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.”
Hidden home costs vary widely by state
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.
Alabama
- Annual cost: $12,258
- Monthly cost: $1,022
Alaska
- Annual cost: $18,291
- Monthly cost: $1,524
Arizona
- Annual cost: $16,373
- Monthly cost: $1,364
Arkansas
- Annual cost: $11,692
- Monthly cost: $974
California
- Annual cost: $28,790
- Monthly cost: $2,399
Colorado
- Annual cost: $21,038
- Monthly cost: $1,753
Connecticut
- Annual cost: $23,515
- Monthly cost: $1,960
Delaware
- Annual cost: $14,785
- Monthly cost: $1,232
Florida
- Annual cost: $19,182
- Monthly cost: $1,599
Georgia
- Annual cost: $16,035
- Monthly cost: $1,336
Hawaii
- Annual cost: $29,015
- Monthly cost: $2,418
Idaho
- Annual cost: $16,197
- Monthly cost: $1,350
Illinois
- Annual cost: $16,205
- Monthly cost: $1,350
Indiana
- Annual cost: $12,259
- Monthly cost: $1,022
Iowa
- Annual cost: $12,448
- Monthly cost: $1,037
Kansas
- Annual cost: $14,012
- Monthly cost: $1,168
Kentucky
- Annual cost: $11,559
- Monthly cost: $963
Louisiana
- Annual cost: $12,593
- Monthly cost: $1,049
Maine
- Annual cost: $17,110
- Monthly cost: $1,426
Maryland
- Annual cost: $19,712
- Monthly cost: $1,643
Massachusetts
- Annual cost: $26,313
- Monthly cost: $2,198
Michigan
- Annual cost: $13,235
- Monthly cost: $1,103
Minnesota
- Annual cost: $16,217
- Monthly cost: $1,351
Mississippi
- Annual cost: $11,881
- Monthly cost: $990
Missouri
- Annual cost: $12,639
- Monthly cost: $1,053
Montana
- Annual cost: $18,081
- Monthly cost: $1,507
Nebraska
- Annual cost: $14,946
- Monthly cost: $1,246
Nevada
- Annual cost: $16,636
- Monthly cost: $1,386
New Hampshire
- Annual cost: $23,256
- Monthly cost: $1,938
New Jersey
- Annual cost: $25,573
- Monthly cost: $2,131
New Mexico
- Annual cost: $13,533
- Monthly cost: $1,128
New York
- Annual cost: $22,807
- Monthly cost: $1,901
North Carolina
- Annual cost: $14,647
- Monthly cost: $1,221
North Dakota
- Annual cost: $13,375
- Monthly cost: $1,115
Ohio
- Annual cost: $12,975
- Monthly cost: $1,081
Oklahoma
- Annual cost: $12,642
- Monthly cost: $1,054
Oregon
- Annual cost: $19,221
- Monthly cost: $1,602
Pennsylvania
- Annual cost: $14,983
- Monthly cost: $1,249
Rhode Island
- Annual cost: $21,994
- Monthly cost: $1,833
South Carolina
- Annual cost: $15,065
- Monthly cost: $1,255
South Dakota
- Annual cost: $14,581
- Monthly cost: $1,215
Tennessee
- Annual cost: $14,662
- Monthly cost: $1,222
Texas
- Annual cost: $18,036
- Monthly cost: $1,503
Utah
- Annual cost: $19,137
- Monthly cost: $1,595
Vermont
- Annual cost: $19,836
- Monthly cost: $1,653
Virginia
- Annual cost: $17,647
- Monthly cost: $1,471
Washington
- Annual cost: $23,365
- Monthly cost: $1,947
West Virginia
- Annual cost: $12,656
- Monthly cost: $1,055
Wisconsin
- Annual cost: $14,508
- Monthly cost: $1,209
Wyoming
- Annual cost: $15,420
- Monthly cost: $1,285
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