Markets & Economy

Yearly home expenses can bite owners

Zillow and Thumbtack analysis reveals hidden costs to homeowners

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Homeowners on average pay more than $9,000 a year for hidden and home maintenance costs, with some markets saddling owners with $10,000 to more than $13,000 in expenses. According to an analysis from Zillow and Thumbtack, homeowners pay an average $6,042 per year in unavoidable hidden costs, which include insurance, property taxes and utility cost spikes. For optional home maintenance costs like housecleaning, yard care, gutter cleaning, carpet cleaning and pressure washing, owners pay on average $3,435 per year. “Homebuyers too often fixate on the sticker price or monthly mortgage payment on a house, and don't budget for the other expenses associated with ownership -- which can add up quickly," said Amy Bohutinsky, Zillow chief marketing officer, adding many first-time buyers are excited about having a backyard but don’t budget for how to maintain that space. The most expensive metros nationally for home maintenance costs -- hidden and optional expenses combined -- are...