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Yahoo
3 days ago
- Business
- Yahoo
What does it cost to own a home in 2025?
Your house isn't just one of the biggest purchases you'll likely make. It's an ongoing expense — or source of expenses — as well. You know about your mortgage payments, of course. But in addition to those, there are regular costs of maintenance and upkeep. Some of these are obvious, encountered in everyday life – housekeeping, lawn mowing, window washing. Others are financial, like property taxes, utilities bills and homeowners insurance. And then there are the wear-and-tear repairs and unexpected fixes, less obvious to the naked eye until there's an inspection or break. The point is, all of them drive up the tab associated with homeownership. Of homeowners who regret their residential purchase, the top reason — expressed by 42 percent — is that maintenance and other unexpected home-related costs were higher than expected, according to Bankrate's Homeowner Regrets Survey. One of the biggest costs of owning a home is maintenance and routine upkeep. Maintenance includes some obvious and not so obvious things. Obvious home maintenance costs are items in plain sight, which often impact the curb appeal of a home, such as: Lawn care, including mowing, weeding and watering Exterior care: keeping paint fresh, siding in good condition Interior care: Keeping the home clean, windows washed Landscaping, both 'hard' (structural items like a patio or deck) and 'soft,' such as vegetation and gardens Hidden costs are projects that you may not see or spend much time thinking about until you have to – because something malfunctions or a problem develops. Pest prevention Clearing rain gutters Replacing HVAC, wiring or plumbing systems Roof repair If you live in a neighborhood with a homeowners association (HOA), you'll likely need to pay HOA fees, which could be charged monthly, quarterly or annually. Covering upkeep for common areas, roads and facilities/services, the average national HOA fee is $243 a month, or $2,916 a year, according to the Census Bureau's latest American Housing Survey data. But depending on where you live and the association, HOA fees can amount to thousands of dollars more per year, especially when they include a large, one-time special assessment. HOA expenses have been steadily increasing for homeowners of late. As you add up the cost of owning a home, don't forget to include homeowners insurance. Most mortgage lenders require that you carry a certain amount of homeowners insurance to protect the value of the home, but the policy also protects you. When a covered event happens, you can rely on the insurance payout to help you make repairs rather than paying the whole cost out of pocket. The national average cost is just over $2,300 per year for a $300,000 policy, but of course coverage and premiums vary widely, depending on your home's value and your location. Certainly, the growing frequency of extreme weather and natural disasters has caused the cost of coverage to skyrocket across the country, as the need for rebuilding and repairing increases. Generally speaking, if you want to save money on premiums, you can increase your deductible. More than 1 in 4 (26%) of U.S. homeowners say they are unprepared for the potential costs associated with extreme weather events in their area. And more than 2 out of 5 homeowners (43%) have not done anything within the last five years to protect their property against extreme weather damage. Source: Bankrate Extreme Weather Survey Property taxes are determined by your city or county's effective tax rate and your home's value, which may be evaluated based on fair market value in the area or by the home's individually assessed worth. The current median property tax bill across the United States is $3,057 annually, according to the American Community Survey. But as home prices have been soaring in recent years in many markets across the nation, so too have property tax bills. Depending on your city or county, these bills might be paid each month, or you might end up with a bill every year or twice a year. If you have a mortgage, they are often collected as part of your monthly payment. Utility bills are an increasingly costly expense associated with homeownership: In fact, they're often the biggest single cost. The average American household's utility bills include cell phone and internet costs, along with electricity, gas and water. Of those expenses, cell phone bills are the most costly, averaging about $1,884 annually. Energy prices in particular have been rising for about a decade amid a variety of pressures including general inflation, increased energy demands and the costs associated with extreme weather. They're consistently one of the biggest gainers in the Consumer Price Index; the CPI shows that energy services were up 4.2 percent year-over-year as of March 2025, for example. Overall, the various costs of homeownership add up to approximately $24,529 per year or $2,044 per month, in addition to their mortgage payment, according to recent study by Clever Real Estate, a homeseller/agent match site. But that's a national average. The sum can vary by thousands