Average mortgage payment by state, city, and year (2024)

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• The average mortgage payment is $2,823 on 30-year fixed mortgage, and $3,724 on a 15-year fixed mortgage.
• However, a more accurate measure of what the typical American spends on their mortgage each month would be a median: $1,672 in 2021, according to the US Census Bureau.
• When buying a home, the mortgage isn't the only thing you'll pay for. Monthly costs also include insurance, property taxes, utilities, and HOA fees where applicable.

According 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 $2,823 on a 30-year fixed mortgage, and $3,724 on a 15-year fixed mortgage. You can see the full methodology at the end of this post.

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. A better measure of this is the median, which represents the middle number in a data set.

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. That cost includes not only the monthly mortgage payment, but also other necessary costs like homeowners insurance, HOA fees, and property taxes.

Below, we've broken out median data by state, city, and year.

Mortgage payments by state

While some states have relatively low home values, homes in states like California, Hawaii, and New Jersey have much higher home costs, meaning people pay more for their mortgage each month. Additionally, mortgage rates vary by state.

Data from the 2021 American Community Survey shows that homeowners paid a median amount of $1,672 per month. This figure includes a mortgage payment, as well as insurance costs, property taxes, utilities, and HOA fees where necessary.

Here's how all 50 US states stack up:

Mortgage payments by city

Especially in coastal cities where space is at a premium, a monthly home payment can be much higher than the national average or median payment. 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.

But, 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. Here's how the most populated metro areas stack up in monthly living costs according to Census Bureau data. Cities are listed by size.

Mortgage payments by year

The median cost of homeownership has risen year over year since 2010. However, the median monthly home payment has only risen by $176 per month from 2010 to 2021.

Here's how the costs have changed over the past eight years, according to American Community Survey data.

Costs included in a monthly mortgage payment

In the Census Bureau's American Community Survey's data, the monthly mortgage payment includes things like insurance and taxes. This is because homeowners typically pay for more than just the loan's principal and interest in their monthly payment.

If your mortgage includes an escrow account, you'll pay for two costs each month in your monthly mortgage payment:

• Property taxes: You'll pay tax on your home to your state and local government, if necessary. This cost is included in your monthly payment if your mortgage includes escrow.
• Home insurance: To keep your home covered, you'll need to purchase a homeowner's insurance policy. The average cost of homeowners insurance is about $1,400 per year.

Your monthly mortgage payment will also be impacted by how much money you borrow, and what your mortgage lendercharges you for that money. Here's how those two factors can get you a higher or lower monthly payment:

• The size of your down payment: Like some other types of loans, a mortgage requires a down payment. If you don't have a 20% down payment for the house you're purchasing, you'll add to the cost of your monthly mortgage payment with private mortgage insurance, or PMI. The higher your down payment, the lower your mortgage will be each month.
• Your mortgage's interest rate: The amount of interest you pay on your mortgage will influence the amount you pay each month. Interest rates vary based on your credit score, where you live, and the type of loan you're taking out.

Another monthly cost to consider should be how much you'll need to save for repairs.In general, the older your home is, the more you should keep on hand for repairs. Utilities like internet, garbage removal, and electricity will also add to your monthly costs of homeownership.

Average mortgage payment frequently asked questions

Methodology: How we got our average number

To determine how much the average borrower will pay for their mortgage each month, we used the average home sales price according to data from the Census Bureau and the Department of Housing and Urban Development. In Q1 of 2023, the average price was $516,500. We then took the typical down payment of 13% (as reported by the National Association of Realtors) to determine an average loan size. Average mortgage rates for the first half of 2023 according to Freddie Mac data was also used. This average estimate doesn't include taxes and insurance, since these costs vary widely.