The hidden homeownership costs in every U.S. state are equivalent to purchasing a used car annually.

Consider adding an additional $1,510 to your monthly expenses if you're planning on purchasing a home.

The new analysis by Bankrate reveals that the average "hidden costs" of homeownership for a median-priced U.S. home worth $436,291 is $18,118 annually, in addition to mortgage payments.

According to Bankrate's research, hidden costs such as property taxes, homeowners insurance, home maintenance, electricity, internet, and cable bills are not fixed and have increased by 26% in the past four years.

According to Bankrate analyst Jeff Ostrowski, the hidden costs of owning a home are equivalent to purchasing a used car annually. As these expenses increase over time, it is necessary to have a "financial buffer" to cover them, he advises.

Not all online mortgage calculators include property taxes and homeowner insurance in their bundled mortgage payment estimate, and most exclude other hidden costs like repairs or utilities.

When budgeting for a new home, some hidden costs can be overlooked, leading to homeowners being "house poor" by spending all their spare cash on home expenses.

Hidden home costs vary widely by state

The average annual hidden costs in states with some of the highest home prices, such as Hawaii, California, and Massachusetts, exceed $26,000, which amounts to more than $2,100 per month. In Hawaii, the total hidden costs are the highest at $29,015.

The cost of hidden expenses varies greatly among states, with the Southeast region having the largest spread. In Kentucky, the average hidden cost is $11,559, which is the lowest in the country and about one-third of what it is in Hawaii.

The study used various data sources to calculate average hidden costs for each type of expense and adjusted some amounts using Consumer Price Index data to determine 2024 prices.

Bankrate's analysis does not take into account other potential additional expenses, such as private mortgage insurance, HOA fees, pest control, and closing costs, so the total cost could be higher than the estimates provided.

The average cost of owning a single-family home varies across each state in the U.S.

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

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