Reported 11 months ago
The average annual cost of homeownership has increased by 26%, surpassing $18,000, mainly due to a 40% rise in home prices since the start of the COVID-19 pandemic. The surge is linked to factors like limited inventory affecting home prices, rising property taxes, and soaring homeowners insurance premiums. Bankrate emphasizes the importance of budgeting for ongoing homeownership expenses and building emergency savings for unexpected repairs, while highlighting the varying costs across different states with Hawaii being the most expensive and Kentucky being the least expensive.
Source: YAHOO