That total is 78% higher than the typical homeowner expects to spend ($10,094), leading 88% of homeowners to say the true cost of owning a home is more expensive than they expected.

St. Louis, MO – March 27, 2024 (PRNewswire) In addition to their mortgage, the average homeowner spends $17,958 each year on expenses, including maintenance, improvements, utilities, property taxes, and insurance, according to new research from Real Estate Witch, an online publication owned by Clever Real Estate that connects readers with expert real estate advice.

Annually, the average homeowner spends:

• $4,392 on maintenance and repairs
• $3,784 on renovations and improvements
• $5,362 on utilities
• $2,904 on property taxes
• $1,516 on homeowners insurance

Over a 30-year mortgage, this translates to a staggering $538,740 in additional expenses beyond the mortgage — enough to buy a second house.

Even more, almost one-quarter of homeowners (23%) spend over 30% of their income on home expenses on top of their mortgage payments.

Unsurprisingly, 88% say the true cost of owning a home is more expensive than they expected, and 67% have regrets about their home purchase. In fact, 26% of homeowners think they overpaid for their home, including 46% of 2023 and 2024 buyers, who faced both high home prices and high interest rates.

More than 1 in 3 homeowners (36%) say their home has negatively affected their finances, and nearly 1 in 4 (23%) say it’s negatively impacted their mental health.

On average, homeowners spend a daunting 588 hours each year working on home upkeep and improvements — about 11.3 hours weekly, or 24.5 days a year. That means every 15 years, the typical homeowner loses a year of their life (365 days) to home upkeep and improvements.

1 in 5 homeowners (19%) struggle to afford maintenance so much that they cannot afford a $500 emergency repair without going into credit card debt.

In the face of escalating expenses, more than 1 in 4 homeowners (28%) say they’ve considered going back to renting, and 20% have resorted to taking on more debt to afford the expense of homeownership.

Read the full report at: https://www.realestatewitch.com/homeownership-cost-2024

About Real Estate Witch

Real Estate Witch is a web property of Clever Real Estate, an online platform that connects home buyers and sellers with top-rated agents at a discounted rate.

Please contact Alyssa Evans at 315-690-1518 or 375227@email4pr.com to be connected with a researcher for any questions or for an interview.

SOURCE Real Estate Witch

The typical home in a state where recreational cannabis is legal is worth $417,625 — 41% higher than non-recreational states ($295,338).

St. Louis, MO – Nov. 1, 2023 (PRNewswire) Home values in states with recreational cannabis have outpaced home values in other states by $48,983 over the past decade, according to new research from Real Estate Witch, an online publication owned by Clever Real Estate that connects readers with expert real estate advice, and Leafly, a leading online cannabis discovery marketplace and resource for cannabis consumers.

Recreational cannabis is currently legal in 23 states and Washington, D.C. Property values in those states have risen by $185,075 since 2014, compared to $136,092 in states without recreational cannabis. Typical home values in a recreational state are $417,625, 41% higher than in non-recreational states ($295,338).

Of the 10 states with the largest increases in home values, seven have legalized recreational cannabis. Meanwhile, of the 10 states with the smallest increases in home values, nine have not legalized recreational cannabis. 

Further, states with medicinal cannabis have seen home values climb $166,609 since 2014 — $29,289 more than states without medicinal cannabis ($137,320). The typical home in medicinal states is worth $337,360, compared to $281,343 in other states.

Cities in recreational states with dispensaries have seen home values grow $168,292 since 2014, $67,359 more than the $100,933 growth in cities with legal recreational cannabis but no dispensaries.

“This report stands as a testament to what insiders in the cannabis community have long known to be true: The presence of legal cannabis in cities and states does not diminish property values. In fact, it’s quite the opposite,” said Josh deBerge, vice president of brand & communications for Leafly. “Regulated cannabis offers a slew of economic benefits to local communities, and that is something this report makes quite clear.”

The 23 states and Washington, D.C., that have legalized recreational cannabis are projected to average over $1 billion in overall cannabis revenue in 2023 — totaling just under $25 billion.

In 2022, the 12 states that reported a full year of cannabis tax revenue averaged an additional $307 million in tax revenue per state, totaling $3.7 billion. California alone earned an additional $1.1 billion in tax revenue from cannabis in 2022.

Read the full report at: https://www.realestatewitch.com/cannabis-real-estate-2023

About Real Estate Witch

Real Estate Witch is a web property of Clever Real Estate, an online platform that connects home buyers and sellers with top-rated agents at a discounted rate.

Please contact Nicole Lehman at 367845@email4pr.com to be connected with a researcher with any questions or for an interview.

About Leafly

Leafly helps millions of people discover cannabis each year. Leafly’s powerful tools help shoppers make informed purchasing decisions and empower cannabis businesses to attract and retain loyal customers through advertising and technology services. Learn more at Leafly.com or download the Leafly mobile app through Apple’s App Store or Google Play.

CONTACT:                                                                                                                                    

Nicole Lehman
PR Strategist
Clever Real Estate
724-719-0406

SOURCE Real Estate Witch

Just 14% of Americans know the median home price ranges between $400,000 and $499,000, and 12% know the current interest rate hovers around 7%.

St. Louis, MO – Aug. 9, 2023 (PRNewswire) Americans are wildly misinformed about home prices — 73% don’t think homes are affordable right now, yet 60% actually underestimate the median home sale price, according to new research from Real Estate Witch, an online publication that connects readers with expert real estate advice, owned by Clever Real Estate.

Just 1 in 7 Americans (14%) know the current median home price falls between $400,000 and $499,000. A quarter (23%) think the median home costs between $200,000 and $299,999, while another 23% think it costs between $300,000 and $399,999.

Despite underestimating current home prices, 76% of non-homeowners are concerned about rising home prices.

In addition, just 12% of Americans know the current interest rate for a 30-year mortgage hovers around 7%. Nearly half (43%) believe the rate is higher, with a whopping 1 in 4 (26%) believing it exceeds 10%. The last time rates reached 10% was more than 30 years ago in 1990.

Although a third of non-homeowners (31%) say they’re knowledgeable about the home-buying process and 43% say they’re knowledgeable about mortgages, 62% wrongly think it’s required to put down 20% on a home. In fact, 21% believe buyers need to put down more than 20%.

Buyers are required to pay private mortgage insurance (PMI) if they don’t put 20% down. However, 85% of Americans don’t know what PMI is — including 83% of current homeowners.

Further, about one-third of Americans (32%) say a credit score of at least 700 is necessary to purchase a home. In reality, buyers can qualify for a conventional loan with a score of 620.

The seller typically pays agent commission for the buyer, but 62% of Americans think the buyer pays their agent’s commission. This misunderstanding could be why 65% of Americans wrongly think buyers can save money by not working with a real estate agent.

The survey also found that respondents underestimated the age of the average homebuyer: The average age of a first-time buyer is 36, but 73% believed it was younger.

With misinformation running amok, it’s not surprising that 83% of homeowners were surprised by parts of the home-buying process — 65% had to adjust their budget, and 63% had to adjust their priorities.

Read the full report at: https://www.realestatewitch.com/real-estate-myths-2023/

About Real Estate Witch

Real Estate Witch is a web property of Clever Real Estate, an online platform that connects home buyers and sellers with top-rated agents at a discounted rate.

Please contact Nicole Lehman at 363558@email4pr.com to be connected with a researcher with any questions or for an interview.

CONTACT:
Nicole Lehman
PR Strategist
Clever Real Estate
724-719-0406

SOURCE Real Estate Witch