Buzz
If you're a homeowner or planning to buy, you're probably aware that your monthly mortgage is just a small portion of the total annual costs associated with owning a home. There are numerous hidden expenses tied to both the home-buying process and the ongoing upkeep, including property taxes, repairs, and maintenance, all of which go beyond what you'd typically pay as a renter (as well as utilities and insurance, which you're likely still responsible for).
It can be challenging to fully grasp how much these extra costs will amount to, and it's easy to be surprised if you haven't planned for expenses outside of your mortgage.
A recent report by Bankrate analyzed the typical annual costs—above and beyond the mortgage—of owning a single-family home across various states. This includes property taxes, homeowners insurance, utility bills (such as energy, internet, and cable), and home maintenance (estimated at 2% of the median sale price). The study also compared the hidden expenses of homeownership in 2024 to those of 2020.
In 2024, the average hidden costs of homeownership and upkeep in the U.S. have reached $18,118 annually, a rise of 26% (or $3,689) compared to 2020. Hawaii ranks as the state with the highest homeownership costs, averaging $29,015 per year, followed by California, Massachusetts, New Jersey, and Connecticut. Utah saw the largest percentage increase in hidden costs from 2020 to 2024, with a remarkable 44% jump.
The states with the lowest homeownership costs include Kentucky ($11,559 annually), Arkansas, Mississippi, Alabama, and Indiana. Alaska and Texas experienced the smallest increase in homeownership costs over the past four years, with only a 14% rise.
Find out how your state compares.
Hidden Homeownership Costs by State
Alabama: $12,258
Alaska: $18,291
Arizona: $16,373
Arkansas: $11,692
California: $28,790
Colorado: $21,038
Connecticut: $23,515
Delaware: $14,785
Florida: $19,182
Georgia: $16,035
Hawaii: $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
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
