An asking price on a residential listing does not tell the complete story about the costs associated with homeownership. A new report from Zillow and Thumbtack breaks down the “true price” when factoring in annual maintenance, insurance and property tax expenses.
The “hidden” costs of owning a home now exceed $16,000 per year nationwide, according to the new report. This is based on the national average of $10,946 for maintenance, $2,003 on insurance and $3,030 on property taxes that a U.S. homeowner is on the hook for annually. These expenses surged by 4.7% over the past year, while household incomes only increased by 3.8%.
For the Miami market, these annual costs total $19,959 on average.
“Homeownership continues to be a cornerstone of financial stability, but the ongoing expenses of maintaining a home are rising faster than paychecks,” the report states. “In a market defined by high mortgage rates and limited housing supply, understanding these hidden costs is critical for anyone planning to buy or keep a home. Knowing the full financial picture helps buyers make informed decisions and prepare for the real cost of owning a home in today’s market.”
In Florida, these hidden expenses are compounded by skyrocketing HOA or condominium association costs that bolster the case for renting instead of buying.
As long as market conditions favor renting, new buildings that offer unforgettable experiences like Douglas Enclave will be in high demand.
Available Units For Rent At Douglas Enclave
Douglas Enclave is an 11-story, 199-unit building with thoughtful mix of studio apartments, one-bedrooms, two-bedrooms and townhomes for rent. Individual apartments feature vinyl-wood flooring, open-concept kitchens, stackable washer/dryer units and efficient appliances.
Additional building amenities include a club lounge, business center, saline pool, fitness center, pet washing station, EV charging stations, storage space, bike racks, gated parking garage, package delivery room and on-site property manager and maintenance. Douglas Enclave is extremely transit-friendly and located next to a Coral Gables Trolley stop.
Little Havana is one of Miami’s most popular neighborhoods to live in because of its convenient location, rich history, culture and many things to do. The neighborhood is perfectly positioned near the world-class shopping and dining of downtown Coral Gables, and a short drive from Miami’s bustling Brickell financial district.
For more information about Douglas Enclave, call (786) 610-4811 or visit the leasing office located at 61 NW 37 Ave. between 9:30 a.m. and 6 p.m. from Monday to Friday, and between 10 a.m. and 5 p.m. on Saturday. Douglas Enclave is part of Miami-Dade County’s Workforce Housing Program – contact the leasing team for more details and qualification requirements.