Home improvement tips that don’t require hammers, nails
Don’t worry about losing your deposit! These simple home improvement projects can be done by renters and homeowners.
Any homeowner can attest that owning a home is expensive.
Mortgage payments are just the beginning. There are all sorts of other costs.
New analysis by Zillow and Thumbtack, an online marketplace for home services, finds “hidden costs” like upkeep and taxes add up to nearly $16,000 a year for U.S. homeowners.
That’s more than $1,300 a month on top of mortgage payments, which this year averages $2,329 a month, according to Rocket Mortgage.
Here’s the breakdown of associated costs, based on national averages:
- Property tax: $3,030
- Homeowners insurance: $2,003
- Maintenance like lawn care and roof repair: $10,946
Those costs are even higher in coastal cities like Miami, New York and San Francisco.
Zillow said the various expenses slightly outpaced household income growth.
It noted insurance premiums increased by nearly 50%, on average, since 2020.
