SEATTLE — Hidden costs for Atlanta homeowners have reached $17,549 each year, including $11,878 for maintenance, $3,504 for property taxes and $2,167 for insurance. That’s according to a new analysis by Zillow and Thumbtack.
For Atlanta homeowners specifically, a report finds home insurance premiums are up by 58% since February 2020.
These costs, which include maintenance, insurance, and property taxes, are rising faster than household incomes, creating affordability challenges for many homeowners.
The hidden costs of homeownership in the United States have reached an average of $15,979 per year.
“Insurance premiums have surged 48% in the past five years, exceeding household income growth,” said Kara Ng, Zillow senior economist.
“Home maintenance is often one of the most overlooked parts of owning a home when it comes to budgeting for the year,” said Morgan Olsen, Thumbtack home expert.
The analysis highlights that insurance premiums have surged by 48% nationwide since February 2020, with the average homeowner now paying over $2,000 annually.
In coastal metro areas, the hidden costs are even higher, reaching $24,381 in New York City and $22,781 in San Francisco.
In Florida, cities like Miami have seen insurance premiums rise by 72% over the past five years, with similar increases in Jacksonville, Tampa, and Orlando.
Thumbtack’s data includes essential annual maintenance costs such as appliance maintenance, gutter cleaning, and lawn care, which contribute significantly to the overall expenses.
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