The Costs of Homeownership Drive First-time Buyers Away

MBA economist sees home price recovery, but hurdles remain We’re stabilizing, but we still have some hurdles to overcome before we see a solid recovery in housing," said Gary Thayer, senior economist at Wells Fargo Advisors, St. Louis.

To give would-be home buyers a better sense of the budget they’ll need to buy and maintain a home, U.S. News spoke with a handful of real estate experts and compiled a list of 12 hidden costs of homeownership: [Slide Show: 12 Hidden Costs of Homeownership.] 1. Home inspection.

Homeownership is a commitment that comes with a variety of costs. Access tips for first-time homebuyers or contact DATCU for assistance. Typically, home buyers will pay between 2-5% of the purchase price of their home in closing costs. According to a recent survey , homebuyers pay about $3700 in closing costs.

I recently found a nice townhouse in my neighborhood that costs 25 times my. Even if millennials are putting off having kids (which are expensive to raise). rather find a place in their preferred location, which also drives up prices.. ” Sales to first-time buyers have been underwhelming for several years.