The price for owning a home is rising rapidly – and we’re not just talking about mortgage payments.
US homeowners are now paying an average of $18,118 a year on property taxes, homeowners’ insurance, maintenance, energy and various other expenses linked to owning a home, according to a new Bankrate study.
That’s nearly the cost to buy a used car and represents a 26% increase from four years ago when it cost $14,428 annually to own and maintain a home.
All of these variable expenses are on top of the fixed cost of a mortgage, including property taxes, homeowners insurance, energy costs, internet, cable bills and home maintenance.
The findings are another reminder of how much more expensive life has become since Covid-19.
New data released on Wednesday underscored the pressure Americans are feeling from housing-related expenses.
Approved – Obey
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Article URL : https://www.cnn.com/2024/06/11/business/homeownership-costs-inflation/index.html