General News
Meropi Kyriacou Honored as TNH Educator of the Year
NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.
A new survey from Real Estate Witch found homeowners spend an average of $17,958 annually on home expenses such as maintenance, taxes, utilities, and other costs — in addition to payments toward mortgage principal and interest.
Home prices aren’t the only housing expense on the rise. The non-mortgage costs to own and maintain a home take up more of homeowners’ budgets in 2024. The data comes from the real estate education platform Real Estate Witch, after surveying 1,000 United States homeowners in February.
About 88% of homeowners surveyed said they anticipated costs close to $10,000 annually but found out the true costs of nearly $18,000 a year the hard way.
The American Nightmare?
Recent buyers express regrets amid elevated prices and staggering interest rates. About 68% of those who bought in 2020 or later report some level of buyer’s remorse, compared to 54% of those who bought before 2020. Around 36% of homeowners surveyed said buying a home has negatively impacted their finances, and 23% said it has hurt their mental health.
“Many new homeowners have a lack of awareness of the myriad costs involved in owning a home, unrealistic expectations about maintenance expenses, and the allure of low initial mortgage rates that overshadow long-term financial implications,” explains Christopher Suranna, president of the Greater Capital Area Association of Realtors.
“This narrow focus on affordability in the short-term often leads to overlooking the broader financial picture and underestimating the true cost of homeownership.”
Suranna advises homebuyers against becoming “house poor” — or sinking so much money into home-related expenses that buyers can no longer afford to contribute to retirement, emergency savings, or other living expenses.
Being “house poor” causes serious short- and long-term financial ramifications. About 69% of Real Estate Witch’s survey respondents reported taking risks or making personal sacrifices to afford mounting housing costs. About one-fifth of homeowners admit they took on more debt to contribute to maintenance costs, renovations, taxes, insurance, and utilities.
In extreme instances, homeowners considered selling their home to pay off debts. Although this might offer a short-term solution, the homeowner loses out on the long-term benefits of their real estate investment.
The High Cost of Maintenance and Improvements
Much of the average homeowner’s budget goes toward maintaining and improving their home. The survey found that homeowners spend an average of $4,392 on maintenance and $3,784 on other home improvements yearly.
Some homebuyers agree to forgo inspections to appease sellers, but such concessions can ultimately hurt buyers. Home inspections can uncover costly and time-sensitive expenses, such as crumbling foundations, leaky roofs, or obsolete HVAC systems.
Costly issues like unsound foundations — the average repair costing between $2,000 and $8,000 — go unnoticed amid bypassed inspections. Prices can be higher if the foundation shows signs of crumbling, shifting, or sinking, which may cost more than $20,000 to fix.
“Regular home inspections can help identify potential issues early on, allowing homeowners to address them before they escalate into costly repairs,” Suranna explains. “Setting aside a portion of each month’s budget for maintenance and renovations can build a financial cushion to handle future expenses gracefully.”
Smart shopping, planning, and budgeting can spare homeowners many costly headaches. The survey found that, if given a redo, 21% of homeowners would buy a home that required less maintenance.
The Price of Property Taxes and Insurance
Suranna points out buyers should consider costs outside of routine maintenance. She encourages buyers to budget for recurring expenses like property taxes, homeowners insurance, and utility bills. The survey found buyers were often surprised by how much they paid in costly property taxes.
“These annual costs, though predictable, can add up significantly over time and should not be overlooked in the excitement of purchasing a new home,” Suranna says.
Real Estate Witch reported that the average homeowner spends $1,516 on homeowners insurance and $2,904 on property taxes annually. New Jersey homeowners pay a median of $8,897 in property taxes — the most of any state — followed by New Hampshire, Connecticut, and New York. These rates contrast starkly with Alabama homeowners, who spend about $718 in annual property taxes.
To avoid unpleasant surprises, prospective buyers should examine any potential purchase’s property tax history before making the leap. As home values and associated costs continue to rise, shoppers should anticipate potential increases and budget accordingly.
The Cost of Keeping the Lights On
Inflated utility costs, such as water, gas, and electricity, contribute to record-breaking homeownership prices.
According to the survey, homeowners spend an average of $5,362 on utilities yearly. These costs surpass renters’ estimated $3,000 by 77%. Utility costs for homeowners have also risen twice as much as utility costs for renters since 2020.
Tabulating potential costs can pose challenges for prospective homebuyers. Matt Brannon, the author of the Real Estate Witch report, says working with a trusted real estate agent can help.
Knowledgeable agents can estimate the average gas, electricity, and water costs for homes. These experts can also point buyers toward more energy-efficient and cost-effective homes.
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Laura Chapman | Wealth of Geeks
This article was produced by Media Decision and syndicated by Wealth of Geeks.
NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.
ATHENS – The Hellenic Post (ELTA) and the International Foundation for Greece (IFG) presented the latest issues of the Commemorative Stamp Series ‘Distinguished Greek Personalities – IFG’ at a press conference on October 14 at the Dimitrios Pandermalis amphitheater of the Acropolis Museum.
BOSTON – The AF Foundation presents the Wines of Peloponnesos event taking place on Saturday, November 9, 6-8 PM at the Maliotis Cultural Center, 50 Goddard Avenue in Brookline, MA.
NEW YORK – The Greek-American community was saddened by the loss of Aristides Hatzimemos, who passed away October 12, at the age of 93.
ATHENS - Miltos Tentoglou has been named one of the five finalists for the 2024 World Athletics Awards, as announced by the international athletics federation on Monday.
OAKS, Pa. (AP) — Vice President Kamala Harris and former President Donald Trump took their fight for Pennsylvania to opposite ends of the state Monday, with Harris speaking in the northwest corner in Erie and Trump in the southeastern suburbs of Philadelphia.