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☆ Maintenance and repair costs can be an unwelcomed surprise for first-time homeowners. Here are some ways to avoid bill shock
▼ + stars: | 2024-06-13 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +6 min

Experts say the "hidden costs" of owning a home, especially repairs and maintenance, can come as a shock for homeowners. Based on that calculation, Bankrate estimated, annual maintenance costs in some of the states with the highest home prices — like California, Hawaii and Massachusetts — can go over $26,000 annually. Keep your 'critical eye' as a homeownerOnce you become a homeowner, it will be important to keep up with routine maintenance in your house. To avoid surprises, try to regularly inspect your home and look for spots or corners that may need to be fixed. While homeowners are "the most critical" of a house when they're buying, they often don't keep the "critical eye" after moving in, said Hicks.

Persons: Alex Marrero, " Marrero, expats, Marrero, Angi.com, they're, Angie Hicks, Bankrate.com, Massachusetts —, you've, Jeff Ostrowski, Hicks, Dan Bawden, That's, Bawden, Tom Grill Organizations: Finance, Bankrate.com, CNBC, National Association of Realtors, Legal Eagle Contractors, Co Locations: Coral Springs , Florida, California, Hawaii, Massachusetts, Kentucky, Bellaire , Texas

☆ The hidden costs of owning a home are surging for Americans
▼ + stars: | 2024-06-11 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

“My homeowners insurance doubled, with no notice – nothing,” said Jennifer Schauer, who bought her home in Novato, California, in 2021. The US homeowners insurance industry lost $101.3 billion last year as severe storms, hurricanes and wildfire did significant damage. Schauer isn’t alone among Californians grappling with high hidden costs of homeownership. By contrast, Kentucky ($11,559), Arkansas ($11,692) and Mississippi ($11,881) had the lowest hidden costs of homeownership, according to Bankrate. Since Covid, the hidden cost of homeownership has climbed most rapidly in three states: Utah (44%), Idaho (39%) and Hawaii (38%).

Persons: we’re, That’s, Bankrate, Jeff Ostrowski, ”, Jennifer Schauer, Schauer, wasn’t, “, Schauer isn’t, it’s, you’ll, ” Ostrowski Organizations: New, New York CNN, CNN, P Global, Federal Reserve Locations: New York, Novato , California, California, Hawaii, Massachusetts, New Jersey, Connecticut, Kentucky, Arkansas, Mississippi, Utah, Idaho

☆ What you'll pay in every U.S. state in hidden homeownership costs: It's like 'buying a used car every year'
▼ + stars: | 2024-06-10 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

That's how much the average "hidden costs" of homeownership will set you back for a median-priced U.S. home worth $436,291, according to a new analysis by Bankrate. Hidden costs include property taxes, homeowners insurance, home maintenance costs, as well as electricity, internet and cable bills, per Bankrate's study. "The [hidden] costs of owning a home are at the same level as buying a used car every year," says Bankrate analyst Jeff Ostrowski. While many online mortgage calculators include property taxes and homeowner insurance as part of a bundled mortgage payment estimate, not all do. As such, at least some of the hidden costs can be overlooked when budgeting for a new home.

Persons: you'd, Jeff Ostrowski

☆ Hurricane season will bring 4 to 7 major storms, NOAA predicts. How to prevent catastrophic damage to your home
▼ + stars: | 2024-06-01 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +12 min

With scientists predicting yet another active year for storms, making your home hurricane resistant has become a more valuable precaution. "Already, we are seeing storms move across the country that can bring additional hazards like tornadoes, flooding and hail," he said. A separate forecast from hurricane researchers at Colorado State University predicts an "extremely active" hurricane season in 2024 due to record-warm tropical and eastern subtropical Atlantic sea surface temperatures. If installing new hurricane windows isn't in the budget, shutters are lower-cost options to protect windows and other openings, said Chapman-Henderson. Talk to your insurer about possible discounts Strengthening your home against disasters may help lower your insurance cost.

Persons: Irma, Warren Faidley, Alicia Silverstone, Erik A, Hooks, Phil Klotzbach, Klotzbach, Jeff Ostrowski, Leslie Chapman, Henderson, Jennifer Languell, Chapman, Kin, Melissa Cohn, William Raveis, Bankrate's Ostrowski, Ostrowski, Loretta Worters, Worters, Languell Organizations: Getty, Atmospheric Administration, NOAA, Finance, Federal Emergency Management Agency, Hurricanes, Colorado State University, Department of Atmospheric, Fluid Dynamics, Climate, Energy Solutions, Swiss, Massachusetts Institute of Technology, Federal Alliance, Safe, Safe Homes, Department of Energy, Trifecta, William Raveis Mortgage, Insurance, Institute, Homeowners Locations: Miami , Florida, U.S, windstorms, Florida, In Florida, Alabama, Louisiana, dsireusa.org

☆ What exactly goes into closing costs?
▼ + stars: | 2024-05-04 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

But there is an often-overlooked expense when buying a home: closing costs. At the same time, the Biden administration plans to take aim at so-called “junk fees” hidden in closing costs. New York, Delaware and Washington, DC, have the highest average closing costs, according to Bankrate; while Missouri, Indiana and North Dakota have the lowest. Lowering closing costs on your ownThere is one relatively simple way to lower your overall closing costs: shop around. “When you compare those offers, examine not just the rate itself but also the closing costs.

