There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize,
Real Estate News
"The True Cost of Homeownership in California: A 32% Increase Since 2020"
Since the onset of the pandemic, the annual cost of owning and maintaining a typical single-family home in California has surged by 32%, reaching $18,118, excluding mortgage payments. This increase mirrors a broader 26% rise in homeownership expenses across the US due to inflation affecting taxes, insurance, and utilities.
Bankrate’s analysis, based on a March median sales price of $436,291 from Redfin, reveals that the average monthly cost for homeowners now stands at $1,510, up by approximately $300 from four years ago. Jeff Ostrowski of Bankrate emphasized the often-underestimated expenses of homeownership, including property taxes, insurance, energy costs, internet, cable, and maintenance.
Home maintenance was identified as the largest cost component, with significant regional variations. States like Utah, Idaho, and Hawaii saw the highest cost increases, while Alaska and Texas experienced the smallest rises. California ranked eighth in cost increases, with an annual expense of $28,790, second only to Hawaii.
In California, specific costs include $16,966 for maintenance, $6,832 for property taxes, $1,572 for homeowners insurance, $1,434 for cable and internet, and $1,986 for energy bills. Ostrowski suggests that these figures, while possibly overstated for newer homes, serve as a crucial reminder for prospective buyers to prepare financially for homeownership.
Real Estate Blog
If you’re considering buying a home in a community governed by a Homeowners Association (HOA), you’re not alone. HOAs are common, offering a structured community environment with shared amenities and well-maintained surroundings. However, navigating life with an HOA can come with its own set of challenges and benefits. Here’s a handy guide to help you make the most of your HOA experience.
Navigating the world of home financing can be complex, especially when deciding between a mortgage broker and a mortgage banker. Understanding the distinctions between the two can help you make an informed choice that best suits your financial needs and goals.
As the effects of climate change continue to intensify, the repercussions are reverberating throughout various sectors, including the home insurance industry and the broader U.S. housing market. With each passing year, extreme weather events fueled by climate change are leaving an indelible mark on the affordability and availability of home and fire insurance across the nation.
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I met Mr Hyde in 2017 while searching for someone to help my sister in law who was in a financially challenging position
I was referred to Lamont Hyde from a neighbor of mine who had used him to purchase her home a few years back. My mother had past away a few months
My wife & I never thought we could afford to own our home. We were currently living with my mother since being married 8 years ago.
