"Hidden" home ownership costs Oregonians thousands
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Oregon homeowners spend an average of $23,069 per year on upkeep and other "hidden expenses," according to a Bankrate study.
Why it matters: Overlooked costs, beyond mortgage payments, can catch unprepared homeowners off guard.
By the numbers: Oregon's figures top the $21,400 U.S. average for those who own a single-family home — but they're nowhere near as high as Hawaii, which leads all states with $34,573 annually.
- The state comes in 11th for highest homeownership costs.
Between the lines: The sum includes property taxes, insurance, utilities/energy, internet/cable and maintenance.
Zoom in: States on the East and West coasts — where home values and property taxes run high — usually see the highest "hidden" homeownership costs, per the analysis.
- Sneaky expenses are generally lower in Southern and Midwestern states.
The big picture: Inflation and "the nation's aging housing stock" have pushed annual home maintenance costs to roughly $8,800, the steepest expense Bankrate tracked.
- Meanwhile, more frequent natural disasters, plus mounting costs to rebuild, have hiked insurance premiums.
The bottom line: "Buying is just the beginning," researchers wrote in the report. "The squeeze on wallets intensifies after one becomes a homeowner.