With the focus on rapidly rising prices, it’s easy to forget the “hidden” costs of homeownership, including property taxes, homeowner’s insurance, utility payments and maintenance.
Among those metros (where sufficient data was available), San Francisco had the highest annual hidden costs (a median of $22,791), while Las Vegas had the lowest ($9,886).
Overall, maintenance was found to require the greatest median outlay ($6,413 a year), followed by utilities ($3,216), property taxes ($2,827) and homeowner’s insurance ($1,699).
Insurance costs were calculated at 0.5 percent of value.
Utility costs were derived from 2022 state averages, while phone bills and streaming-service costs were sourced from Forbes reporting.
Persons:
Zillow, Thumbtack, grout
Organizations:
Las, Insurance, Forbes
Locations:
U.S, San Francisco, Las Vegas, New York City, Pittsburgh