Report: Homeowners’ Expenses Average More Than $9K Annually

Jul 31, 2017

Today's first-time homebuyer is older and more likely to be single than first-time homebuyers in the 1970s and 1980s, according to a new Zillow analysis

The American Dream comes with the reality of pricey expenses related to property ownership and maintenance, according to new data from Zillow and Thumbtack.

On a national average, an average $6,059 per year is spent to cover the costs of homeowners’ insurance, property taxes and utilities. Home improvement projects that are outsourced to a vendor can cost more than $3,021 a year on average. In some of the more expensive housing markets, these costs are considerably steeper.

"Determining how much a home will ultimately cost you each year and what you can afford is one of the most challenging aspects of homebuying, especially for first-time buyers," said Svenja Gudell, Zillow's Chief Economist. "Before starting a home search, take a good look at your finances to determine a monthly payment range you can comfortably afford. While that big back yard or larger home may be appealing, it is important to consider how much maintaining those spaces could cost you."

About the author

Phil Hall

Link copied

Published

Jul 31, 2017

Operations

MBA Expands CONVERGENCE With New Knowledge Hub For Lenders

iEmergent-powered dashboard gives mortgage professionals local market insights on demographics, affordability, and homeownership trends

The Mortgage Bankers Association's (MBA) CONVERGENCE initiative has expanded with the launch of the CONVERGENCE Knowledge Hub, a new online resource designed to help lenders, nonprofit organizations, housing counselors, real estate professionals, and community leaders expand...

People On The Move

Click n' Close Appoints Merv Govender As Chief Information Officer

Veteran technology executive brings nearly three decades of leadership in banking, gaming, and healthcare to oversee AI, cybersecurity, and technology strategy

Click n' Close has appointed Merv Govender as its new chief information officer, adding a technology executive with nearly three decades of experience leading digital transformation initiatives across banking, gaming, and healthcare.In his new role, Govender will oversee the...

Sep

San Francisco, CA

More from

Industry News

President Trump Cancels 21st Century ROAD To Housing Act

Trump cancels signing the bipartisan housing bill, leaving affordability package in limbo

Industry News

Jun 24, 2026

Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Industry News

Jun 18, 2026

Fed Holds Rates Steady, But Outlook Dims For Mortgage Rate Relief

The Federal Reserve left rates unchanged but updated projections show more policymakers expecting additional hikes

Industry News

Jun 18, 2026

Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

Industry News

Jun 17, 2026

Florida Pending Sales Signal Strong Summer Housing Market

Closed sales rise for a ninth straight month as inventory gives buyers more negotiating power