"Hidden" homeowner costs in California top $32K a year
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Homeowners in California spend an average of $32,262 a year on upkeep and other "hidden expenses" — the second highest amount nationally, according to a Bankrate study.
Why it matters: Overlooked costs, beyond mortgage payments, can surprise unprepared homeowners.
Zoom in: California ranks among the states with the steepest costs due to high home values and property taxes, per the analysis.
- Hawaii ($34,573) led the nation, while New Jersey ($29,751) and Massachusetts ($29,277) trailed California.
By the numbers: According to the report, the California homeowner averages $7,378 a year in property taxes, $17,338 in maintenance, $1,439 in home insurance, $4,680 in utilities and $1,428 in internet.
Zoom out: Across the U.S., the average annual cost of these hidden expenses for a single-family home is $21,400 this year.
The big picture: Inflation and "the nation's aging housing stock" have pushed annual maintenance costs to roughly $8,800, the greatest expense Bankrate tracked.
- Meanwhile, more frequent natural disasters, plus mounting costs to rebuild homes, have hiked insurance premiums.
- Electric and gas bills are also on the rise, increasing by nearly 30% since 2021, per The U.S. Energy Administration.