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San Diego ranked third for hidden costs of owning a home

Posted at 1:16 PM, Aug 21, 2018
and last updated 2018-08-21 16:33:36-04

SAN DIEGO (KGTV) - SAN DIEGO (KGTV) - It’s not easy to break into San Diego’s housing market, but what happens when you finally make that big purchase? Zillow and Thumbtack ranked San Diego third in the nation for the hidden costs of homeownership.

The housing analysts broke down the expenses of maintaining a home in addition to a down payment and monthly mortgage payments. Unavoidable costs, including property taxes, insurance and utilities, were a factor, along with routine maintenance.

In San Diego, the hidden costs amounted to $14,257 a year, with unavoidable expenses of $11,087 and maintenance at $3,170.

RELATED: Nearly $131K salary needed to buy San Diego home

The national average for the hidden costs of homeownership was $9,390. In San Jose, the figure reached $20,655. San Francisco was slightly lower at $17,758. Indianapolis was the cheapest city in the nation, with $8,220 going toward hidden costs.

“Ongoing maintenance costs and annual fees are some of the most common surprises for first-time home buyers after they finally become homeowners. While they are shopping, buyers tend to focus on their monthly mortgage payments, but other needs quickly add up after move-in,” said Zillow Senior Economist Aaron Terrazas. “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.”

RELATED: 5 Most expensive cities in San Diego County

Smart Asset has a property tax calculator for homebuyers.

Wondering where your property taxes go? The County of San Diego has a breakdown.