MoneyGeek Analysis:

Homeowners Trapped by 74% Mortgage Cost Hike from Pandemic-Era Low Rates

Name: Homeowners Trapped by 74% Mortgage Cost Hike from Pandemic-Era Low Rates
Item: Homeowners Trapped by 74% Mortgage Cost Hike from Pandemic-Era Low Rates
Author: Anja Solum, CEPF

By Anja Solum, CEPF

Updated: October 28, 2024

Edited by Megan Hull

Reviewed by Doug Milnes, CFA

Advertising & Editorial Disclosure

The past two years have seen a significant shift in the housing market, with mortgage rates rising from roughly 3% in 2021 to over 6% in 2023. This increase has led to a substantial surge in annual mortgage spending, leaving many homeowners feeling trapped. Compounding this issue, the national average home value has also risen by 18.1% during the same period. The combination of these factors, along with a decrease in housing supply and demand, has created a challenging environment for homeowners looking to sell and move.

To uncover where homeowners feel most trapped in their mortgages, MoneyGeek analyzed data for over 312 metro areas across home values, historic mortgage rates, and housing supply and demand trends. While more factors are involved in purchasing or selling a home, our findings examine the waning flexibility of doing so in a heated housing market.

Key Findings

The South is feeling the heat. Gainesville and Atlanta, Georgia, rank as the No. 1 and No. 2 metro areas where homeowners are most trapped in their mortgages. Homeowners looking to buy would face increases of more than 82% in annual mortgage spending. Further south, in the Naples-Marco Island area of Florida, mortgage costs have more than doubled since 2021.
San Jose, California, has the highest average mortgage payment, which surged by 67% to $8,110 per month between 2021 and 2023, posing a challenge for budget-conscious homeowners. To manage this cost without exceeding 28% of income, prospective homebuyers would need an annual income exceeding $420,000.
National housing trends reveal a tightening grip on supply and demand. In the Northeast, Ocean City, New Jersey, is seeing a 31.7% plunge in housing supply, while Austin, Texas, grapples with a 56.5% surge in listing-to-close time, signaling a dip in demand.
The Danville, Illinois, metro area is a haven for homeowners, with a minimal $1,898 rise in annual mortgage spending from 2021 to 2023. Further south, the Midland, Texas, metro area saw the smallest percent change (50.4%), a modest increase compared to the rest of the country.

Double Whammy: Homeowners in Georgia and Coastal Cities Face Rising Mortgage Costs and Competitive Housing Markets

Homeowners in the Gainesville and Atlanta, Georgia, areas are among those feeling the most pressure. If they were to sell and buy now, they'd face an annual mortgage spending increase of over $10,500, a result of the 83.7% and 82.4% rise from 2021 to 2023. With new listings down by more than 25% and selling times up by over 27%, the market is less accommodating for those looking to move.

The heat is also on for homeowners in the Ocean City, New Jersey, and San Diego, California, metro areas. Selling and buying now would mean grappling with a surge in annual mortgage spending by $17,515 and $23,447, respectively. With housing supply dropping by over 29% and selling times increasing, the market is becoming more competitive, adding to the challenges of selling and moving.

A Silver Lining: Lower Mortgage Cost Increases in West Virginia, Louisiana and Illinois

For homeowners in Wheeling and Parkersburg-Vienna, West Virginia, the prospect of selling and buying a new home is less intimidating. Those who bought homes at 2021 rates in Wheeling would face an additional $3,025 in annual mortgage spending if they were to buy now, while in Parkersburg-Vienna, the increase would be $3,883 per year.

Similarly, homeowners in Alexandria, Louisiana, and Danville, Illinois, are less constrained by the current market. The increases in annual mortgage spending in these areas are 52.8% ($3,340) and 64.6% ($1,898), respectively. Coupled with minor decreases in housing supply and longer selling times, homeowners in these areas might find the transition to a new home more manageable, despite the overall challenging housing market conditions.

Behind the Scenes: The Role of Supply and Demand in the Housing Market

Current housing market trends are making it harder for homeowners to sell and move, particularly those who are locked in at lower rates and now face dramatically increased mortgage spending. From 2021 to 2023, the U.S. has seen a 17.9% drop in new listings and a 5.9% increase in selling times.

However, these trends aren't uniform across the country. The Northeast is feeling the squeeze of a 20.4% decrease in new listings, the most pronounced drop in supply. Meanwhile, homeowners in the West are dealing with the longest wait times for closing, with a 20% increase. If you're a homeowner in these regions, the current market trends could add to your challenges of selling and moving.

Metros with the Largest Decrease in Housing Supply
1. San Jose-Sunnyvale-Santa Clara, CA
2. Santa Rosa-Petaluma, CA
3. Ocean City, NJ
4. Santa Cruz-Watsonville, CA
5. Washington-Arlington-Alexandria, DC-VA-MD-WV

Metros with the Largest Decrease in Housing Demand
1. Austin-Round Rock-Georgetown, TX
2. Phoenix-Mesa-Chandler, AZ
3. St. George, UT
4. Provo-Orem, UT
5. Logan, UT-ID

Navigating the Market: Essential Tips for Homeowners

Homeowners are navigating a challenging housing market. Metro areas like San Jose, California, and Austin, Texas, are seeing a surge in mortgage payments, contrasting with the more stable situations in places like Danville, Illinois, and Midland, Texas. The West and South regions are at the epicenter of these shifts, with housing supply and demand dwindling.

With rising mortgage rates, the financial hurdle of moving is becoming challenging for many. Fortunately, there are strategies available to help you navigate this landscape:

Transform your home with strategic upgrades.

HELOC rates have increased along with mortgage rates. But, if you’ve been lucky enough to see an increase in your home value, you may be able to borrow against it to perform some upgrades, which can make your home more attractive to prospective buyers.

Understand your buying power and the power of increasing your down payment.

Despite the current landscape, you may stand to make money selling your current home. You can also increase your downpayment to help keep your rates lower for your next abode.

Consider downgrading or moving to decrease your expenses.

