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Key Takeaways
- The latest findings from Realtor.com show that median home prices fell from August to September, and 30-year mortgage rates also dropped.
- That lowers the national average mortgage payment from $2,150 in August to $2,062 in September, a decrease of $88 per month.
- Wondering what mortgage costs look like in your market? We've calculated the average payment for the 50 largest metro areas below.
- The most expensive metro is San Jose, Calif., where the average monthly payment is nearly $7,000. Excluding California, the Boston area has the highest monthly payment, at $4,094.
- In contrast, Pittsburgh was the cheapest metro area, with a typical monthly payment of $1,184, followed by Cleveland, at $1,271.
The full article continues below th⛎ese offers from our part𝔉ners.
Median Home Prices Fell in September—Along with Mortgage Rates✨
The median home price in America has dropped for a third consecutive month. According to Realtor.com's latest monthly report on the U.S. home buying market, September's median home price was $425,000. That's down about $5,000 from August's $429,990 average and is $20,000 lower than the June median of $445,000.
In addition, mortgage rates also came down in September. According to Zillow rate quotes for 30-year fixed-rate new purchase mortgages, the average rate in September 🥀was 6.11%. In August, it was a higher 6.39%.
Assuming a 20% 澳洲幸运5开奖号码历史查询:down payment, the lower median home price and lower mortgage rates for September resulted in a national average monthly mortgage payment (principal and interest only) that was $88 cheaper than the typical August payment.
Of course, home prices vary widely across the country, so the mortgage payment for someone in Pittsburgh will be wildly different than for someone buying in California. To see how the 50 largest metropolitan areas compare, we've listed the median home price and typical monthly payment for each metro below, organized by region.
The Northeast
| Metro Area | Median Home Price (Sep 2024) | Average 30-Year Mortgage Rate (Sep 2024) | Monthly Payment Assuming 20% Down |
|---|---|---|---|
| Boston-Cambridge-Newton, Mass.-N.H. | $839,900 | 6.15% | $4,094 |
| New York-Newark-Jersey City, N.Y.-N.J.-Pa. | $764,000 | 6.01% | $3,668 |
| Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. | $599,948 | 6.24% | $2,953 |
| Providence-Warwick, R.I.-Mass. | $567,500 | 6.15% | $2,767 |
| Hartford-East Hartford-Middletown, Conn. | $412,400 | 6.14% | $2,008 |
| Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | $379,450 | 6.07% | $1,834 |
| Baltimore-Columbia-Towson, Md. | $369,900 | 6.20% | $1,813 |
| Rochester, N.Y. | $282,500 | 6.01% | $1,356 |
| Buffalo-Cheektowaga, N.Y. | $277,450 | 6.01% | $1,332 |
| Pittsburgh, Pa. | $245,000 | 6.07% | $1,184 |
The South
| Metro Area | Median Home Price (Sep 2024) | Average 30-Year Mortgage Rate (Sep 2024) | Monthly Payment Assuming 20% Down |
|---|---|---|---|
| Nashville-Davidson-Murfreesboro-Franklin, Tenn. | $547,865 | 6.11% | $2,660 |
| Miami-Fort Lauderdale-Pompano Beach, Fla. | $525,000 | 6.03% | $2,525 |
| Austin-Round Rock-Georgetown, Texas | $520,000 | 6.04% | $2,506 |
