Rising Home Ownership Costs in the United States
The cost of owning a home in the United States has increased by 26% since 2020, with expenses such as taxes, insurance, and utilities rising during a period of high inflation.
Key Points
- Home ownership costs have risen by 26% since 2020 in the United States.
- Expenses included in the analysis are property taxes, home insurance, energy costs, internet and cable bills, and maintenance.
- Owners of newly built homes may have lower expenses compared to older homes.
- Utah experienced the highest increase in home ownership costs at 44% over the past four years.
Pros
- Provides insight into the increasing expenses associated with owning a home in the United States.
- Raises awareness about the importance of budgeting for maintenance costs in addition to mortgage payments.
Cons
- Does not provide specific strategies or solutions for managing the increased home ownership costs.