Persons: homebuyers, —, Biden, ” Jeff Ostrowski, , ” Ostrowski, you’re, homebuyers haven’t, Brian Connolly, it’s, “ It’s, ” Connolly, Connolly, ”, Freddie Mac, ” Genaro Villa Organizations: CNN, Consumer Financial, National Association of Realtors, realtors, University of Michigan, NAR, homebuyers Locations: New York , Delaware, Washington, Missouri, Indiana, North Dakota, Bankrate, AnnualCreditReport.com

☆ How to make your home hurricane resistant, as scientists predict an 'extremely active' storm season
▼ + stars: | 2024-05-01 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +11 min

In this article Follow your favorite stocks CREATE FREE ACCOUNTRyersonclark | E+ | Getty ImagesMaking your home hurricane resistant can be a significant financial undertaking. In 2024, the national average cost to upgrade an entire house with hurricane windows runs between $1,128 and $10,293, or $100 and $500 per window, including installation, according to This Old House. Hurricane resistance is about preventing 'pressurization'Hurricanes are different and unpredictable storms, said Jeff Ostrowski, a housing analyst at Bankrate. If installing new hurricane windows aren't in the budget, shutters are lower-cost options to protect windows and other openings, said Chapman-Henderson. Talk to your insurer about possible discounts Strengthening your home against disasters may help lower your insurance cost.

Persons: Phil Klotzbach, Jeff Ostrowski, Leslie Chapman, Henderson, Jennifer Languell, Chapman, Kin, Melissa Cohn, William Raveis, Bankrate's Ostrowski, Ostrowski, Loretta Worters, Worters, Languell Organizations: Massachusetts Institute of Technology, Hurricanes, National Oceanic, Fluid Dynamics, Climate, Energy Solutions, Swiss, Finance, Colorado State University, Department of Atmospheric, Federal Alliance, Safe, Safe Homes, Department of Energy, Trifecta, William Raveis Mortgage, Insurance, Institute, Homeowners Locations: windstorms, U.S, Florida, In Florida, Alabama, Louisiana, dsireusa.org

☆ Should you refinance your mortgage? Here are three signs it's time, real estate experts say
▼ + stars: | 2024-04-10 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Thanks to those high mortgage interest rates, refinance activity in 2023 was at the lowest level in 30 years. In the first and second quarters of 2023 there was only $75 billion and $80 billion, respectively, in mortgage refinance originations nationally, according to Freddie Mac, a government-sponsored entity that buys mortgages from banks. "We're just in a much higher interest rate situation with the economy," she said. "We've been so accustomed to mortgage rates as a baseline being at 2% or 3%," said Veronica Fuentes, a certified financial planner at Northwestern Mutual. Some lenders may require a higher interest rate if you finance closing costs, plus you'll be paying interest on those expenses for the life of the mortgage.

Persons: Freddie Mac, Jeff Ostrowski, Chen Zhao, Zhao, We've, Veronica Fuentes, that's, Ostrowski, CoreLogic's Organizations: Westend61, Getty, Federal Reserve, Northwestern Mutual

☆ Housing 'affordability has just totally collapsed,' economist says
▼ + stars: | 2024-04-02 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

"Since the pandemic, affordability has just totally collapsed," said Chen Zhao, a senior economist at Redfin. February 2021 was the last month when the typical household earned more money than they needed to afford the median home. The U.S. Department of Housing and Urban Development (HUD) sets the standard of affordability at 30% of household income. Affordability deficit narrowed in FebruaryThe average household fell short $29,448 to afford a home in February, according to Redfin. The affordability deficit narrowed because rates have been on a consistent decline since the last peak in October, according to Zhao.

