Any savvy home buyer knows the costs of homeownership don't stop at the closing table. But a new study finds the payments a homeowner makes over the span of living in a home are almost twice as much as the cost of the average US house.
Fintech company Self took a look at how much homeowners spend, on average, over the period of owning a single home. The study cites Redfin's findings that the average American homeowner spends 13.2 years in one house, and in that time spends $623,290 on the expenses of owning a home. According to Zillow, the average cost of a home in the US is $349,770, as of August.
The expenses of owning a home cited by Self include down payment, closing fees, mortgage repayments, moving costs, taxes, ongoing maintenance, renovations, and utilities. Mortgage payments, which Insider previously reported average $2,823 a month on a 30-year fixed mortgage, are an expected cost to consider, but monthly utilities, as well as unexpected repairs and renovations add to costs, too.
According to a survey of 6,500 people by home services website Angi cited in the Self study, homeowners spent an average of $8,484 on home improvement projects, and $2,467 on home maintenance in 2022.
Of course, the overall costs to maintain a home fluctuates state to state. Hawaii is one of the more expensive states to live in, and has the highest cost of homeownership, according to Self. The average Hawaii homeowner will pay $1,482,229 in expenses like closing costs, mortgage repayments, maintenance fees, and utilities over 13.2 years.
But there's good news for prospective homebuyers: There are states where the costs of homeownership are significantly less than the national average. Here are the 10 least expensive states to own a home, according to Self.