What you’ll pay in every U.S. state in hidden homeownership costs: It’s like ‘buying a used car every year’

If you’re thinking about buying a home, you might want to tack on an extra $1,510 as part of your estimated monthly expenses.

That’s how much the average “hidden costs” of homeownership will set you back for a median-priced U.S. home worth $436,291, according to a new analysis by Bankrate. That works out to $18,118 annually, on top of what you’d already owe for mortgage payments.

Hidden costs include property taxes, homeowners insurance, home maintenance costs, as well as electricity, internet and cable bills, per Bankrate’s study. Those costs aren’t fixed either, as they have risen by 26% in the last four years.

“The [hidden] costs of owning a home are at the same level as buying a used car every year,” says Bankrate analyst Jeff Ostrowski. Considering that these costs grow over time, you’ll need a “cushion in your monthly budget” to afford them, he says.

While many online mortgage calculators include property taxes and homeowner insurance as part of a bundled mortgage payment estimate, not all do. And most calculators exclude other hidden costs like repairs or utilities.

As such, at least some of the hidden costs can be overlooked when budgeting for a new home. This can result in homeowners spending all of their spare cash on home expenses, which can make them “house poor.”

In states with some of the highest home prices in the country — Hawaii, California, Massachusetts — average annual hidden costs total more than $26,000, which is over $2,100 per month. In Hawaii, the total is $29,015, the highest of all states.

However, there is a big spread between states, especially in the Southeast, where homes are cheaper. In Kentucky, hidden costs average $11,559 — the lowest of all states and roughly a third of what they cost in Hawaii.

To calculate average hidden costs, the study used various data sources for each type of expense. To determine 2024 prices, some of the amounts were adjusted using Consumer Price Index data.

Bankrate’s analysis doesn’t include other possible hidden costs, like private mortgage insurance, HOA fees, pest control and closing costs, so the total expense could be even higher than the estimates provided.

Here’s a look at the average hidden cost in owning a single-family home, in every U.S. state.

• Annual cost: $12,258 
• Monthly cost: $1,022

• Annual cost: $18,291 
• Monthly cost: $1,524

• Annual cost: $16,373 
• Monthly cost: $1,364

• Annual cost: $11,692 
• Monthly cost: $974

• Annual cost: $28,790 
• Monthly cost: $2,399

• Annual cost: $21,038 
• Monthly cost: $1,753

• Annual cost: $23,515 
• Monthly cost: $1,960

• Annual cost: $14,785 
• Monthly cost: $1,232

• Annual cost: $19,182 
• Monthly cost: $1,599

• Annual cost: $16,035 
• Monthly cost: $1,336

• Annual cost: $29,015 
• Monthly cost: $2,418

• Annual cost: $16,197
• Monthly cost: $1,350

• Annual cost: $16,205
• Monthly cost: $1,350

• Annual cost: $12,259 
• Monthly cost: $1,022

• Annual cost: $12,448 
• Monthly cost: $1,037

• Annual cost: $14,012 
• Monthly cost: $1,168

• Annual cost: $11,559 
• Monthly cost: $963

• Annual cost: $12,593 
• Monthly cost: $1,049

• Annual cost: $17,110 
• Monthly cost: $1,426

• Annual cost: $19,712
• Monthly cost: $1,643

• Annual cost: $26,313 
• Monthly cost: $2,198

• Annual cost: $13,235
• Monthly cost: $1,103

• Annual cost: $16,217 
• Monthly cost: $1,351

• Annual cost: $11,881 
• Monthly cost: $990

• Annual cost: $12,639 
• Monthly cost: $1,053

• Annual cost: $18,081
• Monthly cost: $1,507

• Annual cost: $14,946 
• Monthly cost: $1,246

• Annual cost: $16,636 
• Monthly cost: $1,386

• Annual cost: $23,256 
• Monthly cost: $1,938

• Annual cost: $25,573
• Monthly cost: $2,131

• Annual cost: $13,533 
• Monthly cost: $1,128

• Annual cost: $22,807 
• Monthly cost: $1,901

• Annual cost: $14,647 
• Monthly cost: $1,221

• Annual cost: $13,375 
• Monthly cost: $1,115

• Annual cost: $12,975 
• Monthly cost: $1,081

• Annual cost: $12,642 
• Monthly cost: $1,054

• Annual cost: $19,221
• Monthly cost: $1,602

• Annual cost: $14,983 
• Monthly cost: $1,249

• Annual cost: $21,994 
• Monthly cost: $1,833

• Annual cost: $15,065 
• Monthly cost: $1,255

• Annual cost: $14,581
• Monthly cost: $1,215

• Annual cost: $14,662 
• Monthly cost: $1,222

• Annual cost: $18,036
• Monthly cost: $1,503

• Annual cost: $19,137 
• Monthly cost: $1,595

• Annual cost: $19,836 
• Monthly cost: $1,653

• Annual cost: $17,647 
• Monthly cost: $1,471

• Annual cost: $23,365 
• Monthly cost: $1,947

• Annual cost: $12,656 
• Monthly cost: $1,055

• Annual cost: $14,508 
• Monthly cost: $1,209

• Annual cost: $15,420 
• Monthly cost: $1,285

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