$12,000 a Year: The Hidden Costs of Owning a Home in the DC Area
While buying a home may be cheaper than renting for those staying put for at least seven years, homeownership costs extend beyond mortgage payments. The most recent Zillow and Thumbtack analysis breaks down the hidden costs associated with homeownership.
The report finds homeowners nationwide can expect to pay nearly $9,400 annually in hidden costs associated with owning and maintaining their home — an increase of $320 from last year. Mandatory costs such as property taxes ($2,239), utilities ($3,001) and homeowner’s insurance ($1,087) make up $6,327 of that total. The remaining costs are for “optional” maintenance, rangin from gutter cleaning to HVAC repair and lawn care.
Given that home prices are high in the DC area compared to the rest of the country, homeownership's unavoidable annual costs are similarly higher, totaling $9,234 ($4,056 for property taxes, $3,181 for utilities and $1,998 for homeowner’s insurance). Optional maintenance in the DC area is less costly, however, coming in at $2,790 annually. Below is a table showing how those costs break down in the DC area.
story continues below
loading...story continues above
Utility costs are from UtilityScore’s zip code-level data; maintenance costs are metro-wide averages of thousands of quotes from service providers on the six most popular services in each area. Homeowner's insurance figures are based on 0.5 percent of the median home value for the metro area.
This article originally published at https://dc.urbanturf.com/articles/blog/12024-a-year-the-hidden-costs-of-owning-a-home-in-the-dc-area/14343.
Most Popular... This Week • Last 30 Days • Ever
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
Pocket listings are growing in popularity in the low-inventory market in the DC regio... read »
In this article, UrbanTurf looks at the estimated annual maintenance costs associated... read »
Plans for the development at a prominent DC intersection began nearly eight years ago... read »
Today, UrbanTurf is examining one of our favorite metrics regarding competition in th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro