How much to budget for home maintenance costs annually?

Asked December 10, 2014, 10:31 AM EST

I'd like to know how much experts recommend families budget for home maintenance costs each year? And, I'm looking for information that is current and takes into account any changes in costs since the Great Recession.

Champaign County Illinois

1 Response

Housing experts recommend budgeting about 1% of the purchase price of your home per year for home maintenance and repairs. Of course, the actual amount spent will vary from month to month and year to year.

For example, if someone owns a $240,000 home, they should plan to spend around $2,400 per year or about $200 a month on home maintenance.

Ideally, this money should be set aside in an earmarked account so that it is available as needed