The U.S. Census Bureau 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. This information comes from the latest American Community Survey (ACS) 1-year estimates.
“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 from 2023 to 2024 was 3.8%, higher than the previous year’s increase of 3.0%. The main factors behind this rise were higher mortgage and insurance expenses.
Homeowners with mortgages in California ($3,001), Hawaii ($2,937), New Jersey ($2,797), Massachusetts ($2,755), and the District of Columbia ($3,181) faced the highest median monthly costs among all states and D.C.
In 2024, about 59.7% of owned homes had a monthly mortgage payment. The number of homes owned free and clear—without any mortgage payment—increased by roughly 900,000 compared to last year, reaching about 35 million nationwide.
Vermont (8.9%) and New Mexico (8.7%) saw some of the largest increases in homes owned free and clear between 2023 and 2024.
A portion of homeowners also paid condo or homeowners’ association (HOA) fees. In total, around 21.6 million out of approximately 86.6 million owned U.S. households paid these fees in 2024. The national median condo or HOA fee was $135 per month; those with a mortgage paid a median fee of $120 while those without paid $184.
States differed widely in how many homeowners paid these fees: Nevada (51%), Florida (44%), and Arizona (45%) had the highest shares paying condo or HOA fees; Rhode Island (10%), South Dakota (10%), Wisconsin (10%), Maine (8%), and North Dakota (8%) had among the lowest proportions.
Renter costs also increased over the past year according to ACS data: Median gross rent—including utilities—rose by 2.7% from $1,448 in 2023 to $1,487 in 2024 after inflation adjustment. However, renters continued spending about the same share of their income on rent at a median rate of 31%. Delaware, Mississippi, Idaho, Vermont and Alabama experienced some of the largest percentage-point increases—6.5% or more—in median gross rent.
Median household income went up in twenty-nine states compared to last year when adjusted for inflation; twenty-one states plus D.C., along with Puerto Rico showed no significant change. Massachusetts, New Jersey and Maryland recorded the highest state-level incomes while Arkansas, Louisiana, Mississippi and West Virginia had the lowest figures; D.C.’s median household income stood at $109,707—the nation’s highest.
Income inequality as measured by the Gini index rose only in North Carolina but fell across nine other states between surveys.
Poverty rates dropped in thirteen states plus Puerto Rico since last year but rose only in North Dakota and D.C.; thirty-six states saw no significant change overall during this period.
Health insurance coverage declined slightly: Eighteen states plus D.C. reported higher uninsured rates overall since last year while two states saw declines; similar trends were observed among working-age adults and children across several states.
More detailed statistics are available at https://data.census.gov/. Additional ACS statistics will be released over coming months including supplemental estimates for one-year data from 2024 as well as five-year estimates covering data through that period.
