The American Dream is neither free nor cheap – according to an analysis conducted by Zillow and Thumbtack, homeowners can expect to spend about $9,390 every year on costs associated with owning and maintaining for their residence.
Property taxes, utilities and homeowners’ insurance accounted for a combined average of $6,327 per year, but in more expensive markets those costs are much higher—most notably in San Jose, where the costs added up to $17,255 per year in a market where the typical home is worth $1.28 million. Hiring professionals for home-maintenance projects and repairs can cost an average of $3,067 per year.
“Ongoing maintenance costs and annual fees are some of the most common surprises for first-time home buyers after they finally become homeowners,” said Zillow Senior Economist Aaron Terrazas. “While they are shopping, buyers tend to focus on their monthly mortgage payments, but other needs quickly add up after move-in."