Monthly costs for homeowners in the U.S. are rising: these are the most expensive states

The cost of homeownership in the United States continues to rise. According to newly released data from the Census Bureau, the average monthly expenditure for mortgaged households reached $2,035 during 2024, an increase of 3.8% compared to the previous year, when it was $1,960 (adjusted for inflation).

The report, part of the 1-Year Estimates from the American Community Survey, highlights that homeowners allocated an average of 21.4% of their income to housing-related expenses, including mortgage payments, insurance, taxes, utilities, and associated fees.

"One of the key indicators of housing affordability is how much of income is spent on essential costs," explained Jacob Fabina, an economist from the Census Bureau.

The states with the highest monthly costs for homeowners with a mortgage were District of Columbia ($3,181), California ($3,001), Hawaii ($2,937), and New Jersey ($2,797), reflecting a trend where access to homeownership has become increasingly exclusive.

Paid properties and regional inequality

Despite the general increase, the number of homes paid for in full —without a mortgage— also rose: in 2024, approximately 35 million households were recorded without mortgage payments, about 900,000 more than in 2023. Vermont and New Mexico recorded the largest relative increases in this type of debt-free property.

In parallel, more than 21.6 million homeowners paid fees for condominium associations or homeowners' associations (HOA), with a median cost of $135 per month. Nevada (51 %), Florida (44 %), and Arizona (45 %) were the states with the highest proportion of households subject to these payments.

Rent prices are also increasing

The report also indicates an increase in rental costs: the gross monthly rent rose from $1,448 in 2023 to $1,487 in 2024, a rise of 2.7%. However, the percentage of income allocated to rent remained stable at 31%.

States like Delaware, Mississippi, Idaho, Vermont, and Alabama reported the highest percentage increases in rental costs, all exceeding 6.5%.

Context: inflation and inequality

This increase in costs occurs in an environment where inflation continues to hit households hard. In June 2025, inflation in the United States recorded a year-over-year increase of 2.4%, driven mainly by rising housing and food costs, according to the Bureau of Labor Statistics. Although moderate, inflation continues to directly impact purchasing power, particularly in states with historically high housing prices.

In contrast, states like West Virginia, Indiana, and Kansas rank as the most affordable in the country, according to a recent analysis by the economic channel CNBC. West Virginia, for example, has a cost of living index of just 84.1, and less than 20% of its residents spend more than a third of their income on housing.

In Miami, access to housing is becoming increasingly unattainable

In areas like South Florida, the housing crisis is even more severe. Cuban-American Congresswoman María Elvira Salazar warned this week about the increasingly unattainable nature of finding housing in Miami, a city where more than 60% of renters spend at least a third of their income on rent. The legislator called for “bold solutions” and criticized the lack of affordable housing amidst prices exceeding $500,000 per unit in popular areas.

Meanwhile, from the White House, President Donald Trump has reiterated his commitment to affordable housing as "a fundamental part of the American dream" during the 2025 Innovative Housing Exhibition.

The new Census data confirms that access to housing, whether as a homeowner or a tenant, remains one of the main economic challenges in the United States. The gap between states with affordable costs and major urban centers continues to widen, leaving millions of families in uncertainty.

Frequently Asked Questions about Housing Costs and Inflation in the U.S. in 2024