T
he cost of homeownership in the US is escalating, driven by rising interest rates and stagnant incomes. A recent analysis of 50 major cities reveals that mortgage payments have more than doubled over the past decade, outpacing home price growth.

    In many cities, including traditionally affordable markets like Buffalo, average monthly mortgage payments have skyrocketed. Tampa stands out as a notable example: in 2014, the average payment was $617, but by 2024 it had jumped to $2,204 – a staggering 257% increase.

    While median home prices rose from $156,000 to $405,000 in Tampa during this period, incomes only increased by about 48%, exacerbating the affordability gap. In the Washington D.C. area, mortgage payments rose 132% while incomes grew just 37%.

    Researchers attribute these increases to rising interest rates, which have jumped from an average of 4.29% in May 2014 to 7.22% this year. This shift has made monthly payments significantly more expensive, even for the same home.

    In cities across the US, the cost of homeownership is becoming increasingly unaffordable, with some areas experiencing triple-digit percentage increases in mortgage payments over the past decade.