Salt Lake City homeowners face thousands in hidden costs each year

By the numbers: Across the U.S., the average annual cost of owning a single-family home is $21,400 this year.

• That includes property taxes, insurance, utilities/energy, internet/cable and maintenance.

Zoom in: Both West and East 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, 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."

Kim's thought bubble: I'll stick to renting for now.