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The Hidden Costs Of Homeownership
Posted
February 24, 2023
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February 24, 2023
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1:03Now PlayingBuying a house is more expensive than you think. Your own slice of suburbia is a lot more than just your mortgage payment. We often forget taxes, insurance, and maintenance are a big part of homeownership costs. The average homeowner spends about $500 a month on maintenance.
Next up, taxes. If you live in a high-tax state like New Jersey or Illinois, it's through the roof. But even in so-called low-tax states, property taxes are very high. That dream home in Texas may seem cheap, but a $350,000 house in Texas often comes with a $ 500-a-month tax bill, and insurance is around $350 a month extra in Texas.
And don't forget about electricity, water, cable, and internet. You can add another $350 in there. So, even before you pay your mortgage, you're probably looking at $1700 a month. Now you understand why so many people stick with apartment living; it's a whole lot cheaper if you don't need the room.
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