Homeownership’s true cost: Beyond mortgages, homeowners spend nearly $18k yearly on extra expenses.
These costs include property taxes, homeowners insurance, utilities, renovations, and maintenance. Let’s delve into the specifics: 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. Illinois, Connecticut, and New Hampshire also have …