of dollars depending on where you live, from over $30,000 for Hawaii and California to around $15,000 in several southern and midwestern states. Since 2020, the average annual cost of owning a home in the U.S. has risen steadily. And maintenance costs are the single biggest expense, according to Bankrate's Hidden Costs of Homeownership Study. Not surprisingly, the more affordable a city's residential real estate is, the more affordable the maintenance costs tend to be. Once you have a handle on the full costs of owning a home, creating a budget is key. Some costs, like homeowners insurance, HOA fees and property taxes, occur like clockwork, so you might be able to include a regular line item in your budget for them. If you have a mortgage, you'll likely be able to include them in your monthly payment. Calculating the cost of less regular upkeep expenses and future repairs can be a little trickier. One suggestion, provided by American Family Insurance, is to set aside about 1 percent of your home's value each year for maintenance and repairs; other insurers, such as State Farm, recommend up to 4 percent. For example, if your home's value is $375,000, the current average home value in America, you'd want to budget about $3,750 per year. You could break that down into a monthly budget item of $312.50, and keep the money in a high-yield savings account until it's needed. Gauging your budget for repairs may be more challenging. If you're buying a fixer-upper, a home inspection report can provide you with an idea of how much to budget for repairs and upgrades. You can also build an emergency fund to help you pay for home repairs and maintenance — many people find that having a separate savings account for the unexpected costs of owning a home can be helpful. Given the increasing frequency of natural disasters and extreme weather events, it is important to be prepared for emergencies and unforeseen events. About 83 percent of homeowners had to deal with unexpected repairs/maintenance issues in 2024, up from 46 percent in 2023, according to insurer Hippo's annual Housepower Report. They were dealing primarily with problems related to water damage, roof damage, and window or doors. Although some of these things can be covered by your homeowners insurance policy, there may be shortfalls or delays in reimubursement. To help address some of the uncertainty surrounding sudden home expenses, nearly half of the Hippo survey homeowners say they planned to create an emergency plan for 2025, while 42 percent were reassessing their home insurance policies. About 30 percent were also considering adding more coverage to ensure they are adequately protected. If you don't have savings to cover the cost of emergency expenses or don't want to drain all of your cash on hand, another option is tapping into your home equity. Ways to do so include: A home equity loan A home equity line of credit (HELOC) A cash-out refinance A reverse mortgage (for homeowners 55 years old and up) Using the ownership you've amassed in your home can help cover the costs of emergency expenses, and going this route often allows you to avoid the steep interest rates that come with personal loans or credit cards. After embarking on an emergency repair, homeowners often opt for a full-blown replacement or renovation: It can make more economic sense long-term to upgrade than to keep on patching. Even in cases when a repair doesn't precipitate the project, judicious improvements are an investment that can help ensure your home not only maintains its value, but also appreciates over the course of time. In the last few years in particular, renovations have become especially popular among American homeowners who would rather avoid the steep home purchase prices and mortgage interest rates involved in moving to a new home . But as with any significant expense, it's best to know which renovations offer the most return on investment (ROI). Some of the most popular home improvements, for instance, such as updating a kitchen or remodeling a bathroom, can be quite costly. But they can also enhance your home's worth and offer a good ROI, provided you don't go overboard on luxe features and fixtures. There are many ways to pay for home renovation projects. While most homeowners opt for using their savings, others prefer to finance — in fact, over half of homeowners (55 percent) cite home repairs or improvements as a good reason to tap their built-up home equity, according to Bankrate's Home Equity Insight Survey. Remodeling is the most popular use of home equity financing, in fact. More than half (54 percent) of consumers used a home equity loan/line of credit to pay for projects, according to the National Association of Realtors' '2025 Remodeling Impact Report.' Here too, it's important to investigate the options in advance and understand the pros and cons of each option. Using savings can help you avoid interest charges but also depletes your cash on hand. Financing, on the other hand, allows for starting the project immediately and allows you to maintain savings for other needs.
Yahoo
07-05-2025
- Health
- Yahoo
Will Texas Legislature finally mandate landlords to provide AC for renters?
