Overview

• New ACS 1-year estimates show median monthly owner costs for mortgage holders rose 3.8% to $2,035, up from an inflation-adjusted $1,960 in 2023.
• The Census Bureau attributes the increase primarily to higher mortgage payments and insurance, with HOA or condo fees and utilities adding pressure.
• Median gross rent increased 2.7% to $1,487 in 2024, while the renter share of income stayed at 31%.
• The highest median monthly owner costs were recorded in the District of Columbia ($3,181), California ($3,001), Hawaii ($2,937), New Jersey ($2,797) and Massachusetts ($2,755).
• About 21.6 million owners paid HOA or condo dues with a $135 median fee, and roughly 900,000 more homes were owned free and clear in 2024, totaling about 35 million.