Is your state among the most expensive for homeowners?

The American Dream is pricey
The cost of maintaining a home has shot up
Could you achieve the American Dream?
15. Utah
14. Florida
13. Oregon
12. Maryland
11. Vermont
10. Colorado
9. Rhode Island
8. New York
7. New Hampshire
6. Washington
5. Connecticut
4. New Jersey
3. Massachusetts
2. California
1. Hawaii
The U.S. Average
Which states are the least expensive?
Arkansas and Mississippi were a close 2nd and 3rd
The American Dream is pricey

Homeownership is a fundamental component of the American Dream. However, beyond the down payment and mortgage, there are additional expenses to take into account, and in certain states, there are hidden costs that can be quite burdensome.

The cost of maintaining a home has shot up

The cost to maintain a home has shot up significantly since 2022, and Bankrate found in a new survey that some states are far worse off than others. The average annual cost of owning has reached ridiculous levels once property taxes, insurance, maintenance, and utilities are factored in.

Could you achieve the American Dream?

So just how bad is the average annual cost of home ownership in some states? Let's take a look at costs in the top fifteen states to see where you may not want to buy a home if you’re looking to achieve the American dream…

15. Utah

Average Annual Ownership Costs 2024: $19.1k

Change from 2022 to 2024: +44%

Photo by Taylor Brandon on Unsplash

14. Florida

Average Annual Ownership Costs 2024: $19.2k

Change from 2022 to 2024: +33%

Photo by Lance Asper on Unsplash

13. Oregon

Average Annual Ownership Costs 2024: $19.2k

Change from 2022 to 2024: +24%

Photo by Zack Spear on Unsplash

12. Maryland

Average Annual Ownership Costs 2024: $19.7k

Change from 2022 to 2024: +23%

Photo by Gary Cole on Unsplash

11. Vermont

Average Annual Ownership Costs 2024: $19.8k 

Change from 2022 to 2024: +29%

Photo by Laura Mann on Unsplash

10. Colorado

Average Annual Ownership Costs 2024: $21.0k

Change from 2022 to 2024: +33%

Photo by Gospel of Creative on Unsplash

9. Rhode Island

Average Annual Ownership Costs 2024: $22.0k

Change from 2022 to 2024: +27%

8. New York

Average Annual Ownership Costs 2024: $22.8k

Change from 2022 to 2024: +25%

Photo by Carl Solder on Unsplash

7. New Hampshire

Average Annual Ownership Costs 2024: $23.3k

Change from 2022 to 2024: +29%

6. Washington

Average Annual Ownership Costs 2024: $23.4k

Change from 2022 to 2024: +32%

Photo by Zac Gudakov on Unsplash

5. Connecticut

Average Annual Ownership Costs 2024: $23.4k

Change from 2022 to 2024: +24%

4. New Jersey

Average Annual Ownership Costs 2024: $25.6K

Change from 2022 to 2024: +25%

Photo by Manisha Raghunath on Unsplash

3. Massachusetts

Average Annual Ownership Costs 2024: $26.3k

Change from 2022 to 2024: +28%

2. California

Average Annual Ownership Costs 2024: $28.8k

Change from 2022 to 2024: +32%

Photo by Maarten van den Heuvel on Unsplash

1. Hawaii

Average Annual Ownership Costs 2024: $29.9k

Change from 2022 to 2024: +38%

Photo by little plant on Unsplash

The U.S. Average

Average Annual Ownership Costs 2024: $18.2k

Change from 2022 to 2024: +26%

Photo by todd kent on Unsplash

Which states are the least expensive?

Kentucky turned out to be the least expensive state to maintain a home with an average annual cost of $$11,559.

Photo by Jennifer Grismer on Unsplash

Arkansas and Mississippi were a close 2nd and 3rd

Kentucky was followed by Arkansas at $11,692 and Mississippi at $11,881.

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Photo by Chris Lawton on Unsplash

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