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The 10 least expensive states to own a home

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The average American homeowner spends $623,290 on the expenses of owning a home.

The Good Brigade/Getty Images

The average American pays $623,290 over the time of owning a home, fintech company Self found.
Taxes, household repairs, and home improvements contribute to the high costs of being a homeowner.
Here are 10 states, including Ohio and Iowa, where homeownership is less than the national average.

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.

10. AlabamaMobile, Alabama.

Getty Images.

Average cost of owning one home over 13.2 years: $430,415

Average purchasing and closing costs: $30,851

Average cost of mortgage repayments over 13.2 years: $216,374

Average cost of maintenance for one home over 13.2 years: $115,666

Average cost of utilities for one home over 13.2 years: $65,413

9. IndianaEvansville, Indiana.

Denis Tangney Jr/Getty Images

Average cost of owning one home over 13.2 years: $421,467

Average purchasing and closing costs: $31,211

Average cost of mortgage repayments over 13.2 years: $216,153

Average cost of maintenance for one home over 13.2 years: $121,224

Average cost of utilities for one home over 13.2 years: $50,767

8. KansasWichita, Kansas.

John Coletti/Getty Images

Average cost of owning one home over 13.2 years: $418,927

Average purchasing and closing costs: $29,284

Average cost of mortgage repayments over 13.2 years: $224,980

Average cost of maintenance for one home over 13.2 years: $112,928

Average cost of utilities for one home over 13.2 years: $49,623

7. LouisianaNew Orleans, Louisiana.

John Coletti/Getty Images

Average cost of owning one home over 13.2 years: $410,359

Average purchasing and closing costs: $30,945

Average cost of mortgage repayments over 13.2 years: $208,966

Average cost of maintenance for one home over 13.2 years: $113,651

Average cost of utilities for one home over 13.2 years: $54,685

6. KentuckyLouisville, Kentucky.

Wayne Bonnett Photography/Getty Images

Average cost of owning one home over 13.2 years: $401,753

Average purchasing and closing costs: $29,959

Average cost of mortgage repayments over 13.2 years: $209,996

Average cost of maintenance for one home over 13.2 years: $112,320

Average cost of utilities for one home over 13.2 years: $47,366

5. IowaDes Moines, Iowa.

Getty Images

Average cost of owning one home over 13.2 years: $400,954

Average purchasing and closing costs: $29,837

Average cost of mortgage repayments over 13.2 years: $198,141

Average cost of maintenance for one home over 13.2 years: $110,333

Average cost of utilities for one home over 13.2 years: $60,531

4. OhioDayton, Ohio.

Davel5957/Getty Images

Average cost of owning one home over 13.2 years: $394,486

Average purchasing and closing costs: $31,085

Average cost of mortgage repayments over 13.2 years: $200,118

Average cost of maintenance for one home over 13.2 years: $111,879

Average cost of utilities for one home over 13.2 years: $49,292

3. OklahomaOklahoma City, Oklahoma.

Walter Bibikow/Getty Images

Average cost of owning one home over 13.2 years: $390,235

Average purchasing and closing costs: $27,515

Average cost of mortgage repayments over 13.2 years: $214,453

Average cost of maintenance for one home over 13.2 years: $102,447

Average cost of utilities for one home over 13.2 years: $43,709

2. MississippiJackson, Mississippi.

Jeremy Woodhouse/Getty Images

Average cost of owning one home over 13.2 years: $380,794

Average purchasing and closing costs: $25,027

Average cost of mortgage repayments over 13.2 years: $193,343

Average cost of maintenance for one home over 13.2 years: $96,511

Average cost of utilities for one home over 13.2 years: $63,801

1. West VirginiaHarpers Ferry, West Virginia.

Steve Heap/Shutterstock

Average cost of owning one home over 13.2 years: $321,194

Average purchasing and closing costs: $22,841

Average cost of mortgage repayments over 13.2 years: $150,429

Average cost of maintenance for one home over 13.2 years: $83,320

Average cost of utilities for one home over 13.2 years: $62,491

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The average American homeowner spends $623,290 on the expenses of owning a home.

