American homebuyers can expect to spend 7% of their wages in utilities on average nationwide with some sharp regional variations
American homebuyers can expect to spend 7% of their wages in utilities on average nationwide with some sharp regional variations.
ATTOM Data Solutions also found that utilities add 25% to the cost of homeownership and 21% to the cost of renting.
In a whitepaper compiled in collaboration with UtilityScore, the research reveals that adding utility costs makes 35% of the 931 US counties analyzed, unaffordable by CFPB metrics.
"The risk to homeowners and lenders is great," said Jacob Corvida, manager at the Rocky Mountain Institute, an independent, U.S.-based nonprofit organization focused on driving the efficient and restorative use of resources. "The antidote is to understand utility costs and include them in underwriting assessments."
The report also shows that taking steps to reduce energy costs, with solar panels, makes a big difference to home sellers’ profits.
Looking at data from 2010-2017, the analysis found that California home sellers with a solar system installed between their original purchase and their sale of the home realized average profits that were more than double the average profits realized by home sellers who did not have a solar system installed.
ATTOM Data Solutions also found that utilities add 25% to the cost of homeownership and 21% to the cost of renting.
In a whitepaper compiled in collaboration with UtilityScore, the research reveals that adding utility costs makes 35% of the 931 US counties analyzed, unaffordable by CFPB metrics.
"The risk to homeowners and lenders is great," said Jacob Corvida, manager at the Rocky Mountain Institute, an independent, U.S.-based nonprofit organization focused on driving the efficient and restorative use of resources. "The antidote is to understand utility costs and include them in underwriting assessments."
The report also shows that taking steps to reduce energy costs, with solar panels, makes a big difference to home sellers’ profits.
Looking at data from 2010-2017, the analysis found that California home sellers with a solar system installed between their original purchase and their sale of the home realized average profits that were more than double the average profits realized by home sellers who did not have a solar system installed.