Downgrading could mean opting for a smaller home or a property with less land, which can significantly reduce mortgage payments. Alternatively, moving to an area with a lower cost of living can offer financial relief for homeowners feeling trapped by rising costs.

Methodology

To determine where homeowners are most trapped in their mortgages, MoneyGeek analyzed data for 312 metro areas across the U.S. and compared them across four key metrics:

Two-year percent change in monthly mortgage spending. This is a comparison of the average mortgage rate for 2021 and the one-year average for June 2022 through May 2023.
Two-year dollar change in annual mortgage spending. This is a comparison of the average mortgage rate for 2021 and the one-year average for June 2022 through May 2023.
Two-year percent change in housing supply. This is a comparison of the average mortgage rate for 2021 and the one-year average for June 2022 through May 2023.
Two-year percent change in housing demand. This is a comparison of the average mortgage rate for 2021 and the one-year average for May 2022 through April 2023.

To calculate mortgage payments used in the analysis, we used the median home value in each metro area and assumed a 30-year fixed mortgage. For 2021 calculations, we relied on an average mortgage rate of 2.96%. For 2023 calculations, we used an average mortgage rate of 6.28% from June 2022 through May 2023. Home value data comes from Zillow, and mortgage rates come from the St. Louis FRED Economic Data. The typical down payment for all buyers is 13%, according to the National Association of Realtors; as such, we used this figure to calculate the down payment across metro areas.

To measure the impact of supply and demand on the housing market, we examined:

Two-year change in new listings: This represents the housing supply in local markets.
Average number of days for houses to go from listing to close: This represents the housing demand in local markets.

Data for both topics comes from Zillow.

