A report from Axios finds that the average home loan borrower pays an average of $1,200 a month for the most common type of loan in the U.S. and an average $5,300 for a loan for a second home.
This means the average loan borrower in the United States spends about $2,000 a month to get the same amount of money back in the form of an interest-free loan.
Aboriginal-owned businesses are responsible for more than half of all loan defaults, with Native Americans accounting for more of the borrowers in that category.
The report also finds that a staggering 92 percent of all defaults in this category occurred in the first three months of 2017, a year in which the median household income was just $37,700.
While the report doesn’t look at the size of the gap, the average interest rate for home loans has gone up over the last decade.
It is now about 10 percent, up from 7 percent in 2016.
The number of Americans defaulting on their mortgage has been increasing at a faster rate than in any other sector, but this is likely due to many more people defaulting.
About 37 million Americans have lost their homes in the last five years.
The average loan in this type of home loan is more than double the average for a car loan, according to the report.
The average loan amount has increased more than 300 percent over the past decade.