Mortgage interest and charges Spending
How much American households spend on mortgage interest and charges — 2024 data from the BLS Consumer Expenditure Survey
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 general inflation 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), substantially exceeding cumulative inflation over the same period — a real increase in household burden.
Income is the strongest predictor of 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)
| Year | Annual Amount |
|---|---|
| 2024 | $3,646 |
| 2023 | $3,435 |
| 2022 | $3,101 |
| 2021 | $2,781 |
| 2020 | $2,962 |
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 |
Frequently Asked Questions
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Spending Guides
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Browse other major categories from the BLS Consumer Expenditure Survey.
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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.
