Hidden household costs hit nearly $16,000 a year nationwide

The hidden costs of Home Choonership reach about $16,000 a year nationwide, emphasizing the practical problems that handicap potential buyers.

A new analysis from Real Estate MarketPlerface Zillow and Thumbtack, an online marketplace for local services, found that insurance, maintenance and property taxes can cost the average homeowner $15,979 a year. Maintenance costs account for $10,946 of that, while about $2,003 goes toward homeowners insurance and $3,030 toward property taxes, according to November.

Combined, those housing costs jumped 4.7% last year, excluding household income, which rose just 3.8%, according to the report. However, coastal metros are more expensive, with costs in New York City reaching $24,381. In San Francisco, the cost reached $22,781, slightly higher than the $21,320 reported in Boston.

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Part of the issue, according to the analysis, is that insurance premiums have risen 48% across the country since February 2020, including $2,000 per year. However, Florida, in particular, is organized with a parmium of insurance due to the state’s high storm and flood risks, increasing the cost of rebuilding and the expensive rehabilitation of those who were moved. In addition, fraud and lawsuits have driven up legal costs and many acquirers have left the State, reducing competition and driving up prices.

In Miami, premiums average $4,607 per year, up 72% over the past five years, according to the analysis. Jacksonville also saw a similar spike with premiums rising 72%, followed by Tampa at 69% and Orlando at 68%.

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Insurance costs also jumped significantly in spite of the solar situation. The analysis showed the cost was 79% in New Orleans, 59% in Sacramento, 58% in Atlanta and 56% in Riverside, California.

Zillow Senior Economist Kara Ng “said insurance costs are rising almost twice as fast as the Home Downer.

“Consumers facing the challenges of today’s market need to understand and budget for these obvious costs when calculating how much they can afford at home,” said Ng.

An “open” sign in front of a home for sale in the foothills of Los Angeles, California on July 13, 2025. (Eric Thayer/Bloomberg/Getty Images)

Financial Secretary Scott Besslent He said in August that one of the most important things going forward is dealing with the US debt crisis.

“We’re going to really work on this affordable housing crisis. That’s one of my big projects for the fall,” Bessyent said during the interview. “Morning with Maria.”

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Bessent said the White House is exploring how to use the money from Fannie Mae and Freddie Mac, which could include selling all or part of the government’s stake in businesses. Fannie Mae and Freddie Mac play an important role in the domestic financial industry and have been under Federal Conservatorship since the 2008 financial crisis. Bessent said the administration is looking at how to get the best rate for taxpayers when it comes to Freddie Mae and Freddie Mac, and how to keep it — to fix the persistence problem.

A worker on the roof of a new home being built in the Liliac Ridge community by Lennar Homes in Valaville, California, Wednesday, 2025. (David Paul Morris/Bloomberg/Getty Images)

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This report suggests that buyers plan for maintenance costs early and rethink the type of home they want to buy. For example, instead of a large single-family home, budget-conscious buyers can explore more affordable options, such as townhomes or condos, which may offer less.

Buyers can also look into new construction. While it may cost more up front, a newly built home requires less maintenance in the near term.