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11mo ago

Homeowners Face $20,000 Annual Hidden Costs

Rising insurance premiums, property taxes, and maintenance fees inflate homeownership expenses across the U.S.

Homes in Napa, California, US, on Monday, May 6, 2024.
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A new study by Bankrate reveals that the hidden costs of home ownership has increased in the last four years.
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Overview

  • Average annual hidden costs for homeowners exceed $18,000, up 26% from four years ago.
  • Key expenses include property taxes, homeowners insurance, and maintenance costs.
  • Homeowners in states like Hawaii and California face the highest hidden costs, over $26,000 annually.
  • Insurance premiums have surged, particularly in coastal and disaster-prone areas, adding to the financial burden.
  • These rising costs may slow the housing market and increase foreclosure risks.