The 10 cities where mortgage payments have risen the most in the past 2 years
The costs associated with owning a home have skyrocketed over the past few years, especially in the aftermath of the pandemic, as mortgage rates continue to rise and home prices stay elevated.
The median monthly U.S. housing payment reached an all-time high of $2,843 in the four weeks ending April 25, up 13% from a year earlier, according to Redfin data. Since then, it has dropped to $2,812 — its lowest level in six weeks, but still high.
These costs are being buoyed by mortgage rates that are staying well above pre-pandemic levels, in large part thanks to the Federal Reserve’s interest rate hikes. The average rate on a 30-year fixed mortgage crept back up this week, at 7.29% as of Thursday.
With higher mortgage rates come higher mortgage payments. These are the 10 U.S. cities that have seen the largest jump in median mortgage payments over the last two years, according to a CNBC analysis of Redfin data.
Providence, Rhode Island
Facing sustained demand for homes since the onset of the pandemic, Providence has seen its median mortgage payments soar 45% in two years — the largest increase in the country.
Newark, New Jersey
In New Jersey’s largest city, median mortgage payments jumped 43% over the course of the past two years.
Anaheim, California
Anaheim, home to Disneyland and Angel Stadium, has seen median mortgage payments surge 40% since 2022.
Milwaukee, Wisconsin
The capital of Wisconsin — and the fifth-largest city in the Midwest — experienced a 37% increase in its median mortgage payments during the past two years.
New Brunswick, New Jersey
New Brunswick is a commercial hub and college town in Middlesex County, New Jersey. Median mortgage payments in the city climbed 36% over the last two years.
New York City, New York
Median mortgage payments in the most populated U.S. city grew 35% since 2022, even as its population continues to shrink. New York lost 78,000 residents in 2023, according to the city government.
Cleveland, Ohio
Cleveland, Ohio’s second-largest city by population, saw median mortgage payments rise 34% in the last two years.
Cincinnati, Ohio
Median mortgage payments in Ohio’s third most populous city climbed 32% during from 2022 till now.
Indianapolis, Indiana
Indiana’s capital city has experienced a 32% increase in the median amount people paid for their mortgages since 2022.
Montgomery County, Pennsylvania
Montgomery County, Pennsylvania, the third-most populous county in the state, rounded out the top 10 cities with the largest increases in median mortgage payments, with a 32% rise during the past two years.