Get All Access for $5/mo

These Are the 10 Most Expensive States to Be a Homeowner in the U.S., According to a New Report Where do homeowners spend the most? The usual suspects like California, New York, and New Jersey ranked high on the list.

By Madeline Garfinkle

Opinions expressed by Entrepreneur contributors are their own.

Homeownership comes with a lot of perks — and costs. However, the financial weight of owning a home varies from region to region, with some homeowners spending almost 30% of the state's median income on annual homeownership costs such as maintenance, utilities, and insurance, a new study found.

But which states are the most expensive to be a homeowner?

According to a new report by the New Jersey Real Estate Network, a real estate platform, California is the most expensive state to be a homeowner, with an annual cost of $24,252 — marking 28.84% of the state's median income of $84,097.

California is also home to some of the most pricey zip codes in the U.S. According to a report from U.S. World News, of the top 10 most expensive cities to live in America, seven are in California, with San Diego and Los Angeles taking the first and second spots, respectively.

As for the most expensive states, New York came in at No. 2, where homeowners spend $18,636 a year on housing costs (28.8% of the state's median income), and New Jersey, with an annual homeowner spend of $22,200 (24.75% of the state's median income).

The report was compiled by taking census data and using it to compare annual average housing costs in relation to states' median income.

Here are the top 10 most expensive states to own a home, according to the New Jersey Real Estate Network.

Related: The Average Homeowner Became 40 Times Wealthier Than Renters Over The Past 10 Years

1. California

Annual homeowner costs: $24,252

Percent of state median income: 28.84%

2. New York

Annual homeowner costs: $18,636

Percent of state median income: 28.8%

3. New Jersey

Annual homeowner costs: $22,200

Percent of state median income: 24.75%

4. Hawaii

Annual homeowner costs: $21,732

Percent of state median income: 24.69%

5. Connecticut

Annual homeowner costs: $20,460

Percent of state median income: 24.48%

6. Massachusetts

Annual homeowner costs: $21,528

Percent of state median income: 24.18%

7. Rhode Island

Annual homeowner costs: $17,556

Percent of state median income: 23.57%

8. Oregon

Annual homeowner costs: $16,008

Percent of state median income: 22.84%

9. Washington

Annual homeowner costs: $18,816

Percent of state median income: 22.83%

10. Nevada

Annual homeowner costs: $14,784

Percent of state median income: 22.51%

Madeline Garfinkle

News Writer

Madeline Garfinkle is a News Writer at Entrepreneur.com. She is a graduate from Syracuse University, and received an MFA from Columbia University. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Side Hustle He Started in His College Apartment Turned Into a $70,000-a-Month Income Stream — Then Earned Nearly $2 Million Last Year

Kyle Morrand and his college roommates loved playing retro video games — and the pastime would help launch his career.

Growing a Business

How Visionary Leaders Transform Curiosity Into Groundbreaking Ideas

Lee Brian Schrager, founder of the South Beach Wine & Food Festival, discusses the spark that launched FoodieCon, his best practices for running popular food events, and why all business owners need to adapt to social media trends.

Business News

Homeowners in These 10 States Pay the Most in 'Hidden' Upkeep Costs

Hidden home costs pile on top of mortgage payments.

Data & Recovery

Get $60 off This Portable VPN Travel Router

Why keep paying for a VPN service when you can have a tiny, lightweight piece of hardware that can provide you with a lifetime of maximum VPN protection?

Money & Finance

Avoid These 10 Mistakes Entrepreneurs Make with Money

Despite the challenging statistic that only 5% of startups survive beyond five years, common financial pitfalls often contribute to their failure. Through personal observation, I've identified the prevalent financial mistakes made by entrepreneurs.

Growing a Business

5 Books to Help You Motivate, Unify and Build Perspective

In a post-Covid world, check out these must-read books to help build a more resilient organization, create a modern work culture and maintain a powerful growth mindset.