Bay Staters are paying the price when it comes to mortgage rates and property costs. According to a new report from WalletHub, Massachusetts ranks third for states adding the most mortgage debt.

The report examined mortgage debt trends across the United States from the third quarter of 2024 to the fourth and found that Massachusetts homeowners added the third-largest amount of mortgage debt.

During this timeframe, the average mortgage balance in Massachusetts grew to $302,242. Only four other states had an average balance above $300,000 in Q4, and many states averaged below $200,000.

“Mortgage rates are the highest they’ve been in around a decade, and home prices have seen a meteoric rise in recent years as well,” said John Kiernan, editor at WalletHub. “Even small increases in home prices can lead to thousands of dollars in extra mortgage interest costs for homeowners, so it’s important to choose wisely when deciding where and when to buy a house.”