Inflation, insurance, maintenance: Why owning a home in Illinois costs more in 2025
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Homeowners in Illinois spend an average of $19,471 a year on upkeep and other "hidden expenses," according to a Bankrate study.
Why it matters: Overlooked costs, beyond mortgage payments, can surprise unprepared homeowners.
Zoom out: Across the U.S., the average annual cost of these hidden expenses for a single-family home is $21,400 this year.
- That sum includes property taxes, insurance, utilities/energy, internet/cable and maintenance.
Zoom in: The state of Illinois is actually lower than the national average, but not by much.
By the numbers: According to the report, the Illinois homeowner averages $6,243 a year in property taxes, $5,710 in maintenance, $2,140 in home insurance, $4,134 in utilities and $1,515 in internet.
Reality check: These are numbers for the entire state. For Chicago and some surrounding suburbs, these costs are much higher.
The intrigue: East and West Coast states — where home values and property taxes run high — usually see the highest "hidden" homeownership costs, per the analysis.
The big picture: Inflation and "the nation's aging housing stock" have pushed annual maintenance costs to roughly $8,800, the steepest expense Bankrate tracked.
- Meanwhile, more frequent natural disasters, plus mounting costs to rebuild homes after, have hiked insurance costs.
- Home insurance giant State Farm just announced it is hiking state premiums by 27% in August.
- Electric and gas bills are also on the rise: The U.S. Energy Administration said they've increased by almost 30% since 2021.
The bottom line: "Buying is just the beginning," researchers wrote in the report. "The squeeze on wallets intensifies after one becomes a homeowner."