{"id":38616,"date":"2025-08-20T06:00:00","date_gmt":"2025-08-20T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=38616"},"modified":"2025-08-20T10:11:22","modified_gmt":"2025-08-20T14:11:22","slug":"mortgage-payments-outpacing-income-growth","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/mortgage-payments-outpacing-income-growth\/","title":{"rendered":"Mortgage Payments Outpaced Income Growth in Every Major U.S. City Over the Past Decade"},"content":{"rendered":"\n<p>Homeownership is becoming more expensive, and it\u2019s not just because home prices are rising. Mortgage payments are one of the largest costs of owning a home, and with today\u2019s higher interest rates, average monthly payments are far above where they were a decade ago.<\/p>\n\n\n\n<p>Over the last ten years, the average monthly mortgage payment in every major U.S. city has at least doubled, while average annual incomes have grown at a much slower pace. The result is tighter budgets for families and longer timelines for first-time buyers trying to save enough to purchase a home.<\/p>\n\n\n\n<p>Zoocasa analyzed median single-family home prices from May 2014 to May 2024 in 50 U.S. cities and calculated the average mortgage payment in each. The calculations were done assuming a 20% down payment and using the 30-year fixed rate from the first week of May of each year analyzed, according to Freddie Mac. We then compared this to the average annual income according to the U.S. Bureau of Labor Statistics in each city to see how the rates of growth differ from 2014 to 2024.&nbsp;<\/p>\n\n\n\n<p>The average 30-year fixed rate in the first week of May 2014 was 4.29% and the average 30-year fixed rate in the first week of May 2024 was 7.22%.<\/p>\n\n\n<p><iframe title=\"Mortgage Payments vs. Income Growth: 2014 to 2024\" aria-label=\"Table\" id=\"datawrapper-chart-Fld9d\" src=\"https:\/\/datawrapper.dwcdn.net\/Fld9d\/3\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"902\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}})}();\n<\/script><\/p>\n\n\n\n<h1 class=\"wp-block-heading\">In Several Cities, Mortgage Payments Cost 200% More Than in 2014<\/h1>\n\n\n\n<p>In some cities, average mortgage payments haven\u2019t only doubled, they\u2019ve tripled. From 2014 to 2024, the average mortgage payment increased by over 200% in 17 cities. This includes both affordable markets like <a href=\"https:\/\/www.zoocasa.com\/buffalo-ny-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Buffalo<\/a> and expensive metros like <a href=\"https:\/\/www.zoocasa.com\/miami-fl-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Miami,<\/a> showing that whether you live in the Rust Belt or the Sun Belt, there\u2019s nowhere to hide from rising homeownership costs.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.zoocasa.com\/tampa-fl-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Tampa<\/a> home buyers in 2024 faced the biggest shock. In 2014, the average mortgage payment was just $617, but by 2024 it had jumped 257.2% to $2,204. While that isn\u2019t the highest payment in the country, it represents the steepest percentage increase. Over the same period, Tampa\u2019s median home price rose from $156,000 to $405,000, while incomes grew only 48.2%. This left a widening gap between what homes cost and what buyers earn.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/why-some-big-us-cities-are-still-affordable\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>How Population Decreases Have Kept These Major U.S. Cities Affordable<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>The other cities rounding out the top five for the steepest percentage increases in average monthly mortgage payments are <a href=\"https:\/\/www.zoocasa.com\/las-vegas-nv-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Las Vegas<\/a> (240.2%), <a href=\"https:\/\/www.zoocasa.com\/orlando-fl-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Orlando<\/a> (240.1%), <a href=\"https:\/\/www.zoocasa.com\/grand-rapids-mi-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Grand Rapids<\/a> (238.2%), and <a href=\"https:\/\/www.zoocasa.com\/salt-lake-city-ut-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Salt Lake City<\/a> (234.2%). While none of these markets are typically seen as the most expensive in the country, the pace of growth has made them harder for local buyers to keep up with. Even after these jumps, they remain more affordable than markets like San Francisco or <a href=\"https:\/\/www.zoocasa.com\/new-york-ny-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">New York<\/a>, but the rapid rise is steadily pushing them out of reach for many residents.<\/p>\n\n\n\n<p>These increasing costs wouldn\u2019t be so shocking if incomes had equally risen over the past decade. Unfortunately, they haven\u2019t. Income growth ranged from 30% to 60%, with the average across all 50 cities at 42.4%.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why You\u2019ll Need an Extra $30K a Year to Afford a Mortgage in 2024<\/h2>\n\n\n\n<p>Many households now face mortgage costs that are about $2,000 higher per month than they were in 2014. But in most markets, incomes haven\u2019t kept pace, leaving buyers struggling to cover the gap.<\/p>\n\n\n\n<p>Take <a href=\"https:\/\/www.zoocasa.com\/boston-ma-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Boston<\/a>, for example. Since 2014, the average monthly mortgage payment has risen by $2,963, which adds up to an extra $35,556 a year. Over the same period, average annual incomes in Boston have grown by only $23,030 \u2014 leaving nearly a $12,000 shortfall between rising housing costs and income growth.<\/p>\n\n\n\n<p>Not surprisingly, the cities that now require the most extra mortgage money each year are also the most expensive markets. In San Jose, homeowners pay an additional $96,915 annually compared to 2014. In <a href=\"https:\/\/www.zoocasa.com\/san-francisco-ca-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">San Francisco<\/a>, the difference is $56,590, while in San Diego it\u2019s $43,001.&nbsp;<\/p>\n\n\n\n<p>At the other end of the spectrum, <a href=\"https:\/\/www.zoocasa.com\/cleveland-oh-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Cleveland<\/a> is the only city where homeowners need less than $10,000 more for mortgage payments than they did in 2014, with the increase coming to $9,823.