Homeownership is still a benchmark of success in America, though it’s increasingly out of reach. For those who do manage to secure a home, the financial difficulties don’t subside.
A new nationwide homeowner survey by Credible found that 64% of homeowners, and 70% of first-time homeowners, say home ownership is a source of financial stress.
- 63% underestimated the true cost of homeownership (73% for first timers)
- Homeowners pay a median of $400 monthly more than expected
- Top unexpected expenses: repairs, renovations, and property taxes
- 38% consider themselves “house poor”
Property taxes are a particular pain point; over half said they wished they understood just how much those can increase.
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