What to Know
- A report revealed that annual homeowner costs is greater in San Jose than in any other market in the nation, followed by SF
- An average of $20,655 is spent annually in San Jose for necessary costs like property taxes, homeowners insurance and maintenance
- The SF market is the second-highest homeowner costs with a needed amount of $17,758 a year
As if owning a home in the Bay Area wasn’t hard enough, according to a report, the San Jose and San Francisco markets lead the country in the annual expenses of owning and caring for a home.
Analysis from Zillow and Thumbtack revealed that annual homeowner costs is greater in San Jose than in any other market in the nation, followed by San Francisco.
San Jose leads the way at $20,655 a year with necessary costs like property taxes, homeowners insurance and utilities totaling to an average of $17,255 with an added $3,400 for maintenance like cleaning and lawn care.
"Ongoing maintenance costs and annual fees are some of the most common surprises for first-time home buyers after they finally become homeowners,” said Zillow Senior Economist Aaron Terrazas. “While they are shopping, buyers tend to focus on their monthly mortgage payments, but other needs quickly add up after move-in.”
The San Francisco market is the second highest homeowner costs with a cost of $17,758 a year with $14,358 in taxes, insurance and utilities and $3,400 in maintenance.
Zillow reported the median home value in San Jose is $1,287,600 and $953,600 in San Francisco as of June 2018.
"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,” said Terrazas.