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Freddie Mac, the National Association of Realtors, the US Census Bureau, and other sources were used by Insiders to calculate the average mortgage payment, which is $2,883 for a 30-year fixed mortgage and $3,759 for a 15-year fixed mortgage. You can see the full methodology at the end of this post.
However, averages can be skewed by payments that are atypically low or high. This means its often not 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.
In the United States, the average monthly cost of homeownership is $1,775 based on the most recent data from the Census Bureau’s 2022 American Community Survey. This cost consists of the monthly mortgage payment as well as other essential expenses such property taxes, homeowners insurance, and HOA dues.
Buying a home is a momentous decision, and understanding the financial implications is crucial. One of the key factors to consider is the monthly mortgage payment which can significantly impact your budget. In this comprehensive guide, we’ll delve into the average mortgage payment in the United States, exploring various factors that influence it and providing insights to help you estimate your potential monthly costs.
The National Average: A Starting Point
According to the National Association of Realtors (NAR), the average monthly mortgage payment in the US stood at $2,317 in 2022. However, it’s essential to remember that this figure represents a broad average and may not accurately reflect the reality for many homebuyers. Several factors, including location, property value, and loan terms, can significantly impact your individual mortgage payment.
Diving Deeper: Median vs. Average
It is essential to comprehend the distinction between median and average values when examining mortgage payments. Half of the payments fall below and half above the median, which is the middle point in a data set. The average, on the other hand, is subject to outliers because it is determined by adding up all payments and dividing by the total amount.
In the context of mortgage payments, the median provides a more accurate representation of what most homebuyers experience. This is because the average can be skewed by exceptionally high or low payments, which may not reflect the typical homeowner’s situation.
State-by-State Breakdown: Understanding Regional Variations
The average monthly mortgage payment varies considerably across different states. The main causes of this discrepancy are variations in mortgage interest rates and home prices, both of which are impacted by regional economic variables and the dynamics of the housing market.
Here’s a table showcasing the median monthly home payments alongside the average monthly household income for all 50 states, based on the latest data from the US Census Bureau:
| State | Median Monthly Payment | Average Monthly Household Income |
|---|---|---|
| Alabama | $1,871 | $6,327 |
| Alaska | $2,510 | $8,377 |
| Arizona | $2,397 | $7,765 |
| Arkansas | $1,895 | $6,094 |
| California | $3,399 | $10,079 |
| Colorado | $2,878 | $9,221 |
| Connecticut | $2,295 | $10,001 |
| Delaware | $2,176 | $7,969 |
| Florida | $2,275 | $7,464 |
| Georgia | $2,209 | $7,702 |
| Hawaii | $3,696 | $9,313 |
| Idaho | $2,259 | $7,496 |
| Illinois | $2,165 | $8,323 |
| Indiana | $1,771 | $6,887 |
| Iowa | $1,768 | $7,208 |
| Kansas | $1,875 | $7,215 |
| Kentucky | $1,711 | $6,353 |
| Louisiana | $1,839 | $6,299 |
| Maine | $2,142 | $7,313 |
| Maryland | $2,546 | $9,997 |
| Massachusetts | $3,021 | $10,399 |
| Michigan | $1,742 | $7,174 |
| Minnesota | $1,990 | $8,609 |
| Mississippi | $1,757 | $5,671 |
| Missouri | $1,792 | $7,077 |
| Montana | $2,453 | $7,257 |
| Nebraska | $2,506 | $7,434 |
| Nevada | $2,506 | $7,497 |
| New Hampshire | $2,353 | $9,326 |
| New Jersey | $2,708 | $10,413 |
| New Mexico | $2,053 | $6,416 |
| New York | $2,423 | $9,144 |
| North Carolina | $2,212 | $7,234 |
| North Dakota | $1,913 | $7,222 |
| Ohio | $1,759 | $7,048 |
| Oklahoma | $1,788 | $6,286 |
| Oregon | $2,540 | $7,972 |
| Pennsylvania | $2,000 | $7,820 |
| Rhode Island | $2,326 | $8,262 |
| South Carolina | $2,021 | $6,798 |
| South Dakota | $2,274 | $7,183 |
| Tennessee | $2,134 | $6,981 |
| Texas | $2,195 | $7,806 |
| Utah | $2,891 | $8,756 |
| Vermont | $2,127 | $7,875 |
| Virginia | $2,513 | $9,274 |
| Washington | $2,878 | $9,696 |
| West Virginia | $1,700 | $6,025 |
| Wisconsin | $1,836 | $7,359 |
| Wyoming | $2,011 | $7,243 |
As evident from the table, the median monthly home payment varies significantly across states. For instance, in California, homeowners face a median monthly payment of $3,399, significantly higher than the national average. In contrast, states like Mississippi and West Virginia have median payments below $1,800. These disparities highlight the importance of considering location-specific factors when estimating your potential mortgage payment.
