Americans face higher housing costs, fewer people move, marry: Survey

According to the US Census Bureau, the median monthly expense for homeowners with a mortgage rose to $2,035 from $1,960, with the highest costs reported in California

Fewer Americans changed homes and a smaller share of the population got married last year, with rising housing costs emerging as a key driver of household stress, according to new figures from the United States Census Bureau.

 

The bureau’s American Community Survey, which tracks more than 40 aspects of life across 3.5 million households annually, found that only 11 per cent of residents moved to a new home in 2024, compared with 11.3 per cent the year before. That continues a steady decline — in 2019, 13.7 per cent of residents moved.

 

Housing costs on the rise

The survey showed that the cost of home ownership has steadily increased. The median monthly expense for homeowners with a mortgage rose to $2,035 from $1,960, driven by higher mortgage rates and insurance fees. That marks a 3.8 per cent jump from 2023 to 2024, compared with a 3 per cent increase the year before.

 

The highest housing costs were recorded in California ($3,001), Hawaii ($2,937), New Jersey ($2,797), Massachusetts ($2,755) and the District of Columbia ($3,181).

 

Jacob Fabina, a Census Bureau economist, said householders with a mortgage spent a median of 21.4 per cent of their income on these costs, reflecting a higher burden on homeowners. The data also showed that nearly 60 per cent of all owned homes in the US carried a mortgage payment in 2024.

 

Renters also felt the pinch, with median gross rent (rent plus utilities) climbing 2.7 per cent to $1,487 in 2024 from $1,448 in 2023. Despite this, the median share of income spent on rent held steady at 31 per cent. 

Fewer marriages in 2024

Alongside financial pressures, the data revealed a decline in marriages. The proportion of men who had never married rose to 37.6 per cent from 37.2 per cent, while the share of unmarried women increased to 32.1 per cent from 31.6 per cent.

 

Other demographic shifts

The survey also pointed to broader changes in the country’s social and economic profile:

 

• Income inequality narrowed by 0.5 per cent between 2023 and 2024, as median household income rose from $80,002 to $81,604.
• The non-Hispanic white share of the population declined from 57.1 per cent to 56.3 per cent.
• The Asian share grew from 6 per cent to 6.3 per cent, and the Hispanic population increased from 19.4 per cent to 20 per cent.
• The Black population remained stable at 12.1 per cent, while the American Indian and Alaska Native population stayed at 1 per cent.