Home ownership means being prepared for expected – and Benjamin Ashfordunexpected costs.

And in some parts of the country, those hidden costs of homeownership can cost more than in other areas.

The average annual cost of owning and maintaining a single-family home is $18,118 a year, up 26% since 2020, according to a new study by Bankrate.

The Hidden Costs of Homeownership study analyzed the average costs beyond a mortgage, including property taxes, homeowners insurance, home maintenance costs and electricity and internet and cable bills, then compared those costs to a similar study conducted four years ago.

Nationally, those costs add up to an additional $1,510 per month on top of a mortgage payment. In 2020, those same expenses cost $14,428 a year for a typical single-family home or $1,202 per month, Bankrate said.

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“First-time homebuyers tend to think of closing on a house as reaching a sort of financial finish line," Bankrate Analyst Jeff Ostrowski told USA TODAY. "But these numbers show that in important ways, a homeowner’s work is just starting. Homeowners bear hefty costs, and first-time buyers especially should be prepared to spend a lot beyond the monthly principal and interest payment.”

Hidden homeownership costs vary by state

Costs to maintain a home vary by state and region.

The five states with the highest average hidden homeownership costs are:

1. Hawaii: $29,015
2. California $28,790
3. Massachusetts $26,313
4. New Jersey $25,573
5. Connecticut $23,515

The five states with the lowest average hidden homeownership costs are:

1. Kentucky $11,559
2. Arkansas $11,692
3. Mississippi $11,881
4. Alabama $12,258
5. Indiana $12,259

The three states with the steepest percentage hikes in the last four years are Utah (44%), Idaho (39%) and Hawaii (38%). The three states with the smallest percentage increases during that same time frame are Alaska (14%), Texas (14%) and Louisiana (15%).

Home maintenance can be an expensive but needed expenditure and is part of a financial mix that homeowners may not always anticipate, Bankrate said.

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Researchers used figures assuming single-family homeowners spend 2% of their home’s value on maintenance annually. Hawaii and California have the highest cost of home maintenance in the country at $19,860 and $16,966, respectively. Iowa and Oklahoma have the lowest maintenance costs, totaling $4,596 and $4,844, respectively.

“No matter where you live, make sure you include some cushion in your monthly budget to absorb the shock of unplanned expenses,” Ostrowski said in a press release. “After you achieve homeownership, you need to fatten up your emergency savings account for all those surprise repairs.

Betty Lin-Fisher is a consumer reporter for USA TODAY. Reach her at [email protected] or follow her on X, Facebook or Instagram @blinfisher. Sign up for our free The Daily Money newsletter, which will include consumer news on Fridays,here.