Each state has hidden costs that come with owning a home: What should you be paying?

A home is an investment—and for many homeowners, it is their largest asset.

But owning a house can also come with unexpected costs that are important to budget for.

The hidden costs of owning and maintaining a single-family home in the U.S. now average more than $18,000 each year, according to a recent study from Bankrate.

That’s a 26% gain from four years ago, an increase driven by soaring home values, inflation for maintenance costs, and rising insurance premiums.

“A first-time homebuyer needs to think of a mortgage payment as a floor for monthly housing expenditures rather than a ceiling,” says Realtor.com® senior economist Ralph McLaughlin. “Unexpected maintenance costs—such as a broken water heater, dead fridge, or leaky roof—can quickly snatch the Benjamins from your monthly budget, while changes in natural disaster profiles can cause insurance premiums to rise well above your existing rates.”

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McLaughlin notes that homeowners might also be faced with unexpected increases to property taxes or special assessments from homeowners associations to address maintenance issues.

“Such one-time or ongoing increases in monthly home-related expenses can often bring sticker shock to new homeowners,” he warns. “Caveat emptor!”

To determine costs for homeowners above and beyond monthly mortgage payments, the Bankrate study examined the average cost of property taxes and homeowners insurance, and calculated maintenance costs at 2% of the local median home sales price.

The study also estimates average utility costs, including energy, internet, and cable bills, adjusted for inflation.

Bankrate estimates that hidden costs for owners of a single-family home average $18,118 a year across the U.S., or an additional $1,510 per month on top of a mortgage payment.

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States with the highest home prices or hefty property taxes tended to have the highest ongoing costs for homeowners, according to the study.

Hawaii had the highest homeownership costs, averaging $29,015 per year.

Ongoing maintenance costs, calculated at 2% of home values, contributed a whopping $19,860 to that sum.

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Homeowners in Hawaii also face average annual property taxes of $3,724, an average homeowners insurance bill of $1,455 per year, and $3,976 in average annual energy and utility costs.

Following Hawaii for high ongoing costs were California, Massachusetts, New Jersey, and Connecticut.

On the other end of the spectrum, Kentucky won out as the state with the lowest hidden homeownership costs.

Average annual costs for homeowners in the Bluegrass State totaled just $11,559.

That typical bill includes $5,116 for ongoing maintenance, $1,547 for property taxes, $2,216 for energy, and $1,300 for cable and internet.

After Kentucky, the states with the lowest hidden homeownership costs were Arkansas, Alabama, Mississippi, and Indiana.

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