At the height of Texas summers, residents whose homes lack air conditioners have no escape from the extreme heat. And it's only getting hotter. Air conditioning has long been considered an amenity for renters in the state, but as temperatures continue to rise, experts and some lawmakers are beginning to see cooling as a fundamental right. State Rep. Sheryl Cole, D-Austin, is trying again this year to pass a bill that guarantees tenants' right to air conditioning. The bill would require landlords to provide cooling systems and offer accommodations when repairs take more than five days. The proposal, which is the same as one Cole filed two years ago, faces a tough road because of hesitancy in the GOP-led House and Senate to put more onus on landlords and more regulations on the books. Nevertheless, proponents believe the issue is becoming more pressing, including in cities like Austin, Houston and San Antonio. 'No one should suffer or die in their own home just because they can't afford air conditioning,' said Rep. Christina Morales, D-Houston, one of the bill's co-authors. 'In Texas, this isn't just about comfort. This is about survival.' In Harris County, 80 deaths were linked to heat-related complications from 2019 to 2023, according to a Harris County Public Health report. Exposure to extreme heat can strain a person's heart and kidneys as well as worsen chronic conditions and cause acute kidney injuries, according to the World Health Organization. When people pick up fans from Austin-based Family Eldercare's annual summer fan drive, they're often getting relief from intense conditions, said Meghan Jones, the organization's interim chief development and communication officer. Of the more than 10,000 recipients the group served last year, 48% reported feeling sick from the summer heat, according to Jones. 'I think that just shows that more and more people really need heat relief,' she said. In Texas, about 54,200 occupied rental units had no form of air conditioning in 2021, according to the American Housing Survey, and many more tenants suffer through extreme heat when their systems break for extended periods, said Ben Martin, research director Texas Housers, which advocates for low-income residents. While Martin said he knows thousands of units don't have air conditioning, the statistics don't show a much bigger issue: faulty units. 'The broader problem that we see is broken air conditioning that is not fixed in a timely manner, which has the same effect as no air conditioning at all,' he said. There are no statewide protections for tenants for cooling or a guaranteed time frame for repairs. But several cities have some in place, even if they're limited. Houston's mandate only applies if the rental units lack screens on doors and windows, meaning cross ventilation cancels the right to an air conditioning unit. The Texas Apartment Association did not respond to requests for comment on the proposed legislation. During a hearing on a recent Austin ordinance mandating air conditioning, Emily Blair, a representative for the Austin Apartment Association, said it's difficult to install cooling equipment in apartments built before the 1970s. She said such costs could be 'financially devastating' for property owners and mean higher rents for tenants. 'We understand the intent behind the proposed requirement,' Blair said. 'Although we want renters to be as comfortable as possible in their home, the realities of older construction limit what can realistically be provided.' Larissa Larsen, a University of Michigan professor of urban and regional planning, said policies are increasingly reflecting a change in the need for air conditioning. 'We used to think air conditioning was a luxury,' Larsen said. 'Now we're realizing it's not – it's a necessity.' While air conditioning mandates are only beginning to pop up, heating requirements have existed across the nation for years, mostly because people in northern states pushed through such protections decades ago. California, New York and Oregon have all adopted at least some tenant protections for air conditioning. Arizona state law requires landlords to repair AC units within 10 days. But Elizabeth Mueller, a University of Texas associate professor of community and regional planning, said a statewide mandate is unlikely to pass in Texas any time soon. 'There's just a reflexive reaction against any efforts to regulate rental property conditions,' she said. Martin, of Texas Housers, said he worries for Texans as summer fast approaches. The future of the federally funded Low Income Home Energy Assistance Program, which helps low-income households cover weather-related utility costs, is uncertain after staff layoffs. To Martin, cost burdens aren't a good enough reason for landlords to oppose new cooling guidelines. 'If we want to make housing really cost effective, it's very cost effective to not put a roof on the house,' he said. 'These landlords are housing human beings, and we must establish a baseline of dignity for the humans, for the families, for the individuals that are living in these homes.' This article originally appeared on Austin American-Statesman: Texas bill mandating AC for renters faces tough road in legislature
Yahoo
04-05-2025
- General
- Yahoo
Carpet cleaning company says Portland is America's cleanest metro area
