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 when adjusted for inflation. The findings are based on new 1-year estimates from the American Community Survey (ACS).
“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 from 2023 to 2024 was 3.8%, higher than the previous year’s rise of 3%. The main contributors were higher mortgage payments and insurance fees.
States with the highest median monthly homeowner costs included California ($3,001), Hawaii ($2,937), New Jersey ($2,797), Massachusetts ($2,755), and the District of Columbia ($3,181). Over half of owned homes—59.7%—had a monthly mortgage payment in 2024.
There was also growth in the number of homes owned free and clear of mortgages; about 900,000 more homes were paid off in 2024 compared to the previous year. Vermont and New Mexico saw some of the largest increases in homes owned outright.
Some owners pay additional condo or homeowners’ association (HOA) fees. In total, around 21.6 million out of roughly 86.6 million owner-occupied households paid either condo or HOA fees last year. The national median fee stood at $135 per month but varied: those with mortgages paid $120 while those without paid $184 monthly.
Nevada had the highest share (51%) of owners paying condo or HOA fees; Florida (44%) and Arizona (45%) followed closely behind. States like Rhode Island, South Dakota, Wisconsin (all at 10%), Maine (8%), and North Dakota (8%) had among the lowest shares.
Renter costs have also risen alongside homeownership expenses. Median gross rent—which includes rent plus utilities—increased by 2.7% to $1,487 between 2023 and 2024; however, renters continued spending about one-third of their income on housing during this period.
Delaware, Mississippi, Idaho, Vermont and Alabama experienced some of the largest jumps—at least six-and-a-half percent—in median gross rent among states.
Median household incomes grew after adjusting for inflation in twenty-nine states between last year and this year; no significant change occurred in twenty-one states plus D.C., while three states—Massachusetts, New Jersey and Maryland—reported top-tier incomes not statistically different from each other. The District of Columbia recorded America’s highest median household income at just under $110K annually; Arkansas had one of its lowest rates.
Income inequality shifted slightly: it rose only in North Carolina but declined across nine other states including Georgia and Ohio during this time frame.
Poverty rates fell significantly in thirteen states plus Puerto Rico but increased only in North Dakota and D.C.; most other areas saw little change overall—a range spanning from just over seven percent up to nearly nineteen percent living below poverty lines depending on location.
Three major metropolitan areas—Atlanta; Riverside-San Bernardino; Tampa—all saw meaningful declines since last year regarding local poverty levels according to ACS data released today via data.census.gov.
Health insurance coverage showed mixed results: eighteen states plus D.C.’s uninsured rates went up while two improved theirs compared with last year’s figures—for both working-age adults aged nineteen through sixty-four as well as children under nineteen years old similar patterns emerged regionally.
Additional information can be found through related stories such as “Nearly a Quarter of Homeowners Paid Condo or HOA Fees in 2024” (source) or visual summaries like “Housing Costs: 2024 infographic” (source). A user note along with further explanation is available via blog post “Understanding the 2024 American Community Survey 1-Year Estimates” (source).
The Census Bureau will continue releasing additional ACS statistics over coming months—including supplemental estimates for this past year as well as five-year summary data covering trends back through the start of the decade.