Full Data

Rank	Metro Area	Percent Change in Monthly Mortgage Spending (2021 to 2023)	Additional Annual Mortgage Spending (2021 to 2023)	Average Mortgage Payment per Month	Percent Change in Home Value (2021 to 2023)	Percent Change in No. of New Listings	Percent Change in No. of Days for Houses to Sell	Average No. of Days for a Sale
1	Gainesville, GA	83.7%	$10,720	$1,960	24.8%	-27.8%	29.7%	50.2
2	Atlanta-Sandy Springs-Alpharetta, GA	82.4%	$10,953	$2,020	23.9%	-25.6%	27.2%	48.0
3	Ocean City, NJ	77.9%	$17,515	$3,334	20.8%	-31.7%	9.3%	73.4
4	San Diego-Chula Vista-Carlsbad, CA	71.2%	$23,447	$4,698	16.3%	-29.6%	18.7%	43.4
5	Riverside-San Bernardino-Ontario, CA	73.1%	$15,363	$3,032	17.5%	-24.9%	25.6%	54.3
6	Santa Cruz-Watsonville, CA	69.6%	$30,734	$6,244	15.1%	-31.1%	17.7%	51.0
7	Charlotte-Concord-Gastonia, NC-SC	82.2%	$10,931	$2,019	23.7%	-23.9%	12.9%	46.0
8	The Villages, FL	86.7%	$12,370	$2,219	26.8%	-26.1%	0.8%	65.7
9	Flagstaff, AZ	79.3%	$16,901	$3,184	21.8%	-16.2%	34.2%	57.9
10	Bend, OR	68.1%	$17,535	$3,608	14.1%	-24.4%	29.3%	57.7
11	San Jose-Sunnyvale-Santa Clara, CA	67.0%	$39,038	$8,110	13.4%	-34.6%	15.9%	50.2
12	Naples-Marco Island, FL	104.5%	$19,515	$3,182	38.9%	-15.8%	10.1%	63.3
13	Las Vegas-Henderson-Paradise, NV	72.6%	$11,332	$2,246	17.2%	-20.1%	43.4%	58.8
14	Los Angeles-Long Beach-Anaheim, CA (Tie)	66.7%	$23,466	$4,885	13.2%	-27.8%	15.7%	49.2
14	Phoenix-Mesa-Chandler, AZ (Tie)	74.3%	$12,543	$2,452	18.4%	-17.1%	53.3%	58.3
16	Santa Maria-Santa Barbara, CA	80.6%	$25,748	$4,806	22.7%	-16.1%	10.2%	44.3
17	Seattle-Tacoma-Bellevue, WA	65.6%	$18,399	$3,872	12.4%	-27.1%	25.5%	45.6
18	Athens-Clarke County, GA	76.1%	$8,872	$1,711	19.6%	-23.3%	17.2%	47.8
19	Kahului-Wailuku-Lahaina, HI	88.4%	$29,980	$5,326	27.9%	-28.2%	-8.8%	63.1
20	North Port-Sarasota-Bradenton, FL	97.4%	$14,888	$2,515	34.0%	-12.8%	13.4%	53.0
21	San Luis Obispo-Paso Robles, CA (Tie)	70.2%	$22,756	$4,599	15.6%	-27.6%	3.7%	43.9
21	Tucson, AZ (Tie)	75.8%	$9,450	$1,826	19.4%	-22.0%	15.6%	47.7
23	Crestview-Fort Walton Beach-Destin, FL	84.0%	$13,427	$2,452	24.9%	-14.6%	14.1%	59.0
24	Orlando-Kissimmee-Sanford, FL	84.5%	$11,423	$2,079	25.3%	-17.6%	7.5%	52.4
25	Tampa-St. Petersburg-Clearwater, FL	88.6%	$11,360	$2,015	28.1%	-13.1%	19.8%	52.8
26	Asheville, NC (Tie)	77.5%	$11,740	$2,241	20.5%	-24.0%	0.5%	49.6
26	Salisbury, MD-DE (Tie)	74.4%	$10,841	$2,117	18.4%	-27.0%	3.4%	58.3
28	Jacksonville, FL	88.3%	$11,049	$1,963	27.9%	-14.8%	14.2%	55.2
29	Oxnard-Thousand Oaks-Ventura, CA (Tie)	63.9%	$20,750	$4,437	11.3%	-29.4%	16.4%	46.7
29	Yuma, AZ (Tie)	82.5%	$7,785	$1,435	23.9%	-21.6%	11.6%	57.0
31	Salinas, CA (Tie)	66.1%	$20,647	$4,323	12.8%	-27.1%	12.1%	51.0
31	Daphne-Fairhope-Foley, AL (Tie)	78.6%	$10,251	$1,941	21.3%	-18.4%	15.0%	57.4
33	Charleston-North Charleston, SC	81.8%	$11,921	$2,208	23.4%	-19.1%	3.1%	52.0
34	Salt Lake City, UT	67.5%	$14,276	$2,952	13.8%	-18.9%	37.1%	44.5
35	Hilton Head Island-Bluffton, SC	91.1%	$14,704	$2,571	29.7%	-17.2%	-1.1%	57.3
36	Miami-Fort Lauderdale-Pompano Beach, FL	89.3%	$13,608	$2,404	28.5%	-17.5%	0.0%	62.2
37	Brunswick, GA	82.5%	$8,155	$1,503	24.0%	-21.7%	6.3%	52.3
38	Wilmington, NC	82.5%	$11,696	$2,156	23.9%	-21.3%	-2.5%	42.3
39	Atlantic City-Hammonton, NJ	75.9%	$8,374	$1,617	19.5%	-28.4%	3.4%	92.0
40	Urban Honolulu, HI	70.6%	$23,489	$4,728	15.9%	-19.0%	6.5%	57.5
41	Port St. Lucie, FL	88.7%	$12,019	$2,130	28.2%	-7.8%	20.4%	58.5
42	Stockton, CA	63.1%	$13,353	$2,875	10.8%	-25.5%	27.9%	51.2
43	San Francisco-Oakland-Berkeley, CA	59.4%	$27,987	$6,262	8.2%	-28.5%	15.1%	45.1
44	Savannah, GA	86.1%	$8,876	$1,599	26.4%	-19.8%	2.2%	43.0
45	Lake Havasu City-Kingman, AZ	72.2%	$9,540	$1,897	16.9%	-17.2%	26.5%	61.3
46	Sacramento-Roseville-Folsom, CA	61.7%	$14,331	$3,131	9.8%	-25.3%	25.2%	45.0
47	Punta Gorda, FL	95.4%	$11,739	$2,004	32.7%	-8.7%	14.5%	53.2
