The median monthly costs for U.S. homeowners with a mortgage rose to $2,035 in 2024, up from $1,960 in 2023 after adjusting for inflation, according to new data released by the U.S. Census Bureau’s American Community Survey (ACS). The increase of 3.8% outpaced the previous year’s rise of 3.0%. Higher mortgage and insurance costs were cited as primary factors behind this growth.
“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.”
Homeowners 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 owner costs among all states and D.C.
The share of homes owned free and clear—without a monthly mortgage payment—also increased. There were about 900,000 more fully paid-off homes in 2024 compared to the previous year (35 million versus 34.1 million). Vermont (8.9%) and New Mexico (8.7%) recorded some of the largest increases in homes owned outright between 2023 and 2024.
Around one-quarter of homeowners paid condo or homeowners’ association (HOA) fees in 2024: approximately 21.6 million out of about 86.6 million owned households reported paying such fees that year. The national median fee stood at $135 per month but varied depending on whether owners had mortgages; those with mortgages paid a median fee of $120 while those without paid $184.
Geographically, Nevada had the highest proportion (51%) of homeowners paying condo or HOA fees; Florida (44%) and Arizona (45%) also ranked high by this measure. In contrast, Rhode Island (10%), South Dakota (10%), Wisconsin (10%), Maine (8%), and North Dakota (8%) had among the lowest shares.
Renter households saw their own expenses rise: Median gross rent—including utilities—increased by 2.7% from $1,448 in 2023 to $1,487 in 2024 according to ACS figures (https://www.census.gov/library/visualizations/interactive/housing-costs.html). However, renters continued spending a median share of income at roughly 31%. Delaware, Mississippi, Idaho, Vermont and Alabama experienced some of the largest percentage-point increases—at least six-and-a-half percent—in gross rent.
Median household incomes grew in nearly thirty states when adjusted for inflation; twenty-one states plus D.C., along with Puerto Rico showed no significant change (https://data.census.gov/). Massachusetts, New Jersey and Maryland posted the highest state-level incomes while Arkansas, Louisiana, Mississippi and West Virginia reported the lowest figures.
Income inequality as measured by the Gini index increased only in North Carolina but decreased across nine other states between survey years.
Poverty rates fell in thirteen states and Puerto Rico between surveys but rose slightly only in North Dakota and D.C.; most other states saw no significant changes during this period.
Health insurance coverage trends shifted as well: Uninsured rates went up in eighteen states plus D.C., especially among working-age adults where seventeen states plus D.C saw increases; children’s uninsured rates also rose across nineteen states over this period (https://www.census.gov/programs-surveys/acs/news/data-releases.html).
The Census Bureau will release further ACS statistics over coming months including supplemental estimates for one-year data from 2024 as well as five-year aggregated estimates covering results through that year.
