FILE-A For Sale sign is posted in front of a single family home in Hollywood, Florida. (Photo by Joe Raedle/Getty Images)
New Census Bureau data offers details on the financial challenges consumers are enduring searching for affordable housing with the costs soaring for renters and owners.
Mortgage payments reached the highest level in decades
By the numbers:
Citing the data, the Washington Post noted that the median monthly cost of owning a home — which includes mortgage and insurance payments, real estate taxes and other costs — skyrocketed $2,035 in 2024, after adjusting for inflation, from $1,960 in 2023.
In 2024, individuals who relocated to new areas had a median mortgage payment of $2,225 a month, the highest amount in decades and more than median payment for mortgages in general and 20% higher than the median payment for people who moved only three years before.
And the high mortgage costs are also putting a strain on the wallets of home renters. The Census Bureau data shows that growth in median rent like utilities rose by 4.1% to reach $1,307 when factoring in inflation.
Data also revealed that the expensive home insurance premiums and homeowner association fees have added to the mounting monthly home expenses. Meanwhile, the median annual cost of property insurance spiked by 5.3% in 2024.
Comparing mortgage costs in different U.S. cities
Dig deeper:
The cost of homeownership continues to grow nationwide, but these home prices are substantially higher in some states compared to others.
Hawaii, California, and Washington, D.C. have median home values of $875,900, $759,500, and $733,400. Homeowners with a mortgage in areas were impacted with the highest overall monthly costs at $3,000.
Moreover, some southern states experienced the strongest monthly mortgage costs in 2024.
Florida, which had a median household income in 2024 was $77,735, had the largest increase at 8%, changing the median monthly mortgage rate to $2,168.
And North and South Carolina, Georgia, Wyoming, Mississippi, and Alabama were among the states that experienced faster growth in monthly mortgage costs last year.
The Source: Information for this story was provided by The Washington Post, which cites Census Bureau housing data. This story was reported from Washington, D.C.