The average annual cost of owning and maintaining a single-family home now exceeds $18,000, according to a new study.Homeownership is often considered a pathway to building wealth, but the ongoing costs of maintaining a home can add up significantly. An analysis by Bankrate round that homeowning costs across the U.S. have increased 26 percent since 2020, at the same time as rising inflation, median house prices hovering around $390,000 and mortgage rates are just below seven percent.
Homeowners also face $6,832 in property taxes, $1,572 in homeowners insurance, $1,434 in cable and internet, and $1,986 in energy bills.New Jersey stands out for its high property taxes, which average $10,026 annually—the highest in the nation. Combined with a median home price of $502,400, resulting in $10,048 in maintenance costs, and additional expenses, New Jersey homeowners spend about $25,573 per year on hidden costs.