If you own a home or are considering buying, you know that your monthly mortgage payment is only a fraction of what you’ll spend each year on homeownership. There are plenty of hidden costs associated with the purchase process as well as ongoing expenses ranging from property taxes to maintenance and repairs, which you don’t have to factor in if you rent (as well as utilities and insurance, which you likely do).
But it’s hard to conceptualize how much this will actually set you back and easy to be caught off guard if you don’t budget for expenses beyond your mortgage.
A new analysis from Bankrate looked at the average annual expenses—on top of a mortgage—that come with owning a single-family home in each state, including property tax, homeowners insurance, utilities (energy, internet, and cable), and home maintenance (calculated at 2% of median sale prices). The report then compared the hidden costs of homeownership in 2024 to those in 2020.
Across the United States, the hidden costs of homeownership and maintenance average $18,118 per year in 2024, an increase of 26% (or $3,689) from 2020. Hawaii has the most expensive homeownership costs averaging $29,015 annually, followed by California, Massachusetts, New Jersey, and Connecticut. Utah had the biggest percentage increase in hidden homeownership costs from 2020 to 2024 at a whopping 44%.
States with the least expensive homeownership costs include Kentucky ($11.559 per year on average), Arkansas, Mississippi, Alabama, and Indiana. Expenses in Alaska and Texas increased the least in the last four years at just 14%.
Here’s how your state stacks up.
Hidden costs of homeownership 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