New Census Bureau data shows monthly housing expenses are outpacing inflation nationwide. Homeownership costs reached a median of $2,035 in 2024, up from $1,960 the previous year after inflation adjustments. New buyers face steeper payments at $2,225 monthly, marking a 20% increase from three years ago. Realtor.com reports homeownership costs jumped 26% since 2019 when they were just above $1,600. Renters also struggle as median rent climbed 2.7% to $1,487 including utilities. High mortgage rates and limited housing supply drive the surge, while property insurance costs rose 5.3% annually. Income levels remain stagnant compared to 2019 after inflation adjustments. Florida leads regional increases with 8% higher owner costs at $2,168 monthly. Hawaii, California, and Washington DC maintain the highest expenses near $3,000 monthly. (Story URL)
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