The Hidden Financial Reality of Homeownership: Why You Need an Emergency Fund
Posted by Judy Orr on
Imagine saving for years to buy your dream home, finally getting the keys, and then discovering a shocking truth: over the next 30 years, you'll likely spend more than $180,000 just keeping your house in working order.
That's not a typo. $180,000 on repairs and maintenance alone.
Sound impossible? Let's break it down in simple terms. According to research by Real Estate Witch, the average homeowner spends about $6,087 every year on unexpected home repairs and routine maintenance. Multiply that by 30 years, and you're looking at $182,610 – more than many people paid for their entire house decades ago.
To put this in perspective, that's often more than what most homeowners pay annually for property taxes or homeowners insurance. Yet unlike…
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