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

In 2024, the median monthly ownership costs for U.S. homeowners with a mortgage increased to $2,035 from the inflation-adjusted $1,960 in 2023, according to data from the American Community Survey (ACS) that was released by the U.S. Census Bureau.

That 3.8% increase, driven largely by higher mortgage payments and insurance fees, outpaced the 3% rise recorded between 2022 ($1,902) and 2023.

Monthly costs have risen 26% since 2019, when the typical monthly cost for mortgage holders was $1,609, according to Realtor.com

"One way we measure housing affordability is based on how much households spend on selected costs such as mortgage payments, insurance,

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