The average mortgage payment now ranges from $1,242 to $7,046. See where your city falls.

Key Takeaways

Realtor.com’s latest research shows that national average home prices were relatively flat in October, with the average asking price hovering around $425,000.
But Mortgage interest with a term of 30 years increased significantly – to an average of 6.59% in October versus 6.11% in September.
With a 20% down payment, that raises the national average mortgage payment to $2,169 in October, an increase of $107 per month.
But some places are significantly more expensive, like the San Jose area, where the average monthly payment is more than $7,000. Meanwhile, homebuyers in greater Pittsburgh can score payments closer to $1,200.
To see how your market compares, we’ve calculated the average monthly payment for the 50 largest metropolitan areas below.

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Average home prices were flat in October, but mortgage rates rose

After falling for three months in a row, the average home price in America remained relatively stable in October. According to Realtor.com’s latest monthly report on the U.S. home buying market, the average home price in October was $424,950. That’s just $50 less than in September and about $20,000 lower than the median of $445,000 in June.

But the economic situation for homebuyers was hurt by the rise in mortgage rates, which rose significantly. According to Zillow interest rates for new purchase mortgages with a 30-year fixed rate, the average interest rate in October was 6.59%. In September this was a much lower 6.11%.

Assuming a 20% deposithigher mortgage rates for October resulted in a national average monthly mortgage payment (principal and interest only) that was $107 more expensive than the typical monthly payment in September.

Of course, home prices vary widely across the country, so the mortgage payment for someone in Pittsburgh will be very different than for someone buying in San Francisco. Here are some key findings from our analysis of the 50 largest metro areas:

The four most expensive markets were all in California, with the San Jose region topping the list at $7,046 per month.
The most expensive metro outside California was Boston, at $4,280 per month, followed by New York and Seattle, both around $3,800.
Only five of the 50 largest metro areas have an average payment of less than $1,500: Pittsburgh, Cleveland, Buffalo, Detroit and Rochester. Pittsburgh’s average of $1,242 makes it the most affordable.

To see how all 50 metro areas compare, we’ve listed average home prices, average mortgage rates in October, and typical monthly payments below, organized by region.

The northeast

Metro area	Median house price (October 2024)	Average 30-year mortgage interest rate (October 2024)	Monthly payment assuming a 20% deposit
Boston-Cambridge-Newton, Massachusetts-NH	$837,450	6.60%	$4,280
New York-Newark-Jersey City, NY-NJ-Pa.	$762,375	6.55%	$3,876
Washington-Arlington-Alexandria, DC-Va.-Md.-W. from.	$599,781	6.68%	$3,090
Providence-Warwick, RI-Mass.	$552,500	6.60%	$2,824
Hartford-East Hartford-Middletown, Conn.	$399,900	6.61%	$2,046
Philadelphia-Camden-Wilmington, Pa.-NJ-Del.-Md.	$376,500	6.56%	$1,917
Baltimore-Columbia-Towson, MD.	$369,995	6.70%	$1,909
Rochester, NY	$277,450	6.55%	$1,411
Buffalo-Cheektowaga, NY	$269,900	6.55%	$1,372
Pittsburgh, Pa.	$244,000	6.56%	$1,242

Assuming a 20% down payment on the average October home price and a 30-year fixed rate mortgage at the average October rate for that metro area. The monthly payment includes principal and interest, but not insurance or taxes.

