Owning a home in America has never been more expensive: The average annual cost of homeownership has surged +39% since 2019, to a record $28,596/year in 2025. This outpaced the +26% increase in CPI inflation over the same period. Interest payments are now the largest single cost, rising +35% since 2019, to over $10,500 last year. Emergency repairs and home maintenance soared +175% and +85%, respectively, over the same period. Meanwhile, property taxes are up +31%, to $5,900/year, making them the 3rd-largest component of homeownership costs in 2025. The US housing affordability crisis is in full-swing.(The Kobeissi Letter)