SEATTLE and SAN FRANCISCO, Aug. 21,
2018 /PRNewswire/ -- Homeowners can expect to spend about
$9,390 every year on costs associated
with owning and caring for a home, according to an analysis by
Zillow® and Thumbtack.
When it comes to buying a home, shoppers frequently focus on the
sticker price or the monthly mortgage payments, but homeowners are
also responsible for additional costs that are often overlooked
during the home search, such as property taxes, insurance and
maintenance projects.
One-third of buyers say that determining their homebuying budget
was a challenge during the home shopping processi. To
help understand these additional costs they may face, Zillow and
Thumbtack identified several common costs to calculate what
homeowners around the country can expect to pay in annual expenses.
This analysis also includes utility cost estimates from
UtilityScore.
Property taxes, utilities and homeowners insurance are necessary
expenses for homeowners. Nationally, these costs add up to
$6,327 per year, but can be much
higher in more expensive markets. In San
Jose, where the typical home is worth $1,287,600, these costs add up to $17,255 per year, the highest of any market
analyzed. By contrast, these costs add up to $5,540 annually in Indianapolis, less than one-third of the
San Jose total.
Many homeowners also opt to hire professionals for a variety of
common home-maintenance projects, including house cleaning, lawn
care, carpet cleaning, central air and heating system repairs,
gutter cleaning and pressure washing. The nationwide average cost
of these tasks is $3,067 per year.
Labor costs vary in different parts of the country, so these jobs
can be much more expensive depending on where someone lives. In
Portland, Oregon, homeowners can
expect to pay $3,810 per year for
these projects, compared with the $2,570 owners in Miami can expect to spend.
"Ongoing maintenance costs and annual fees are some of the most
common surprises for first-time home buyers after they finally
become homeowners. While they are shopping, buyers tend to focus on
their monthly mortgage payments, but other needs quickly add up
after move-in," said Zillow Senior Economist Aaron Terrazas. "The list price is just the
beginning of understanding the costs that come with being a
homeowner, and it's important to understand what other expenses you
may have to account for when determining what you can afford."
"Many basic maintenance costs are often overlooked when
calculating the cost of buying a home," said Lucas Puente, Lead Economist at Thumbtack. "It's
imperative that those looking to buy a home do their homework to
avoid any surprising charges."
Metropolitan
Area
|
Median Home
Value (June
2018)
|
TOTAL Hidden
Costs of
Homeownership
|
Total
Necessary
Costs (property taxes,
homeowners
insurance,
utility bills)
|
Total
Maintenance
Costs (cleaning,
lawn care,
HVAC repair,
pressure
washing,
gutter
cleaning)
|
United
States
|
$217,300
|
$9,394
|
$6,327
|
$3,067
|
Los Angeles-Long
Beach-
Anaheim, CA
|
$646,300
|
$13,892
|
$10,492
|
$3,400
|
Chicago,
IL
|
$220,400
|
$11,005
|
$8,405
|
$2,600
|
Dallas-Fort Worth,
TX
|
$229,400
|
$10,712
|
$7,722
|
$2,990
|
Philadelphia,
PA
|
$228,100
|
$10,205
|
$7,305
|
$2,900
|
Houston,
TX
|
$198,600
|
$10,110
|
$7,140
|
$2,970
|
Washington,
DC
|
$399,500
|
$12,024
|
$9,234
|
$2,790
|
Miami-Fort
Lauderdale, FL
|
$272,900
|
$10,173
|
$7,603
|
$2,570
|
Atlanta,
GA
|
$204,600
|
$10,301
|
$7,331
|
$2,970
|
Boston, MA
|
$455,600
|
$14,221
|
$11,321
|
$2,900
|
San Francisco,
CA
|
$953,600
|
$17,758
|
$14,358
|
$3,400
|
Detroit,
MI
|
$154,900
|
$10,021
|
$7,101
|
$2,920
|
Riverside,
CA
|
$356,800
|
$11,421
|
$8,121
|
$3,300
|
Phoenix,
AZ
|
$254,700
|
$9,187
|
$6,147
|
$3,040
|
Seattle,
WA
|
$492,700
|
$12,729
|
$9,149
|
$3,580
|
Minneapolis-St Paul,
MN
|
$261,300
|
$10,102
|
$6,382
|
$3,720
|
San Diego,
CA
|
$583,700
|
$14,257
|
$11,087
|
$3,170
|
St. Louis,
MO
|
$161,400
|
$8,712
|
$6,032
|
$2,680
|
Tampa, FL
|
$204,600
|
$8,305
|
$5,715
|
$2,590
|
Baltimore,
MD
|
$264,800
|
$10,339
|
$7,379
|
$2,960
|
Denver, CO
|
$397,700
|
$9,559
|
$6,669
|
$2,890
|
Pittsburgh,
PA
|
$141,300
|
$8,472
|
$5,552
|
$2,920
|
Portland,
OR
|
$391,200
|
$12,612
|
$8,802
|
$3,810
|
Charlotte,
NC
|
$195,800
|
$8,703
|
$5,833
|
$2,870
|
Sacramento,
CA
|
$400,100
|
$11,744
|
$8,344
|
$3,400
|
San Antonio,
TX
|
$185,000
|
$9,171
|
$6,331
|
$2,840
|
Orlando,
FL
|
$226,900
|
$8,523
|
$5,933
|
$2,590
|
Cincinnati,
OH
|
$160,900
|
$8,751
|
$5,951
|
$2,800
|
Cleveland,
OH
|
$141,100
|
$9,227
|
$6,547
|
$2,680
|
Kansas City,
MO
|
$181,400
|
$9,111
|
$6,301
|
$2,810
|
Columbus,
OH
|
$182,200
|
$9,047
|
$6,147
|
$2,900
|
Indianapolis,
IN
|
$152,800
|
$8,220
|
$5,540
|
$2,680
|
San Jose,
CA
|
$1,287,600
|
$20,655
|
$17,255
|
$3,400
|
Austin, TX
|
$296,500
|
$12,457
|
$9,727
|
$2,730
|
Zillow
Zillow is the leading real estate and rental marketplace
dedicated to empowering consumers with data, inspiration and
knowledge around the place they call home, and connecting them with
great real estate professionals. In addition, Zillow operates an
industry-leading economics and analytics bureau led by Zillow
Group's Chief Economist Dr. Svenja
Gudell. Dr. Gudell and her team of economists and data
analysts produce extensive housing data and research covering more
than 450 markets at Zillow Real Estate Research. Zillow also
sponsors the quarterly Zillow Home Price Expectations Survey, which
asks more than 100 leading economists, real estate experts and
investment and market strategists to predict the path of the Zillow
Home Value Index over the next five years. Launched in 2006, Zillow
is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG), and
headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
Thumbtack
Powering the businesses of hundreds of thousands of local
professionals, Thumbtack is one of the largest local services
companies in the U.S., offering nearly 1,000 categories, with a
working professional in every county in the U.S. Thumbtack has
helped customers complete millions of jobs — from plumbing, to
catering, to personal training, to math tutoring. Founded in 2008,
Thumbtack is headquartered in San
Francisco. For more information, please visit:
www.thumbtack.com.
|
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i https://www.zillow.com/report/2017/buyers/challenges/
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SOURCE Zillow