Hidden homeownership costs rise 32% over five years to $16,566 annually

The hidden costs of owning a home in the U.S. have increased by nearly one-third over the past five years, according to an analysis by Zillow and Thumbtack reported by fox6now.com and fox5dc.com. These costs now average about $16,566 annually, or roughly $1,380 per month, in addition to mortgage payments.

Within this total, typical homeowners pay approximately $11,171 for maintenance, $2,266 for homeowners insurance, and $3,129 in property taxes each year. Maintenance costs represent the largest portion of these hidden expenses.

The analysis highlighted that homeowners insurance premiums have seen the steepest increase, rising 54% over five years. Maintenance costs grew 32%, while property taxes increased by 19% during the same period.

Overall, homeownership costs rose 3% in the past year and 32% over five years. Zillow Senior Economist Kara Ng emphasized the importance of prospective buyers understanding these recurring expenses beyond the initial purchase price.

The Zillow and Thumbtack report also noted a recent slowdown in the rate of increase for maintenance costs, suggesting some easing in that category.

Homebuyers are advised to carefully calculate these ongoing expenses to ensure they can afford the true cost of homeownership before making an offer.