Persons: Chen Zhao, They've, Zhao, It's, Jeff Ostrowski, Veronica Fuentes, Fuentes, Ostrowski, Buyers, Redfin, Louis, What's Organizations: Getty, Redfin, Finance, U.S . Department of Housing, Urban Development, Northwestern Mutual, Cleveland Locations: U.S, Detroit, Pittsburgh, St, Philadelphia, Indianapolis, Warren, Mich, Cincinnati, Milwaukee , Kansas City , Virginia Beach, Va, Antonio, Columbus , Ohio

☆ In these 22 states, you need a six-figure income to afford a typical home, analysis finds
▼ + stars: | 2024-03-31 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

New York CNN —Buying an affordable home in the United States has gotten a lot harder for many people since 2020. A new analysis from Bankrate.com finds that in 22 states and Washington, DC, buyers need a six-figure household income to comfortably afford a typical median-priced home. That’s a lot more than in January 2020, when Bankrate found buyers needed a six-figure income in just six states and the District of Columbia. For instance, Bankrate found that the income needed to buy a median-priced home rose the least in North Dakota (up 9.2%); Illinois (up 27.2%); and Kansas (up 29.3%). The complete Bankrate analysis can be found here.

Persons: Bankrate, ”, Jeff Ostrowski, –, Redfin –, homebuyers, ” Ostrowski Organizations: New, New York CNN, District of Columbia, “, United States –, of Columbia, Washington State Locations: New York, United States, Washington, DC, West, California, Hawaii, Massachusetts, Arizona, Colorado, Connecticut, Florida, Idaho, Maine, Maryland, Montana, Nevada, New Hampshire, New Jersey, Oregon, Rhode, Texas, Utah, Vermont, Virginia, South, Midwest, Mississippi, Ohio, Arkansas, Indiana, Kentucky, Tennessee, South Carolina, North Dakota, Illinois, Kansas

☆ To buy a house in today's market, more people turn to an alternative lender: their parents
▼ + stars: | 2023-11-13 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Andrew Caballero-Reynolds | AFP | Getty ImagesFewer people can afford to buy a house these days. On top of soaring home prices, 30-year fixed mortgage rates have been hovering near the highest level in more than two decades. "U.S. home prices are near record highs, and mortgage rates have rocketed to their loftiest levels since 2000," said Bankrate analyst Jeff Ostrowski. At its peak in 2006 before the crash, the payment-to-income ratio was 34%. In late 2023, the payment-to-income ratio is 40%.

Persons: Andrew Caballero, Reynolds, Jeff Ostrowski, Bankrate Organizations: AFP, Getty, ICE Mortgage Technology Locations: Arlington , Virginia

☆ 'The most important financial decision' of your life—what you need to know about mortgages
▼ + stars: | 2023-08-01 | by ( Ryan Ermey | ) www.cnbc.com time to read: +8 min

News about mortgage rates comes out daily. But for most would-be homebuyers, up-to-the-minute financial information might not feel as important as the bigger-picture questions: How do mortgages work? "Borrowing to purchase property is probably the most important financial decision that most people are ever going to make in their life," she says. The average 30-year mortgage rate was above 10% for most of the 80s, cresting in 1981 at 18.39%. "One can never truly predict the future, but I don't see mortgage rates returning back to the 3% range in the remainder of my lifetime," he says.

Persons: Will, Mary O'Sullivan, Read, Jeff Ostrowski, Z homebuyers, Lawrence Yun, that's, Freddie Mac, you've, O'Sullivan Organizations: Nationwide Mortgage Brokers, Federal Reserve, Fed, cresting, National Association of Realtors, CNBC, PMI, Federal Housing Administration, Financial, Urban Institute

☆ The housing market has frozen over. Here's why experts say home affordability isn't getting better any time soon.
▼ + stars: | 2023-05-13 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The housing market is frozen, and affordability is unlikely to get better soon, experts told Insider. Activity has slowed thanks to high mortgage rates, which have pushed both buyers and sellers out of the market. That's largely because the Federal Reserve is expected to keep interest rates high over the next year, which will influence mortgage rates to stay elevated. Housing in limboIt's a precarious time for the US housing market, with activity slowing significantly in recent months as the Fed aggressively hiked interest rates. Mortgage rates — and likewise, home affordability — will hinge on the Fed's future interest rate moves and any subsequent volatility in rate markets.

☆ High home prices, mortgage rates make it tough to be a first-time homebuyer now. Here's why location matters
▼ + stars: | 2023-02-28 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

A new Bankrate ranking found the Austin, Texas, metro area is the best for first-time home purchasers. Prospective buyers looking to secure the purchase of their first home this spring will still face a difficult market. A new Bankrate ranking found the Austin, Texas, metro area is the best for first-time purchasers, while the worst is Washington, D.C. Austin's high ranking was "surprising," given that affordability dragged down its score, noted Jeff Ostrowski, analyst at Bankrate. "Affordability is a challenge in Austin, but it's not as challenging as in a lot of the California markets or in places where wages just haven't kept up with home prices," Ostrowski said.

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