Key Takeaways
- Realtor.com reports that U.S. median home prices rose last month, with February asking prices averaging $412,000. That’s up $11,500 from January’s median price.
- Fortunately for home buyers, 30-year mortgage rates have been falling, with February rates averaging 6.77% vs. 6.97% in January.
- Assuming a 20% down payment, that translates into a national average mortgage payment of $2,142 in February.
- California metros continue to be the priciest, with the average monthly payment in the San Jose market being $6,752. Meanwhile, greater Pittsburgh has the cheapest average payment at $1,190.
- Roughly three-quarters of the 50 largest metros saw their average monthly payment fall in February. You can see averages for every market in our tables below.
The full article continues below these offers from our partners.
Median Home Prices Rose, But Mortgage Rates Fell
After falling seven months in a row, median home prices in America rose in February. According to Realtor.com’s latest monthly report on the U.S. home buying market, February’s median home price was $412,000. That’s up $11,500 from January. But it’s still $33,000 lower than the June 2024 median of $445,000.
Counteracting February’s higher house prices were lower mortgage rates, which have been falling considerably in the last several weeks. According to Zillow rate quotes for new purchase mortgages, the average 30-year rate in February was 6.77%—down a significant 20 basis points from January’s 6.97% average rate.
Assuming a 20% down payment, the higher house prices rates in February resulted in a national average monthly mortgage payment (principal and interest only) that was $17 more expensive than the typical January payment. But the monthly increase would have been much worse had mortgage rates not declined in February.
Monthly Payments Vary Widely Across the Country
Of course, home prices and mortgage rates vary by state and market, so mortgage payments for someone in Pittsburgh will be wildly different than for someone buying in the Bay Area. Here are some key February findings from our analysis of the 50 largest metros:
- The four most expensive markets were all in California, with the San Jose area topping the list at a $6,752 average monthly payment.
- The highest-cost metro outside of California was Boston, at $4,367 per month, followed by New York at $3,926 and Seattle at $3,827.
- Pittsburgh once again earns “most affordable” honors, with the average mortgage payment coming in at just $1,190 in February. Greater Detroit comes in second at $1,249.
- The average payment declined in 37 of the 50 largest metros—roughly 75%—in February.
To compare all 50 metropolitan areas, we’ve listed the median home prices, average February mortgage rate, and typical monthly payments below, organized by region.
The Northeast
| Metro Area | Median Home Price (Feb 2025) | Average 30-Year Mortgage Rate (Feb 2025) | February Monthly Payment With 20% Down | Change vs. Jan 2025 |
|---|---|---|---|---|
| Boston-Cambridge-Newton, Mass.-N.H. | $839,450 | 6.78% | $4,367 | + $125 |
| New York-Newark-Jersey City, N.Y.-N.J. | $766,889 | 6.62% | $3,926 | + $28 |
| Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. | $579,995 | 6.82% | $3,031 | – $47 |
| Providence-Warwick, R.I.-Mass. | $534,900 | 6.79% | $2,788 | + $12 |
| Hartford-West Hartford-East Hartford, Conn. | $433,700 | 6.78% | $2,258 | + $88 |
| Baltimore-Columbia-Towson, Md. | $350,000 | 6.78% | $1,823 | – $40 |
| Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | $350,000 | 6.77% | $1,819 | – $49 |
| Buffalo-Cheektowaga, N.Y. | $249,974 | 6.62% | $1,280 | – $33 |
| Pittsburgh, Pa. | $229,000 | 6.77% | $1,190 | – $29 |
The South
