Report: Homeowners’ Expenses Average More Than $9K Annually – NMP
Industry News

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
Get the NMP Daily
Opinion
Seller Impersonation Fraud Is Evolving. Is the Mortgage Industry Evolving Fast Enough?

AI and increasingly sophisticated wire fraud are raising the stakes at the closing table, forcing lenders to rethink how they verify identities, counterparties, and payment instructions

For years, the mortgage industry has spent a lot of money on spotting borrower fraud at the start of the loan process. But one of the growing fraud threats today may show up later — when the loan is approved, the closing is set, and hundreds of thousands of dollars are about...

Continue reading
Analysis and Data
Price Cuts Hit Four-Year High As Mortgage Rates Top 7%

More than one in five listings took a price cut in September, but pending sales still posted their sharpest annual decline since March 2025

Home sellers are finally giving buyers some ground. The problem is mortgage rates are taking it right back.More than one in five homes listed for sale — 20.8% — had a price reduction in September, the highest share in nearly four years, according to Realtor.com's latest Mont...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
Garg Claims Majority In Better Fight, Board Poised To Honor Vote

Founder says he secured more than 51% of voting power to remove five directors, pending confirmation by a third-party inspector

C-Suite Strategies
Oct 01, 2026
Rocket Makes VantageScore Its Default After Testing Finds Borrower Savings

After four months of testing, Rocket will make VantageScore 4.0 its preferred model for eligible retail loans while keeping both scoring options available to brokers

Industry News
Sep 29, 2026
CHLA: More Freddie Mac MBS Buying Could Narrow Mortgage Spreads

Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying

Industry News
Sep 23, 2026
Early Loan-Limit Race Splits Into Three Tiers

Lenders are now offering $845,000, $847,440, or $850,000 before FHFA sets the official 2027 limits

Industry News
Sep 23, 2026
Better, Garg Clash Over Claimed 46% Shareholder Support

Better disputes its former CEO’s preliminary consent count as the two sides trade accusations and an Oct. 2 target date approaches

C-Suite Strategies
Sep 23, 2026