As Housing Costs Rise, Incomes Struggle to Keep Pace

Homeownership Costs Hit Record Highs, Census Bureau Reports

The financial strain of owning or renting a home in the U.S. reached historic levels in 2024, with median monthly owner costs for households with a mortgage reaching $2,035 and renters spending a median of 31% of their income on rent. The post Homeownership Costs Hit Record Highs, Census Bureau Reports appeared first on The Washington Informer.

Recent Buyers Face Steepest Mortgage Costs in Nearly 20 Years

U.S. homeowners are facing the steepest mortgage costs in nearly 20 years, with monthly payments climbing faster than incomes and leaving many households devoting a greater share of earnings to housing, according to new Census Bureau data. The Census Bureau’s annual American Community Survey, released on Sept. 11, found that the median monthly cost for homeowners with a mortgage rose to $2,035 in 2024, up from $1,960 the year before after adjust…

As housing costs rise, incomes struggle to keep pace

Housing costs are at their highest in decades, according to new census data. The average monthly housing cost for homeowners — including mortgage payments, insurance, taxes, utilities and fees — averaged $2,035 in 2024, up from $1,960 in 2023. Median household annual income grew by $1,602 over the same period, from $80,002 to $81,604, at a significantly slower rate than the rising cost of housing. U.S. Census Bureau economist Jacob Fabina says t…

Financial News Network - Homeownership costs spike as insurance premiums, other fees rise

U.S. homeowners with mortgages now spend 21.4% of income on housing costs as monthly expenses jumped nearly 30% over five years, the Census Bureau reported.Read More …