RISMedia's Real Estate Magazine

OCT 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

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RISMedia's REAL ESTATE October 2018 91 {Blog Spot} The expense fluctuates with loca- tion. Portland, Ore., has the highest maintenance price tag, at $3,810 each year, and San Jose has the highest necessary payments (i.e., insurance, taxes and utilities), at $17,255 per year. No surprise there—both markets are sizzling, with prices on a tear. The costs are less steep off the West Coast: The cheapest mainte - nance is in Miami, at $2,570, and Indianapolis has the lowest neces- sary payments, at $5,540. Assorted costs in the largest metros (both maintenance and necessary): Atlanta - $10,301/year Boston - $14,221/year Chicago - $11,005/year Dallas-Fort Worth - $10,712/year Detroit - $10,021/year Houston - $10,110/year Los Angeles - $13,892/year Philadelphia - $10,205/year San Francisco - $17,758/year Washington, D.C. - $12,024/year "Ongoing maintenance costs and annual fees are some of the most common surprises for first- time homebuyers after they finally become homeowners," says Aaron Terrazas, senior economist at Zil - low. "While they're shopping, buyers tend to focus on their monthly mort- gage payments, but other needs quickly add up after move-in. The list price is just the beginning of understanding the costs that come with being a homeowner, and it's important to understand what other expenses you may have to account for when determining what you can afford." Affordability is a growing issue, with the combination of increasing interest rates and the run-up in pric - es. According to a CoreLogic/RTi Research study, 63 percent of mil- lennials are challenged by the cost of homeownership. Your best defense as a first-timer? Knowledge. One helpful resource is your REALTOR®, who can assist you with what to expect for "extras" in your local market, and how to finan- cially prepare to purchase. RE This article originally appeared on RISMedia's blog, Housecall. Visit us at blog.rismedia.com. Suzanne De Vita is RISMedia's online news editor. Budgeting to Buy a Home? Consider the 'Extras' by Suzanne De Vita H omeownership is one of the best investments for long-term wealth—but, it is an investment. According to a recent report by Thumbtack, a local professional services site, and Zillow, the average "extras"—insurance, maintenance, taxes and utilities—run $9,394 a year. According to a recent report by Thumbtack, a local professional services site, and Zillow, the average "extras"—in- surance, maintenance, taxes and utilities—run $9,394 a year.

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