Zillow Reveals the Hidden Costs of Homeownership
Summary
Zillow's latest report states that the hidden costs of owning a home in the U.S. have risen to nearly $16,000 per year. These costs include maintenance, insurance, and property taxes. The analysis highlights how these expenses can affect affordability and homeownership decisions.Key Facts
- Zillow found that hidden homeownership costs now average $15,979 per year in the U.S.
- Maintenance accounts for the largest part of these costs, averaging $10,946 annually.
- Property taxes average $3,030, while homeowner's insurance costs around $2,003.
- These costs are highest in coastal metro areas, with New York City at $24,381 and San Francisco at $22,781.
- Home insurance premiums have increased by 48% nationwide over the past five years.
- In Florida, particularly Miami, insurance premiums have risen by 72% since 2020, driven by extreme weather events.
- Zillow recommends buyers understand their true financial capacity and budget for hidden costs before purchasing a home.
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