Tips for Managing Your Housing Expenses

May 15, 2026

Owning your own home can be a rewarding experience, but it can also be a financially stressful one.

When it comes to managing your housing expenses, it's always better to know what to expect. Below, we'll break down some of the common monthly costs you can expect from homeownership - and the options you have if your budget is struggling.

Mortgage Payments

Many mortgages have fixed rates, which means the payment is the same from month to month. If you have an adjustable-rate mortgage (ARM), however, your payment may go up or down occasionally as your rate changes. Ideally, your monthly payments should be no more than 30% of your gross income.

The Fix: If your mortgage payments are straining your finances, you have a few options. If you're owned your home for a while, overall rates have fallen or you have an ARM, refinancing could help you save on interest or lower your monthly costs.

If you have yet to buy, choosing a smaller home or saving up for a larger down payment may also help lower your mortgage costs.

Private Mortgage Insurance (PMI)

PMI is sometimes wrapped up in your monthly mortgage payments, and most lenders will require it if your down payment is less than 20%. If you're looking for ways to cut down on monthly expenses, PMI can be a hidden option.

The Fix: Once you have 20% equity in your home, you can often eliminate your PMI entirely. Your equity is defined as your home's value minus any remaining mortgage balance.

Homeowners Insurance

Homeowners insurance is a must-have, but premiums have been skyrocketing. According to a 2025 report from the Consumer Federation of America, homeownders insurance premiums rose 24% between 2021 and 2024 - twice as fast as inflation.

The Fix: Don't be complacent. Make sure to regularly compare various insurance plans to make sure you have the best deal. If you don't want to change providers, ask your current provider if there are any discounts you qualify for, or if you can increase your deductible to lower your premiums.

Property Taxes

Property taxes are an important source of income for your local government and public services. As such, you won’t be able to eliminate your property taxes entirely – but there may be ways to lower them.

The Fix: Start by checking the data from the past few years and looking for any discrepancies. Also talk to your neighbors and find out how much they pay in property taxes each year and compare those amounts to your own. If you discover any oddities – such as paying more than similar nearby properties – you may be able to appeal to your local taxing authority to decrease your costs.

Maintenance, Repair and Seasonal Costs

When you’re renting, all the repairs and seasonal upkeep are managed by the landlord. When you own your home, those responsibilities fall to you – and ignoring them can make matters even more expensive.

The Fix: Plan ahead! It’s much more cost effective to be proactive with your home’s maintenance than to wait for things to totally break down. Be sure to at least inspect these areas regularly:

- The roof and attic for damage or missing shingles

- Windows and doors for damage or poor sealing

- The AC and HVAC for filter replacements and cleaning

- Gutters, downspouts and chimneys to remove leaves and other blockages

- Sinks and other areas with pipes for leaks

As a rule of thumb, try to save 1-4% of your home’s value for a maintenance fund. Some expenses are unavoidable, such as replacing an appliance that breaks, but don’t forget to save for and prioritize emergency repairs – you may be able to live without a dishwasher for a month, but you should not ignore mold or a leaky roof.

Utilities and More

Not everything you spend in a month is directly tied to the building itself. As a household, you’ll be responsible for the utilities (such as electricity and heating), groceries, subscription services and more. These costs will likely vary from month to month – sometimes by a lot.

The Fix: Start by tracking your spending and understanding where your money is going. (Hint: Our Financial Wellness corner has a bunch of tips for building your budget!) Then, if needed, find ways to cut down on individual costs to improve your savings or give you more room for “fun” spending. Here are some ideas:

- Install energy efficient lightbulbs and appliances

- Make a meal plan for the week before you go grocery shopping

- Cancel or reduce subscription services you haven’t used in over a month

Feeling overwhelmed? You’re not alone. Don’t be afraid to reach out and talk to us! We can walk you through your options and help you go back to simply enjoying the home you love.