Beyond the Numbers: Factors Impacting Your Mortgage Payment
Several factors beyond the average or median can influence your individual mortgage payment. These include:
- Down Payment: A larger down payment translates to a smaller loan amount, leading to a lower monthly payment.
- Interest Rate: Mortgage interest rates fluctuate based on market conditions and your creditworthiness. A higher interest rate results in a higher monthly payment.
- Loan Term: The length of your mortgage, typically 15 or 30 years, impacts the monthly payment. A shorter loan term leads to higher monthly payments but allows you to pay off the debt faster.
- Property Taxes: These vary depending on your location and can significantly impact your overall housing costs.
- Homeowners Insurance: The cost of homeowners insurance depends on factors like your property’s value and location.
- HOA Fees: If your home is part of a homeowners association (HOA), you’ll likely have monthly HOA fees to cover shared amenities and maintenance costs.
Estimating Your Potential Mortgage Payment: A Practical Approach
To estimate your potential monthly mortgage payment, you can use online mortgage calculators. These tools factor in your desired loan amount, interest rate, loan term, and other relevant details to provide an approximate monthly payment figure.
Here are some popular mortgage calculators you can explore:
- Rocket Mortgage Calculator: https://www.rocketmortgage.com/learn/mortgage-calculator
- NerdWallet Mortgage Calculator: https://www.nerdwallet.com/mortgages/mortgage-calculator
- Bankrate Mortgage Calculator: https://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx
Keep in mind that these calculators only produce estimates; your actual monthly payment may differ based on your mortgage’s terms and other variables.
Knowing the typical mortgage payment is a good place to start, but it’s important to learn more about the factors affecting your specific expenses. Making educated decisions about homeownership and gaining a better understanding of your potential monthly payment requires taking into account location-specific variations, your financial situation, and the different components of your mortgage.
Mortgage payments by state
Although the value of homes varies greatly among states, homes in California, Hawaii, and New Jersey have significantly higher costs, which means that monthly mortgage payments are higher in these states. Additionally, mortgage rates vary by state.
Data from the 2022 American Community Survey shows that homeowners paid a median amount of $1,775 per month. This amount covers the mortgage payment as well as any applicable utilities, property taxes, homeowners insurance, and HOA dues.
