Recent Buyers Face Steepest Mortgage Costs in Nearly 20 Years

Census Bureau says homeowners with mortgages now spend over 21 percent of income on housing, while rents have pushed past the federal affordability threshold.

A For Sale sign in Elkridge, Md., on Sept. 2, 2025. Madalina Kilroy/The Epoch Times

U.S. homeowners are facing the steepest mortgage costs in nearly 20 years, with monthly payments climbing faster than incomes and leaving many households devoting a greater share of earnings to housing, according to new Census Bureau data.

The Census Bureau’s annual American Community Survey, released on Sept. 11, found that the median monthly cost for homeowners with a mortgage rose to $2,035 in 2024, up from $1,960 the year before after adjusting for inflation. The increase of 3.8 percent outpaced both the previous year’s rise and the overall pace of inflation.