Buying a home has never been more challenging—and for many Americans who make it across the finish line, the excitement quickly gives way to regret.
Nearly 45% of U.S. homeowners say they regret buying their current home, according to a recent Bankrate survey. The most common reason isn’t location, size, or even interest rates—it’s the unexpected cost of maintenance and hidden homeownership expenses.
The Real Cost of Homeownership Most Buyers Underestimate
Beyond monthly mortgage payments, homeowners face a long list of recurring expenses that can quietly strain even well-planned budgets.
According to Bankrate’s June 2024 Hidden Cost of Homeownership Survey, the average American homeowner spends more than $18,000 per year on non-mortgage expenses, including:
Property taxes
Home insurance
Utilities and internet
Routine maintenance and repairs
HOA fees
In high-cost states like California and Hawaii, those annual expenses can climb to nearly $29,000, Bankrate estimates.
“These costs often aren’t top of mind when buyers are focused on closing the deal,” says Mark Hamrick, senior economic analyst at Bankrate. “But they can quickly become overwhelming—especially for buyers who stretch their budget to afford the home.”
Without a financial cushion, surprise expenses can force homeowners to delay necessary repairs, compromise on upkeep, or even take on debt.
How to Manage—and Reduce—Ongoing Home Maintenance Costs
1. Invest in Thorough Home Inspections Before You Buy
One of the most effective ways to avoid costly surprises is to identify potential issues before closing, according to Zillow.
A standard home inspection can uncover minor problems like leaky plumbing or loose railings—but it can also reveal major red flags such as foundation damage or roofing issues. In those cases, a specialist inspection may be required.
While inspections add upfront costs, they can save thousands long term. Buyers may be able to negotiate repairs, request seller credits, or adjust the purchase price, Zillow notes.
2. Prioritize Preventive Maintenance Over Emergency Repairs
Even a well-maintained home will require ongoing upkeep. Delaying maintenance until something breaks often leads to higher repair bills, Zillow says.
Instead, homeowners should plan for routine, seasonal maintenance, such as:
Gutter cleaning in the fall
HVAC servicing before peak seasons
Roof and foundation inspections
Plumbing and electrical checks
Proactive maintenance can help prevent major structural damage and reduce long-term costs.
Don’t Rush Into Homeownership
With intense market pressure and social expectations, many buyers feel compelled to purchase before they’re financially ready. But experts say patience matters.
“There’s no shame in renting,” Hamrick says. “People are often too hard on themselves. Buying a home should align with your financial reality—not social pressure.”
Before purchasing, buyers should evaluate:
Emergency savings beyond the down payment
Long-term income stability
Lifestyle flexibility
Willingness to handle repairs, taxes, and administrative responsibilities
For some, waiting—or continuing to rent—may be the smarter financial decision.
Get a Clear Picture of What You Can Truly Afford
To avoid regret, experts recommend working with a financial advisor or housing counselor who can help assess affordability beyond the mortgage payment.
True homeownership readiness means being prepared for both expected and unexpected costs, not just qualifying for a loan.
Thinking About Buying Your First Home?
Compare renting vs. buying
Understand mortgage basics
Budget for hidden costs
Navigate the buying process with confidence
Key Takeaway
Homeownership remains a cornerstone of the American Dream—but for many, the dream comes with financial surprises. Understanding the true cost of owning a home, planning for maintenance, and buying at the right time can mean the difference between long-term satisfaction and costly regret.
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