The Good Brigade/Getty Images

The average American pays $623,290 over the time of owning a home, fintech company Self found.
Taxes, household repairs, and home improvements contribute to the high costs of being a homeowner.
Here are 10 states, including Ohio and Iowa, where homeownership is less than the national average.

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.

10. AlabamaMobile, Alabama.

Getty Images.

Average cost of owning one home over 13.2 years: $430,415

Average purchasing and closing costs: $30,851

Average cost of mortgage repayments over 13.2 years: $216,374

Average cost of maintenance for one home over 13.2 years: $115,666

Average cost of utilities for one home over 13.2 years: $65,413

9. IndianaEvansville, Indiana.

Denis Tangney Jr/Getty Images

Average cost of owning one home over 13.2 years: $421,467

Average purchasing and closing costs: $31,211

Average cost of mortgage repayments over 13.2 years: $216,153

Average cost of maintenance for one home over 13.2 years: $121,224

Average cost of utilities for one home over 13.2 years: $50,767

8. KansasWichita, Kansas.

John Coletti/Getty Images

Average cost of owning one home over 13.2 years: $418,927

Average purchasing and closing costs: $29,284

Average cost of mortgage repayments over 13.2 years: $224,980

Average cost of maintenance for one home over 13.2 years: $112,928

Average cost of utilities for one home over 13.2 years: $49,623

7. LouisianaNew Orleans, Louisiana.

John Coletti/Getty Images

Average cost of owning one home over 13.2 years: $410,359

Average purchasing and closing costs: $30,945

Average cost of mortgage repayments over 13.2 years: $208,966

Average cost of maintenance for one home over 13.2 years: $113,651

Average cost of utilities for one home over 13.2 years: $54,685

6. KentuckyLouisville, Kentucky.

Wayne Bonnett Photography/Getty Images

Average cost of owning one home over 13.2 years: $401,753

Average purchasing and closing costs: $29,959

Average cost of mortgage repayments over 13.2 years: $209,996

Average cost of maintenance for one home over 13.2 years: $112,320

Average cost of utilities for one home over 13.2 years: $47,366

5. IowaDes Moines, Iowa.

Getty Images

Average cost of owning one home over 13.2 years: $400,954

Average purchasing and closing costs: $29,837

Average cost of mortgage repayments over 13.2 years: $198,141

Average cost of maintenance for one home over 13.2 years: $110,333

Average cost of utilities for one home over 13.2 years: $60,531

4. OhioDayton, Ohio.

Davel5957/Getty Images

Average cost of owning one home over 13.2 years: $394,486

Average purchasing and closing costs: $31,085

Average cost of mortgage repayments over 13.2 years: $200,118

Average cost of maintenance for one home over 13.2 years: $111,879

Average cost of utilities for one home over 13.2 years: $49,292

3. OklahomaOklahoma City, Oklahoma.

Walter Bibikow/Getty Images

Average cost of owning one home over 13.2 years: $390,235

Average purchasing and closing costs: $27,515

Average cost of mortgage repayments over 13.2 years: $214,453

Average cost of maintenance for one home over 13.2 years: $102,447

Average cost of utilities for one home over 13.2 years: $43,709

2. MississippiJackson, Mississippi.

Jeremy Woodhouse/Getty Images

Average cost of owning one home over 13.2 years: $380,794

Average purchasing and closing costs: $25,027

Average cost of mortgage repayments over 13.2 years: $193,343

Average cost of maintenance for one home over 13.2 years: $96,511

Average cost of utilities for one home over 13.2 years: $63,801

1. West VirginiaHarpers Ferry, West Virginia.

Steve Heap/Shutterstock

Average cost of owning one home over 13.2 years: $321,194

Average purchasing and closing costs: $22,841

Average cost of mortgage repayments over 13.2 years: $150,429

Average cost of maintenance for one home over 13.2 years: $83,320

Average cost of utilities for one home over 13.2 years: $62,491

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