WASHINGTON —

Owning a home in the U.S. is proving costly, with homeowners owing $12.6 trillion in mortgages by the end of 2024, according to data from the Federal Reserve Bank of New York .

Americans ages 40 to 49 hold the highest outstanding mortgage balances at $3.4 trillion, up 3.4% from 2023. Mortgages account for about 73% of the total debt balance among 40 to 49-year-olds. Advertisement

A mortgage, or a loan used to purchase a home, is an agreement a borrower makes to pay back the lender through monthly payments that could include principal, interest or other fees.

The Federal Reserve Bank of New York releases reports on U.S. household debt and credit every three months, providing a snapshot of the economy. Mortgage debt is measured as of Dec. 31 each year. Prior to 2004, the

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