{"id":3051,"date":"2025-04-02T18:15:50","date_gmt":"2025-04-02T18:15:50","guid":{"rendered":"https:\/\/selfstorage.com\/blog\/?p=3051"},"modified":"2025-06-30T19:54:47","modified_gmt":"2025-06-30T19:54:47","slug":"cost-of-owning-a-home","status":"publish","type":"post","link":"https:\/\/www.selfstorage.com\/blog\/cost-of-owning-a-home\/","title":{"rendered":"SURVEY: Nearly Half of Homebuyers Lack Emergency Savings for Home Costs"},"content":{"rendered":"\n

Without proper planning, the dream of homeownership can quickly turn into a nightmare, leaving homebuyers financially unprepared for the true cost of owning a home<\/a>.

While many focus on obvious expenses like the mortgage and down payment, hidden costs \u2014 such as maintenance, repairs, and utilities \u2014 can quickly add up, straining homeowners’ finances. With nearly half of potential homeowners lacking emergency funds for these unexpected expenses, the financial pressure can become overwhelming.

Understanding both the initial costs and ongoing hidden expenses that impact buyers long after the purchase is crucial for avoiding financial mistakes and ensuring a smooth move<\/a>.<\/p>\n\n\n\n

Key Findings<\/h2>\n\n\n
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Article takeaways<\/h5>\n
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The average annual cost of owning and maintaining a home in the U.S. is $18,000.\r\n47% of American homebuyers lack an emergency fund to cover unexpected homeownership costs.<\/li>
Only 21% of Americans feel very prepared for unexpected home ownership costs.\r\n<\/li>
34% cite not budgeting enough for maintenance and repair costs as the most concerning homebuyer financial mistake.<\/li>\n <\/ul>\n<\/div>\n\n\n
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Average Cost of Owning a Home<\/h2>\n\n\n\n
Homeownership costs add up quickly, encompassing both one-time initial costs to buy your home and ongoing expenses like mortgages, home insurance, and utilities. The average cost of owning a home per month depends on your individual financial situation, but annual costs for
owning and maintaining your home average around $18,000. <\/p>\n\n\n\n
$\"Data-driven$ <\/figure>\n\n\n\n

In addition to expected expenses, there are also hidden costs of owning a home or costs of moving<\/a> that can catch homeowners off guard. These hidden costs often include:<\/p>\n\n\n\n\n\n\n