Hidden costs of homeownership are on the rise, totaling nearly $16,000 a year nationwide. This includes $10,946 in maintenance, $3,030 in property taxes, and $2,003 in insurance. Large coastal cities like NYC, San Francisco, and Boston face even higher bills. These costs are outpacing wage growth, increasing 4.7% in the past year.

Insurance premiums have surged, with a 48% national increase since early 2020. Miami homeowners now pay $4,607 annually, a 72% jump over five years. Other Florida cities like Jacksonville, Tampa, and Orlando have seen similar spikes. New Orleans, Atlanta, and Sacramento have also experienced over 50% premium increases since 2020.

Homeowners spend an average of $11,000 annually on maintenance, including HVAC servicing, roof repairs, lawn care, and cleaning. This upkeep expense is a significant financial burden for many. As hidden costs continue to rise, it is becoming more challenging for aspiring first-time buyers and financially strained families to afford homeownership.

Read more at Yahoo Finance: Homeowners Are Facing $16,000 In Hidden Annual Costs, With Expenses Rising Faster Than Incomes Across The Nation