In California, the average homeowner pays around $28,790 per year in homeownership costs, driven by rising home prices, inflation, and soaring insurance premiums.
For a median home price of $848,300, maintenance equates to $16,966 each year. Property taxes were estimated at $6,832, and insurance premiums faced uncertainty due to providers exiting California.
Cable, internet, and energy costs added to the burden, with energy expenses also on the rise. Only 17% of households could afford a median-priced home in California, reflecting the escalating affordability challenge.
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