Monthly housing costs in the US are climbing faster than inflation, squeezing both homeowners and renters alike, according to new Census Bureau data. In 2024, the median monthly cost of homeownership—including mortgage, insurance, taxes, and fees—rose to $2,035 (after being adjusted for inflation), up from $1,960 the year before. Those buying homes this year faced even steeper payments, with a median mortgage cost of $2,225, a 20% jump from what buyers paid just three years ago, even though home prices have dipped in some cases, per the Washington Post.
Realtor.com notes that the monthly homeownership cost for 2024 saw a 26% spike from 2019, when that figure hovered at just above $1,600.
- Renters aren't catching much of a break, either. Median rent, including utilities, increased 2.7% to reach $1,487 after inflation.
- The Census Bureau's annual American Community Survey highlights a widening gap between stagnant incomes and swelling housing costs, making ownership harder to attain and budgets tighter for many. The combination of elevated mortgage rates—still high despite the Federal Reserve beginning to cut interest rates—and a limited housing supply are key drivers behind the surge.
- Rising insurance premiums and homeowners association fees are also piling onto monthly bills. In 2024, the median annual cost of property insurance jumped 5.3%, with HOA fees especially prevalent in states like Nevada, Florida, and Arizona. Meanwhile, the median income hasn't budged much after adjusting for inflation, staying roughly where it was in 2019.
- Some regions have been hit harder than others. Florida saw the sharpest spike in owner costs, up 8% to a median of $2,168 a month. States across the South and West also logged significant increases. Hawaii, California, and Washington, DC, continued to post the highest overall costs, with monthly owner expenses near $3,000.
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