<\/p>\n\n\n<p><iframe title=\"Mortgage Payments Outpaced Income Growth in 50 Cities\" aria-label=\"Table\" id=\"datawrapper-chart-t3CAQ\" src=\"https:\/\/datawrapper.dwcdn.net\/t3CAQ\/2\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"1036\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}})}();\n<\/script><\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Major Income Increases Not Enough to Offset Mortgage Increases<\/h1>\n\n\n\n<p><a href=\"https:\/\/www.zoocasa.com\/san-jose-ca-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">San Jose\u2019s <\/a>average annual salary increased by 59.9% from 2014 to 2024\u2014the highest of all 50 cities analyzed\u2014and is one of the wealthiest cities in America. In 2024, the annual average income was $121,160, which is double that of Orlando, <a href=\"https:\/\/www.zoocasa.com\/louisville-ky-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Louisville<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/virginia-beach-va-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Virginia Beach<\/a>.&nbsp;<\/p>\n\n\n\n<p>But with the median single-family home costing over $2 million, even a 60% salary bump cannot keep up with the increase in average mortgage expenses. The average monthly mortgage payment in San Jose increased from $3,557 in 2014 to $11,633 in 2024, marking a whopping 227.1% rise. That comes out to $139,596 a year in mortgage payments, which is $18,436 higher than the average annual income.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.zoocasa.com\/seattle-wa-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Seattle<\/a>, which experienced the second-highest salary increase over the last decade, has also seen mortgage costs skyrocket. The average monthly mortgage payment increased by 221.1% since 2014, compared with the average salary, which increased by 51.8%.&nbsp;<\/p>\n\n\n\n<p>Portland, <a href=\"https:\/\/www.zoocasa.com\/denver-co-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Denver<\/a>, and Miami round out the list of cities where annual average incomes rose by more than 50%. At the same time, average mortgage payments in all three cities climbed by over 190%. While Portland and Denver report relatively high annual incomes of more than $76,000 each, Miami\u2019s annual average is much lower. Yet, Miami\u2019s average monthly mortgage payment comes in at nearly the same level \u2014 $3,515 \u2014 which is more than $100 higher than Portland and just $100 less than Denver, despite Miami\u2019s annual average income being about $10,000 lower than both cities.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Where Mortgage Payments and Incomes Have Grown the Slowest<\/h1>\n\n\n\n<p>The five cities where mortgage payments changed the least were: <a href=\"https:\/\/www.zoocasa.com\/cincinnati-oh-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Cincinnati<\/a> (127%), Washington, D.C. (132.5%), <a href=\"https:\/\/www.zoocasa.com\/houston-tx-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Houston<\/a> (135.7%), <a href=\"https:\/\/www.zoocasa.com\/san-antonio-tx-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">San Antonio<\/a> (137.2%), and <a href=\"https:\/\/www.zoocasa.com\/baltimore-md-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Baltimore<\/a> (139.6%). Even so, with increases of more than 100%, each of these cities still saw mortgage payments climb by at least $1,000 a month.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/fastest-growing-cities-in-america\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Where Americans Are Moving: Home Prices in the Fastest-Growing Cities<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>Houston also recorded the smallest increase in annual average income. From 2014 to 2024, incomes there rose just 30.4%, from $50,830 to $66,280. <a href=\"https:\/\/www.zoocasa.com\/birmingham-al-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Birmingham<\/a> and Philadelphia followed with similarly slow growth, at 33.1% and 33.5% respectively.<\/p>\n\n\n\n<p>But even with slower income growth, the smaller jumps in mortgage payments may be easier to manage in these cities. In Houston, for example, the average annual income rose by $15,450 from 2014 to 2024, while the average monthly mortgage payment increased by $1,094, or $13,133 a year. In this case, the income gains are just enough to offset the higher housing costs.<\/p>\n\n\n\n<p>Are you thinking about entering one of these markets this year? Start your <a href=\"https:\/\/www.zoocasa.com\/search\" target=\"_blank\" rel=\"noreferrer noopener\">search<\/a> with Zoocasa today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Homeownership is becoming more expensive, and it\u2019s not just because home prices are rising. Mortgage payments are one of the largest costs of owning a home, and with today\u2019s higher interest rates, average monthly payments are far above where they were a decade ago. Over the last ten years, the average monthly mortgage payment in [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":38617,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard"},"jnews_primary_category":[],"footnotes":""},"categories":[1194,468,1190],"tags":[],"class_list":["post-38616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-featured","category-mortgages-2","category-united-states"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mortgage Payments Outpaced Income Growth in Every Major City<\/title>\n<meta name=\"description\" content=\"Over the last 10 years, average mortgage payments have doubled in every major city, but income growth has lagged far behind.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/mortgage-payments-outpacing-income-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Payments Outpaced Income Growth in Every Major City\" \/>\n<meta property=\"og:description\" content=\"Over the last 10 years, average mortgage payments have doubled in every major city, but income growth has lagged far behind.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/mortgage-payments-outpacing-income-growth\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2025-08-20T10:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-20T14:11:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2025\/08\/Blog-1200-x-630-px-34.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Mackenzie Scibetta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2025\/08\/Blog-1200-x-630-px-34.png\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mackenzie Scibetta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script 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