The cost of owning and maintaining a typical single-family home in the US, excluding mortgage payments, increased by 26% to $18,118 annually since 2020, driven by rising expenses like taxes, insurance, and utilities. In California, these costs surged by 32%.
Bankrate's analysis considered property taxes, home insurance, energy costs, internet and cable bills, and 2% of the sales price for maintenance. Home maintenance accounted for the largest share of ownership costs, with some states experiencing significant jumps in overall expenses due to surging purchase prices.
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