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."