The US Department of Housing and Urban Development (HUD) has released its first data on mortgage loan type over the past year, revealing the biggest and smallest types of loans in the country.
It also reveals the average loan amount and monthly payment.
Mortgage loan types are based on a range of factors including income, property values, and the amount of debt that a borrower can manage.
The latest figures show the average amount a household can borrow is $3,300 (£2,300), the lowest amount in the US.
The average monthly payment is $1,050, which is the lowest in the world, with the average monthly mortgage payment of $1.16million (£1.12million).
The data also shows the average annual debt for a mortgage loan is $12,200, which ranks seventh in the entire world.
In terms of mortgage debt, the median amount of mortgage loan debt in the USA is $26,500.
The median monthly payment for mortgage loan holders is $8,000, which means the average American household can expect to pay about $2,600 a month on their mortgage.
Read more: US$25,800 for a home in the richest 1% The data also revealed the average home owner income is $55,500, which comes in just behind the median US household income of $60,000.
Homeownership rates in the United States have remained at the same levels for more than two decades, as shown in the chart below.
However, as the US economy has improved in recent years, the number of households owning their own home has fallen from nearly 9% in 2011 to 6% in 2017.
The number of people who own a home has also dropped from a high of 18% in 2007 to just over 10% in 2016.
The lowest-income households own just 1% of homes, while the highest-income earners own 30% of houses.
The US is the only country where more than 50% of households own their own homes, according to data from the Census Bureau.
“The trend of a rising number of homeownership in the past two decades is reflected in a reduction in the average mortgage amount, which has been driven by the combination of the housing market recovery and the financial crisis,” said Andrew Zemlianichenko, chief economist at Bankrate.
“As the housing recovery has begun, a higher percentage of Americans own their homes, which in turn is leading to an increase in mortgage rates, as they have become more affordable.”
Read More: The US economy is recovering but home ownership is still low The mortgage market is currently in a recovery phase, with rates continuing to rise as more people are able to afford the rising cost of housing.
The housing market is still in a weak recovery phase.
While the mortgage rate has been rising over the last two years, it has now returned to pre-recession levels.
As the US real estate market has recovered from the financial crash, home values have risen.
Home values have surged since the housing bubble burst in 2007, as home prices have risen by almost 10,000% over the same period.
The Federal Reserve is expected to begin raising rates again on Thursday, as interest rates are already near record lows.
The chart below shows the latest monthly median mortgage payment by income level, as well as the average house price by income, with more detailed information on each data point below.
Mortgage loan type Median Monthly Payments Monthly Payments % of Households Owned Median House Value Median Household Income Median Household Size Home Price Median Household Salary Median Mortgage Rate (Monthly) $3.300 £2,302 £3,000 $3 $1 $1 £2 $2.5 $3