"Hidden" home ownership costs add up for Minnesota buyers

State of play: Keeping up with a single-family home in Minnesota is still cheaper than the national average of $21,400.

• That sum includes property taxes and insurance, which are often rolled into the monthly mortgage payment, as well as utilities/energy, internet/cable and maintenance.

Zoom in: Those rising property tax rates and homeowners' insurance premiums have hit many Twin Cities homeowners especially hard.

• But Bankrate's study projects that maintenance is still the biggest added cost for local homeowners, at roughly $7,000 a year locally.

The big picture: Inflation and "the nation's aging housing stock" have pushed annual maintenance costs to roughly $8,800 nationally, 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% across the country since 2021.

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.

Between the lines: Homes themselves are also getting more expensive in Minnesota.

• The statewide median home price rose 2.8% in May to $360,000 while the metro's jumped 2.6% to $395,000, per the Minnesota Realtors.

While interest rates have dipped slightly, the typical all-in mortgage payment in the state is just over $2,600, about $1,000 a month more than it was in 2021.

The bottom line: Whether you're seriously house hunting or just "Zillow daydreaming," mentally adding $1,000 or more to those estimated monthly mortgage payments online will help gauge what you can actually afford.