Homeownership Costs Jump 26% Since Pandemic Began

The cost of owning a home in the United States has risen by 26% since 2020 due to increased expenses like taxes, insurance, and utilities during a period of high inflation.

According to Bankrate, the average annual cost for owning and maintaining a typical single-family home, excluding mortgage payments, reached $18,118 in March.

This represents an additional $1,510 per month compared to four years ago, coinciding with the onset of pandemic lockdowns.

This estimate is based on Redfin’s median sales price of $436,291 in March.

Jeff Ostrowski, a Bankrate analyst, highlighted the significant costs associated with homeownership that many buyers might underestimate.

Bankrate’s analysis included property taxes, home insurance, energy costs, internet and cable bills, and 2% of the sales price for maintenance, the Financial Post reported.

read more: https://financialpost.com/pmn/business-pmn/homeownership-costs-in-the-us-jumped-26-since-pandemic-began

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