This is the staggering amount homeowners spend on costs besides their mortgage

Homeowners spend nearly $18,000 a year on expenses aside from their mortgages each year, and nearly 67% of homeowners have regrets about their purchase. 

According to a report from Real Estate Witch, the average costs for homeownership outside of mortgage payments went up $500, or about 3% since last year. 

The report says nearly nine in 10 homeowners discovered the true cost of owning a home is more than they expected when they made the purchase. Some 28% of homeowners said they’ve considered going back to renting, and nearly half say they spend more owning a home than they did renting. 

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Nearly half of homeowners surveyed said they believe they overpaid for their houses. 

A survey of 1,000 homeowners found that nearly one in five struggle to afford maintenance, so much so that they’d have to go into credit card debt to fund a $500 emergency repair. 

What homeowners spend on costs besides their mortgages

The average homeowner spends the following on additional expenses, according to Real Estate Witch:

  • $5,362 on utilities 
  • $4,392 on maintenance
  • $3,784 on renovations
  • $2,904 on property taxes 
  • $1,516 on homeowners insurance

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Homeowners surveyed said they spend about 11 hours a week – or 24.5 days a year – working on home upkeep and maintenance. The report says the high cost of homeownership may explain why 29% of homeowners plan to sell their house in the next five years. About half of homeowners believe owning a home is not attainable for the average American.

Most common regrets for homeowners


A house for sale in the Naples Park neighborhood of Naples, Florida, US, on Tuesday, Feb. 13, 2024. Photographer: Lisette Morales McCabe/Bloomberg via Getty Images

Homeowners surveyed had the following regrets when it came to buying their homes: 

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  • Their home is too small or lacks features they need (19%)
  • Their home requires too much maintenance (18%)
  • The location is not ideal (15%)
  • Their monthly mortgage payments are too high (15%)
  • They didn’t ask enough questions/complete enough research before purchasing (14%)
  • They bought a fixer-upper or older home (14%)
  • They dislike their neighbors (14%)
  • They were unprepared for hidden costs (13%)
  • Their interest rate is too high (13%)
  • They dislike their homeowners association (HOA) (13%)

About a third of homeowners say they’d be less stressed if they didn’t own a home.