Key insights
- The average annual cost of owning and maintaining a single-family home in the U.S is more than $21,000 a year, according to a new Bankrate study.
- Hawaii and California top the list of states with the highest homeownership costs (over $30,000 annually); West Virginia and Mississippi are the lowest, at less than $15,000 a year.
- East and West Coast homeowners tend to pay more in hidden costs than those in the South and Midwest.
- Home maintenance alone averages more than $8,800 a year, accounting for the largest chunk of hidden homeownership costs.
The $21,400 surprise: Hidden costs of owning and maintaining a home in 2025
Buying a home is the biggest single expense most people will ever undertake. But many new homeowners are surprised to find that, after they have the keys in hand, the costs just keep on coming – and they’re adding up to a considerable sum.
The average annual costs associated with owning and maintaining a typical single-family home in the U.S. amount to $21,400 in 2025, according to Bankrate’s new Hidden Costs of Homeownership Study. We call them “hidden” because they’re often overlooked or unforeseen by homeowners, especially when they’re budgeting to buy a place. But these ongoing expenses are a reminder that the true cost of homeownership goes well beyond the property’s purchase price and the scheduled mortgage payments.
To determine the average hidden homeownership costs across the U.S., both nationally and by state, Bankrate analyzed prices for property taxes, homeowners insurance, utilities, internet and cable bills. We also calculated a sum for maintenance and repairs, by taking 2 percent of each state’s median single-family home price, a standard measure set by Fannie Mae. All figures were adjusted for inflation using the Consumer Price Index. (Note: Our analysis covers 49 of the 50 states: New York was excluded due to data limitations.)
