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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."

Inflation, insurance, maintenance: Why owning a home in Illinois costs more in 2025

A new report reveals the "hidden" costs of homeownership.

Graphic of a map of the country with different costs tallied state by state. 

Homeowners in Illinois spend an average of $19,471 a year on upkeep and other &quot;hidden expenses,&quot; according to a Bankrate study.Why it matters: Overlooked costs, beyond <a class="gtmContentClick" data-vars-link-text="mortgage payments" data-vars-click-url="https://www.axios.com/2025/06/03/homes-buyers-sellers-redfin" data-vars-content-id="23e3969a-1505-41b1-b0c0-f0b9c52d3f12" data-vars-headline="Inflation, insurance, maintenance: Why owning a home in Illinois costs more in 2025" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/06/03/homes-buyers-sellers-redfin" target="_self">mortgage payments</a>, can surprise unprepared homeowners.

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Roughly 15% of pending home sales in the Chicago area fell through in January, up from 13% a year earlier, according to Redfin data.

The big picture: More deals are being canceled nationally, Redfin reports.

Around 1 in 7 pending U.S. home sales fell through in January, the highest share for this time of year since at least 2017.

Homebuyers are backing out of deals for several reasons, including the shock of still-steep prices and mortgage rates, plus economic and political uncertainty, Redfin researchers say.

With inventory on the rise nationally, some buyers are also pivoting because they think a better house has (or might) come along.

Between the lines: U.S. cancellations, which are typically more common near the end of the year and less common in the spring, remain slightly below levels seen when the pandemic started and when mortgage rates surged in 2022, the report authors note.

Home purchases that fell through during a given month didn't necessarily go under contract that same month.

Reality check: Some shoppers are done waiting for housing costs to drop.

Year-over-year home sales continue to slump but climbed 4.2% in February from the month before, per the latest National Association of Realtors data.

The bottom line: If you're on the hunt, don't count a listing out just because it's under contract.

More Chicago buyers backing out of home deals as market shifts

Redfin says Chicago is doing worst than the national average.

A line chart showing the share of pending home sales that fell through from January 2017 to January 2025 in the Chicago metro area. The share of canceled sales decreased from 15.5% to 15.3% over the time period, after reaching a max of 20.9% in April 2020. In January 2025, the national share was 14.

Roughly 15% of pending home sales in the Chicago area fell through in January, up from 13% a year earlier, according to Redfin data.The big picture: More deals are being canceled nationally, Redfin reports.

Chicago therapist Scott Kupferschmidt bought his first home this year — pulling off what many considered impossible.

Why it matters: High housing prices and mortgage rates, plus a shortage of affordable homes, have pushed homeownership further out of reach, particularly for younger people.

The big picture: The median age of first-time homebuyers is now 38, a new high in National Association of Realtors data going back to 1981.

Between the lines: An inheritance allowed Kupferschmidt, 44, to purchase his Irving Park condo for $271,000 in cash.

Fun fact: The one-bedroom home is located across from the condo where his mother lived as a child.

What they're saying: It would have taken Kupferschmidt at least five more years of saving without the financial boost, he tells Axios.

By the numbers: The median home sale price in Chicagoland was $340,000 in October, up from $315,000 a year earlier, according to Redfin data.

And over a third of houses metro-wide are selling above asking, the data shows.

Kupferschmidt says he offered 10% more than the condo's listing price to help edge out other shoppers.

What we're watching: Home sales remain sluggish, but the worst of the downturn "could be over," according to Lawrence Yun, National Association of Realtors chief economist.

How 1 Chicagoan made the leap to homeownership

Here's how one new Chicago homebuyer pulled it off.

Illustration of a Rubik's cube in the shape of a house. 

