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 (adjusted for inflation) in 2023. This data 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 between 2023 and 2024 was 3.8%, higher than the previous year’s increase of 3.0%. The rise was mainly due to 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).
In terms of homeownership status, about 59.7% of owned homes had a monthly mortgage payment in 2024. The number of homes owned free and clear—without any remaining mortgage—grew by approximately 900,000 compared to last year. Vermont (8.9%) and New Mexico (8.7%) saw some of the largest increases in homes owned outright between 2023 and 2024.
Some homeowners also pay condo or homeowners’ association (HOA) fees. In total, around 21.6 million out of roughly 86.6 million owned households paid either condo or HOA fees during the year. The national median fee was $135 per month; however, households without a mortgage paid more ($184) compared to those still paying off their home loans ($120). Nevada had the highest proportion of owners paying these fees 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.
Renter households also faced rising costs: Median gross rent—including utilities—increased by about 2.7% from $1,448 in inflation-adjusted dollars in 2023 to $1,487 in 2024 according to ACS figures; however, renters continued spending about one-third of their income on housing expenses overall.
Some states—Delaware, Mississippi, Idaho, Vermont and Alabama—experienced some of the largest jumps in gross rent over this period.
Median household income rose after inflation adjustment in twenty-nine states since last year while remaining unchanged elsewhere including Puerto Rico and D.C.; Massachusetts, New Jersey and Maryland led all states for highest incomes while Arkansas had among the lowest levels nationally.
Income inequality as measured by the Gini index increased only in North Carolina but fell across nine other states between survey years.
Poverty rates dropped significantly across thirteen states plus Puerto Rico; they increased only in North Dakota and D.C., staying steady elsewhere.
Uninsured rates climbed across eighteen states plus D.C., affecting both working-age adults and children under nineteen; declines were limited to just two or three states depending on age group surveyed.
All released statistics are available at https://data.census.gov/.
Further details can be found through resources such as user notes or explanatory blog posts like “Understanding the 2024 American Community Survey 1-Year Estimates.” Additional ACS data releases are scheduled over coming months.
