Mortgage Payments Are Just the Start. Here's What Homeownership Really Costs

The cost of owning a home is surging, and it's not just because of high mortgage rates and increased home prices. Other housing fees and expenses are catching homeowners off guard. Many households budget for gradually paying off the amount they borrowed on a home loan (the principal) and monthly interest. Yet they don't always factor in things like property taxes and insurance until late in the process. "This can derail financial plans, forcing tough decisions like stretching budgets too thin or walking away from a dream home altogether," said Travis Hodges, managing director at VIU by HUB, a digital insurance platform. In recent years, skyrocketing home insurance premiums and rising property taxes have added thousands of dollars to mortgage payments, pushing them beyond affordability. Meanwhile, homeowners also have to budget for home repairs, maintenance and utilities on top of the increased everyday costs of health care, childcare, education and entertainment. Even if you can aff ... Read full article.