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
READ NEXT: 5 States That Americans in Search of Affordable Homes Abandoned in 2023
