Home Buyers Spend Almost $32,000 in Expenses Beyond the Down Payment -- 4x More Than Expected

As a result of stretching their finances to cover homeownership costs, many buyers reduced their discretionary spending (32%), depleted their savings (26%), and took on additional debt (18%).

ST. LOUIS, March 17, 2026 /PRNewswire/ -- Recent home buyers spent an average of $31,502 on additional home-buying expenses beyond their down payment —  4x more than the $8,083 they expected, according to a new report from Best Interest Financial and Clever Real Estate.

On average, recent home buyers spent the following on these expenses:

• Repairs and improvements during the first year of homeownership: $15,073
• Concessions to the seller: $7,678
• Closing costs: $5,719
• Moving costs: $3,032

Additionally, buyers whose sellers choose not to cover the buyer's agent commission may have to pay the average rate of 2.82% — an extra $15,058 on the average-priced home. That brings total costs to a staggering $46,560 beyond the down payment.

Although 64% of buyers felt fully informed about the total cost of buying a home before making an offer, 81% were still surprised by at least one home-buying expense beyond the sale price.

Notably, 41% of first-time buyers did not feel fully informed about the total cost of buying a home before making an offer. On average, they also paid about 30% more in additional expenses than repeat buyers ($36,460 vs. $28,260) — and were far more likely to exceed their budget (61% compared to 44%).

Had they known the true cost of buying a home, 73% of home buyers would have made different decisions. With a different approach, buyers think they could have saved an average of $38,082 on their purchase.

When asked what the single most surprising home-buying cost was, recent buyers say:

• Repair and upgrade costs (18%)
• Closing costs (16%)
• Property taxes (14%)
• Moving costs (12%)
• Homeowners insurance (9%)
• Ongoing maintenance costs (8%)

As noted, recent buyers spent an average of $15,073 on repairs in their first year of homeownership, with over half (55%) spending more on repairs and maintenance than expected. That number jumps to $16,152 among first-time buyers (38%), who were nearly 2x more likely to purchase a fixer-upper than repeat buyers (20%).

Monthly housing costs also are higher than expected for 56% of first-time homeowners. About  58% of first-timers say the cost of purchasing their home forced them to put other financial goals on hold.

Three-quarters of recent buyers (75%) say the cost of purchasing a home significantly impacted their finances within the first year of owning it.

About 72% of buyers have regrets about their buying experience, with the most common being not negotiating enough (21%), underestimating post-purchase expenses (18%), and exceeding their budget (17%).

Read the full report at: https://bestinterest.com/research/how-much-does-it-cost-to-buy-a-house

About Best Interest Financial
At Best Interest Financial, borrowers come first, with personalized guidance and tailored mortgage options. Since 2024, hundreds of families have trusted Best Interest Financial to achieve their dream of homeownership. Now an affiliate of Clever Real Estate, a free agent-matching service that's saved consumers $210 million on Realtor fees since 2017, Best Interest shares a mission to connect people with the best solutions for every step of their real estate journey.

About Clever
Clever Real Estate's content reaches over 10 million readers annually, and its nationwide agent matching service has a 5.0-star Trustpilot rating across 3,900+ customer reviews. Since launching in 2017, Clever has reached $15.2 billion in real estate sold, matched 200,000+ customers with realtors, and saved consumers over $220 million on commission fees. Clever's network spans 18,000 agents across all 50 states.

CONTACT: 
Alyssa Evans
Clever Real Estate
[email protected] 
315-690-1518

SOURCE Best Interest Financial