The median monthly expense for homeowners with a mortgage climbed to $2,035, up 3.8% from $1,960 in 2023
Fewer Americans moved in 2024 as rising housing costs and economic pressures made it tougher to relocate or make big life changes, new US Census Bureau data showed.
Only 11% of Americans changed homes last year, from 11.3% in 2023 and 13.7% in 2019. The annual American Community Survey is the largest annual audit of American life, covering 3.5 million households.
Mortgage costs and regional disparities
Monthly mortgage costs for homeowners climbed to $2,035, up from $1,960. The highest payments were seen in California ($3,001), Hawaii ($2,937), New Jersey ($2,797), Massachusetts ($2,755), and the District of Columbia ($3,181).
Renters also faced higher costs, with median rent plus utilities rising from $1,448 to $1,487. The median share of income spent on rent held steady at 31%, but the squeeze on affordability remained.
Due to these affordability issues, homeownership among Americans under 35 dropped to 36.4% in the second quarter of 2025, the lowest of any age group. According to the US Census Bureau, the homeownership rate fell to 65% between April and June—down from 65.1% in the previous quarter and 65.6% a year ago. This is the lowest level seen since before the pandemic.
This echoes the results of a Nationwide survey that found that first-time homebuyers are finding the process more nerve-racking than many of life’s other milestones.
Despite the cost pressures, more Americans expected mortgage rates to fall than to rise, according to Fannie Mae’s Home Purchase Sentiment Index (HPSI). The index dipped by 0.4 points to 71.4 in August, as declines in home price outlook, job loss concern, selling conditions, and household income offset improvements in mortgage rate and buying sentiment.
Shifting demographics and narrowing income gap
The housing crunch has rippled beyond real estate. The share of men who had never married rose to 37.6%, while the proportion of unmarried women increased to 32.1%. Income inequality narrowed slightly, with a 0.5% reduction between 2023 and 2024, as median household income rose from $80,002 to $81,604.
The share of non-Hispanic white Americans fell from 57.1% to 56.3%. Meanwhile, the Asian population grew from 6% to 6.3%, and the Hispanic population increased from 19.4% to 20%. The Black population held steady at 12.1%, as did the American Indian and Alaska Native population at 1%.
