Home improvement tips without hammers and nails
No need to 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.
Paying your mortgage is just the beginning. There are various other costs involved.
A new analysis by Zillow and Thumbtack, online marketplaces for housing services, finds that “hidden costs” such as maintenance and taxes cost U.S. homeowners nearly $16,000 a year.
That’s more than $1,300 a month on top of your mortgage payment, and your average mortgage payment this year is $2,329 a month, according to Rocket Mortgage.
Here is a breakdown of the associated costs based on national averages:
- Property tax: $3,030
- Homeowners insurance: $2,003
- Maintenance such as lawn care and roof repairs: $10,946
In coastal cities like Miami, New York, and San Francisco, these costs are even higher.
Zillow said miscellaneous spending slightly outpaced household income growth.
The report said that since 2020, insurance premiums have increased by nearly 50% on average.
