Buying a home isn’t just about the down payment, mortgage and closing costs. It also involves utilities, WiFi, property taxes, homeowners insurance, unexpected repairs and other home maintenance.

In fact, these additional costs add up to about $18,118 a year, or $1,510 per month, for a typical single-family home valued at $436,291 across the nation, according to Bankrate’s Hidden Costs of Homeownership study. These same expenses were $14,428 annually, or $1,202 per month, in 2020.

Overall, the cost of owning and maintaining a home is about 26% higher than it was four years ago, according to the study. This is due to higher home prices, inflation and soaring insurance premiums.

These are costs that many homebuyers might not take into account when starting the homebuying process. In Bankrate’s Homeowner Regrets Survey, 40% of participants said their biggest regret about buying a home is underestimating how expensive maintenance and other hidden costs are.

The costs associated with owning a home vary greatly by state, so it’s important to keep that in mind when budgeting for a home purchase.

New Jersey has the fourth highest hidden homeownership costs in 2024

At $25,573 annually, New Jersey has the fourth highest hidden homeownership costs in the nation in 2024, according to the study. These costs are 25%, or $5,193, higher than they were in 2020, when the average hidden ownership costs in New Jersey were $20,421 annually.

In the Garden State, the median price of a single-family home is about $502,400, resulting in annual maintenance costs of approximately $10,048, according to the study. Other average expenses here include property taxes for $10,026 per year, homeowners insurance for $1,466 per year, cable and internet bills for $1,594 per year and energy bills for $2,439.

Hawaii ($29,015), California ($28,790), Massachusetts ($26,313) and Connecticut ($23,515) make up the remaining five states with the highest hidden homeownership costs in the nation.

What states have the lowest hidden homeownership costs in 2024?

Out of all 50 states, Kentucky has the least expensive homeownership costs with an average of $11,559 annually. With a typical single-family home priced at $255,800, average annual expenses here are $5,116 for maintenance, $1,547 for property taxes, $1,380 for homeowners insurance, $2,216 for energy bills and $1,300 for cable and internet.

Making up the remaining top 5 states with the lowest homeownership costs include Arkansas ($11,692), Mississippi ($11,881), Alabama ($12,259) and Indiana ($12,259).

Maddie McGay is the real estate reporter for NorthJersey.com and The Record, covering all things worth celebrating about living in North Jersey. Find her on Instagram @maddiemcgay, on X @maddiemcgayy, and sign up for her North Jersey Living newsletter.Do you have a tip, trend or terrific house she should know about? Email her at MMcGay@gannett.

This article originally appeared on NorthJersey.com: How much do hidden housing expenses cost NJ homeowners in 2024?