Homeownership’s true cost: Beyond mortgages, homeowners spend nearly $18k yearly on extra expenses.

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These costs include property taxes, homeowners insurance, utilities, renovations, and maintenance. Let’s delve into the specifics:

  1. Property Taxes: The average homeowner pays $6,251 in property taxes annually. However, this amount varies significantly by state. For instance:
    • New Jersey has the highest effective property tax rate at 2.46%, with an average tax bill of $8,928.
    • IllinoisConnecticut, and New Hampshire also have high tax rates.
    • In contrast, states like LouisianaDelaware, and Wyoming have lower rates.
  2. Other Costs: Beyond property taxes, homeowners face additional financial burdens:
  3. Impact on Finances and Mental Health:
    • 36% of homeowners consider their home a financial burden, and 23% report negative effects on their mental health.
    • Some homeowners accumulate debt to cover these expenses, using credit cards, loans, or even selling valuable possessions.
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In summary, homeownership entails significant costs, and it’s essential to budget wisely. If you’re considering buying a home, be prepared for more than just the mortgage payment! 

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