Utilities Add 25% to Homeownership Costs

There’s a reason utility bills feel like they’re taking a bigger bite out of households’ budgets. On average, utility costs—electricity natural gas, water, and sewer—add 25 percent to monthly housing costs for homeowners and 21 percent to housing costs for renters, according to a newly released white paper by ATTOM Data Solutions, a real estate data firm, and Utility Score, a software provider for solar and other home improvement companies.

Monthly utility costs require 7 percent of a person’s average wages across 931 counties analyzed. When utility costs are included, buying a median-priced home requires more than 43 percent of a person’s income, the study showed.

To see how your area is affected by the cost of utilities click on the following link:  Cost of Utilities by Zip Code

Call Bev West at 970-631-7111 if you have any questions on your real estate needs or visit my website at www.westrealtynoco.com