How Much Do Utility Bills Add to Bay Area Homeownership Costs?
Last month a Pacific Union Blog ran an eye-opening article on what the cost of utility bills added to homeownership in the Bay Area. Surprisingly, the Bay Area’s utilities impacted the cost of owning a home far less on a percentage-point basis compared with the rest of the U.S!
You’re probably saying, “That’s not my experience!” Because this study is based on the percentage comparison of utility cost vs. home value, Bay Area home owners get off easy compared to the rest of the nation.
A tool provided by ATTOM Data Solutions offers data on utility costs by city. The chart shows the impact of utilities on housing costs in the 10 most populous Bay Area cities by percentage of homeownership costs and monthly payments:
One way to offset the cost of some of your utility expense is by installing solar panels. Besides significantly reducing your utility bills, homeowners net substantial returns on this investment. For example, San Francisco and San Jose property values gained approximately an additional $10,000 for solar systems, and panels added more than $18,000 in Vallejo.
If you’re looking to increase the value of your home by “greening” your space or just looking to pay off expensive credit card debt and are having difficulty elsewhere for a loan, give us a call at Sun Pacific Mortgage.