PORTLAND, Ore. (KOIN) — A new study claims Portland is far cleaner than other major metro areas in the nation. Carpet cleaning company has ranked 35 of the biggest cities in the U.S. based on cleanliness, by weighing seven factors: population density, rodents, cockroaches, vandalism, litter, air quality and tap water quality. 'Blind, energetic and sassy': Oregon Coast Aquarium welcomes new seal Based on these metrics, the Portland-Vancouver-Hillsboro region was the only area to earn an 'A+' grade for cleanliness — making it the No. 1 city overall. Researchers praised the metro area for its waste management services. 'The area has a decades-long history of investing in robust recycling and composting programs, which reduce landfill waste and keep streets free of excess trash,' Oxi Fresh said. 'By contrast, cities that lack effective waste management programs often see garbage accumulate in public spaces, leading to pollution and attracting rodents.' The carpet cleaning company used data from sources like the Environmental Protection Agency and the U.S. Census Bureau's American Housing Survey to compile the report. Here is how the Rose City fared in each category, according to Oxi Fresh. Mountain snowfall to return to Oregon Cascades this weekend: What to know Population density: 375 residents per square mile Rodents: About 9.1% of housing units reported signs of rodents in the past year. Cockroaches: About 0.9% of housing units reported signs of cockroaches in the past year. Vandalism: About 90.3% of homeowners reported there were no damaged or abandoned buildings within a half-block radius. Litter: About 86.2% of homeowners reported there was no litter or trash found outside within a half-block radius. Air quality: There were 280 days in 2024 where the Air Quality Index qualified as 'good' for all pollutants. Tap water quality: About 6.8 contaminants detected in drinking water exceeded the Environmental Working Group's health guidelines. Fellow Pacific Northwest city Seattle trailed behind Portland, as the second-cleanest metro area. Rochester, N.Y., the Detroit area and Minnesota's twin cities rounded out the top five, while Washington, D.C., Houston, Philadelphia, Los Angeles and New York landed in the bottom five. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
01-05-2025
- Yahoo
Denver a top 10 cleanest metro area despite dirty scores in 2 categories: Study
DENVER (KDVR) — The Denver metro area ranked among the cleanest U.S. cities in a recent study, but the Mile High City was one of the dirtiest in some categories. Carpet cleaning company Oxi Fresh conducted the study on the 35 largest U.S. metro areas and used the most recent data available from the Census Bureau's American Housing Survey and the Environmental Protection Agency, which was collected from 2019 to 2023 Morrison restaurant named best under-the-radar steakhouse in Colorado: Cheapism The study analyzed each metro area's cleanliness across seven main factors: population density, rodents, cockroaches, vandalism, litter, air quality and tap water quality. The Denver-Aurora-Centennial metro area ranked at No. 8 overall and earned a 'B' grade. The Denver metro area's population is not as dense as some cities, and the city had a relatively low rate of things like cockroaches, rodents and vandalism, according to the report. In the Denver metro, 91.9% of homes are free from vandalism or abandoned buildings within half a block. More than half of the cities included in the study had fewer than 90%. Only six cities had fewer signs of cockroaches than Denver, where 2.5% of housing units showed signs of cockroaches being inside over the past 12 months. However, Denver scored among the worst when it comes to air and tap water quality. According to the report, the Denver metro area only had 78 days when air quality was classified as 'Good' for all pollutants in 2024, including CO, NO₂, Ozone, PM10, and PM2.5. Over numerous checks from 2021 to 2023, Denver's tap water had an average of 12.5 contaminants at levels higher than what is considered healthy to drink by the Environmental Working Group. Meanwhile, Detroit recorded an average of 5 contaminants and Baltimore recorded an average of 7. The report shows that 12 cities had more water contaminants than Denver. Airbus A380, the world's largest passenger aircraft, lands at DIA Here are Denver's data points for the key factors in the study: Population density: 360 people per square mile Rodents: 9% of housing units show signs of mice, rats or other rodents inside in the past year Cockroaches: 2.5% of housing units show signs of cockroaches inside in the past year Vandalism: 91.9% of homes do not have vandalism or abandoned buildings within a half-block radius Litter: 88.1% of homes do not have litter, trash or junk on the streets or properties within a half-block radius Air quality: 78 days in 2024 when the Air Quality Index values were classified as 'Good' for all pollutants Tap water quality: 12.5 different types of contaminants exceeding the Environmental Working Group health guidelines were detected in drinking water The cleanest cities were found to be Portland, Seattle and Rochester. At the bottom of the list was New York City, Los Angeles, Philadelphia, Houston and Washington, D.C. More information can be found in the full Oxi Fresh report online. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
24-04-2025
- General
- Yahoo
An Arizona city was named among 10 cleanest US cities. Do you agree?
