The median monthly owner costs for U.S. homeowners with a mortgage increased to $2,035 in 2024 from $1,960 (inflation-adjusted) in 2023, according to new American Community Survey (ACS) 1-year estimates released today by the U.S. Census Bureau.
“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.”
Median monthly owner costs increased 3.8% from 2023 to 2024, more than the increase of 3.0% from 2022 ($1,902) to 2023. This increase was primarily driven by higher mortgage costs and insurance fees.
Among states and the District of Columbia, homeowners with a mortgage in California ($3,001), Hawaii ($2,937), New Jersey ($2,797), Massachusetts ($2,755), and the District of Columbia ($3,181) had the highest median monthly costs.
More than half of owned homes (59.7%) had a monthly mortgage payment in 2024. The number of homes owned free and clear, meaning without a monthly mortgage payment, climbed. There were about 900,000 more owned homes paid off in 2024 (about 35 million total) than in 2023 (34.1 million total).
Among the states, Vermont (8.9%) and New Mexico (8.7%) experienced two of the largest increases (not significantly different from each other) in the number of homes owned free and clear between 2023 and 2024.
Homeowners Association and Condo Fees
Some homeowners also pay homeowners’ association (HOA) or condo fees. Approximately 21.6 million owned U.S. households, out of a total of about 86.6 million, paid either a condo or HOA fee in 2024. Overall, the monthly median condo or HOA fee in 2024 was $135. The fees differed, however, between households with and without a mortgage: households with a mortgage paid a monthly median fee of $120, while those without a mortgage paid $184.
The percentage of households that paid these fees was not equally distributed across the country: Nevada (51%), Florida (44%), and Arizona (45%) had the highest proportions of homeowners who reported paying condo or HOA fees, although the percentages for Florida and Arizona were not significantly different from each other. Rhode Island (10%), South Dakota (10%), Wisconsin (10%), Maine (8%), and North Dakota (8%) had among the smallest shares of homeowners paying these fees.
More information about the distribution of HOA and condo fees is available in the Nearly a Quarter of Homeowners Paid Condo or HOA Fees in 2024 America Counts story.
Renters
Just as costs for homeowners have increased, so have costs for renters. According to the ACS, median gross rent (rent plus the cost of utilities) increased 2.7% from $1,448 in 2023 (adjusted for inflation) to $1,487 in 2024. Despite this rise in cost, the median percentage of income going towards rent did not increase in 2024, staying at 31%.
Among the states, Delaware, Mississippi, Idaho, Vermont and Alabama saw some of the largest percentage-point increases (6.5% or more) in median gross rent.
More information about renter costs is available in the Housing Costs: 2024 infographic also released today.
Additional Highlights From Today’s Release
Income:
- Median household income increased in 29 states from 2023, after adjusting for inflation. Twenty-one states, the District of Columbia, and Puerto Rico showed no statistically significant differences.
- Massachusetts, New Jersey and Maryland had the highest median household incomes of all states and were not statistically different from each other. The District of Columbia’s median household income ($109,707) was the highest in the nation. Arkansas, Louisiana, Mississippi and West Virginia had the lowest median household income.
- Income inequality measured by the Gini index increased in North Carolina and decreased in nine states (Georgia, Iowa, Massachusetts, Nebraska, New Jersey, Ohio, Oregon, South Dakota and Wisconsin) between the 2023 and the 2024 ACS.
Poverty:
- The poverty rate decreased in 13 states and Puerto Rico between 2023 and 2024. The poverty rate increased in one state, North Dakota, and in the District of Columbia, and did not significantly change in 36 states. Poverty rates in states ranged from 7.2% to 18.7% in 2024.
- In three of the 25 most populous metropolitan statistical areas (MSAs), the poverty rate significantly declined between 2023 and 2024. The poverty rate decreased in the Atlanta MSA (from 11.0% to 10.0%), the Riverside-San Bernardino MSA (from 12.1% to 11.0%), and in the Tampa MSA (from 12.0% to 11.0%).
Health Insurance:
- The uninsured rate increased in 18 states and the District of Columbia and declined in two states from 2023 to 2024.
- The uninsured rate for working-age adults (ages 19 to 64) increased in 17 states and the District of Columbia and decreased in three states from 2023 to 2024.
- The uninsured rate for children (under the age of 19) increased in 19 states and decreased in one state from 2023 to 2024.
Visit data.census.gov to access all statistics released today.
More information about the estimates is available in a user note and our Random Samplings blog Understanding the 2024 American Community Survey 1-Year Estimates.
Additional Annual Releases
The Census Bureau is set to release additional ACS statistics over the next few months, including 2024 ACS 1-year Supplemental Estimates and 2020-2024 ACS 5-year estimates.