Costs Of Homeownership In Boston, Explained!

When you own a house you don’t really want, the costs of homeownership can be unbearable. Take a look at some of the costs you can expect to face in our latest post!

Owning a house is expensive. Owning the wrong house is even worse. It’s important as a homeowner that you look past just your mortgage payment and really dive in to see what your house is costing you. Is there a better option out there? Have you outgrown your house or o you need something smaller? Did you inherit a home? Has the mortgage become too much to handle? All of these situations can be overwhelming to some degree or another. With a direct sale to Home Mass Buyers, you’ll be able to quickly put an end to all of the ongoing costs so you can sell your house and move on.

Here are just a few of the costs of homeownership Massachusetts:Costs Of homeownership

Your Mortgage

Your mortgage on the property is likely your biggest bill each month. Is it worth it? Does spending this much on a house make sense for you, aligning with your goals? Keep in mind that your mortgage also includes interest and possibly mortgage insurance. These are costs you are paying each month that aren’t lowering the principle on the home.

What we pay vs. the national average:
The average Boston-area household shelled out $22,048 per year on housing in 2016–2018, according to the U.S. Bureau of Labor Statistics; by contrast, the average U.S. household spent $17,798 in 2016.

Monthly Utilities & Expenses

People are often surprised with the costs of homeownership when they add up their utility bills each month. Between the electric, gas, water, sewer, waste removal, cable, wifi, landlines, security company, and other bills homeowners pay each month, the totals can be into the thousands! In many cases, it can be like paying a second mortgage! When you are dissatisfied with your property or feel stuck with a house you don’t want, paying these bills each month can make you feel stressed and resentful. If you are tired of all the costs and bills, it may be time for you to consider a sale! Living somewhere that is smaller or more energy efficient will help you to save money on your utility costs.

What we pay in electricity 

The average Massachusetts residential electric bill cost about 19.83 cents per kilowatt-hour in 2017, according to the U.S. Energy Information Administration (EIA), well above the national average of 12.65 cents.

What we pay in Gasoline

Gas prices were a bit lower here in 2019 than they were elsewhere in the country. It cost an average of $2.22 a gallon to fill up in Massachusetts last year, compared with $2.25 nationally, according to the EIA.

Property Taxes

When selling your house in Boston, you will be responsible for the property taxes up until the day of closing. If your house sits on the market for a long time, your tax obligation could equate into hundreds or even thousands of dollars. This is even more money that you’ll need to spend on the house that you would have likely rather put toward something else.

Costs Of homeownership in Taxachusetts? Not quite. The Bay State is actually in the middle of the pack when it comes to taxes. According to the Massachusetts Budget and Policy Center, the average homeowner handed over about 10.4 percent of their income to state and local taxes in 2017, exactly the national average.

Maintenance

Every house needs routine maintenance in order to avoid unnecessary repairs. Keeping up with this maintenance is always important, but even more so when your house is listed on the MLS. The house will need to be kept in tip-top shape, maintained at the highest of standards.

Repairs

Home repairs are inevitable. No matter how well you maintain the property, something is bound to break. When you put your house on the MLS, you could end up owning the house for several more months. This is more time for something to go wrong with the house. You’ll likely be making repairs to the house to make it more desirable to buyers, you might find yourself having to make larger repairs while your house is listed as well.

Landscaping

Whether you are taking care of the landscaping yourself or hiring someone to do it, the outside of your house must be maintained… especially when it is listed on the Boston MLS. Curb appeal is important, so you’ll need to put your best foot forward!

With a direct sale of your Boston house, you’ll be able to avoid the continued holding costs as well as repairs! What is your house really costing you?

Learn more about the costs of homeownership! Contact us today! (617) 657-3524

Check out the link below to learn more the costs of homeownership by Massachusetts Counties

Counties and Metropolitan Statistical Areas in Massachusetts
Rafael Zanette

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