| Raleigh-Cary, N.C. | $453,165 | 6.09% | $2,194 |
| Richmond, Va. | $442,346 | 6.17% | $2,160 |
| Dallas-Fort Worth-Arlington, Texas | $439,450 | 6.04% | $2,118 |
| Charlotte-Concord-Gastonia, N.C.-S.C. | $430,000 | 6.09% | $2,082 |
| Orlando-Kissimmee-Sanford, Fla. | $429,950 | 6.03% | $2,068 |
| Atlanta-Sandy Springs-Alpharetta, Ga. | $414,560 | 6.07% | $2,004 |
| Tampa-St. Petersburg-Clearwater, Fla. | $414,948 | 6.03% | $1,996 |
| Jacksonville, Fla. | $399,000 | 6.03% | $1,919 |
| Virginia Beach-Norfolk-Newport News, Va.-N.C. | $390,000 | 6.17% | $1,905 |
| Houston-The Woodlands-Sugar Land, Texas | $370,000 | 6.04% | $1,783 |
| San Antonio-New Braunfels, Texas | $339,948 | 6.04% | $1,638 |
| Memphis, Tenn.-Miss.-Ark. | $336,225 | 6.11% | $1,632 |
| New Orleans-Metairie, La. | $325,000 | 6.15% | $1,583 |
| Louisville/Jefferson County, Ky.-Ind. | $318,250 | 6.14% | $1,549 |
| Oklahoma City, Okla. | $314,950 | 6.16% | $1,536 |
| Birmingham-Hoover, Ala. | $300,000 | 6.15% | $1,463 |
The Midwest
| Metro Area | Median Home Price (Sep 2024) | Average 30-Year Mortgage Rate (Sep 2024) | Monthly Payment Assuming 20% Down |
|---|---|---|---|
| Minneapolis-St. Paul-Bloomington, Minn.-Wis. | $432,500 | 6.16% | $2,111 |
| Milwaukee-Waukesha, Wis. | $389,900 | 6.15% | $1,901 |
| Kansas City, Mo.-Kan. | $389,500 | 6.16% | $1,900 |
| Chicago-Naperville-Elgin, Ill.-Ind.-Wis. | $379,900 | 6.16% | $1,854 |
| Columbus, Ohio | $377,450 | 6.10% | $1,829 |
| Cincinnati, Ohio-Ky.-Ind. | $337,000 | 6.10% | $1,633 |
| Indianapolis-Carmel-Anderson, Ind. | $324,950 | 6.18% | $1,588 |
| St. Louis, Mo.-Ill. | $299,900 | 6.16% | $1,463 |
| Detroit-Warren-Dearborn, Mich. | $277,000 | 6.09% | $1,341 |
| Cleveland-Elyria, Ohio | $262,213 | 6.10% | $1,271 |
The West
| Metro Area | Median Home Price (Sep 2024) | Average 30-Year Mortgage Rate (Sep 2024) | Monthly Payment Assuming 20% Down |
|---|---|---|---|
| San Jose-Sunnyvale-Santa Clara, Calif. | $1,432,170 | 6.00% | $6,871 |
| Los Angeles-Long Beach-Anaheim, Calif. | $1,154,440 | 6.00% | $5,539 |
| San Francisco-Oakland-Berkeley, Calif. | $997,500 | 6.00% | $4,786 |
| San Diego-Chula Vista-Carlsbad, Calif. | $997,000 | 6.00% | $4,783 |
| Seattle-Tacoma-Bellevue, Wash. | $772,425 | 6.05% | $3,726 |
| Sacramento-Roseville-Folsom, Calif. | $635,000 | 6.00% | $3,047 |
| Denver-Aurora-Lakewood, Colo. | $610,250 | 6.06% | $2,946 |
| Portland-Vancouver-Hillsboro, Ore.-Wash. | $604,890 | 6.09% | $2,928 |
| Riverside-San Bernardino-Ontario, Calif. | $599,000 | 6.00% | $2,874 |
| Phoenix-Mesa-Chandler, Ariz. | $519,850 | 6.11% | $2,523 |
| Las Vegas-Henderson-Paradise, Nev. | $477,250 | 6.11% | $2,317 |
How We Track Mortgage Rates
The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a 澳洲幸运5开奖号码历史查询:loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an applicant credit score in the 680–739 range. The resulting rates represent what borrowers🥃 should expect when receiving quotes from lenders based on their qualifications, which may vary from advertised teaser raℱtes. © Zillow, Inc., 2024. Use is subject to the Zillow Terms of Use.
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