Chicago therapist Scott Kupferschmidt bought his <a class="gtmContentClick" data-vars-link-text="first home" data-vars-click-url="https://www.axios.com/2024/10/27/renters-buy-home-investment" data-vars-content-id="7c7c2b78-d65d-4599-9551-57ff16298fd7" data-vars-headline="How 1 Chicagoan made the leap to homeownership" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2024/10/27/renters-buy-home-investment" target="_self">first home</a> this year — pulling off what many considered <a class="gtmContentClick" data-vars-link-text="impossible" data-vars-click-url="https://www.axios.com/local/chicago/2024/07/27/home-buying-summer-competition" data-vars-content-id="7c7c2b78-d65d-4599-9551-57ff16298fd7" data-vars-headline="How 1 Chicagoan made the leap to homeownership" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/chicago/2024/07/27/home-buying-summer-competition" target="_self">impossible</a>.Why it matters: High housing prices and <a class="gtmContentClick" data-vars-link-text="mortgage rates" data-vars-click-url="https://www.axios.com/2024/11/01/30-year-mortgage-rate-rising" data-vars-content-id="7c7c2b78-d65d-4599-9551-57ff16298fd7" data-vars-headline="How 1 Chicagoan made the leap to homeownership" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2024/11/01/30-year-mortgage-rate-rising" target="_self">mortgage rates</a>, plus a shortage of affordable <a class="gtmContentClick" data-vars-link-text="homes" data-vars-click-url="https://www.axios.com/2024/07/15/homebuilding-new-construction-interest-rates" data-vars-content-id="7c7c2b78-d65d-4599-9551-57ff16298fd7" data-vars-headline="How 1 Chicagoan made the leap to homeownership" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2024/07/15/homebuilding-new-construction-interest-rates" target="_self">homes</a>, have pushed homeownership further out of reach, particularly for younger people.

Chicago's median rent rose faster than in the other nine largest U.S. cities.

Why it matters: Housing is unaffordable for many. A new Harvard report finds a record number of renters are "cost-burdened," spending more than 30% of their income on rent and utilities.

Although the median U.S. rent for new leases is down 1.5% from a year ago, it's still roughly 20% above pre-pandemic levels, per Apartment List.

By the numbers: The median rent in the metro Chicago area went up 4% from February 2025 to February 2026, coming in at $1,670 a month.

That's still lower than New York ($2,245), Los Angeles ($2,167) and Washington, D.C. ($2,122).

State of play: Chicago's rental share was 53% in 2023, according to the Institute for Housing Studies at DePaul University.

The supply of affordable housing has not kept up with demand, forcing more renters into housing they can't afford.

Zoom out: Rental markets are tighter in the Midwest, Northeast and parts of the West Coast because these are regions where building is harder, largely due to zoning restrictions and a lack of space.

Between the lines: More people are renting, partly because home buying remains out of reach, keeping rents from falling much further nationwide.

What we're watching: Fewer people move in the colder months and Chicago isn't quite seeing those spring temperatures.

Expect rents to climb as the peak summer season nears.

Chicago rent prices went up more than other major cities

Median rent in the Chicago area hit $1,670 after a 4% jump — even as U.S. rents tick down slightly.

A symbol map of 54 U.S. metro areas showing estimated change in median rent from February 2025 to February 2026. Rents decreased in 34 metros, mostly in the South, and increased in 20 metros, mostly in the Northeast and Midwest. Virginia Beach increased the most, by 5.3%, and Austin decreased the mo

Chicago&#x27;s median rent rose faster than in the other nine largest U.S. cities.Why it matters: Housing is unaffordable for many. A new Harvard report finds a record number of renters are &quot;<a class="gtmContentClick" data-vars-link-text="cost-burdened" data-vars-click-url="https://www.jchs.harvard.edu/americas-rental-housing-2026" data-vars-content-id="c44a4d3d-5906-43c1-a316-4e063a2e69c7" data-vars-headline="Chicago rent prices went up more than other major cities" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.jchs.harvard.edu/americas-rental-housing-2026" target="_blank">cost-burdened</a>,&quot; spending more than 30% of their income on rent and utilities.<ul><li>Although the median U.S. rent for new leases is down 1.5% from a year ago, it&#x27;s still roughly 20% above pre-pandemic levels, per Apartment List.</li></ul>

Money

Neighborhoods

Data: National Association of Realtors; Chart: Axios Visuals

The typical first-time homebuyer in the U.S. is now 40 — the oldest on record, according to a report by the National Association of Realtors.

Why it matters: High prices, 6% mortgage rates, and a shortage of affordable houses are delaying homeownership for many.

State of play: First-timers made up 21% of buyers between July 2024 and June 2025 — a new low in data going back to 1981.

Some are co-buying with friends or moving further afield to get a foot in the door.

Many are tapping family money: 60% of Gen Z and 57% of millennials say they couldn't have purchased a home without help from relatives, BMO bank research shows.