Heres how all 50 US states stack up:
| State | Median monthly home payment |
| Alabama |
$1,293 |
| Alaska |
$2,019 |
| Arizona |
$1,616 |
| Arkansas |
$1,216 |
| California |
$2,673 |
| Colorado |
$2,098 |
| Connecticut |
$2,215 |
| Delaware |
$1,629 |
| District of Columbia |
$2,893 |
| Florida |
$1,746 |
| Georgia |
$1,599 |
| Hawaii |
$2,683 |
| Idaho |
$1,512 |
| Illinois |
$1,804 |
| Indiana |
$1,281 |
| Iowa |
$1,411 |
| Kansas |
$1,542 |
| Kentucky |
$1,316 |
| Louisiana |
$1,472 |
| Maine |
$1,573 |
| Maryland |
$2,097 |
| Massachusetts |
$2,489 |
| Michigan |
$1,435 |
| Minnesota |
$1,784 |
| Mississippi |
$1,267 |
| Missouri |
$1,377 |
| Montana |
$1,611 |
| Nebraska |
$1,586 |
| Nevada |
$1,730 |
| New Hampshire |
$2,157 |
| New Jersey |
$2,553 |
| New Mexico |
$1,408 |
| New York |
$2,355 |
| North Carolina |
$1,444 |
| North Dakota |
$1,638 |
| Ohio |
$1,381 |
| Oklahoma |
$1,409 |
| Oregon |
$1,946 |
| Pennsylvania |
$1,601 |
| Rhode Island |
$2,021 |
| South Carolina |
$1,378 |
| South Dakota |
$1,526 |
| Tennessee |
$1,442 |
| Texas |
$1,904 |
| Utah |
$1,822 |
| Vermont |
$1,750 |
| Virginia |
$1,919 |
| Washington |
$2,227 |
| West Virginia |
$1,161 |
| Wisconsin |
$1,545 |
| Wyoming |
$1,564 |
Mortgage payments by year
The median cost of homeownership has risen year over year since 2010. The median monthly home payment has increased by nearly $280 per month from 2010 to 2022.
Heres how the costs have changed over the past eight years, according to American Community Survey data.
| Year | Median US monthly home payment |
| 2010 | $1,496 |
| 2011 | $1,486 |
| 2012 | $1,460 |
| 2013 | $1,436 |
| 2014 | $1,454 |
| 2015 | $1,477 |
| 2016 | $1,486 |
| 2017 | $1,513 |
| 2018 | $1,566 |
| 2019 | $1,609 |
| 2020 | $1,621 |
| 2021 | $1,672 |
| 2022 | $1,775 |
How To Calculate Your Mortgage Payment
FAQ
What is a decent mortgage payment?
What is the average mortgage payment on a $300 000 home?
|
Annual Percentage Rate (APR)
|
Monthly payment (15-year)
|
Monthly payment (30-year)
|
|
7.25%
|
$2,738.59
|
$2,046.53
|
|
7.50%
|
$2,781.04
|
$2,097.64
|
|
7.75%
|
$2,823.83
|
$2,149.24
|
|
8.00%
|
$2,866.96
|
$2,201.29
|
What is the average mortgage payment on a 400k house?
|
|
10-Year Mortgage Monthly Payment
|
30-Year Mortgage Monthly Payment
|
|
6% Interest Rate
|
$4,441
|
$2,398
|
|
7% Interest Rate
|
$4,644
|
$2,661
|
|
8% Interest Rate
|
$4,853
|
$2,935
|
What’s the average mortgage payment on a $200 000 house?
What is the average monthly mortgage payment?
The median monthly mortgage payment was $1,001, according to the 2021 Census housing data. Washington D.C. has the highest median monthly mortgage payment — $2,958 — according to 2022 data from the U.S. Census Bureau’s American Community Survey.
How is the median monthly mortgage payment different from the average?
The median monthly mortgage payment is different from the average monthly mortgage payment because of the different way each is calculated. The median value is the midpoint in a data set, while the average is the sum of a dataset divided by the total number of values.
How much does a mortgage cost in the United States?
The median monthly mortgage payment in the U.S. is $1,672, based on the most recent U.S. Census Bureau 2021 American Community Survey. While many American homeowners pay less than $1,600 for their mortgage, there is a wide range of housing costs.
What is the average monthly mortgage payment in 2021?
In 2021, the latest year available, the average monthly mortgage payment was $1,427, according to the U.S. Census Bureau’s American Housing Survey. The median monthly mortgage payment was $1,001, according to the 2021 Census housing data.