Rising homeownership costs squeeze millions of Americans

Rising homeownership costs squeeze millions of Americans

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, insur…