The median monthly costs for U.S. homeowners with a mortgage rose to $2,035 in 2024, up from $1,960 in 2023 after adjusting for inflation, according to new data from the American Community Survey (ACS) released by the U.S. Census Bureau.
“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.”
Monthly owner costs increased by 3.8% between 2023 and 2024—an acceleration compared to the previous year’s increase of 3%. The main factors contributing to this rise were higher mortgage and insurance expenses.
States with the highest median monthly homeowner costs for those with mortgages 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 carried a monthly mortgage payment in 2024. The number of homes owned outright also grew: roughly 900,000 more homes were paid off in 2024 than in the previous year.
Vermont and New Mexico experienced some of the largest increases in homes owned free and clear between 2023 and 2024.
Some homeowners paid additional fees related to homeowners’ associations (HOA) or condominiums. In total, around 21.6 million out of about 86.6 million owned households paid either condo or HOA fees in 2024. The overall national median fee was $135 per month; however, households without a mortgage typically paid more ($184) compared to those with one ($120). States like Nevada (51%), Florida (44%), and Arizona (45%) had the highest shares of homeowners paying these fees.
States such as Rhode Island (10%), South Dakota (10%), Wisconsin (10%), Maine (8%), and North Dakota (8%) had among the lowest proportions of owners paying HOA or condo fees.
Median gross rent—including utilities—also climbed from $1,448 in 2023 to $1,487 in 2024 nationwide—a rise of about 2.7%. Despite higher rents overall, renters spent a similar share of their income on housing as last year at about 31%. Delaware, Mississippi, Idaho, Vermont and Alabama saw some of the biggest increases in gross rent across states.
Median household incomes went up after inflation adjustments in nearly thirty states compared to last year. Massachusetts, New Jersey and Maryland recorded some of the nation’s highest household incomes; Arkansas, Louisiana, Mississippi and West Virginia reported some of the lowest levels.
Income inequality widened in North Carolina but narrowed in nine other states including Georgia and Iowa over this period.
The poverty rate declined in thirteen states plus Puerto Rico but rose only in North Dakota and Washington D.C., remaining steady elsewhere. Major metropolitan areas such as Atlanta; Riverside-San Bernardino; and Tampa all saw notable declines in poverty rates since last year.
Uninsured rates rose for adults ages nineteen through sixty-four across seventeen states plus D.C., while falling slightly elsewhere during this period; uninsured rates for children under nineteen also increased across most states surveyed by ACS.
More detailed statistics can be found at data.census.gov.
“More information about the distribution of HOA and condo fees is available in the Nearly a Quarter of Homeowners Paid Condo or HOA Fees in 2024 America Counts story.”
“More information about renter costs is available in the Housing Costs: 2024 infographic also released today.”
“More information about the estimates is available in a user note and our Random Samplings blog Understanding the 2024 American Community Survey 1-Year Estimates.”
“The Census Bureau is set to release additional ACS statistics over the next few months, including 2024 ACS 1-year Supplemental Estimates and 2020-2024 ACS 5-year estimates.”
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