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
