The U.S. Census Bureau's latest data reveals a modest increase in national median household income in 2024, reaching $81,604. While some states experienced notable income growth, 21 states saw no significant change in real income, hindering purchasing power and homeownership affordability. Rising mortgage costs and insurance premiums were key drivers behind the 3.8% increase in monthly costs for homeowners with a mortgage nationwide. Among the states, Massachusetts, New Jersey, and Maryland boasted the highest median household incomes, with the District of Columbia leading if considered a state. Notably, all state median incomes fell short of the minimum required to buy a typical home.
Property insurance costs continue to be the fastest growing subcomponent of mortgage payments among existing homeowners, said Andy Walden, head of mortgage and housing market research at ICE Mortgage Technology. While mortgage principal, interest and property tax payments have all increased in recent years, insurance has far outpaced those gains, rising 4.9% in 2025, 11.3% annually and nearly 70% over the past five and a half years.