WASHINGTON– Recent homebuyers in 2024 faced higher mortgage payments than those who moved into homes three years earlier, despite living in lower-valued homes, according to the Census Bureau’s just-released 2024 American Community Survey (ACS) 1-year estimates.
Mortgage payments continued to rise for the most recent movers in 2024, while remaining flat for homeowners who last moved in 2021 or earlier, creating a record gap between the two groups, the Census Bureau said.
“The 1.5 million homeowners who moved in 2024 and had a mortgage paid a median of $2,225 per month — the highest for recent movers since at least the 2008 ACS, and over 20% more than in 2021 ($1,797),” the analysis stated. “However, home values kept rising for all homeowners, regardless of when they moved into their homes.”
The Findings
Based on ACS 1-year data from 2008 to 2024, both within and across different years, the Census Bureau data show:
- For the first time since 2019, movers in 2024 did not have a significantly higher median mortgage payment than movers had the year before.
- Among homeowners, most recent movers are likely new buyers though some may be moving into homes purchased in earlier years.
- While mortgage payments for recent movers continued to rise in 2024, growth in the median mortgage payments slowed for this group compared to the previous two years.
- The 2024 ACS shows homeowners who moved that year paid 3.6% more for mortgages than 2023 recent movers — about a third of the 10.0% increase from 2022 to 2023.
- The number of homeowners with a mortgage who moved in 2024 fell to 1.5 million — the lowest since 2014 and the third consecutive annual decline from the 2021 peak of 2.1 million.
- The 4.5% drop in 2024 was significantly smaller than the 17.7% decline in 2023.
For a fuller analysis, go here.
