Understanding Average and Median Mortgage Payments in 2022: State, City, and Yearly Breakdowns

The average mortgage payment in the US is $2,883 for a 30-year fixed mortgage and $3,759 for a 15-year fixed mortgage, according to data from the US Census Bureau, the Department of Housing and Urban Development, Freddie Mac, and the National Association of Realtors. However, the median payment, which is a more accurate measure for many homeowners, is $1,775 in 2022.

This median cost includes not only the monthly mortgage payment but also other necessary expenses such as homeowners insurance, property taxes, utilities, and HOA fees. The cost of homeownership can vary significantly by state and city, with states like California, Hawaii, and New Jersey having higher home costs and therefore higher mortgage payments.

In cities like Los Angeles and New York City, the median monthly home payment can exceed $3,000, while in more affordable cities like Phoenix and Philadelphia, it can be significantly lower. The median cost of homeownership has been rising year over year since 2010, increasing by nearly $280 per month from 2010 to 2022.

Factors that impact the monthly mortgage payment include the size of the down payment, the mortgage interest rate, property taxes, homeowners insurance, and other monthly expenses like utilities. It’s important for homeowners to consider all these costs when budgeting for their mortgage payment.

Overall, the average mortgage payment in 2023 is estimated to be around $2,883 for a 30-year fixed-rate mortgage and $3,759 for a 15-year fixed-rate mortgage. However, individual circumstances and financial goals will determine what constitutes an affordable mortgage payment for each homeowner.