In a recent report, it was revealed that the average homeowner faces significant non-mortgage expenses, with utilities being the biggest financial burden. According to the data, homeowners spend an average of $5,362 per year on utilities alone. This highlights the importance of budgeting for more than just mortgage payments when considering the overall cost of homeownership.

Key points from the report include:
– Average homeowner spends $5,362 annually on utilities
– Non-mortgage expenses can total nearly $18,000 per year
– Emphasizes the importance of budgeting for all homeownership costs to avoid financial strain
– Report underscores the need for homeowners to proactively manage their expenses to maintain financial stability in the housing market.

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