6/17/2023 0 Comments Moneyhouse mortgage![]() In part, it's because that's how mortgages actually work - oftentimes, you pay for more than just the loan's principal and interest in your monthly payment. In the Census Bureau's American Community Survey's data, the monthly mortgage payment includes things like insurance and taxes. Cities are listed by size.Ĭosts included in a monthly mortgage payment Here's how the most populated metro areas stack up in monthly living costs according to Census Bureau data. According to US Census Bureau data from the 2021 American Community Survey, the median monthly home payment (including utilities, insurance, and HOA fees) was more than $2,700 per month in Los Angeles, and over $2,800 per month in the New York City area.īut, not all metro areas are as expensive - in Phoenix, Arizona, the median home payment is about $1,600 per month, and about $2,000 per month in Dallas. That cost includes not only the monthly mortgage payment, but also other necessary costs like homeowners insurance, HOA fees, and property taxes.īelow, we've broken out median data by state, city, and year.Įspecially in coastal cities where space is at a premium, a monthly home payment can be much higher than the national average or median payment. The median monthly cost of homeownership in the US is $1,672 per month, according to the most recent data from the Census Bureau's 2021 American Community Survey. A better measure of this is the median, which represents the middle number in a data set. ![]() However, an average, which can be skewed by payments that are atypically low or high, probably isn't the most accurate depiction of what the typical US homeowner actually pays. You can see the full methodology at the end of this post. By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept ourĪccording to Insider's calculations using data from the US Census Bureau, the Department of Housing and Urban Development, Freddie Mac, and the National Association of Realtors, the average mortgage payment is $3,048 on a 30-year fixed mortgage, and $3,976 on a 15-year fixed mortgage.
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