U.S. homeowners are facing the steepest mortgage costs in nearly 20 years, with monthly payments climbing faster than incomes and leaving many households devoting a greater share of earnings to housing, according to new Census Bureau data.
The Census Bureau’s annual American Community Survey, released on Sept. 11, found that the median monthly cost for homeowners with a mortgage rose to $2,035 in 2024, up from $1,960 the year before after adjusting for inflation. The increase of 3.8 percent outpaced both the previous year’s rise and the overall pace of 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,” Jacob Fabina, a Census Bureau economist, said in a statement. “In 2024, the median percentage of income householders with a mortgage spent on these costs was 21.4 percent, which points to an increased burden on homeowners.”…