Every year thousands of U.S. consumers move into houses riddled with hidden issues that can drain wallets and cause years of frustration, according to a study by MovingPlace.
From faulty plumbing and failing roofs to water damage and foundation cracks, the data showed these problems often lurk beneath the surface and are sometimes overlooked during inspections or left unresolved in the sales process.
“Many of the high-risk areas share similar characteristics: older housing stock, harsh winters or extreme weather, and decades-old infrastructure that can make hidden defects more likely,” MovingPlace said in the report. “These factors combine to increase the probability that homebuyers will encounter costly and unexpected home repairs shortly after moving in.”
Other key takeaways…
- The average household spends $7,100 per year on home repairs, according to the Improving America’s Housing report by Harvard Joint Center for Housing Studies.
- Lemon homes are particularly prominent in states and metros along the Rust Belt due to harsh winters and industrial-era housing.
- In lemon homes, plumbing problems are the most common home issue, followed by window failures and water damage.
Meanwhile, more than 13% of homes in the U.S. are not insured. Of the 82.9 million owner-occupied homes in the U.S., 11.3 million are uninsured, with many homeowners assuming they don’t need coverage because their properties aren’t at risk.
“For most people, your home is your most important investment, and it’s important to protect that investment with insurance,” said Rob Bhatt, LendingTree home insurance expert and licensed insurance agent.
However, “Insurance has become more expensive and harder to get in recent years,” he added. “This is putting people just one disaster away from losing the physical and financial security their home provides. A major disaster like a hurricane or tropical storm could leave a lot of people without enough resources to rebuild their homes. This could have tremendous consequences — not only for the affected individuals but the entire community.”
The slideshow above illustrates the top U.S. states with ‘lemon homes’ as selected by MovingPlace.
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