The median monthly cost of homeownership in the U.S. now sits at $2,035, according to data from the Census Bureau. That figure, which includes mortgage payments, property taxes, homeowners insurance (fire, hazard, and flood), utilities, and applicable condo or HOA fees, is up 3.8% from the year prior. In some states, like California, Hawai’i, and New Jersey, it’s even higher.
Home prices have stabilized somewhat since their post-pandemic peak, but affordability pressure hasn’t eased much.
According to Federal Reserve Economic Data (FRED), the median sales price of homes sold in the U.S. stands at $405,300 as of late 2025. And according to Freddie Mac, the average 30-year fixed rate has held at above 6% for much of the past year. Elevated values plus persistent borrowing costs add up fast.
This study from SoFi uses the latest home value data and mortgage rate benchmarks to examine affordability at the state and metro levels, including median and estimated monthly payments by state and the reasons costs differ by location.
The Current State of Mortgage Affordability in the US
While state-level data shows broader affordability trends, metro-level data shows real-time market pressure. Within a single state, costs can vary considerably. The figures below are drawn from Zillow data as of Feb. 28, 2026, and represent estimated monthly mortgage payments on a new home purchase at current rates.
The 10 metros with the highest estimated monthly mortgage payments are (ranked highest to lowest):
- San Jose, California: $9,910
- Santa Cruz, California: $6,931
- San Francisco: $6,892
- Kahului, Hawai’i: $6,112
- Santa Maria, California: $6,024
- Los Angeles: $5,891
- San Diego: $5,732
- San Luis Obispo, California: $5,491
- Napa, California: $5,470
- Oxnard, California: $5,371
Nine of the 10 most expensive metros are in California. The sole outlier is Kahului, Hawai’i. San Jose leads by a considerable margin. Its $9,909 monthly figure is more than $2,900 ahead of the next closest metro. The estimated mortgage payment in these metros all exceeds $5,000.
And the 10 metros with the lowest estimated monthly mortgage payments are (ranked lowest to highest):
- Danville, Illinois: $587
- Pine Bluff, Arkansas: $594
- Johnstown, Pennsylvania: $718
- Decatur, Illinois: $736
- Weirton, West Virginia: $770
- Wheeling, West Virginia: $819
- Enid, Oklahoma: $849
- Beckley, West Virginia: $878
- Charleston, West Virginia: $879
- Carbondale, Illinois: $914
None of the 10 lowest-cost metros surpass the $1,000 per-month mark. And nine of the 10 metros are located in Midwestern or Southern states, with the Northeast’s Johnstown, Pennsylvania, being the lone exception.
Several factors likely drive the variation:
- Demand concentration: Demand for housing is often highest in major economic hubs like Los Angeles (ranked sixth-most expensive metro) or New York City (ranked 19th).
- Housing supply: In major cities like Los Angeles, there’s a severe shortage of affordable housing. Meanwhile, metros like Danville have greater supply than demand, which can keep prices down.
- Speed of growth (metro): Fast-growing cities may also experience greater demand than the available housing supply. In California, cities like San Diego are growing faster than others in the state.
State-level figures are based on median monthly owner costs sourced from the U.S. Census Bureau’s 2024 American Community Survey, the most recent year available.
Metro-level figures use Zillow data as of Feb. 28, 2026. Zillow’s metro data is based on estimates of the monthly mortgage payment on a new home purchase with the average interest rate of that month. The home value is estimated using smoothed and seasonally adjusted Zillow Home Value Index (ZHVI). If the down payment is less than 20%, the monthly mortgage payment includes 1% mortgage insurance.
How Mortgage Costs Vary Across the Country
Within a single state, costs can swing by thousands of dollars depending on the metro. Using Zillow’s data, here’s how that dynamic plays out in select states:
- Pennsylvania: The estimated monthly mortgage payment in Pennsylvania ranges from $718 (Johnstown) to $2,322 (Philadelphia). That’s a $1,604 spread.
- Michigan: The estimated mortgage payment in Michigan ranges from $1,003 (Saginaw) to $2,503 (Ann Arbor). Buyers in Ann Arbor pay roughly 2.5 times what buyers in Saginaw pay.
- Florida: The estimated mortgage payment in Florida metros ranges from $1,433 (Sebring) to $3,427 (Naples). That’s a nearly $2,000 difference, within a single state.
- Arizona: On the low end of estimated monthly mortgage payments in Arizona is Sierra Vista, where the estimate is $1,595. The most expensive metro is Flagstaff, with an estimated cost of $3,810.
Location is one driver of cost variation, but housing inventory and population growth shape what buyers pay, too. The regions with the highest growth in 2025 were:
- South: 39.2%
- West: 23.4%
- Midwest: 20.4%
- Northeast: 17%
Coastal states currently carry the highest monthly costs, while much of the Midwest and South remain more affordable.
The Takeaway
The data makes clear that where you buy matters as much as what you buy. Monthly owner costs in California, Hawai’i, and D.C. run more than double those in West Virginia, Arkansas, and Indiana. And within any given state, the spread between metros can be just as wide.
The monthly payment is the key affordability metric if you’re in the market for real estate. But it’s also a good idea to evaluate total cost versus just the home’s price tag. Interest rates, property tax, insurance, and HOA fees all feed into what homeownership costs month to month. An online mortgage interest calculator can help you do the math on the total costs of a loan.
This story was produced by SoFi and reviewed and distributed by Stacker.
Copyright 2026 Stacker Media, LLC