The U.S. Census Bureau reported that the median monthly owner costs for homeowners with a mortgage rose to $2,035 in 2024, up from $1,960 in 2023 after adjusting for inflation. 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 from 2023 to 2024 was 3.8%, higher than the previous year’s rise of 3%. The main contributors were increased 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.
In terms of ownership status, about 59.7% of owned homes had a monthly mortgage payment in 2024. The number of homes owned free and clear also grew by approximately 900,000 compared to last year.
Vermont (8.9%) and New Mexico (8.7%) recorded two of the largest increases in homes owned without mortgages between 2023 and 2024.
Around one-quarter of homeowners paid condo or homeowners’ association (HOA) fees; about 21.6 million out of roughly 86.6 million owned U.S. households paid these fees in 2024. The overall national median for these fees was $135 per month—$120 for those with a mortgage and $184 for those without one.
Geographically, Nevada (51%), Florida (44%), and Arizona (45%) had the highest proportions of homeowners paying HOA or condo fees while Rhode Island (10%), South Dakota (10%), Wisconsin (10%), Maine (8%), and North Dakota (8%) had among the lowest shares.
Renter households also saw rising costs: Median gross rent increased by 2.7% from $1,448 in 2023 to $1,487 in 2024 but remained at about 31% of renter income nationally.
Delaware, Mississippi, Idaho, Vermont and Alabama experienced some of the largest increases—at least six-and-a-half percent—in median gross rent over this period.
Median household income rose after inflation adjustment in twenty-nine states compared to last year; twenty-one states plus D.C., along with Puerto Rico showed no significant change according to Census Bureau data. Massachusetts, New Jersey and Maryland led all states with high incomes not statistically different from each other; D.C.’s median household income was highest nationwide at $109,707 while Arkansas, Louisiana, Mississippi and West Virginia reported lowest incomes.
Income inequality as measured by the Gini index went up only in North Carolina but decreased across nine other states including Georgia and Ohio between ACS years.
Poverty rates dropped in thirteen states plus Puerto Rico between surveys; they increased only in North Dakota and D.C., holding steady elsewhere. Among large metropolitan areas Atlanta’s poverty rate fell from eleven percent to ten percent; Riverside-San Bernardino dropped by one point as did Tampa MSA.
Health insurance coverage declined: Eighteen states plus D.C. saw their uninsured rates go up while just two saw declines since last year’s survey results were published (source). For working-age adults aged nineteen through sixty-four there were increases across seventeen states plus D.C.; children under nineteen saw similar trends—with rates rising across nineteen states but falling only once state-wide over this period.
Further details can be found via data.census.gov where today’s full statistics are available online.
The Census Bureau will release additional ACS statistics over coming months including supplemental annual estimates as well as five-year summary figures covering recent periods.
