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."

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Phil Hall

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Jul 31, 2017

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