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Study: Owning a home costs over $21,000 a year in hidden expenses

A recent study by Real Estate Witch highlights the often overlooked expenses of homeownership, revealing that the average American homeowner faces about $15,000 in unexpected costs annually. These hidden costs include maintenance and repairs, which average around $6,500 per year, and home improvement projects, which can add another $4,000. Additionally, the study found that 45% of homeowners have encountered surprise expenses within the first year of owning their home, with common issues including plumbing, electrical, and HVAC repairs. The research also pointed out regional variations in these costs, with homeowners in the Northeast spending the most on maintenance and repairs, while those in the South face higher utility bills. This comprehensive analysis underscores the importance of budgeting for these unforeseen expenses to maintain financial stability as a homeowner.

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