48	Nashville-Davidson--Murfreesboro--Franklin, TN	84.7%	$13,108	$2,382	25.4%	-4.8%	23.5%	50.8
49	Portland-Vancouver-Hillsboro, OR-WA	62.3%	$13,827	$3,000	10.2%	-25.5%	18.9%	44.7
50	Raleigh-Cary, NC	82.6%	$12,844	$2,367	24.0%	-10.4%	10.6%	43.0
51	Barnstable Town, MA	74.4%	$18,353	$3,585	18.4%	-16.6%	1.9%	57.2
52	Vallejo, CA (Tie)	59.5%	$14,241	$3,181	8.3%	-23.2%	25.9%	48.2
52	Dallas-Fort Worth-Arlington, TX (Tie)	77.8%	$10,819	$2,060	20.8%	-15.6%	8.4%	44.3
52	Rapid City, SD (Tie)	77.8%	$9,524	$1,814	20.7%	-22.6%	-1.7%	51.6
55	Bakersfield, CA	72.9%	$9,171	$1,813	17.4%	-19.2%	8.6%	50.4
56	Kennewick-Richland, WA	69.3%	$11,220	$2,284	15.0%	-18.5%	13.4%	49.2
57	Modesto, CA (Tie)	64.0%	$11,337	$2,421	11.4%	-23.5%	19.2%	47.1
57	Merced, CA (Tie)	68.2%	$10,533	$2,165	14.2%	-18.2%	21.0%	53.3
59	Napa, CA	59.6%	$21,707	$4,843	8.4%	-29.1%	7.4%	45.8
60	Salem, OR	65.7%	$11,181	$2,350	12.5%	-22.5%	16.7%	50.1
61	Provo-Orem, UT	67.4%	$14,182	$2,936	13.7%	-14.2%	50.8%	50.1
62	Fort Collins, CO	66.3%	$14,378	$3,004	13.0%	-17.0%	24.5%	50.8
63	Myrtle Beach-Conway-North Myrtle Beach, SC-NC	89.7%	$10,059	$1,773	28.8%	-12.2%	6.4%	55.2
64	Austin-Round Rock-Georgetown, TX	72.5%	$13,890	$2,755	17.1%	-7.0%	56.5%	65.1
65	Deltona-Daytona Beach-Ormond Beach, FL	83.6%	$10,238	$1,874	24.7%	-9.8%	14.7%	56.6
66	Palm Bay-Melbourne-Titusville, FL	81.9%	$10,473	$1,939	23.5%	-10.7%	13.1%	51.0
67	Fayetteville-Springdale-Rogers, AR	84.6%	$9,312	$1,694	25.3%	-14.6%	4.9%	47.8
68	Boulder, CO	64.3%	$19,329	$4,117	11.6%	-16.3%	33.1%	51.9
69	Cape Coral-Fort Myers, FL	94.7%	$12,304	$2,108	32.2%	-6.8%	6.2%	55.5
70	Durham-Chapel Hill, NC	82.1%	$11,782	$2,178	23.7%	-8.9%	7.8%	41.6
71	Ocala, FL	94.1%	$8,798	$1,512	31.8%	-10.1%	10.2%	56.5
72	Dover, DE	71.4%	$8,947	$1,790	16.4%	-23.6%	0.2%	54.8
73	Bremerton-Silverdale-Port Orchard, WA (Tie)	62.3%	$13,774	$2,989	10.2%	-20.3%	18.7%	44.0
73	Madera, CA (Tie)	70.4%	$10,528	$2,124	15.7%	-18.0%	7.9%	55.5
75	Albuquerque, NM	74.0%	$8,615	$1,689	18.1%	-23.6%	-2.7%	42.5
76	Reno, NV (Tie)	64.6%	$13,724	$2,914	11.8%	-15.4%	42.8%	57.7
76	Panama City, FL (Tie)	89.2%	$10,908	$1,928	28.5%	16.5%	14.7%	64.6
76	Medford, OR (Tie)	60.5%	$10,656	$2,356	9.0%	-23.4%	20.0%	56.6
79	Twin Falls, ID	71.6%	$9,803	$1,958	16.5%	-10.5%	32.8%	54.0
80	Winchester, VA-WV	68.1%	$9,004	$1,853	14.1%	-20.5%	8.4%	48.5
81	Auburn-Opelika, AL	68.1%	$7,268	$1,495	14.2%	-28.4%	6.0%	45.8
82	Boise City, ID	55.0%	$11,165	$2,623	5.2%	-20.7%	48.9%	54.4
83	Washington-Arlington-Alexandria, DC-VA-MD-WV	59.2%	$13,040	$2,923	8.1%	-30.9%	4.4%	45.3
84	Lakeland-Winter Haven, FL	86.9%	$9,450	$1,694	26.9%	1.9%	17.6%	56.3
85	East Stroudsburg, PA	79.4%	$8,347	$1,571	21.9%	-15.1%	5.3%	64.5
86	Sebastian-Vero Beach, FL (Tie)	91.4%	$11,510	$2,008	30.0%	-4.4%	3.9%	55.4
86	Springfield, MO (Tie)	80.3%	$7,053	$1,319	22.5%	-19.0%	2.3%	44.9
88	Logan, UT-ID	71.0%	$12,014	$2,412	16.1%	-2.6%	50.6%	55.3
89	Ogden-Clearfield, UT (Tie)	68.9%	$13,050	$2,665	14.7%	-7.0%	44.1%	47.6
89	Knoxville, TN (Tie)	83.1%	$9,095	$1,670	24.3%	-14.8%	-1.3%	43.0
91	Spokane-Spokane Valley, WA	67.5%	$10,919	$2,258	13.7%	-13.1%	25.7%	49.3
92	Santa Rosa-Petaluma, CA	58.6%	$18,966	$4,278	7.7%	-33.5%	-1.6%	40.4
93	Denver-Aurora-Lakewood, CO	63.1%	$14,996	$3,231	10.7%	-16.5%	17.7%	43.8
94	Albany-Lebanon, OR (Tie)	65.9%	$10,203	$2,141	12.6%	-21.3%	6.5%	49.5
94	Lewiston, ID-WA (Tie)	70.2%	$9,114	$1,842	15.6%	-12.8%	24.4%	60.6
96	Houston-The Woodlands-Sugar Land, TX	75.2%	$8,562	$1,662	19.0%	-13.6%	10.1%	49.0
97	Trenton-Princeton, NJ	70.4%	$9,281	$1,872	15.7%	-28.4%	-6.8%	69.6
98	Bridgeport-Stamford-Norwalk, CT	67.4%	$14,533	$3,007	13.7%	-29.9%	-9.0%	60.9
99	Rome, GA	78.0%	$5,623	$1,069	20.9%	-19.8%	7.2%	44.6
100	Fresno, CA	70.6%	$10,247	$2,063	15.9%	-17.1%	3.6%	45.3
101	Portland-South Portland, ME (Tie)	72.2%	$12,965	$2,578	16.9%	-21.2%	-8.3%	47.1
101	Grand Junction, CO (Tie)	67.2%	$9,883	$2,049	13.5%	-14.4%	24.9%	54.0
