Homeownership: More Than a Mortgage

Homeownership involves various hidden costs beyond the mortgage, significantly impacting affordability for first-time buyers. The average annual cost of owning a single-family home in the U.S. is $18,118, with homeowners spending about $14,000 on hidden expenses. Key costs include closing fees (2%-5% of the home's price), home inspections (around $342), moving costs (averaging $2,200 locally), homeowners insurance (approximately $2,230 annually), property taxes, and potential HOA fees. These expenses can add up, making it crucial for buyers to budget accordingly.