Hidden Expenses Found in Homeownership

Homeowners are taking on thousands of dollars in hidden expenses.

According to a new Bankrate study, homeowners spend around 21-thousand-dollars yearly on hidden costs which can include home maintenance, property taxes, homeowners’ insurance, utilities, internet, and cable bills.

They are referred to as “hidden” because they’re often overlooked or unforeseen by homeowners, especially when budgeting to buy a place.

Hawaii, California, New Jersey, Massachusetts, and Washington topped the study’s list of the expensive states for hidden home costs while West Virginia, Mississippi, Indiana, Missouri, and Arkansas rounded out the five least expensive states for the same costs.