Arkansas homeowners face hidden costs
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Homeowners in Arkansas spend an average of $15,300 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.
By the numbers: Across the U.S., the average annual cost of owning a single-family home is $21,400 this year.
- That sum includes property taxes, insurance, utilities/energy, internet/cable and maintenance.
- Maintenance costs make up most of the extra cost for Arkansans ($5,100 on average), followed by utilities ($4,200) and homeowners insurance ($3,100).
Zoom in: East and West Coast states — where home values and property taxes run high — usually see the highest "hidden" homeownership costs, per the analysis.
- Costs are generally lower in Southern and Midwestern states.
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.
- 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."