The Hidden Cost of Homeownership, State by State

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If you own a home or are thinking about buying one, you know that your monthly mortgage payment is only a fraction of what you’ll spend each year to own a home. There are many hidden costs associated with the buying process, as well as ongoing expenses, ranging from property taxes to maintenance and repairs, that you don’t have to account for when leasing (and utilities and insurance, which you probably do). .

But it’s hard to know how much it will actually cost you, and it’s easy to be caught off guard if you don’t plan for expenses beyond your mortgage.

Bankrate’s new analysis looked at the average annual costs (other than a mortgage) associated with owning a single-family home in each state, including property taxes, homeowners insurance, utilities (energy, internet and cable) and housing costs. maintenance (calculated at 2% of median sales price). The report then compared the hidden costs of homeownership in 2024 with those in 2020.

In the United States, the hidden costs of home ownership and maintenance average $18,118 per year in 2024, up 26% (or $3,689) from 2020. Hawaii has the most expensive homeownership costs, averaging $29,015 per year, followed by California, Massachusetts, and New Jersey. and Connecticut. Utah saw the largest percentage increase in the hidden costs of homeownership from 2020 to 2024—a whopping 44%.

States with the lowest home ownership costs include Kentucky (average $11,559 per year), Arkansas, Mississippi, Alabama and Indiana. Spending in Alaska and Texas has increased the least in the past four years, up just 14%.

Here’s how it works in your state.

Hidden costs of government home ownership

  • Alabama: $12,258.

  • Alaska: US$18,291

  • Arizona: $16,373

  • Arkansas: $11,692.

  • California: $28,790.

  • Colorado: $21,038.

  • Connecticut: $23,515.

  • Delaware: $14,785

  • Florida: $19,182.

  • Georgia: US$16,035.

  • Hawaii: US$29,015.

  • Idaho: $16,197.

  • Illinois: $16,205.

  • Indiana: $12,259.

  • Iowa: $12,448

  • Kansas: $14,012.

  • Kentucky: $11,559.

  • Louisiana: $12,593.

  • Maine: $17,110

  • Maryland: $19,712.

  • Massachusetts: $26,313.

  • Michigan: $13,235.

  • Minnesota: $16,217.

  • Mississippi: $11,881.

  • Missouri: $12,639.

  • Montana: $18,081

  • Nebraska: $14,946.

  • Nevada: $16,636.00.

  • New Hampshire: $23,256.

  • New Jersey: $25,573.

  • New Mexico: $13,533.

  • New York: $22,807.

  • North Carolina: $14,647.

  • North Dakota: $13,375.

  • Ohio: $12,975.

  • Oklahoma: $12,642

  • Oregon: $19,221.

  • Pennsylvania: $14,983.

  • Rhode Island: $21,994.

  • South Carolina: $15,065.

  • South Dakota: $14,581.

  • Tennessee: $14,662.

  • Texas: $18,036.

  • Utah: $19,137

  • Vermont: $19,836.

  • Virginia: $17,647.

  • Washington: $23,365.

  • West Virginia: $12,656.

  • Wisconsin: $14,508.

  • Wyoming: $15,420.

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