If the challenge of scratching enough money to buy a house in the United States was not sufficient in the middle of the prices of painfully high real estate, the cost of the possession of a house is also skyrocketed.
The median monthly cost of adjusted property in 2024 has reached $ 2,035, up 4%, against $ 1,960 in 2023, according to the New Census Bureau data. This cost encompasses mortgage payments and monthly insurance, taxes, public services and other costs.
The main factors for increasing ownership of home ownership: mortgage rate, higher insurance costs and insurance costs.
“The increase in insurance premiums and the costs (association of owners) / condos are the guilty behind the scenes for this increase outside the basic increases in mortgage rates and the prices of the houses that we have seen since 2019,” said Realtor.com’s main economist, Joel Berner, in a press release.
The typical condo or the HOA costs in 2024 was $ 135, found the census. The annual median cost for real estate insurance in 2024 was $ 1,348.
“It is not always clear for potential buyers to budget these costs, because they are seated at the top of basic capital and payments of interest in a house, but these costs increase and constitute a significant part of what the owners pay each month,” he added.
Millions of owners also face Increase in electricity costsDriven largely by the growing power needs of artificial intelligence, data centers, electrification and manufacturing.
Recent Lendingtree study found that residents of the 50 largest American metropolitan areas spend more than $ 450 per month for public services, up 24% compared to 2019. The costs were highest in Boston, Massachusetts; New York, New York; Providence, Rhode Island; And Philadelphia, Pennsylvania, the personal financing site found.
Ownership costs
The owners of the Columbia district had to face the highest median monthly costs in 2024, at $ 3,181, according to the census survey. Other American states with high ownership costs in California, where residents paid more than $ 3,000 per month for the typical house; Hawaii ($ 2,937); New Jersey ($ 2,797); and Massachusetts ($ 2,755).
Tenants are also faced up on costs. In 2024, median gross rent in the United States was $ 1,487, up 2.7% against $ 1,448 in the previous year, according to figures.