The latest: Perhaps another scary thought for first-time buyers is President Trump's recent pitch for a 50-year mortgage, which critics say would lower a homeowner's monthly payment but greatly increase their interest over the lifespan of their mortgage and keep homeowners in debt essentially their entire adult lives.

Yes, but: Some economists told NPR the half-century mortgage is not that different than the 30-year, which many people have because most people leave their homes — and their mortgage — well before that term is up and many refinance for better rates.

Between the lines: Equity-rich repeat buyers (with a median age of 62, the highest ever) have more ability to make big down payments and all-cash offers.

A record 26% of all purchasers paid cash, up from 20% the year before, NAR found.

"The housing market remains divided between an all-time high of all-cash home buyers and an all-time low of first-time buyers," NAR researchers wrote in the report.

First-time homeowners are getting older

The typical first‑time homebuyer is now 40 and only 21% of purchases are from first‑timers — affordability is shifting the market.

A line chart that tracks the median age of U.S. homebuyers from 1981 to 2025. The median age for all buyers rose from 31 to 59 years. First-time buyers increased from 29 to 40 years, while repeat buyers grew from 36 to 62 years, showing a steady aging trend across all groups.

The typical first-time <a class="gtmContentClick" data-vars-link-text="homebuyer" data-vars-click-url="https://www.axios.com/2025/10/20/fixer-upper-home-sale" data-vars-content-id="f1962a84-599b-460d-b491-5b1be7ce2505" data-vars-headline="First-time homeowners are getting older" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/10/20/fixer-upper-home-sale" target="_self">homebuyer</a> in the U.S. is now 40 — the oldest on record, according to a <a class="gtmContentClick" data-vars-link-text="report" data-vars-click-url="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" data-vars-content-id="f1962a84-599b-460d-b491-5b1be7ce2505" data-vars-headline="First-time homeowners are getting older" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" target="_blank">report</a> by the National Association of Realtors.Why it matters: High prices, 6% mortgage rates, and a shortage of <a class="gtmContentClick" data-vars-link-text="affordable" data-vars-click-url="https://www.axios.com/2025/10/09/housing-population-growth" data-vars-content-id="f1962a84-599b-460d-b491-5b1be7ce2505" data-vars-headline="First-time homeowners are getting older" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/10/09/housing-population-growth" target="_self">affordable</a> houses are delaying <a class="gtmContentClick" data-vars-link-text="homeownership" data-vars-click-url="https://www.axios.com/2025/10/01/homebuying-millennials-gen-z-giving-up" data-vars-content-id="f1962a84-599b-460d-b491-5b1be7ce2505" data-vars-headline="First-time homeowners are getting older" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/10/01/homebuying-millennials-gen-z-giving-up" target="_self">homeownership</a> for many.

Axios Portland

What Portland homeowners do for a living

Portland

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HOAs gain ground in Utah

Salt Lake City

A map shows the share of homes listed for sale in 2025 that included HOA fees, by state. On average, 43.6% of listings included HOA fees. The states where HOA fees were most often included were Nevada (68%), Arizona (65%) and Florida (65%).

Share of homes listed for sale with HOA fees, 2025

Data: Realtor.com; Map: Jacque Schrag/Axios

Exclusive: What U.S. homeowners do for a living

National

A table shows the U.S. homeownership rate for various occupations in 2024 and 2014. Management and business leads at 72%, unchanged from 2014. Teachers and social service professionals follow at 67%, down from 68%. STEM and technical professionals fell to 67% from 69%. Service workers, while still having the lowest homeownership rate, saw the highest jump since 2014, rising to 46% from 43%.

U.S. homeownership rate, by occupation

Data: National Association of Realtors analysis of Census Bureau data; Chart: Sami Sparber/Axios

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Axios San Antonio

Renting is cheaper than owning in San Antonio

San Antonio

A chart showing the monthly median cost to rent or own by metro area in 2024 among the 100 largest metros. In all metro areas, it was cheaper to rent than it was to own a home. The national average rent price was $1,487 compared to $2,035 to own. In the San Antonio metro, the median rental cost was $1,422 compared to $2,023 to own.

Monthly median cost to rent or own by metro area

Data: LendingTree analysis of U.S. Census Bureau data; Note: Monthly costs include utilities, fees, and/or taxes; Median housing costs above $4,000 are recorded as "$4,000+" by the Census Bureau; Chart: Jacque Schrag/Axios

Sami Sparber

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What Portland homeowners do for a living

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Renting is cheaper than owning in San Antonio