What you’ll pay in every U.S. state in hidden homeownership costs: It’s like ‘buying a used car every year’

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