103	Missoula, MT (Tie)	70.9%	$14,446	$2,902	16.1%	-9.3%	7.9%	49.0
103	St. George, UT (Tie)	67.7%	$13,925	$2,874	13.9%	-4.1%	51.3%	57.8
105	Providence-Warwick, RI-MA	67.0%	$11,401	$2,368	13.4%	-24.4%	-4.0%	52.2
106	Pensacola-Ferry Pass-Brent, FL	80.4%	$8,634	$1,614	22.5%	-11.1%	5.6%	51.8
107	Greenville, NC	79.0%	$6,414	$1,211	21.5%	-25.4%	-5.0%	40.9
108	Eugene-Springfield, OR (Tie)	65.6%	$11,612	$2,443	12.5%	-18.4%	6.4%	43.3
108	Chico, CA (Tie)	57.7%	$9,695	$2,208	7.1%	-20.5%	24.4%	51.8
110	Gainesville, FL	76.2%	$8,096	$1,560	19.7%	-16.5%	0.2%	53.0
111	Richmond, VA (Tie)	71.2%	$9,304	$1,864	16.3%	-23.5%	-7.1%	40.6
111	San Antonio-New Braunfels, TX (Tie)	75.7%	$8,295	$1,604	19.3%	-6.9%	21.1%	49.8
113	Homosassa Springs, FL	88.1%	$8,551	$1,521	27.7%	0.9%	10.4%	56.8
114	Greeley, CO	66.3%	$12,897	$2,695	12.9%	-11.8%	18.1%	47.5
115	Charlottesville, VA (Tie)	69.2%	$11,001	$2,242	14.9%	-23.1%	-7.3%	47.9
115	Clarksville, TN-KY (Tie)	81.6%	$7,588	$1,407	23.3%	-6.3%	15.9%	49.2
117	Las Cruces, NM	79.3%	$7,641	$1,439	21.8%	-17.8%	-3.5%	45.7
118	Augusta-Richmond County, GA-SC	75.5%	$5,993	$1,161	19.2%	-17.2%	7.5%	46.3
119	Grants Pass, OR	59.2%	$10,048	$2,251	8.1%	-18.2%	24.4%	65.0
120	Jacksonville, NC	82.1%	$7,390	$1,366	23.7%	-17.5%	-4.9%	39.0
121	Pittsfield, MA	74.5%	$9,318	$1,819	18.5%	-21.4%	-10.8%	65.3
122	Colorado Springs, CO (Tie)	63.3%	$11,809	$2,539	10.9%	-11.5%	29.7%	50.4
122	Allentown-Bethlehem-Easton, PA-NJ (Tie)	70.0%	$7,998	$1,619	15.4%	-21.6%	-3.3%	53.8
124	Killeen-Temple, TX	86.6%	$7,617	$1,368	26.7%	5.5%	12.7%	47.7
125	New Bern, NC	79.5%	$6,568	$1,236	21.9%	-25.4%	-8.8%	42.3
126	Sierra Vista-Douglas, AZ	73.9%	$6,414	$1,258	18.1%	-17.5%	3.8%	62.1
127	Hinesville, GA	87.5%	$6,458	$1,153	27.3%	-9.7%	7.1%	45.5
128	Greenville-Anderson, SC	79.4%	$7,907	$1,489	21.8%	-11.0%	2.6%	45.8
129	Mount Vernon-Anacortes, WA (Tie)	64.6%	$13,873	$2,947	11.7%	-11.5%	14.1%	44.3
129	Tallahassee, FL (Tie)	72.6%	$7,032	$1,394	17.2%	-22.6%	-4.6%	46.3
131	Minneapolis-St. Paul-Bloomington, MN-WI	59.9%	$9,012	$2,005	8.6%	-25.2%	3.8%	55.2
132	Manchester-Nashua, NH (Tie)	66.9%	$11,683	$2,429	13.3%	-20.0%	-5.3%	44.9
132	Virginia Beach-Norfolk-Newport News, VA-NC (Tie)	65.3%	$8,347	$1,762	12.2%	-26.3%	-2.3%	46.7
134	New York-Newark-Jersey City, NY-NJ-PA	63.1%	$14,740	$3,174	10.8%	-25.6%	-7.7%	95.3
135	Boston-Cambridge-Newton, MA-NH (Tie)	62.3%	$15,939	$3,460	10.2%	-20.4%	-2.8%	51.8
135	Waco, TX (Tie)	80.9%	$7,327	$1,365	22.8%	6.2%	16.2%	51.9
137	Kingston, NY	72.5%	$10,327	$2,047	17.2%	-19.5%	-9.0%	99.3
138	Great Falls, MT	74.6%	$8,075	$1,575	18.6%	-19.4%	-7.8%	41.6
139	Cleveland, TN	78.6%	$7,278	$1,378	21.3%	-1.6%	16.7%	52.9
140	Winston-Salem, NC	78.7%	$6,932	$1,311	21.4%	-15.5%	-1.2%	41.8
141	Bangor, ME	77.0%	$6,836	$1,309	20.2%	-21.9%	-7.9%	54.5
142	Longview, WA	64.1%	$10,121	$2,159	11.4%	-13.1%	19.0%	49.7
143	Hagerstown-Martinsburg, MD-WV (Tie)	68.3%	$7,386	$1,517	14.3%	-22.8%	-3.3%	48.8
143	Johnson City, TN (Tie)	79.4%	$6,321	$1,190	21.8%	-19.7%	-5.9%	43.5
145	Hartford-East Hartford-Middletown, CT	67.4%	$8,433	$1,745	13.7%	-27.7%	-8.5%	49.1
146	Visalia, CA (Tie)	70.4%	$8,829	$1,780	15.7%	-15.1%	-0.9%	45.1
146	Lancaster, PA (Tie)	69.2%	$8,540	$1,740	14.9%	-22.9%	-8.2%	46.0
148	Lynchburg, VA	70.8%	$6,636	$1,334	16.0%	-25.6%	-7.5%	44.2
149	Yuba City, CA	62.0%	$10,444	$2,274	10.0%	-11.5%	27.8%	51.4
150	Sherman-Denison, TX	80.2%	$7,715	$1,445	22.3%	-2.3%	5.5%	49.5
151	California-Lexington Park, MD (Tie)	58.8%	$9,034	$2,033	7.8%	-25.8%	-1.7%	56.3
151	Morristown, TN (Tie)	80.4%	$6,637	$1,241	22.5%	-8.4%	6.0%	54.3
153	Huntsville, AL	75.8%	$8,161	$1,577	19.4%	-6.8%	4.5%	44.3
154	New Haven-Milford, CT (Tie)	68.1%	$8,758	$1,801	14.2%	-23.8%	-8.8%	53.4
154	Lewiston-Auburn, ME (Tie)	73.8%	$8,028	$1,576	18.0%	-20.4%	-9.3%	46.1
156	Dalton, GA	75.3%	$5,683	$1,102	19.0%	-5.5%	28.8%	58.8
