If the challenge of scraping enough money to buy a home in the U.S. weren't enough amid painfully high real estate prices, the cost of owning a home is also surging.

The inflation-adjusted median monthly cost of homeownership in 2024 rose to $2,035, up neary 4% from $1,960 in 2023, according to new Census Bureau data . That cost encompasses monthly mortgage and insurance payments, taxes, utilities and other fees.

The main factors behind the increase in homeownership costs: higher mortgage rates, fees and insurance costs.

"Rising insurance premiums and [homeowners association]/condo fees are the behind-the-scenes culprits for this increase outside of the basic increases to mortgage rates and home prices we've seen since 2019," Realtor.com senior economist Joel Berner said in a stateme

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