more than $300,000.
- Nearly 6 percent of mortgage borrowers in New Jersey have at least some seriously delinquent mortgage debt, nearly twice the national rate. New Jersey consumers have the highest levels of consumer distress in the tri-state area.
- Behind Manhattan, Fairfield County has the highest average mortgage balance in the region at nearly $360,000.
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