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Zillow report finds hidden homeownership costs hit $16,566 a year
Fox Business • • business
Key Points:
- Hidden homeownership costs in the U.S. have risen by nearly one-third over the past five years, now averaging about $16,566 annually, or roughly $1,380 monthly, excluding mortgage payments.
- These costs include approximately $11,171 for maintenance, $2,266 for homeowners insurance, and $3,129 for property taxes per year.
- Homeowners insurance premiums have increased the most, up 54% over five years, followed by maintenance costs rising 32% and property taxes growing 19% in the same period.
- Some metro areas, such as Dallas, Tampa, Denver, and Houston, have seen insurance premiums rise by 69-75%, likely influenced by severe weather events.
- Although overall homeownership costs rose 3% in the past year, the growth rate of maintenance and insurance costs is slowing, providing some relief for homeowners managing multiple expenses.