The South

Metro area	Median house price (October 2024)	Average 30-year mortgage interest rate (October 2024)	Monthly payment assuming a 20% deposit
Nashville-Davidson-Murfreesboro-Franklin, Tennessee.	$542,447	6.60%	$2,771
Miami-Fort Lauderdale-Pompano Beach, Florida.	$525,000	6.52%	$2,661
Austin-Round Rock-Georgetown, Texas	$520,000	6.53%	$2,638
Raleigh-Cary, NC	$450,000	6.56%	$2,291
Richmond, Va.	$443,018	6.64%	$2,273
Dallas-Fort Worth-Arlington, Texas	$434,500	6.53%	$2,204
Charlotte-Concord-Gastonia, NC-SC	$429,947	6.56%	$2,189
Orlando-Kissimmee-Sanford, Florida.	$427,450	6.52%	$2,167
Atlanta-Sandy Springs-Alpharetta, Georgia.	$410,000	6.56%	$2,087
Tampa-St. Petersburg-Clearwater, Florida.	$399,999	6.52%	$2,028
Virginia Beach-Norfolk-Newport News, Va.-NC	$393,115	6.64%	$2,017
Jacksonville, FL.	$397,750	6.52%	$2,016
Houston-The Woodlands-Sugar Land, Texas	$369,450	6.53%	$1,874
Memphis, Tenn.-Miss.-Ark.	$334,900	6.60%	$1,710
San Antonio-New Braunfels, Texas	$335,000	6.53%	$1,700
New Orleans-Metairie, La.	$325,125	6.59%	$1,659
Louisville/Jefferson County, Ky.-Ind.	$317,400	6.56%	$1,615
Oklahoma City, Oklahoma.	$314,825	6.63%	$1,613
Birmingham-Hoover, Ala.	$299,947	6.61%	$1,534

The Midwest

Metro area	Median house price (October 2024)	Average 30-year mortgage interest rate (October 2024)	Monthly payment assuming a 20% deposit
Minneapolis-St. Paul-Bloomington, Minnesota-Wis.	$425,000	6.62%	$2,177
Milwaukee-Waukesha, Wis.	$377,500	6.63%	$1,936
Kansas City, Mo.-Kan.	$377,000	6.62%	$1,930
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.	$369,000	6.61%	$1,887
Columbus, OH	$368,900	6.59%	$1,883
Cincinnati, Ohio-Ky.-Ind.	$331,460	6.59%	$1,692
Indianapolis-Carmel-Anderson, Ind.	$321,950	6.62%	$1,649
St. Louis, Mo.-Ill.	$299,450	6.62%	$1,533
Detroit-Warren-Dearborn, Michigan.	$271,200	6.58%	$1,382
Cleveland-Elyria, Ohio	$250,000	6.59%	$1,276

The West

Metro area	Median house price (October 2024)	Average 30-year mortgage interest rate (October 2024)	Monthly payment assuming a 20% deposit
San Jose-Sunnyvale-Santa Clara, California.	$1,394,000	6.50%	$7,046
Los Angeles-Long Beach-Anaheim, California.	$1,150,000	6.50%	$5,813
San Francisco-Oakland-Berkeley, California.	$996,500	6.50%	$5,037
San Diego-Chula Vista-Carlsbad, California.	$979,200	6.50%	$4,949
Seattle-Tacoma-Bellevue, Washington.	$759,975	6.55%	$3,863
Sacramento-Roseville-Folsom, California.	$627,250	6.50%	$3,170
Portland-Vancouver-Hillsboro, Ore.-Wash.	$602,375	6.58%	$3,072
Denver-Aurora-Lakewood, Colorado.	$600,000	6.57%	$3,055
Riverside-San Bernardino-Ontario, California.	$599,000	6.50%	$3,028
Phoenix-Mesa-Chandler, Ariz.	$519,950	6.59%	$2,653
Las Vegas-Henderson-Paradise, Nev.	$475,000	6.62%	$2,433

How we track mortgage interest rates

The national and state averages listed above are provided as is via the Zillow Mortgage API, assuming a Loan-to-Value (LTV) ratio of 80% (i.e. a down payment of at least 20%) and an applicant’s credit score in the range of 680-739. The resulting rates represent what borrowers should expect when they receive quotes from lenders based on their qualifications, which may differ from advertised teaser rates. © Zillow, Inc., 2024. Use is subject to the Zillow Terms of Use.

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reports and interviews with industry experts. Where necessary, we also refer to original research from other renowned publishers. You can learn more about the standards we follow in producing accurate, unbiased content in our
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Realtor.com. “October 2024 Monthly report on housing market trends.”
Realtor.com. “Monthly report on housing market trends from June 2024.”
Rate averages are provided through the Zillow Mortgage API assuming at least a 20% down payment and an applicant’s credit score in the range of 680-739.