#homeownership-costs

#homeownership-costs

Here is yet another way to look at the financial challenges of California homeownership: Recurring costs eat up more than half of household income for roughly 1 in 6 owners statewide. My trusty spreadsheet identified this affordability challenge by analyzing 2024 Census Bureau housing data for the 50 states and the District of Columbia. These latest figures detail swings in who owns their residence, how much they pay a month, and how many owner households are financially swamped by expenses. That's when mortgage payments - one-third of Californians don't have a home loan - plus items such as insurance, utilities and association dues top 50% of an owner's income.

Rising property taxes, insurance, and maintenance costs are outpacing income growth for most Americans, leading to an increase in serious delinquencies in mortgage payments.

Realtor.com offers property tax monitoring and appeals through a partnership with Ownwell, aiming to help users lower their annual homeownership expenses.