5 Homeowner Expenses That Differ from Renters: A Cost Comparison

Homeownership is a big decision and it's important to understand all the costs involved before making a decision. Here are five costs a landlord has to pay that a tenant doesn't pay:

Property tax:

 Property taxes are a regular government expenditure that homeowners must bear. The amount of property tax you pay is determined by the value of your home and the local tax rate.

• In the US, the average yearly property tax payment is $2,110.
• State-by-state property tax rates vary substantially. For instance, the average annual property tax bill in Hawaii is $4,300, but the average annual property tax bill in Alabama is $600.
• To find out how much property tax you will have to pay, get in touch with your local tax assessor's office.