Laurie A. Wilson, CSP’s Post

The dramatic increase in both median home prices & mortgage payments over the last 3-4 years, and corresponding impact on affordability, have been well-documented.   Another less-covered factor has been a similar increase in the net cost of home ownership (i.e., the costs over and above monthly mortgage payments): property taxes, energy bills (gas / electricity), internet & cable bills, basic maintenance & upkeep, homeowner’s insurance, etc. These constitute the so-called ‘hidden’ costs of home ownership, often overlooked & not considered by prospective homebuyers in determining what kind of house they can (or can’t) afford.     Yesterday, Bankrate published a national survey of the increase in the ‘hidden’ costs of home ownership over the last four years—again, costs over and above a mortgage payment.  According to Bankrate’s report, the average annual cost of owning and maintaining a single-family home in the U.S. is 26% 📈 higher than four years ago.  For North Carolina over the same 4-year period, these ‘hidden’ costs of home ownership are 31% higher—outpacing the national average.  In March 2020, the average annual ‘hidden’ costs of home ownership in NC was $11,087 vs. $14,647 in March 2024, a 31% increase & an additional $3,447 annually, or $287.25 more each and every month.   “Homeownership is a cornerstone of the American Dream and an important way for many to build wealth, but the ongoing costs extend way beyond the table stakes of buying a home. In a market where median home prices have climbed above $400,000 nationally, the average annual cost of owning and maintaining a single-family home in the U.S. is 26 percent higher now compared to four years ago, according to Bankrate’s new Hidden Costs of Homeownership Study. Bankrate aggregated the average costs of property taxes, homeowners insurance and home maintenance costs, which we estimated at 2 percent a year of the value of a home. We also included energy, internet and cable bills and adjusted figures for property taxes, energy, internet and cable bills and homeowners insurance premiums for inflation.” #homeownershipjourney #TitleCompany #TitleInsurance #AffordableHousing

When working on a budget or spending plan, worth keeping in mind there are potential expenses related to housing beyond a monthly mortgage payment. This article from bankrate.com highlights the results of a study into "hidden expenses" related to home ownership.

If you’re thinking about buying a home, you might want to tack on an extra $1,510 as part of your estimated monthly expenses. That’s how much the average “hidden costs” of homeownership will set you back for a median-priced U.S. home worth $436,291, according to a new analysis by Bankrate. That works out to $18,118 annually, on top of what you’d already owe for mortgage payments. However, hidden home costs vary widely by state. Find out the average hidden cost of owning a home in your state. ⬇️

Sharing this article because many times this can be overlooked when mainly concentrating on the company with the lowest rate possible. An experienced Mortgage Loan Officer and/or Mortgage Broker has added value and will explain the needed reserve requirements in case of unforseen events. Especially inexperienced buyers, should always consider the experience of their loan officer who is providing their expertise and homeownership consulting. #FirstTimeBuyers #NonQM #MortgageLoanOriginators #MortgageBrokers

If you’re thinking about buying a home, you might want to tack on an extra $1,510 as part of your estimated monthly expenses. That’s how much the average “hidden costs” of homeownership will set you back for a median-priced U.S. home worth $436,291, according to a new analysis by Bankrate. That works out to $18,118 annually, on top of what you’d already owe for mortgage payments. However, hidden home costs vary widely by state. Find out the average hidden cost of owning a home in your state. ⬇️

Owning a home means more than paying the monthly mortgage. It also means fixing the leaking faucet in the kitchen, the monthly insurance and other costs needed for the upkeep of the house. These hidden costs of homeownership add up - and they've gotten more expensive, according to a new Bankrate report. The average annual cost of owning and maintaining a single-family home is $18,118 a year, up 26% since Bankrate studied the same subject in 2020. Read my USA TODAY story to see what states have the highest -- and lowest -- hidden costs . https://lnkd.in/gCxpzEwU

Navigating the world of home buying can be confusing, with myths often clouding the reality. From the misconception that buying is always cheaper than renting to the false belief that a 20% down payment is mandatory, it's crucial to understand the facts. Whether it’s about hidden costs, credit score requirements, or mortgage rates, knowing the truth can guide you to make informed decisions. Get clarity on common myths and make your home-buying journey smoother with accurate information. #HomeBuyingMyths #RealEstateFacts #Debunked #BuyOrRent #HomeOwnership #MortgageTips #FirstTimeHomeBuyer #KnowTheTruth #SmartHomeBuying

Study: Single-Family Home Maintenance Costs Soar Over $18,000 Annually Anyone familiar with the U.S. housing market knows the costs of homeownership have skyrocketed over the past few years. If you purchased a home in the last four years, you may be feeling caught off guard, or even regret the amount of money you’re spending to maintain your home. If so, you’re not alone. An often-overlooked factor driving up the costs of homeownership, especially in inflationary times, is maintenance. The average annual cost of owning and maintaining a single-family home in the U.S. is more than $18,000 a year — 26 percent higher now compared to four years ago, according to Bankrate’s new Hidden Costs of Homeownership Study. That means — excluding mortgage payments — property taxes, home insurance, utilities and maintenance add up to roughly $18,000 annually for a single-family home priced around the U.S. median sales price of $400,000, the study found. That’s a 26 percent jump from before the pandemic. https://lnkd.in/gZibdEmg

Did you know that rent payments don't necessarily contribute to your credit score? Not only does Bilt already enable you to report your rent payments to the three major credit bureaus—we've just launched an industry-first program that lets you earn points on the purchase of a home when you do so with an eXp Realty agent. This first-of-its-kind program awards one point for every $2 of a home's purchase price—meaning a $400,000 home purchase could earn up to 200,000 valuable Bilt Points—which are redeemable for travel, fitness classes, and more. Through Bilt’s app, renters can monitor their credit score and track their progress toward mortgage qualification, and view available homes based on best estimates of an all-in monthly payment—making it easier to compare the monthly cost of homeownership to their current rent. Read more about it on Fox Business: https://bit.ly/3CBwoVR

This one I am very excited for…. Buy a home. Get points. With this new feature, bilt members earn 1 point per $2 of purchase price. $500k home =250k points. $1mm = 500k points. No extra cost. Our new “buy a home” tool takes everything we know about you: your credit profile, income, location, rent amount and shows you homes you can afford for the same monthly payment as your rent. All in. No more calculations or estimates. It’s personal to you and to where you live down to your local tax rates and insurance rates. ++ earn the most valuable rewards points. So when you go from renting to buying a home with Bilt Rewards you can travel the world in style on more airlines and stay at more hotels than any other program. Or you can take fitness classes at any of a dozen leading studio chains. Shop on Amazon or at dozens of other merchants. And so much more. It’s free to join at bilt.com. And anyone, renter, homeowner or anything in between can earn points no matter where you live or what card you use.