New York CNN —
The hidden costs of owning a home is rising rapidly.
US homeowners are now paying an average of $18,118 a year on property taxes, homeowners’ insurance, maintenance, energy and various other expenses linked to owning a home, according to a new Bankrate study.
That’s nearly the cost to buy a used car and represents a 26% increase from four years ago when it cost $14,428 annually to own and maintain a home.
All of these variable expenses are on top of the fixed cost of a mortgage, including property taxes,
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