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From Mish:
What’s the Hidden Cost of Home Ownership, Ignored by the BLS?
Key Points
- The average annual cost of owning and maintaining a single-family home in the U.S is more than $21,000 a year, according to a new Bankrate study.
- Hawaii and California top the list of states with the highest homeownership costs (over $30,000 annually); West Virginia and Mississippi are the lowest, at less than $15,000 a year.
- East and West Coast homeowners tend to pay more in hidden costs than those in the South and Midwest.
- Home maintenance alone averages more than $8,800 a year, accounting for the largest chunk of hidden homeownership costs.