When visitors travel to a new city, how clean a place is or isn't can affect their overall opinion of the area. A new study from Oxi Fresh Carpet Cleaning ranked the 35 largest metropolitan areas in the United States based on their cleanliness. The results were based on factors such as tap water quality, percentage of pests in the area and the number of days in a year that the air quality was considered good. One of Arizona's largest cities made the list of top 10 cleanest areas, and it might surprise you. Here's which city in the Grand Canyon State ranked ninth overall for cleanliness, and where other U.S. cities placed. Oxi Fresh used seven cleanliness factors to rank each metro area on a scale of most to least clean, represented by a letter grade between A+ and D. The results came from an analysis of the largest U.S. metro areas using the most recent data from the Census Bureau's American Housing Survey. Each metro area could earn up to 100 points for each of the seven factors, which were then totaled to find the cleanliness score and converted to a letter grade. Population density: The number of people per square mile. According to Oxi Fresh, a higher concentration of people can lead to increased pollution, poorer air quality, greater strain on infrastructure and more complicated waste management. Rodents: The percentage of housing units with signs of mice, rats or other rodents inside the home between April 2024 - 2025. Cockroaches: The percentage of housing units with signs of cockroaches inside the home in the past year. Vandalism: The percentage of homes without vandalized or abandoned buildings within a half-block radius. Litter: The percentage of homes without litter, trash or "junk" on the streets or properties within a half-block radius. Air Quality: The number of days in 2024 that the daily Air Quality Index values were classified as "good" (values of 50 AQI or less) for all AQI pollutants: CO, NO2, Ozone, PM10 and PM2.5. Tap Water Quality: The average number of different types of contaminants detected in the metro area's drinking water that exceeded the Environmental Working Group's health guidelines. Another view: Phoenix ranked 6th dirtiest city in US by new study. Here's why Metro Phoenix made Oxi Fresh's list of top 10 cleanest cities in the United States and received a good grade. Here's how Oxi Fresh ranked the Valley: Population density: 348 people per square mile Rodents: 2.1% Cockroaches: 15.5% Vandalism: 93.9% Litter: 89.8% Air quality: 24 days of good AQI index scores in 2024 Tap water quality: 8.5 contaminants Cleanliness grade: B These are the cleanest cities and metropolitan areas in the United States and their cleanliness grades, according to Oxi Fresh. Portland and the surrounding areas of Vancouver and Hillsboro, Oregon: A+ Seattle metropolitan area: A Rochester, New York: A- Detroit, Warren and Dearborn, Michigan: B+ Minneapolis metropolitan area: B+ Pittsburgh: B Richmond, Virginia: B Denver and surrounding area: B Phoenix metropolitan area, including Mesa and Chandler: B Kansas City, Missouri and Kansas: B- Out of the largest metro areas in the U.S., these are the cities that Oxi Fresh determined were the least clean and their cleanliness grades. New York, Newark and Jersey City metro areas, New York/New Jersey, D Los Angeles, Long Beach and Anaheim metro areas, California, D+ Philadelphia, Camden and Wilmington metro areas, Pennsylvania/New Jersey/Delaware/Maryland, D+ Houston, Pasadena and The Woodlands metro areas, Texas, C- Washington, Arlington and Alexandria metro areas, Washington, D.C./Virginia/Maryland/West Virginia, C Chicago, Naperville and Elgin metro areas, Illinois/Indiana, C Dallas, Fort Worth and Arlington metro areas, Texas, C Birmingham, Alabama, C Cincinnati, Ohio/Kentucky/Indiana, C+ Oklahoma City, Oklahoma, C+ Health violations: Touching food with bare, unwashed hands among offenses at Phoenix-area restaurant This article originally appeared on Arizona Republic: Is metro Phoenix clean or dirty? See what new study says
