Household spending · Consumer Expenditure Survey · BLS CE 2024
Mortgage interest and charges Spending
How much American households spend on mortgage interest and charges - broken down by income, age, region, household size and tenure, from the BLS Consumer Expenditure Survey.
- Annual average (2024)
- $3,646
- Share of spending
- 4.6%
- Change vs 2023
- +6.1%
- Change vs 2020
- +23.1%
Spending Insight: Mortgage interest and charges
American households spent an average of $3,646 on mortgage interest and charges in 2024, representing 4.6% of total consumer expenditures. This marks a notable 6.1% increase from 2023 ($3,435), outpacing the roughly 3% general inflation in 2024 and suggesting growing consumer prioritization of this category.
Since 2020, mortgage interest and charges spending has risen by 23.1% (from $2,962 to $3,646), broadly in line with the roughly 21% cumulative inflation over 2020–2024, so the real-terms change was modest.
Income is strongly associated with mortgage interest and charges spending: the top income quintile spends $8,850/year versus $720 for the lowest quintile, a 12.3x gap. Regionally, the West spends the most ($5,246/year) while the South spends the least ($3,095/year). Use the cross-cuts below, by income, region, age, household size, and housing tenure, to see which demographic factors drive this category hardest for your situation.
Spending Trend (2020–2024)
Mortgage interest and charges spending per household, 2020–2024
National average annual spending
| Year | Annual Amount |
|---|---|
| 2024 | $3,646 |
| 2023 | $3,435 |
| 2022 | $3,101 |
| 2021 | $2,781 |
| 2020 | $2,962 |
How we calculate this: % of Total is this category's published spend divided by that year's total household spend. YoY Change is the percentage difference between a year's amount and the prior year's amount. Both are computed from the raw BLS figures, not re-estimated.
By Income Level (2024)
How mortgage interest and charges spending varies across income quintiles
| Income Group | Annual Amount |
|---|---|
| Lowest 20% | $720 |
| Second 20% | $1,367 |
| Middle 20% | $2,667 |
| Fourth 20% | $4,593 |
| Highest 20% | $8,850 |
By Region (2024)
Geographic variation in mortgage interest and charges spending
By Age Group (2024)
How mortgage interest and charges spending changes across the lifecycle
By Household Size (2024)
| Size | Annual |
|---|---|
| 1 Person | $1,627 |
| 2 People | $4,514 |
| 3 People | $3,315 |
| 4 People | $4,431 |
| 5 or More | $6,976 |
By Housing Tenure (2024)
| Tenure | Annual |
|---|---|
| Homeowner (with mortgage) | $5,604 |
| Homeowner (no mortgage) | $9,725 |
| Renter | $168 |
What to do with this data
The average U.S. household spends $3,646 a year on mortgage interest and charges - here's how to put that in context.
- Compare your own spending against the national income quintiles. Budget calculator
- See how mortgage interest and charges spending shifts across income levels, ages, and regions. By income
- Track this category in your private watchlist to revisit as the data updates. Save categories
Figures are national averages from the BLS Consumer Expenditure Survey; your own household may differ from these means.
Frequently Asked Questions
How much does the average household spend on mortgage interest and charges? ▼
Is mortgage interest and charges spending increasing? ▼
How does income affect mortgage interest and charges spending? ▼
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Spending Guides (show related guides)
Related Spending Categories
Browse other major categories from the BLS Consumer Expenditure Survey.
Disclaimer: This information is provided for informational purposes only and does not constitute professional advice. Data is sourced from the BLS Consumer Expenditure Survey. Consult a qualified professional before making decisions based on this data.
Read our methodology - how this data is sourced, computed, and verified.
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