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ccording to the U.S. Census Bureau’s latest American Community Survey, the median monthly cost for homeowners with a mortgage rose to $2,035 in 2024—an increase of about 7 % in nominal dollars and 26 % from the 2019 level of $1,609. The jump is largely driven by higher mortgage payments, insurance premiums, and other hidden expenses such as property taxes and maintenance. Realtor.com senior economist Joel Berner notes that rising HOA and condo fees are also a key factor.

    Homeowners who own outright still face significant monthly outlays. Their median cost climbed to $664 in 2024, up 5.5 % from the previous year and 31 % from 2019. Although they avoid mortgage interest, they must cover escalating property taxes, insurance, and upkeep.

    State‑level data reveal stark disparities. California leads with a median monthly cost of $3,001, followed by Hawaii ($2,937), New Jersey ($2,797), and Massachusetts ($2,755). Washington, D.C., the highest overall, sits at $3,181. The lowest costs appear in West Virginia ($1,272), Arkansas ($1,375), Mississippi ($1,448), and Kentucky ($1,453).

    HOA and condo fees have become a growing burden. Nearly 25 % of homeowners paid monthly dues in 2024, with a median fee of $135. New York’s median fee tops the nation at $739. Nevada, Florida, and Arizona report the highest percentages of fee‑paying homeowners (51 %, 44 %, and 45 % respectively). Berner warns that extreme weather events and rising service costs for homeowners associations are pushing these fees higher, further straining budgets.

    Ownership patterns are shifting. In 2024, 59.7 % of owned homes carried a mortgage, but the number of homes paid off rose by about 900,000, reaching 35 million from 34.1 million the year before. Vermont and New Mexico saw the largest annual increases in the share of free‑and‑clear homes, up 8.9 % and 8.7 % respectively.