The price tag for being a homeowner averages close to $10,000 annually, according to new analysis by Zillow and home service referral site Thumbtack.
In some markets, $10,000 accounts for less than half of the cost of homeownership. San Jose, Calif. homeowners pay the most, roughly $20,660 per year. This figure includes property taxes, utility and maintenance costs, and homeowner's insurance; the typical home is worth $1.3 million in this metro, Zillow reports. In nearby San Francisco, homeowners spend an average $17,760 annually on home-related expenditures. Of all metros, Chicagoans have the highest property tax rate, about $4,590 per year on a typical home worth $220,400, while Atlantans have the highest average utility expense at $4,612.
Three of the main costs are property taxes, homeowners insurance and utilities – the first two largely unavoidable and the latter a necessity, although homeowners’ water, waste and energy use can affect how much they pay. Together, those three total about $6,330 a year for the typical U.S home, according to Zillow and Thumbtack. Regular home maintenance tacks on another roughly $3,070 a year. The total effect is $780 per month above and beyond the monthly mortgage payment for the typical homeowner.
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