Overview
- Maintenance accounts for the largest share at $10,946 annually, with property taxes averaging $3,030 and homeowners insurance $2,003.
- These add-on costs are steepest in high-cost coastal metros, including New York City at $24,381, San Francisco at $22,781 and Boston at $21,320 per year.
- Home insurance premiums have jumped 48% nationwide over five years, with sharp metro spikes such as Miami and Jacksonville up 72% since 2020 and New Orleans up 79%.
- Zillow reports 30-year and 15-year fixed mortgage rates around 6.08% and 5.63%, respectively, with movement largely sideways since early fall.
- Zillow says these expenses rose 4.7% over the past year versus 3.8% income growth, pressuring demand, and recommends buyers budget for upkeep, use affordability tools and consider new construction or different home types.