The cost of owning a home in the United States has risen by 26% since 2020 due to increased expenses like taxes, insurance, and utilities during a period of high inflation.

According to Bankrate, the average annual cost for owning and maintaining a typical single-family home, excluding mortgage payments, reached $18,118 in March.

This represents an additional $1,510 per month compared to four years ago, coinciding with the onset of pandemic lockdowns.

This estimate is based on Redfin’s median sales price of $436,291 in March.

Jeff Ostrowski, a Bankrate analyst, highlighted the significant costs associated with homeownership that many buyers might underestimate.

Bankrate’s analysis included property taxes, home insurance, energy costs, internet and cable bills, and 2% of the sales price for maintenance, the Financial Post reported.

Home maintenance was found to be the largest share of ownership costs, particularly in states where home prices surged during the pandemic.

Property taxes were the second-largest expense in high-tax states like New Jersey and Connecticut, while energy bills were the second-largest in other states.

Written by B.C. Begley