157	St. Cloud, MN	66.0%	$7,305	$1,532	12.7%	-26.3%	-3.9%	58.8
158	Kansas City, MO-KS	68.8%	$7,622	$1,558	14.6%	-18.7%	-2.7%	38.5
159	Baltimore-Columbia-Towson, MD	60.8%	$8,740	$1,925	9.2%	-27.2%	-3.1%	55.1
160	Spartanburg, SC	78.9%	$7,201	$1,361	21.5%	-7.1%	4.3%	48.4
161	Sebring-Avon Park, FL	88.3%	$7,121	$1,265	27.9%	-1.3%	3.1%	55.3
162	Greensboro-High Point, NC	74.5%	$6,368	$1,243	18.5%	-14.5%	1.2%	42.5
163	Chattanooga, TN-GA	75.9%	$7,583	$1,464	19.5%	-0.2%	8.5%	45.9
164	Lexington-Fayette, KY (Tie)	71.2%	$7,225	$1,448	16.3%	-19.4%	-6.4%	45.4
164	Kalamazoo-Portage, MI (Tie)	66.6%	$6,364	$1,327	13.1%	-22.9%	0.3%	57.6
166	Indianapolis-Carmel-Anderson, IN	73.6%	$7,443	$1,463	17.9%	-10.5%	2.4%	46.3
167	Pueblo, CO (Tie)	67.6%	$7,712	$1,593	13.8%	-2.7%	31.1%	57.3
167	Columbia, SC (Tie)	79.9%	$6,670	$1,252	22.2%	-13.8%	-3.6%	46.4
169	Burlington, NC	82.6%	$7,891	$1,453	24.0%	-1.0%	-1.2%	41.2
170	Worcester, MA-CT	65.7%	$10,643	$2,236	12.5%	-18.3%	-5.2%	51.2
171	Grand Rapids-Kentwood, MI	70.9%	$8,196	$1,646	16.1%	-15.1%	-4.3%	42.7
172	Fayetteville, NC	82.2%	$6,174	$1,141	23.7%	-17.0%	-8.4%	40.1
173	Cheyenne, WY	56.2%	$8,234	$1,906	6.1%	-15.3%	18.3%	52.3
174	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (Tie)	66.8%	$8,612	$1,792	13.3%	-23.5%	-10.2%	58.5
174	Yakima, WA (Tie)	62.0%	$8,168	$1,779	10.0%	-17.8%	5.1%	53.2
176	Norwich-New London, CT	66.8%	$8,813	$1,834	13.3%	-24.1%	-13.3%	50.2
177	Hickory-Lenoir-Morganton, NC	78.8%	$6,847	$1,295	21.4%	-3.7%	3.8%	48.2
178	Rocky Mount, NC	83.0%	$5,458	$1,002	24.3%	-11.7%	-2.7%	48.4
179	Birmingham-Hoover, AL	72.5%	$6,579	$1,305	17.1%	-12.0%	0.4%	43.5
180	Des Moines-West Des Moines, IA	66.6%	$6,859	$1,429	13.2%	-18.4%	-1.7%	54.3
181	Omaha-Council Bluffs, NE-IA	66.6%	$7,156	$1,492	13.1%	-19.2%	-3.7%	40.8
182	Bloomington, IN	68.7%	$7,308	$1,496	14.5%	-8.8%	7.2%	52.3
183	Wichita Falls, TX	76.0%	$4,321	$834	19.5%	-0.7%	24.0%	63.2
184	Madison, WI	62.7%	$9,442	$2,041	10.5%	-25.6%	-12.3%	45.6
185	Hanford-Corcoran, CA	68.6%	$8,640	$1,769	14.5%	3.6%	6.8%	49.8
186	Springfield, MA (Tie)	64.1%	$8,146	$1,738	11.4%	-18.0%	-2.7%	54.0
186	Gulfport-Biloxi, MS (Tie)	72.0%	$5,347	$1,064	16.8%	-9.1%	10.5%	49.2
188	Tyler, TX (Tie)	77.8%	$7,330	$1,396	20.7%	-3.0%	-2.1%	50.9
188	Kingsport-Bristol, TN-VA (Tie)	79.3%	$5,562	$1,048	21.8%	-16.1%	-7.6%	45.8
190	Jackson, TN	73.8%	$4,607	$904	18.0%	-5.4%	16.7%	51.5
191	Reading, PA	71.5%	$7,047	$1,408	16.5%	-19.4%	-13.5%	50.5
192	Elizabethtown-Fort Knox, KY	70.4%	$5,620	$1,133	15.7%	-7.6%	14.1%	55.8
193	Mankato, MN	63.7%	$7,134	$1,528	11.2%	-14.0%	8.8%	56.8
194	Mobile, AL	70.9%	$4,657	$935	16.1%	-15.5%	2.2%	50.6
195	Staunton, VA	66.7%	$7,401	$1,541	13.2%	-22.8%	-10.6%	44.5
196	Rochester, MN (Tie)	65.8%	$7,883	$1,655	12.6%	-16.4%	-3.3%	59.2
196	York-Hanover, PA (Tie)	66.9%	$6,807	$1,415	13.4%	-20.7%	-7.7%	47.9
198	Harrisonburg, VA	66.6%	$7,657	$1,596	13.1%	-23.1%	-13.0%	45.3
199	Utica-Rome, NY	69.8%	$4,952	$1,004	15.3%	-21.1%	-6.5%	82.9
200	Lebanon, PA	69.4%	$7,037	$1,431	15.1%	-18.3%	-8.6%	47.0
201	Memphis, TN-MS-AR	76.5%	$6,542	$1,257	19.9%	-6.9%	-2.2%	49.2
202	Joplin, MO	81.1%	$5,693	$1,059	23.0%	-9.9%	-4.6%	47.1
203	Roanoke, VA (Tie)	68.8%	$6,710	$1,372	14.7%	-18.9%	-8.5%	42.8
203	Columbus, IN (Tie)	69.4%	$6,396	$1,301	15.0%	-10.4%	3.0%	45.4
205	Dothan, AL	71.5%	$4,442	$888	16.5%	-15.7%	-0.2%	54.7
206	Green Bay, WI	65.9%	$6,862	$1,439	12.7%	-22.7%	-8.4%	51.8
207	Chicago-Naperville-Elgin, IL-IN-WI	63.3%	$7,440	$1,600	10.9%	-28.0%	-11.4%	58.8
208	Albany-Schenectady-Troy, NY (Tie)	63.4%	$7,440	$1,599	10.9%	-19.7%	-5.1%	74.0
208	Vineland-Bridgeton, NJ (Tie)	74.1%	$5,704	$1,117	18.2%	-16.5%	-8.4%	64.8
210	Montgomery, AL	71.3%	$4,787	$958	16.3%	-18.4%	-6.5%	44.3
211	Columbus, OH	71.0%	$8,034	$1,613	16.1%	-15.6%	-14.6%	41.9
212	Tulsa, OK (Tie)	73.8%	$6,008	$1,179	18.0%	-11.3%	-3.8%	46.2
