Over the past decade, mortgage payments have skyrocketed across the U.S., driven by rising home prices and interest rates. This trend affects affordability, budgeting and long-term financial planning for millions of Americans.
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According to a recent Zoocasa analysis, in 17 major cities, the average monthly payment has more than tripled — putting homeownership further out of reach. Here’s a look at the U.S. cities where the average mortgage payments have increased by more than 200% over the past decade.
Also see why it might not make sense to pay off your mortgage too early.
Tampa Bay
- Average monthly mortgage payment (2014): $617
- Average monthly mortgage payment (2024): $2,204
- 10-year percent change: 257.2%
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Las Vegas
- Average monthly mortgage payment (2014): $776
- Average monthly mortgage payment (2024): $2,639
- 10-year percent change: 240.2%
Discover More: Hidden Costs of Homeownership That Can Wreck Your Budget
Orlando, Florida
- Average monthly mortgage payment (2014): $720
- Average monthly mortgage payment (2024): $2,447
- 10-year percent change: 240.1%
Grand Rapids, Michigan
- Average monthly mortgage payment (2014): $562
- Average monthly mortgage payment (2024): $1,899
- 10-year percent change: 238.2%
Salt Lake City
- Average monthly mortgage payment (2014): $957
- Average monthly mortgage payment (2024): $3,199
- 10-year percent change: 234.2%
Miami
- Average monthly mortgage payment (2014): $1,068
- Average monthly mortgage payment (2024): $3,515
- 10-year percent change: 229.2%
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Phoenix
- Average monthly mortgage payment (2014): $785
- Average monthly mortgage payment (2024): $2,582
- 10-year percent change: 228.8%
San Jose, California
- Average monthly mortgage payment (2014): $3,557
- Average monthly mortgage payment (2024): $11,633
- 10-year percent change: 227.1%
Seattle
- Average monthly mortgage payment (2014): $1,413
- Average monthly mortgage payment (2024): $4,538
- 10-year percent change: 221.1%
Nashville, Tennessee
- Average monthly mortgage payment (2014): $731
- Average monthly mortgage payment (2024): $2,323
- 10-year percent change: 217.7%
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Atlanta
- Average monthly mortgage payment (2014): $657
- Average monthly mortgage payment (2024): $2,087
- 10-year percent change: 217.5%
Indianapolis
- Average monthly mortgage payment (2014): $588
- Average monthly mortgage payment (2024): $1,831
- 10-year percent change: 211.4%
Tucson, Arizona
- Average monthly mortgage payment (2014): $700
- Average monthly mortgage payment (2024): $2,148
- 10-year percent change: 207.1%
Raleigh, North Carolina
- Average monthly mortgage payment (2014): $837
- Average monthly mortgage payment (2024): $2,561
- 10-year percent change: 206.0%
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Riverside, California
- Average monthly mortgage payment (2014): $1,086
- Average monthly mortgage payment (2024): $3,319
- 10-year percent change: 205.7%
Providence, Rhode Island
- Average monthly mortgage payment (2014): $971
- Average monthly mortgage payment (2024): $2,942
- 10-year percent change: 203.1%
Buffalo, New York
- Average monthly mortgage payment (2014): $503
- Average monthly mortgage payment (2024): $1,514
- 10-year percent change: 200.7%
Editor’s note: Data was sourced from Zoocasa.
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This article originally appeared on GOBankingRates.com: 17 US Cities Where Mortgage Payments Surged Over 200% in 10 Years
