Monthly homeowner costs in the United States rose by 3.8% in 2024, as mortgage and insurance fees increased.
The median monthly costs of owning a house rose from an inflation-adjusted US$1,960 in 2023 to $2,035 in 2024, according to the U.S. Census Bureau’s American Community Survey estimates. This includes mortgage and insurance payments, as well as other fees.
“One way we measure housing affordability is based on how much households spend on selected costs such as mortgage payments, insurance, taxes, utilities, and various fees,” said Census Bureau economist Jacob Fabina. “In 2024, the median percentage of income householders with a mortgage spent on these costs was 21.4%, which points to an increased burden on homeowners.”
Monthly owner costs rose by 3.0% from 2022 to 2023. The increase in 2024 was "primarily driven by higher mortgage costs and insurance fees”, the Census Bureau said.
Homeowners with a mortgage in the District of Columbia and California reported the highest median monthly costs, at $3,181 and $3,001, respectively.
According to the Census Bureau, 59.7% of owned homes in the U.S. required monthly mortgage payments last year. Around 25% of owned homes required a homeowners’ association or condo fee, with the median cost being $135.
Median combined rent and utilities costs were up 2.7% to $1,487 in 2024. The average percentage of income spent on rent remained stable at 31%.
The U.S. core inflation rate ranged from 3.2% to 3.9% in 2024, with the highest rate seen in January.
Meanwhile, U.S. fixed mortgage rates for conforming loan balances declined to their lowest level in around 11 months at the beginning of September. Both new home sales and pending home sales fell in July.
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