The Fact
In the 2024 American Community Survey, the median selected monthly owner cost for U.S. owner-occupied homes without a mortgage was $664. Census owner-cost measures include expenses such as real-estate taxes, insurance, utilities, condominium fees where applicable, and other selected housing costs.
What This Means
“Paid off the house” does not mean “housing costs are zero.” Homeownership removes the mortgage payment eventually, not taxes, insurance, utilities, and other ownership expenses.
Sources
- U.S. Census Bureau, 2024 ACS Table B25088: https://data.census.gov/table/ACSDT1Y2024.B25088