Why Buying A House Might Empty Your Wallet

Ongoing Expenses: Taxes, Insurance, and More

Once you're settled in, ongoing costs begin to accumulate. Property taxes vary widely depending on location but can average around 1.1% of the home's value annually². Homeowners insurance is another recurring cost, typically around $1,200 per year³. If your home is in a flood-prone area, additional flood insurance may be required, adding to your monthly expenses.