These 4 States Have the Most Mortgage Balances Over $1 Million – What Does That Mean for Their Housing Markets?

Mortgage balances exceeding $1 million are prevalent in California, New York, Florida, and Washington, indicating rising home prices and affordability challenges. California leads with cities like Atherton averaging $2,447,013, while New York's Sagaponack follows at $1,888,234. Florida's Bal Harbour tops the list at $2,589,207. Washington's Clyde Hill averages $1,783,075. The trend suggests a growing luxury market, but raises concerns about housing affordability for middle-class families in these regions.