212	Michigan City-La Porte, IN (Tie)	70.8%	$5,925	$1,191	16.0%	-13.7%	-3.1%	52.2
214	Harrisburg-Carlisle, PA	68.9%	$6,892	$1,407	14.7%	-17.5%	-8.7%	47.2
215	Watertown-Fort Drum, NY	66.7%	$5,023	$1,047	13.2%	-20.7%	-4.0%	76.5
216	Chambersburg-Waynesboro, PA	65.4%	$6,261	$1,320	12.3%	-21.7%	-7.7%	50.2
217	Columbus, GA-AL	68.7%	$4,569	$935	14.5%	-13.5%	4.3%	44.6
218	Warner Robins, GA	80.0%	$6,292	$1,180	22.2%	-7.3%	-7.2%	42.8
219	Janesville-Beloit, WI	65.6%	$5,938	$1,250	12.4%	-24.1%	-8.8%	45.9
220	Ann Arbor, MI	62.4%	$9,339	$2,025	10.3%	-20.7%	-16.0%	47.3
221	Lincoln, NE (Tie)	65.1%	$7,074	$1,495	12.1%	-14.0%	-0.2%	42.7
221	Wichita, KS (Tie)	72.8%	$5,452	$1,079	17.3%	-17.3%	-9.3%	39.3
223	Bloomington, IL	73.8%	$5,704	$1,120	18.0%	-17.7%	-18.0%	48.6
224	Fort Smith, AR-OK	72.4%	$4,392	$871	17.1%	-10.3%	2.9%	50.5
225	Macon-Bibb County, GA	80.8%	$4,766	$889	22.8%	1.4%	0.0%	46.9
226	Lubbock, TX (Tie)	72.8%	$5,556	$1,099	17.4%	2.8%	4.2%	43.3
226	Cedar Rapids, IA (Tie)	66.7%	$5,454	$1,136	13.2%	-10.1%	8.3%	54.5
228	Hot Springs, AR (Tie)	80.6%	$6,676	$1,247	22.6%	-7.0%	-8.8%	47.4
228	Jonesboro, AR (Tie)	69.8%	$4,627	$938	15.3%	-4.1%	13.8%	56.4
230	Cape Girardeau, MO-IL	72.5%	$5,351	$1,061	17.1%	-4.6%	3.1%	49.3
231	Jefferson City, MO	71.8%	$6,101	$1,216	16.7%	-9.0%	-3.1%	45.6
232	Amarillo, TX (Tie)	74.5%	$5,565	$1,086	18.5%	-10.0%	-5.0%	41.2
232	Saginaw, MI (Tie)	73.3%	$3,975	$783	17.7%	-12.5%	-1.8%	49.6
234	Oklahoma City, OK	74.2%	$6,177	$1,208	18.3%	-8.1%	-5.6%	44.8
235	Tuscaloosa, AL	66.6%	$5,333	$1,112	13.1%	-18.3%	-4.1%	50.9
236	Cincinnati, OH-KY-IN	67.3%	$6,875	$1,425	13.6%	-16.9%	-8.8%	44.8
237	McAllen-Edinburg-Mission, TX	79.4%	$4,910	$924	21.9%	17.1%	-0.4%	59.2
238	Milwaukee-Waukesha, WI	59.8%	$7,517	$1,673	8.5%	-19.7%	-8.0%	49.0
239	Fort Wayne, IN	68.9%	$5,852	$1,196	14.7%	-10.4%	-2.6%	37.9
240	Muskegon, MI	72.2%	$5,772	$1,147	16.9%	-10.7%	-6.6%	46.2
241	Goldsboro, NC	70.7%	$4,067	$818	15.9%	-16.4%	-5.9%	42.9
242	Niles, MI	69.9%	$6,377	$1,291	15.4%	-16.1%	-12.9%	52.3
243	Rockford, IL	68.1%	$4,515	$929	14.2%	-19.3%	-8.6%	45.3
244	Racine, WI (Tie)	65.1%	$6,336	$1,339	12.1%	-16.3%	-5.6%	51.9
244	Lafayette-West Lafayette, IN (Tie)	67.3%	$6,171	$1,278	13.6%	-13.6%	-5.6%	40.4
246	La Crosse-Onalaska, WI-MN	67.0%	$6,811	$1,415	13.4%	-12.8%	-7.1%	46.3
247	Corpus Christi, TX	63.6%	$5,358	$1,148	11.1%	-9.2%	12.4%	57.6
248	Gettysburg, PA	63.6%	$7,178	$1,539	11.1%	-15.5%	-6.6%	53.1
249	Syracuse, NY	67.1%	$5,240	$1,087	13.5%	-18.9%	-8.9%	69.3
250	Rochester, NY	67.6%	$5,903	$1,220	13.8%	-16.6%	-9.4%	57.3
251	Elkhart-Goshen, IN (Tie)	67.9%	$6,126	$1,262	14.0%	-7.5%	-2.4%	44.8
251	Longview, TX (Tie)	74.8%	$5,418	$1,055	18.7%	-11.8%	-10.2%	54.3
251	Sumter, SC (Tie)	62.9%	$4,089	$882	10.7%	-14.8%	7.4%	53.4
254	Evansville, IN-KY	67.8%	$5,095	$1,051	14.0%	-12.9%	-3.8%	42.3
255	Louisville/Jefferson County, KY-IN	64.4%	$6,231	$1,326	11.6%	-16.6%	-7.2%	43.3
256	Florence, SC	72.4%	$4,444	$882	17.1%	-6.2%	-1.9%	50.4
257	South Bend-Mishawaka, IN-MI	70.6%	$5,243	$1,056	15.8%	-9.3%	-4.6%	44.8
258	Buffalo-Cheektowaga, NY (Tie)	65.7%	$6,246	$1,313	12.5%	-12.6%	-4.2%	75.8
258	Detroit-Warren-Dearborn, MI (Tie)	64.5%	$6,057	$1,287	11.7%	-15.0%	-4.9%	49.9
260	St. Louis, MO-IL	66.8%	$6,083	$1,266	13.3%	-16.9%	-11.2%	43.1
261	Cumberland, MD-WV	65.3%	$3,563	$752	12.2%	-14.0%	3.5%	71.8
262	Baton Rouge, LA (Tie)	61.2%	$5,421	$1,191	9.4%	-21.1%	-8.1%	47.6
262	Anniston-Oxford, AL (Tie)	65.1%	$3,421	$723	12.1%	-11.9%	6.3%	52.3
264	Monroe, MI	61.7%	$5,746	$1,255	9.8%	-18.8%	-7.7%	51.8
265	Jackson, MI	62.8%	$4,959	$1,071	10.6%	-21.3%	-8.6%	51.5
266	Victoria, TX	67.6%	$5,413	$1,118	13.8%	-0.3%	0.9%	56.0
267	Abilene, TX	68.0%	$4,735	$974	14.1%	-9.7%	-3.0%	47.8
268	Cleveland-Elyria, OH	66.2%	$5,453	$1,140	12.9%	-15.1%	-7.9%	44.8
269	Champaign-Urbana, IL	66.3%	$5,032	$1,051	13.0%	-16.0%	-8.0%	56.2
