According to new data published by the Census Bureau, homeowners in the United States could be assuming a monthly cost of $2,035 dollars, which represents an increase of approximately 4% compared to 2023.

In this regard, Realtor.com senior economist Joel Berner commented that “Rising insurance premiums and [homeowners association]/condo fees are the underlying culprits for this increase, beyond the underlying increases in mortgage rates and home prices we’ve seen since 2019,” he said.

The housing sector has been tight over the past four years amid high mortgage rates, a lack of inventory, and an affordability crisis. Now, the costs homeowners shoulder include insurance, taxes, utilities, and other fees that have been adjusted for inflation.

According to the economist, it hasn't always been clear for prospective homebuyers to budget for these costs, "since they're in addition to the basic principal and interest payments on a home, but these costs are rising and represent a significant portion of what homeowners pay each month," he explained.

The Census analysis details that housing costs currently shouldered by homeowners can vary from state to state; in some large cities, they can reach $3,000 or more.

Meanwhile, renters are also facing higher rent payments; data shows that last year the average rent was $1,487, up 2.7% from the previous year.