The average annual cost of owning and maintaining a single-family home in the United States now exceeds $21,000, according to a new Bankrate study. In Wisconsin, however, homeowners are paying notably less.
The report finds that the average annual cost of homeownership in Wisconsin is $17,571 — approximately $3,400 below the national average. The data underscores Wisconsin’s relative affordability when it comes to the ongoing expenses of owning a home.
What the Annual Cost of Homeownership Includes
Bankrate’s analysis focuses on the recurring, non-mortgage costs associated with maintaining a single-family home. These expenses include:
- Property taxes
- Homeowners insurance
- Utilities such as electricity and natural gas
- Internet and cable services
- Routine maintenance and repairs
While mortgage payments are not included in the $21,000 national figure, the study highlights the baseline operational costs homeowners must budget for each year.
Why Wisconsin’s Costs Are Lower
Wisconsin’s average annual cost of $17,571 reflects several factors that keep ownership expenses relatively contained:
- Moderate home prices compared to coastal housing markets
- Stable insurance rates compared to disaster-prone states
- Utility costs that remain manageable in many parts of the state
Property taxes in Wisconsin can vary by municipality and are considered higher than the national average in some areas. However, lower housing prices and relatively steady insurance premiums help offset overall ownership costs compared to high-cost states.
Rising Costs Nationwide
Nationwide, homeownership expenses have climbed due to inflation, rising insurance premiums, and increasing repair and construction costs. Severe weather events and higher rebuilding costs have also driven up homeowners insurance rates in many parts of the country.
Even in states like Wisconsin, where annual costs remain below the national average, homeowners are feeling pressure from higher maintenance expenses and utility rates.
The Bottom Line
With an average annual homeownership cost of $17,571, Wisconsin ranks below the national average of more than $21,000. For buyers evaluating long-term affordability, the state offers a more cost-effective alternative to many higher-priced housing markets across the country.
As housing costs continue to evolve, experts say prospective homeowners should look beyond the purchase price and factor in annual carrying costs when evaluating affordability.