270	Bay City, MI	64.0%	$3,680	$786	11.4%	-21.3%	-8.6%	46.7
271	El Paso, TX	78.4%	$5,663	$1,074	21.1%	-2.9%	-15.1%	47.4
272	Jackson, MS (Tie)	67.5%	$4,831	$999	13.7%	-8.0%	-3.1%	44.8
272	Pittsburgh, PA (Tie)	58.8%	$4,823	$1,086	7.8%	-14.4%	0.7%	56.1
274	Flint, MI	63.6%	$4,175	$895	11.1%	-9.8%	4.9%	54.9
275	Terre Haute, IN	67.0%	$3,651	$758	13.4%	-10.0%	-1.6%	46.3
276	Erie, PA	66.4%	$4,643	$970	13.0%	-17.5%	-10.5%	50.3
277	State College, PA	62.3%	$7,795	$1,693	10.2%	-14.8%	-15.7%	49.1
278	College Station-Bryan, TX	69.4%	$7,281	$1,481	15.1%	-5.2%	-18.9%	46.6
279	New Orleans-Metairie, LA	56.8%	$5,694	$1,310	6.5%	0.1%	12.2%	56.9
280	Carbondale-Marion, IL	64.0%	$3,089	$659	11.4%	-12.9%	0.4%	63.7
281	Lima, OH	65.5%	$4,160	$876	12.4%	-14.2%	-4.8%	46.2
282	Shreveport-Bossier City, LA	57.1%	$3,474	$796	6.7%	-20.5%	-6.2%	49.0
283	Canton-Massillon, OH	64.3%	$4,654	$991	11.6%	-15.4%	-7.2%	41.8
284	Midland, TX	50.4%	$6,226	$1,549	2.1%	-18.7%	-11.5%	61.8
285	Wausau-Weston, WI (Tie)	57.3%	$4,732	$1,082	6.8%	-21.2%	-9.7%	57.3
285	Davenport-Moline-Rock Island, IA-IL (Tie)	61.4%	$4,061	$890	9.6%	-22.6%	-11.4%	46.5
287	Lansing-East Lansing, MI	63.2%	$5,259	$1,131	10.8%	-14.5%	-6.7%	50.9
288	Grand Forks, ND-MN (Tie)	62.4%	$5,805	$1,259	10.3%	-5.9%	0.0%	73.3
288	Little Rock-North Little Rock-Conway, AR (Tie)	67.3%	$5,123	$1,062	13.6%	-13.8%	-11.7%	46.7
290	Muncie, IN	72.8%	$3,828	$757	17.4%	7.6%	-5.8%	46.0
291	Scranton--Wilkes-Barre, PA	66.3%	$4,424	$925	12.9%	-12.6%	-6.9%	62.3
292	Battle Creek, MI	67.2%	$4,056	$841	13.5%	-8.1%	-3.8%	55.3
293	Youngstown-Warren-Boardman, OH-PA	69.1%	$3,723	$759	14.9%	-12.4%	-9.0%	47.3
294	Hammond, LA	62.0%	$4,743	$1,033	10.0%	-4.8%	3.8%	54.9
295	Duluth, MN-WI (Tie)	66.4%	$5,651	$1,180	13.0%	-10.7%	-10.0%	53.0
295	Springfield, OH (Tie)	67.8%	$4,404	$908	13.9%	-8.7%	-7.6%	48.7
297	Kankakee, IL (Tie)	62.0%	$4,468	$973	10.0%	-7.0%	1.1%	55.5
297	Peoria, IL (Tie)	65.5%	$3,566	$751	12.4%	-18.1%	-17.7%	47.7
299	Kokomo, IN	62.8%	$3,969	$858	10.5%	-7.1%	0.7%	38.0
300	Springfield, IL	61.3%	$3,885	$852	9.5%	-19.9%	-17.5%	45.8
301	Akron, OH	64.2%	$5,132	$1,094	11.5%	-10.4%	-7.9%	41.9
302	Binghamton, NY (Tie)	63.8%	$4,036	$864	11.2%	-14.4%	-9.8%	70.8
302	St. Joseph, MO-KS (Tie)	63.8%	$4,031	$862	11.2%	-12.4%	-8.2%	42.8
304	Midland, MI	65.6%	$5,045	$1,062	12.4%	-10.4%	-13.0%	40.8
305	Weirton-Steubenville, WV-OH	64.4%	$3,061	$651	11.7%	1.3%	-1.8%	62.3
306	Toledo, OH	59.8%	$4,224	$941	8.5%	-11.2%	-7.0%	44.5
307	Beaumont-Port Arthur, TX	55.6%	$3,567	$832	5.7%	1.7%	-0.3%	57.5
308	Decatur, IL	57.0%	$2,278	$523	6.6%	-13.3%	-10.6%	51.3
309	Danville, IL	64.6%	$1,898	$403	11.8%	-8.9%	-14.8%	55.8
310	Alexandria, LA	52.8%	$3,340	$805	3.8%	-1.0%	-5.8%	54.3
311	Parkersburg-Vienna, WV	63.9%	$3,883	$830	11.3%	-3.6%	-16.5%	50.6
312	Wheeling, WV-OH	55.5%	$3,025	$706	5.6%	-8.5%	-22.2%	62.0

About Anja Solum, CEPF

Anja Solum is passionate about storytelling and empowering readers through data. Before MoneyGeek, she attended Florida International University where she received a B.A in Communication Arts. After a short stint as a flight attendant and living abroad in Denmark, she moved back to the U.S. and began her fascination with data-driven content. She has produced studies for both agency and in-house teams over the years across multiple verticals such as personal finance, home and health. Anja geeks out on anime, crocheting and tending to her small but charming garden, all of which she'll typically enjoy with a cup of tea.

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sources

Zillow. "Housing Data." Accessed October 28, 2024.
FRED. "30-Year Fixed Rate Mortgage Average in the United States ." Accessed October 28, 2024.
National Association of Realtors. "Tackling Home Financing and Down Payment Misconceptions." Accessed October 28, 2024.