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June 10, 2024

Study: CT has among highest ‘hidden costs’ of homeownership in U.S.

TABIUS MCCOY / CT MIRROR A house for sale in West Hartford.

A new study from Bankrate says that Connecticut has the fifth-highest “hidden costs” of homeownership in the United States.

The study measured the average annual cost of owning and maintaining a single-family home, in addition to monthly mortgage payments. The study took into consideration costs of property taxes, homeowners insurance, home maintenance costs and electricity, internet and cable bills, in all 50 states.

Bankrate found that Connecticut’s hidden costs of homeownership averaged $23,515 for 2024. That’s just below New Jersey and Massachusetts, which had average hidden ownership costs of $25,573 and $26,313.

Hawaii had the highest average hidden homeownership cost – $29,015 – followed by California.

Nationally, the average hidden cost of owning and maintaining a single-family home was $18,118 a year, a 26% increase from 2020.

The states with the lowest hidden homeownership costs were Kentucky, Arkansas, Mississippi, Alabama and Indiana, which averaged between $11,500 and $12,300 per year.

“Homeownership is an important wealth-builder for many Americans, but it ain’t cheap,” said Jeff Ostrowski, a Bankrate analyst. “These numbers show that the costs of owning a home are at the same level as buying a used car every year. While homeownership is worth the financial sacrifice, homeowners also need to be aware of the ongoing expenses that go along with owning property.”

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