The average annual hidden costs associated with homeownership for a single-family home in the United States total $21,400, a new study from Bankrate found.
Tag: Homeownership
82% Consider Homeownership Part of the American Dream, Bankrate Finds
More than eight in 10 Americans consider homeownership to be part of the American Dream, up from 78% last year and 74% in 2023, according to Bankrate, New York.
More Americans Say Homeownership Is Not Attainable, KeyBank Finds
KeyBank, Cleveland, released its 2025 Financial Mobility Survey, finding that 46% of survey respondents who don’t currently own a home say it’s not attainable for them.
Gen Z, Millennial Homeownership Rates Flat in 2024, Redfin Finds
Redfin, Seattle, found that homeownership rates for Gen Z and millennials were stagnant in 2024.
Cost of Owning, Maintaining a Home Up 26% Since 2020, Bankrate Finds
The average annual cost of owning and maintaining a single-family home in the U.S. is 26% higher now than four years ago, according to Bankrate, New York.
Buyers Willing to Give Up Land in Exchange for Homeownership
High mortgage rates and double-digit growth in home prices since COVID-19 are forcing home buyers to compromise on lot size and square footage to afford a house, the National Association of Home Builders reported.
Many Aspiring Homeowners Cite Cost of Living, Insufficient Income as Roadblocks: Bankrate
More than half of aspiring homeowners say the current cost of living is too high or their income is not high enough to afford a down payment and closing costs for a home (51% and 54% respectively), reported Bankrate, New York.
95% of Millennials Report Facing Barriers to Homeownership, Survey Finds
While 78% of millennials say purchasing a home is part of the American dream, 48% don’t think homeownership is affordable for the average member of their generational cohort.
Zillow: Younger Generations Believe in Homeownership, But Don’t Know How To Achieve It
The American dream of homeownership is not dead for Generation Z and Millennials, but they believe their path to get there will be challenging and may require some luck, reported Zillow, Seattle.
Higher Rates Make Renting More Affordable that Homeownership
ATTOM, Irvine, Calif., said higher mortgage interest rates tipped the needle toward renting over homeownership.