"The U.S. Census Bureau's recent American Community Survey data indicates a significant increase in monthly ownership costs for homeowners in the past five years, primarily driven by rising mortgage costs, insurance fees, and other hidden expenses of homeownership. Despite the surge in home values, homeowners, both with and without mortgages, have experienced notable increases in monthly expenses related to homeownership. Rising insurance premiums, HOA/condo fees, property taxes, and maintenance costs contribute to the overall financial burden on homeowners."
"The median monthly ownership costs for U.S. homeowners with a mortgage rose to $2,035 in 2024, a 26% increase from 2019. Homeowners without a mortgage also saw a significant increase in monthly costs, reaching $664 in 2024, up 31% from 2019. States with the highest median monthly costs for homeowners with a mortgage included California, Hawaii, New Jersey, Massachusetts, and Washington, DC. The monthly median condo or HOA fee in 2024 was $135, with New York having the highest median monthly fee at $739."
Monthly ownership costs for homeowners increased markedly between 2019 and 2024. Median monthly costs for homeowners with a mortgage rose to $2,035 in 2024, a 26% increase from 2019. Homeowners without a mortgage faced median monthly costs of $664 in 2024, up 31% from 2019. Rising mortgage costs, insurance premiums, HOA or condo fees, property taxes, and maintenance expenses drove the increases. States with the highest median monthly costs for homeowners with a mortgage included California, Hawaii, New Jersey, Massachusetts, and Washington, DC. The median monthly condo or HOA fee in 2024 was $135; New York recorded the highest median monthly fee at $739.
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