The U.S. Census Bureau has reported that the median monthly costs for homeowners with a mortgage rose to $2,035 in 2024, up from $1,960 in 2023 after adjusting for inflation. The data comes from the American Community Survey (ACS) 1-year estimates released today.
“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 Jacob Fabina, a Census Bureau economist. “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.”
The increase in median monthly owner costs between 2023 and 2024 was 3.8%, which is higher than the previous year’s increase of 3%. The main factors contributing to this rise were higher mortgage payments and insurance fees.
States with the highest median monthly owner costs for those with a mortgage included California ($3,001), Hawaii ($2,937), New Jersey ($2,797), Massachusetts ($2,755), and the District of Columbia ($3,181).
About 59.7% of owned homes had a monthly mortgage payment in 2024. The number of homes owned free and clear also grew by about 900,000 compared to last year; there were roughly 35 million such homes in total in 2024.
Vermont (8.9%) and New Mexico (8.7%) saw some of the largest increases in homes owned without mortgages between 2023 and 2024.
Homeowners’ association (HOA) or condo fees are another cost for some owners. In total, around 21.6 million out of approximately 86.6 million owned U.S. households paid either an HOA or condo fee in 2024. The national median fee was $135 per month but varied depending on whether households had a mortgage: those with a mortgage paid $120 while those without paid $184.
The share of households paying these fees differed across states: Nevada had the highest proportion at 51%, followed by Florida at 44% and Arizona at 45%. States like Rhode Island (10%), South Dakota (10%), Wisconsin (10%), Maine (8%), and North Dakota (8%) had among the lowest shares.
Renters have also faced rising housing expenses; median gross rent increased by about $39 to reach $1,487 in 2024—a rise of roughly 2.7% over last year—though renters continued spending about one-third of their income on rent on average.
Some states experienced larger jumps in rental prices; Delaware, Mississippi, Idaho, Vermont and Alabama each saw increases exceeding six percent.
Median household income went up in most states—29 showed growth after accounting for inflation—while others remained unchanged or saw no significant difference according to ACS data. Massachusetts, New Jersey and Maryland reported among the highest incomes nationally; Arkansas, Louisiana, Mississippi and West Virginia recorded some of the lowest figures.
Income inequality decreased in nine states but rose in North Carolina during this period as measured by the Gini index.
Poverty rates dropped significantly only in select areas: thirteen states plus Puerto Rico saw declines while just one state—North Dakota—and Washington D.C., experienced increases.
Health insurance coverage trends showed more people uninsured: rates rose for adults aged nineteen through sixty-four across seventeen states plus D.C., while children’s uninsured rates climbed in nineteen states compared to last year’s numbers.
Further details can be found through data.census.gov as well as related stories explaining these findings from both homeowner and renter perspectives.
