Homeowners in These 10 States Pay the Most in 'Hidden' Upkeep Costs Hidden home costs pile on top of mortgage payments.
By Sherin Shibu Edited by Melissa Malamut
Key Takeaways
- Bankrate published a new study that revealed which states had the highest annual costs associated with homeownership — not including the mortgage payments.
- Home prices have increased by 40% since 2020.
The average cost of owning and maintaining a home has jumped up by 26% since 2020.
Bankrate released a report on Monday that reveals the "hidden costs" of homeownership factoring in several factors, including average property taxes, homeowners insurance, home maintenance, and utility bills.
"Everything has gotten more expensive in the past four years," Bankrate researchers wrote, pointing out that home prices have increased by 40% since the start of the pandemic.
Home upkeep costs have increased from $14,428 per year or $1,202 per month in 2020 to $18,118 a year or $1,510 per month in 2024 — on top of a monthly mortgage payment.
Hawaii takes the top spot with the high typical price of a single-family home ($993,000) driving up estimated maintenance costs. According to Best Place, the cost of living in Hawaii is 65.7% higher than the U.S. average.
While the usual suspects such as California and Massachusetts rounded out the top five, there were some surprising entrants — New Hampshire, for example, came in at No. 7 with average annual hidden costs of $23,256.
Related: These Are the 10 Most Expensive States to Be a Homeowner in the U.S.
Here are the 10 states with the highest hidden homeownership costs.
1. Hawaii
Average annual hidden homeownership costs in 2024: $29,015
Percent difference from 2020 to 2024: 38%
2. California
Average annual hidden homeownership costs in 2024: $28,790
Percent difference from 2020 to 2024: 32%
3. Massachusetts
Average annual hidden homeownership costs in 2024: $26,313
Percent difference from 2020 to 2024: 28%
4. New Jersey
Average annual hidden homeownership costs in 2024: $25,573
Percent difference from 2020 to 2024: 25%
5. Connecticut
Average annual hidden homeownership costs in 2024: $23,515
Percent difference from 2020 to 2024: 24%
6. Washington
Average annual hidden homeownership costs in 2024: $23,365
Percent difference from 2020 to 2024: 32%
7. New Hampshire
Average annual hidden homeownership costs in 2024: $23,256
Percent difference from 2020 to 2024: 29%
8. New York
Average annual hidden homeownership costs in 2024: $22,807
Percent difference from 2020 to 2024: 25%
9. Rhode Island
Average annual hidden homeownership costs in 2024: $21,994
Percent difference from 2020 to 2024: 27%
10. Colorado
Average annual hidden homeownership costs in 2024: $21,038
Percent difference from 2020 to 2024: 33%
