The average annual cost of owning and maintaining a median-priced single-family home in the United States totals over $18,000 a year, but this figure varies widely between states.
A new Bankrate report analyzed the hidden costs of homeownership beyond mortgage payments, including property taxes, home maintenance costs, homeowners insurance, energy bills, internet bills, and cable bills. On average, homeowners would need to spend an extra $18,118 a year for a single-family home valued at $436,291, according to Redfin data in March 2024. That increased from $14,428 in annual home costs in March 2020.
The hidden cost of homeownership varies widely by state. In places where home prices are highest, the average annual hidden costs total over $26,000. In states with lower home prices, the average annual hidden costs of homeownership total $11,559.
Bankrate's analysis does not include other possible hidden costs of homeownership, including HOA fees, pest control, and closing costs.
Here's a look at the U.S. states with the highest and lowest hidden costs in homeownership.
States With the Most Expensive Home Costs
1. Hawaii
Average annual hidden costs of homeownership (2024): $29,015
Median price of a single-family home: $993,000
Average annual property taxes: $3,724
Average maintenance costs: $19,860
2. California
Average annual hidden costs of homeownership (2024): $28,790
Median price of a single-family home: $848,300
Average annual property taxes: $6,832
Average maintenance costs: $16,966
3. Massachusetts
Average annual hidden costs of homeownership (2024): $26,313
Median price of a single-family home: $624,200
Average annual property taxes: $7,413
Average maintenance costs: $12,484
4. New Jersey
Average annual hidden costs of homeownership (2024): $25,573
Median price of a single-family home: $502,400
Average annual property taxes: $10,026
Average maintenance costs: $10,048
5. Connecticut
Average annual hidden costs of homeownership (2024): $23,515
Median price of a single-family home: $435,900
Average annual property taxes: $8,073
Average maintenance costs: $8,718
States With the Lowest Home Costs
1. Kentucky
Average annual hidden costs of homeownership (2024): $11,559
Median price of a single-family home: $255,800
Average annual property taxes: $1,547
Average maintenance costs: $5,116
2. Arkansas
Average annual hidden costs of homeownership (2024): $11,692
Median price of a single-family home: $249,300
Average annual property taxes: $1,292
Average maintenance costs: $4,986
3. Mississippi
Average annual hidden costs of homeownership (2024): $11,881
Median price of a single-family home: $242,500
Average annual property taxes: $1,380
Average maintenance costs: $4,850
4. Alabama
Average annual hidden costs of homeownership (2024): $12,258
Median price of a single-family home: $271,800
Average annual property taxes: $1,075
Average maintenance costs: $5,436
5. Indiana
Average annual hidden costs of homeownership (2024): $12,259
Median price of a single-family home: $252,900
Average annual property taxes: $2,063
Average maintenance costs: $5,058
