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 owner costs between 2023 and 2024 was 3.8%, outpacing the previous year’s rise of 3%. This growth was mainly due to higher mortgage and insurance expenses.
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).
More than half (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—reaching roughly 35 million nationwide.
Vermont (8.9%) and New Mexico (8.7%) saw some of the largest increases in homes owned outright between 2023 and 2024.
About one-quarter of homeowners paid either condominium or homeowner association (HOA) fees in 2024; this affected approximately 21.6 million households out of around 86.6 million total owners. The national median condo or HOA fee stood at $135 per month but varied depending on whether there was an active mortgage: $120 for those with a mortgage versus $184 for those without.
Nevada (51%), Florida (44%), and Arizona (45%) had the highest shares of homeowners paying condo or HOA fees. In contrast, Rhode Island (10%), South Dakota (10%), Wisconsin (10%), Maine (8%), and North Dakota (8%) had among the lowest rates.
Median gross rent also climbed by about 2.7% from $1,448 in 2023 to $1,487 in 2024 according to ACS data; however, renters’ share of income spent on housing remained steady at a median rate of 31%. States like Delaware, Mississippi, Idaho, Vermont and Alabama experienced some of the largest jumps—at least six-and-a-half percent—in median gross rent.
Median household income rose in nearly thirty states when adjusted for inflation while remaining unchanged elsewhere; Massachusetts, New Jersey and Maryland led among states with high incomes alongside the District of Columbia at $109,707—the nation’s highest figure.
Income inequality widened only in North Carolina but decreased across nine other states including Georgia and Ohio during this period.
Poverty rates fell in thirteen states plus Puerto Rico but rose slightly only in North Dakota and D.C., ranging nationally from just over seven percent up to nearly nineteen percent across states.
Health insurance coverage declined overall: uninsured rates went up in eighteen states plus D.C., especially among working-age adults where seventeen states saw increases; children’s uninsured rates rose similarly across nineteen states.
Additional statistics are available through data.census.gov, along with more detailed analyses via Census Bureau blogs and infographics online.
