According to a study conducted by NewJerseyRealEstateNetwork.com, the cost of homeownership differs significantly from region to region. Besides the mortgage, homeowners must take into account a range of additional expenses such as insurance, property taxes, utility bills, gas charges, and homeowners association (HOA) fees. The study reveals that the financial burden of owning a home varies significantly depending on the geographical location, with some states taking a bigger chunk out of the average household income than others. The analysis highlights the importance of understanding the cost of homeownership in different regions.
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