Homeowners have faced a sharp rise in monthly costs over the past five years, reaching new highs just last year.

The median monthly cost of homeownership in the United States increased to $2,035 in 2024, which is up from $1,960 in 2023.

A recent report by the U.S. Census Bureau found that the combination of mortgage rate increases and higher insurance fees, and just an increase in costs in general, are to blame.

What they're saying:

"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 burde

See Full Page