Buying a home remains a cornerstone of the American dream. But if you think homeownership is cheap, you are living in a fantasy.
Homeownership comes with many hidden costs that first-time buyers often overlook. And these costs are higher in some places than others.
Home inspection software company Spectora crunched the numbers from the U.S. Census Bureau’s latest American Housing Survey to reveal the hidden costs of ownership in the 15 most populous U.S. metropolitan areas.
These expenses, which Spectora dubs “the costs no one tells you about,” are:
- Property taxes
- Home insurance
- Homeowners association (HOA) fees
- Commuting costs
Following are those 15 cities that can deliver a financial sucker punch to homeowners unprepared to dig a little deeper into their wallets.
In 13 of these cities, the total median cost of hidden homeownership expenses exceeds the national median of $875 per month, and the other two cities aren’t far behind that.