| Metro Area | Median Home Price (Feb 2025) | Average 30-Year Mortgage Rate (Feb 2025) | February Monthly Payment With 20% Down | Change vs. Jan |
|---|---|---|---|---|
| Nashville-Davidson-Murfreesboro-Franklin, Tenn. | $529,450 | 6.77% | $2,752 | – $34 |
| Miami-Fort Lauderdale-West Palm Beach, Fla. | $515,000 | 6.71% | $2,660 | – $84 |
| Austin-Round Rock-San Marcos, Texas | $499,000 | 6.77% | $2,595 | – $25 |
| Raleigh-Cary, N.C. | $435,962 | 6.76% | $2,264 | – $68 |
| Richmond, Va. | $429,653 | 6.79% | $2,239 | + $1 |
| Charlotte-Concord-Gastonia, N.C.-S.C. | $419,475 | 6.76% | $2,178 | – $47 |
| Orlando-Kissimmee-Sanford, Fla. | $418,950 | 6.71% | $2,164 | – $52 |
| Dallas-Fort Worth-Arlington, Texas | $415,950 | 6.77% | $2,163 | – $37 |
| Atlanta-Sandy Springs-Roswell, Ga. | $398,894 | 6.77% | $2,074 | – $43 |
| Tampa-St. Petersburg-Clearwater, Fla. | $399,000 | 6.71% | $2,061 | – $34 |
| Virginia Beach-Chesapeake-Norfolk, Va.-N.C. | $392,500 | 6.79% | $2,046 | – $24 |
| Jacksonville, Fla. | $388,098 | 6.71% | $2,005 | – $27 |
| Houston-Pasadena-The Woodlands, Texas | $358,000 | 6.77% | $1,862 | – $40 |
| Memphis, Tenn.-Miss.-Ark. | $328,050 | 6.77% | $1,705 | – $43 |
| San Antonio-New Braunfels, Texas | $327,000 | 6.77% | $1,700 | – $21 |
| Oklahoma City, Okla. | $314,992 | 6.80% | $1,643 | – $20 |
| Louisville/Jefferson County, Ky.-Ind. | $309,950 | 6.78% | $1,614 | – $12 |
| Birmingham, Ala. | $285,000 | 6.79% | $1,485 | – $30 |
The Midwest
| Metro Area | Median Home Price (Feb 2025) | Average 30-Year Mortgage Rate (Feb 2025) | February Monthly Payment With 20% Down | Change vs. Jan |
|---|---|---|---|---|
| Minneapolis-St. Paul-Bloomington, Minn.-Wis. | $434,950 | 6.79% | $2,266 | + $6 |
| Grand Rapids-Wyoming-Kentwood, Mich. | $384,725 | 6.78% | $2,002 | + $11 |
| Kansas City, Mo.-Kan. | $379,450 | 6.79% | $1,977 | – $18 |
| Milwaukee-Waukesha, Wis. | $374,950 | 6.79% | $1,953 | + $24 |
| Columbus, Ohio | $349,700 | 6.79% | $1,822 | + $12 |
| Chicago-Naperville-Elgin, Ill.-Ind. | $349,450 | 6.78% | $1,819 | – $6 |
| Cincinnati, Ohio-Ky.-Ind. | $324,950 | 6.79% | $1,693 | – $4 |
| Indianapolis-Carmel-Greenwood, Ind. | $300,000 | 6.79% | $1,563 | – $32 |
| St. Louis, Mo.-Ill. | $276,799 | 6.79% | $1,442 | – $21 |
| Cleveland, Ohio | $241,725 | 6.79% | $1,260 | + $11 |
| Detroit-Warren-Dearborn, Mich. | $239,900 | 6.78% | $1,249 | – $27 |
The West
| Metro Area | Median Home Price (Feb 2025) | Average 30-Year Mortgage Rate (Feb 2025) | February Monthly Payment With 20% Down | Change vs. Jan |
|---|---|---|---|---|
| San Jose-Sunnyvale-Santa Clara, Calif. | $1,304,500 | 6.73% | $6,752 | + $67 |
| Los Angeles-Long Beach-Anaheim, Calif. | $1,119,000 | 6.73% | $5,792 | + $48 |
| San Diego-Chula Vista-Carlsbad, Calif. | $949,995 | 6.73% | $4,917 | – $92 |
| San Francisco-Oakland-Fremont, Calif. | $899,944 | 6.73% | $4,658 | + $8 |
| Seattle-Tacoma-Bellevue, Wash. | $737,400 | 6.75% | $3,827 | – $20 |
| Sacramento-Roseville-Folsom, Calif. | $619,000 | 6.73% | $3,204 | – $39 |
| Portland-Vancouver-Hillsboro, Ore.-Wash. | $598,415 | 6.76% | $3,109 | – $61 |
| Riverside-San Bernardino-Ontario, Calif. | $599,450 | 6.73% | $3,103 | – $55 |
| Denver-Aurora-Centennial, Colo. | $572,500 | 6.75% | $2,970 | – $50 |
| Phoenix-Mesa-Chandler, Ariz. | $515,000 | 6.78% | $2,679 | – $44 |
| Las Vegas-Henderson-North Las Vegas, Nev. | $469,974 | 6.78% | $2,447 | – $41 |
| Tucson, Ariz. | $396,200 | 6.78% | $2,061 | – $18 |
How We Track Mortgage Rates
The national and state averages cited 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 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 rates. © Zillow, Inc., 2025. Use is subject to the Zillow Terms of Use.
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.