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How much are taxes and insurance on a home?
I’m thinking about purchasing a home. I’m working on a list of monthly expenses for the mortgage, insurance, utilities, and taxes to see if I can afford it. How much are taxes and insurance on a home?
Sadie Lovemore · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s smart to do your research before taking on such a huge responsibility! The cost of property taxes and insurance on a home depends on factors like the home’s market value, location, and credit score.
Before you purchase a home, you’ll want to look at the averages in your state. For example, the average property tax in
Hawaii
is $1,236, with a median home value of $631,700. In New Jersey
, you’re looking at $3,276 in property taxes for a median home value of $344,000. The difference between states is pretty drastic, and you’ll find the cost of
home insurance
varies. The national average for homeowners insurance is $1,312 per year. For home insurance, your annual premiums are based on these factors:
- Value and location of the home
- How much coverage you need
- The type of coverage you require (actual cash value or replacement cost value)
- Your deductible amount
- Your claims history and credit score
Keep in mind that financial websites often offer calculators to help you with these estimates. You can get solid ballpark values for taxes and insurance as long as you know where you want to buy and the approximate cost of the home.
If the prices you’ve seen for home insurance are daunting, use
Jerry
to get the best deal. Jerry is the easiest and most effective way to find a home insurance policy that is customized for you. You can even bundle your policy with your car insurance for the most savings. View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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