Homeownership is often seen as a way to control costs, but a study shows homeowners now spend $24-28K/yr beyond mortgage. Advisors must prepare clients for rising expenses.
For years, homeownership has been framed as a hedge against rising costs.
Lock in a fixed-rate mortgage, stabilize your monthly payment, and gain predictability over time.
But as many homeowners start to realize, costs tied to homeownership remain anything but fixed.
A recent report from Clever Real Estate found that the average homeowner now spends nearly $24,000 per year on housing expenses beyond their mortgage payment.
When HOA fees are included, those costs rise to $28,000 annually.
Yearly non-mortgage homeownership costs are nearly as high as the average annual mortgage payment.
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