Ridofranz / Getty Images; Design: Better Homes & Gardens
Despite rising costs and higher mortgage rates, people are still in the market to find a place to call their home. According to the Zillow Consumer Housing Trends Report (CHTR), in 2022, 45% of those shopping for a house were first-time homebuyers. Unfortunately, many only factor in the mortgage payment in their budgeting when deciding what they can afford in monthly expenses—forgetting about insurance, property taxes, and more. And these extra costs are higher than ever.
Now, Zillow has a monthly payment filter tool to help homeowners understand how much these additional dues, including maintenance expenses, will impact their budgets. Using a list created by Thumbtack, a home improvement service, of 17 items that need to be checked and maintained on a consistent basis, Zillow can calculate the real cost of homeownership. So while the average buyer expects to spend 33% of their monthly income on their mortgage, insurance, and taxes, those other numbers for maintenance and repair can really add up: averaging an extra $14,155 per year nationally—which comes out to $1,180 monthly.
«Just like you would visit a mechanic for regular tune-ups to help keep your car in good condition and avoid big bills, your home needs the same routine maintenance to ensure that everything is running smoothly,» said David Steckel, Thumbtack's home expert, in a statement. «Staying on top of annual home maintenance will not only increase the value of your home, but will also help prevent emergency repairs that can wreck a homeowner's budget.»
These 17 additional expenses include:
Overall, homeowners in San Francisco, New York, and Los Angeles pay the most in hidden costs at over $22,000
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