The median monthly cost of homeownership in the US now sits at $2,035, according to data from the Census Bureau. This figure includes mortgage payments, property taxes, homeowners insurance, utilities, and applicable condo or HOA fees. However, some states have much lower costs, with West Virginia having the lowest median monthly cost of $1,272.

State-by-State Breakdown

The states with the lowest median monthly owner costs are primarily located in the South and Midwest. These states include West Virginia, Arkansas, and Indiana, among others. On the other hand, states like California, Hawai’i, and New Jersey have much higher costs, with median monthly costs exceeding $3,000 in some areas.

The gap between the lowest and highest costs is substantial, with a difference of over $1,900 between West Virginia and Washington, D.C. This disparity is driven by various factors, including home prices, mortgage rates, and property taxes.

Factors Driving Costs

Several factors contribute to the variation in mortgage payments across states. These include location, housing inventory, and population growth. Coastal states tend to have higher costs, while the Midwest and South have lower costs. Additionally, metro-level data shows that costs can vary significantly within a single state, depending on the location.

For example, the estimated monthly mortgage payment in San Jose, California is over $9,900, while in Johnstown, Pennsylvania, it is less than $1,000. These differences highlight the importance of considering location when evaluating mortgage payments.

Original reporting: KEYT (Ventura/Santa Barbara) — read the source article.