The cost of owning a home in the U.S. has jumped sharply in recent years, reaching an average of more than $1,700 per month in 2023 — a 17% increase since 2020 — according to an analysis by First American senior economist Sam Williamson.

Using the most recent U.S. Census Bureau data, Williamson found that all homeowners — whether they have a mortgage or not — are seeing more of their income eaten up by the rising costs of taxes, utilities, insurance and monthly mortgage payments.

While those with mortgages have faced the biggest increases in absolute details ⇒

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