William Simpson
Going up prices for home insurance, property taxes and utility bills are adding thousands of dollars to the cost of owning a home. The increases occur at a time of record real estate prices It is high mortgage and closing fees.
The average annual cost of insurance, taxes and utilities for a single-family home in the U.S. is currently about $18,118, according to one study. analysis from Bankrate. That’s an increase from $14,428 in 2020, the personal finance website said. These costs are rising for a number of reasons, including increased home valuesrising costs for construction companies contracted to build properties and rising home insurance rates as a result of climate-related natural disastersBankrate said.
“These numbers show that the costs of owning a home are on par with buying a used car every year,” Bankrate analyst Jeff Ostrowski said in a statement Monday. “Homeownership is an important wealth generator for many Americans, but it is not cheap,” he added.
Homeownership is becoming such a financial burden that one April survey of Redfin found that some homeowners had to skip meals, take on a second job, or sell their belongings to pay their mortgage. The average asking price for a home in the country – what sellers expect their property to be worth – reached a record of $420,250 during the four weeks ending May 19, a 6.6% increase from a year ago, according to Redfin.
Record home prices and mortgage rates near 7% have hampered the 2024 home buying season so far, with many buyers opting to remain renters. High mortgage rates have also caused some homeowners refrain from putting their property on the market because they would then have to pay higher mortgage rates on another property.
Prices are not likely to fall
With home prices and interest rates rising, some buyers may be tempted to wait until these numbers come down. But how “[home] prices are unlikely to fall this summer,” Holden Lewis, mortgage spokesman for NerdWallet, told CBS News, there is little to no benefit to waiting.
Homeowners in coastal states like California and Massachusetts are paying the highest costs, along with Hawaii, which has the most expensive homeownership costs in the country, according to Bankrate research.
The most expensive states for hidden housing costs, according to Bankrate, are:
- Hawaii pays $29,015 per year
- California Pays $28,790 Per Year
- Massachusetts Pays $26,313 Per Year
- New Jersey pays $25,573 per year
- Connecticut Pays $23,515 Per Year
The states with the lowest additional home ownership costs, according to Bankrate, are:
- Kentucky for $11,559
- Arkansas for $11,692
- Mississippi for $11,881
- Alabama for $12,259
- Indiana for $12,259
Bankrate reached its conclusions by totaling the average price of property taxes, home insurance, energy bills, internet and cable subscriptions, and home maintenance work between March 2020 and March 2024. Bankrate researchers obtained raw data to these costs from Redfin, the US Energy Information Administration. , the National Association of Insurance Commissioners and real estate data collector ATTOM.
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