People who moved in 2024 faced a median mortgage payment of $2,225 per month, the highest in decades. That’s well above the $1,521 median payment for mortgages overall, and 20 percent more than the median payment for those who moved just three years prior, even if the more recently purchased homes cost less.
Renters also faced a tougher market. Growth in median rent, including utilities, increased by 4.1 percent to reach $1,307 after inflation was taken into account, according to the Census Bureau.
The latest figures from the annual American Community Survey are consistent with what data across several sources has made clear for years: Housing costs are rising rapidly while the median income has stagnated, placing homeownership out of reach and straining everyday budgets for many Americans.
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