Study: Homeowners Spend Roughly $24,000 Per Year on Non-Mortgage Housing Expenses
WRE NEWS February 4, 2025
Seller
WRE NEWS February 4, 2025
Seller
There is more to homeownership than mortgage costs – indeed, a new data study published by Clever Real Estate determined the typical homeowner spends an average of $24,529 per year – or $2,044 per month – on housing expenses in addition to their mortgage. This is up from $17,958 spent in 2024.
The breakdown of these costs includes the following:
On top of these expenses, the data study found that more than half of homeowners (51%) are stressed by rising home insurance costs and 13% worry they could lose insurance on their property — while 46% don’t feel their property taxes accurately reflect their home’s value. Furthermore, four in five homeowners (81%) believed that expenses are higher than anticipated, and over two-thirds (69%) have regrets about their home and its associated costs.
Additionally, those in homeowners associations (HOAs) pay an extra $3,077 in annual HOA fees, bringing their total to $27,606 per year.
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