⚫ The purchase price of a home is just the start of your financial obligation

⚫ NJ posts one of the highest "hidden costs" totals in the country

⚫ The additional costs have spiked significantly since 2020

Many of us could have used this information several years ago.

When purchasing a home, the price of the property is just the beginning of your financial obligation. "Hidden" costs of homeownership can run you tens of thousands of dollars per year, depending on where you live in the U.S.

The consumer financial services company Bankrate went state by state to determine the annual cost of these ongoing expenses.

Hidden costs, according to the analysis, include energy and cable bills, and maintenance and repairs. The total also accounts for costs that may not be so hidden — because many times, they're baked into one's monthly mortgage payment — like property taxes and home insurance.

Using numbers from March 2024, Bankrate found that homeowners in New Jersey face the fourth-highest amount of "hidden costs." Overall, the annual price averages out to $25,573.

most expensive states

Insurance costs an average of $1,466 per year, and utility bills cost thousands, the report shows. Maintenance costs are around $10,000.

"The big factor — probably no surprise to New Jersey homeowners — is property taxes," Jeff Ostrowski, Bankrate analyst, told New Jersey 101.5.

New Jersey's bill is 25% greater than four years ago when Bankrate last looked at the numbers.

Nationally, the average hidden-cost total for homeowners is around $18,000. That's 26% higher than four years ago.

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

Costs are less than $12,000 annually in three states, according to the report: Kentucky, Arkansas, and Mississippi.

New Jersey's costs are topped in the report by Hawaii, California, and Massachusetts.

Report a correction 👈 | 👉 Contact our newsroom

17 towns in NJ among 100 hottest real estate markets

New Jersey locations that made the Top 100 list by Realtor.com measuring views on real estate listings and average length of time on the market.

Gallery Credit: Realtor.com

LOOK: Fastest-growing jobs in New Jersey

Stacker analyzed data from the Bureau of Labor Statistics to determine which jobs in New Jersey grew the fastest between 2022 and 2023.

Gallery Credit: Stacker

More From New Jersey 101.5 FM