Why does the costs of ownership of the Americans rise?

Homeowners have faced a sharp increase in monthly costs over the past five years, reaching new levels in 2024, according to a recent report.

In 2024, the average monthly ownership costs of American home owners who have a real estate mortgage increased to $ 2035 of average inflation of $ 1,960 in 2023, according to data from Wiping American Society (ACS) It was issued by the American Statistical Office.

This increase by 3.8 %, largely driven by the increase in mortgage payments and insurance fees, outperformed 3 %, between 2022 ($ 1902) and 2023.

Monthly costs have increased by 26 % since 2019, when the model monthly cost of mortgage holders reached $ 1,609, according to RealTor.com

The report says the report says more

One of the ways we measure the ability to withstand housing costs depends on the amount of families spending on the chosen costs such as Real estate mortgage payments, “In 2024, the average percentage of the income family that was spent on these costs was 21.4 %, in 2024, the average percentage of the income family whose mortgage was on these costs was 21.4 %, which indicates an increase in a burden on homeowners,” said Jacob Fabina, an economist at the Statistical Office.

House owners who have a mortgage in California, Hawaii, New Jersey, Massachusetts and Colombia province have faced the highest moderate monthly costs, according to the report. In 2024, these figures amounted to $ 3,001 in California, $ 2,937 in Hawaii, $ 2,797 in New Jersey, $ 2,755 in Massachusetts and $ 3,181 in Colombia Province.

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Fairmont and New Mexico witnessed the largest increases in the number of houses that were paid and owned for free and clear between 2023 and 2024, according to the report.

Regardless of the costs of mortgage and typical insurance, some home owners also pay the HOA Association (HOA) or apartment fees. The report issued by the Statistics Office indicated that approximately 21.6 million American families are owned, out of a total of about 86.6 million, either HOA apartment or fees last year.

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In 2024, the average or hoa apartment fees in 2024 were $ 135, although these fees differ between families with and Without a mortgage. For example, the mortgage families paid a monthly fee of $ 120, while those who have no real estate mortgage paid $ 184.

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At the same time, the tenants were also struck Higher costs. The average total lease, which includes the cost of facilities, increased by 2.7 % to $ 1,487 in 2024 from $ 1,448 in 2023, modified for inflation, according to ACS.

Meanwhile, the percentage of medium income did not increase towards rent in 2024, when it remained by 31 %.