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The common price of owning and sustaining a home has jumped up by 26% since 2020.
Bankrate released a report on Monday that reveals the "hidden prices" of homeownership factoring in a number of elements, together with common property taxes, householders insurance coverage, house upkeep, and utility payments.
"All the things has gotten dearer up to now 4 years," Bankrate researchers wrote, declaring that house costs have elevated by 40% for the reason that begin of the pandemic.
Dwelling repairs prices have elevated from $14,428 per yr or $1,202 per 30 days in 2020 to $18,118 a yr or $1,510 per 30 days in 2024 — on prime of a month-to-month mortgage cost.
Hawaii takes the highest spot with the excessive typical worth of a single-family house ($993,000) driving up estimated upkeep prices. In line with Best Place, the price of residing in Hawaii is 65.7% larger than the U.S. common.
Whereas the standard suspects resembling California and Massachusetts rounded out the highest 5, there have been some stunning entrants — New Hampshire, for instance, got here in at quantity seven with common annual hidden prices of $23,256.
Associated: These Are the 10 Most Expensive States to Be a Homeowner in the U.S.
Listed below are the ten states with the best hidden homeownership prices.
1. Hawaii
Common annual hidden homeownership prices in 2024: $29,015
P.c distinction from 2020 to 2024: 38%
2. California
Common annual hidden homeownership prices in 2024: $28,790
P.c distinction from 2020 to 2024: 32%
3. Massachusetts
Common annual hidden homeownership prices in 2024: $26,313
P.c distinction from 2020 to 2024: 28%
4. New Jersey
Common annual hidden homeownership prices in 2024: $25,573
P.c distinction from 2020 to 2024: 25%
5. Connecticut
Common annual hidden homeownership prices in 2024: $23,515
P.c distinction from 2020 to 2024: 24%
6. Washington
Common annual hidden homeownership prices in 2024: $23,365
P.c distinction from 2020 to 2024: 32%
7. New Hampshire
Common annual hidden homeownership prices in 2024: $23,256
P.c distinction from 2020 to 2024: 29%
8. New York
Common annual hidden homeownership prices in 2024: $22,807
P.c distinction from 2020 to 2024: 25%
9. Rhode Island
Common annual hidden homeownership prices in 2024: $21,994
P.c distinction from 2020 to 2024: 27%
10. Colorado
Common annual hidden homeownership prices in 2024: $21,038
P.c distinction from 2020 to 2024: 33%
