With steep mortgage rates and rising home prices, the cost of financing a home has grown 22% in the last two years, although it varies widely between markets, according to online realtor Redfin.

Since May 2022, homeownership costs have grown twice as fast as incomes, putting the dream of owning property out of reach for many Americans. During that time, median mortgage payments rose from $2,319 to $2,835, per data provided by Redfin.

However, not all cities are alike. Home prices vary widely depending on where you live, as does median household income. 

To get a better sense of how rising prices have affected different markets, Redfin compared mortgage payments for 50 of the largest U.S. cities in May 2022 with May 2024. These payments assume a 20% down payment and interest rates of 5.1% and 6.94%, respectively.

Here's a look at where median mortgage payments rose the most in the last two years, expressed as a percentage, according to Redfin data analyzed by CNBC:

1. Providence, Rhode Island: 45%
2. Newark, New Jersey: 43%
3. Anaheim, California: 40%
4. Milwaukee: 37%
5. New Brunswick, New Jersey: 36%
6. New York City: 35%
7. Cleveland: 34%
8. Cincinnati, Ohio: 32%
9. Indianapolis: 32%
10. Montgomery County, Pennsylvania: 32%
11. Boston: 31%
12. Columbus, Ohio: 31%
13. Nassau County, New York: 30%
14. Philadelphia: 30%
15. Los Angeles: 29%
16. Chicago: 28%
17. Virginia Beach, Virginia: 28%
18. San Diego: 27%
19. Baltimore: 26%
20. Pittsburgh: 26%

In 2020, during the early stages of the Covid-19 pandemic, home prices in Los Angeles and New York City dipped as the cities started to lose population at an accelerated rate. However, these declines have slowed and demand for housing has rebounded over the past two years, leading to higher home costs.

Providence, Rhode Island, is notable in that demand for homes increased in 2020 and has stayed steady since. The city has a rich cultural history and is near Boston and New York, making it a popular market for second homes.

Buyers seeking affordable homes have helped boost midwestern markets, too. Monthly payments increased in places like Ohio and Wisconsin, but are still well below the 2024 national median of $2,835.

Mortgage payments have increased much less in Texas

Some of the slowest rates of mortgage payment growth have occurred in Texas, which has long been one of the more affordable places to buy a home compared with the rest of the country.

Here's a look where home costs grew the least percentage-wise in the last two years, according to Redfin data analyzed by CNBC:

1. Austin, Texas: 11%
2. San Antonio, Texas: 12%
3. Fort Worth, Texas: 14%
4. Phoenix, Arizona: 14%
5. Dallas: 16%
6. Las Vegas: 17%
7. Denver: 18%
8. Houston: 18%
9. San Francisco: 18%

Spurred by remote workers looking for more spacious homes, Austin was the poster child of home price growth in 2021. However, cooling demand and a housing construction boom has since reversed those home price gains, with listing prices dropping from a median of $545,028 in May 2022 to $519,383 as of May 2024.

That said, mortgage interest rates have been higher in 2024, which has added a few hundred dollars to monthly home costs in that market.

Similarly, robust home construction and a relative abundance of land has slowed price growth in other Texas cities like San Antonio and Fort Worth.

San Francisco has yet to fully recover from one of the worst population declines in the country just after the pandemic began in 2020. This has kept home prices in check compared with other large cities, which, in turn, has led to a smaller increase in mortgage payments over the past two years.

Still, homes in San Francisco are among the most expensive in the U.S. and have been hovering close to a median of $1.4 million for the last two years.

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