The financial strain of owning or renting a home in the United States reached historic levels in 2024, according to new data from the U.S. Census Bureau.

Nationwide, the bureau’s American Community Survey found that the median monthly owner costs for households with a mortgage climbed to $2,035 in 2024, up from $1,960 the year before after adjusting for inflation.

“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.”

Homeownership Costs Rising Faster Than Incomes

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