Buying a home? Expect to pay $18,000 a year in additional costs [CBS News]
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Source: CBS News
The increases come at a time of record-high real estate prices and elevated mortgages and closing fees The average annual cost of insurance, taxes and utilities for a single-family home in the U.S. is currently about $18,118, according to an analysis from Bankrate. That's up from $14,428 in 2020, the personal finance website said. Those costs are rising for several reasons, including rising home values , rising costs from construction companies hired to build properties, and rising homeowners insurance rates as a result of climate-related natural disasters , Bankrate said. "These numbers show that the costs of owning a home are at the same level as buying a used car every year," Bankrate analyst Jeff Ostrowski said in a statement Monday. "Homeownership is an important wealth-builder for many Americans, but it ain't cheap," he added. Homeownership is becoming such a financial burden that an April survey from Redfin found that some homeowners have had to skip meals, take a second
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