Rising property taxes, insurance, and maintenance fees are increasing costs for homeowners.
Typical monthly expenses for homeowners surged by more than a quarter in the five years through 2024, a comprehensive new report from the U.S. Census Bureau has revealed.
The median monthly ownership costs for U.S. homeowners with a mortgage jumped to $2,035 last year, according to new American Community Survey data released by the bureau on Thursday.
That was up nearly 7% from a year earlier in nominal dollars, and a 26% increase from 2019, when the typical monthly cost for mortgage holders was just $1,609.
Although home values surged over that period, the annual increase in 2024 was driven primarily by higher mortgage costs, insurance fees, and other hidden costs of homeownership.
“Rising insurance premiums and HOA/condo fees are the behind-the-scenes culprits for this increase outside of the basic increases to mortgage rates and home prices we’ve seen since 2019,” says Realtor.com® senior economist Joel Berner.
Indeed, typical monthly costs for homeowners without a mortgage have also jumped significantly, rising to $664 in 2024, up 5.
