Hidden costs of home ownership are rising across the United States
The average annual cost of owning and maintaining a single-family home now exceeds $18,000, according to a new study.Homeownership is often considered a pathway to building wealth, but the ongoing costs of maintaining a home can add up significantly. An analysis by Bankrate round that homeowning costs across the U.S. have increased 26 percent since 2020, at the same time as rising inflation, median house prices hovering around $390,000 and mortgage rates are just below seven percent.
Homeowners also face $6,832 in property taxes, $1,572 in homeowners insurance, $1,434 in cable and internet, and $1,986 in energy bills.New Jersey stands out for its high property taxes, which average $10,026 annually—the highest in the nation. Combined with a median home price of $502,400, resulting in $10,048 in maintenance costs, and additional expenses, New Jersey homeowners spend about $25,573 per year on hidden costs.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gas Price Map Shows Most Expensive States as Biden Moves To Lower CostsStates in the South currently have the lowest average gas prices, according to data collected by the AAA.
Read more »
Brown Recluse Spider Map Shows Habitats in US StatesWhile most species of spider in America are completely harmless to humans, the brown recluse spider can pose a serious danger if you're bitten by one.
Read more »
Noodle Recall Map Shows States Affected by FDA's Highest AlertOfficials discovered that Sun Noodle's 'S&S Cup Saimin' dishes may contain undeclared egg powder, an ingredient that could prove deadly for allergic consumers.
Read more »
Beef Recall Map Shows Multiple States ImpactedMore than 20,000 pounds of beef products weren't inspected when they entered the U.S.
Read more »
Map Shows States With Biggest Decrease in PrisonersVirginia was at the top of the list for the biggest decline in prisoners, seeing an annual decrease of 10.5 percent.
Read more »
Map Shows States Where Child Marriage Is Legal After Washington Law StartsThirty-eight states still allow child marriage, while several have ended the practice in recent years.
Read more »