Hidden’ homeownership expenses increased 32% in California, study says

It costs a lot to live in California.  The Democrats have made sure only the very rich, the very poor and illegal aliens can afford to live in this gold plated State.

“In the Golden State, the average homeowner pays about $28,790 per year in homeownership costs, which includes property taxes, homeowner insurance, cable and internet and annual energy bills, according to a study.

The $28,790 price tag is a 32% increase from 2020, mainly due to rising home prices, inflation and costly insurance premiums.”

Just in the last four years, under Newsom and Biden the cost of housing has gone up 32%.  Isn’t it time to thank them in November?  Vote for those that oppose this family and business killing cost of living in California.

‘Hidden’ homeownership expenses increased 32% in California, study says

by: Iman Palm, KTLA,  6/11/24  HARE

While purchasing a home in California is expensive, upkeep expenses can be just as costly.

A new study from Bankrate mapped out how much homeowners in all 50 states pay for annual home maintenance.

In the Golden State, the average homeowner pays about $28,790 per year in homeownership costs, which includes property taxes, homeowner insurance, cable and internet and annual energy bills, according to a study.

The $28,790 price tag is a 32% increase from 2020, mainly due to rising home prices, inflation and costly insurance premiums.

To estimate the average home maintenance price for each state, Bankrate calculated 2% of the home’s value. The upkeep costs were adjusted for inflation.

For a typical single-family home, the maintenance costs $18,118 on average annually, an increase from 2020 when those same expenses were $14,428 annually.

Homeownership is a cornerstone of the American Dream but not a reality for many Californians. Only 17% of households can afford a median-priced home in the first quarter of 2024, according to the most recent data from the California Association of Realtors.

Those looking to purchase a home in Los Angeles County would need to make at least $210,400 annually to afford a $822,950 home, the median price for homes in the county.

Only Hawaii beat out California in homeownership costs, with an average of $29,016 annually.

Kentucky, Arkansas, Mississippi, Alabama and Indiana had the least expensive homeownership costs, tallying between $10,455 and $12,259.

The complete study can be viewed here.