$9,000+ a Year on Hidden Homeownership Costs
From property taxes to basic maintenance projects like lawn care, homeowners can spend between $7,000 and $16,000 a year in hidden homeownership costs
Hidden Homeownership Costs Jul 31, 2017
Nationally, U.S. homeowners can expect to spend $9,080 a year on average in hidden costs related to owning and maintaining a home, according to a new analysis from Zillow® and Thumbtacki. Since nearly half (47 percent) of home shoppers today are first-time buyers, many of these extra costs may come as a surpriseii.
To help with budgeting, Zillow and Thumbtack identified several common but often overlooked home expenses and calculated what homeowners could expect to pay for them around the country. The analysis also included utility cost estimates from UtilityScore.
Nationally, homeowners pay an average $6,059 per year in to cover homeowners insurance, property taxes and utilities, three common, but sometimes overlooked home expenses. San Francisco homeowners pay the most of the metros analyzed ($13,019 a year), primarily due to the market’s high home values and property taxes. Indianapolis homeowners pay the least at $4,699.
Most U.S. homeowners (96 percent) have made some kind of improvement to their home. While many complete these projects themselves, those who hire a professional can expect to spend more than $3,021 a year on average for carpet cleaning, yard work, gutter cleaning, HVAC maintenance, house cleaning and pressure washing, the six most common hired home projects requested by homeowners on Thumbtack. Labor costs can vary significantly by region, with Seattle homeowners paying as much as $4,052 a year on average for those six projects, whereas in San Antonio they pay just $1,962 on average.