"Hidden" home costs surge in Arizona
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Homeowners in Arizona spend an average of $21,211 a year on upkeep and other "hidden expenses," according to a Bankrate study.
Why it matters: Overlooked costs, beyond mortgage payments, can come as an unpleasant surprise for unprepared homeowners.
By the numbers: The average annual cost of hidden expenses for a single-family home nationwide is $21,400 this year.
- Arizona is slightly below the national average and has the 21st-highest costs out of 49 states (the study didn't include New York).
- That sum includes property taxes, insurance, utilities/energy, internet/cable and maintenance.
Zoom in: Arizona's average yearly spending for homeowners insurance ($2,268), utilities ($4,581) and home maintenance ($9,424) were all above the national average.
- The state does particularly well on property taxes ($2,436), coming in 12th lowest overall.
- And Arizonans pay less than average for internet and cable ($1,502).
Zoom out: East and West Coast states — where home values and property taxes run high — usually see the highest hidden homeownership costs, per the analysis.
- Meanwhile, bills 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 expenses 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."