Homeownership comes with a lot of perks — and costs. However, the financial weight of owning a home varies from region to region, with some homeowners spending almost 30% of the state’s median income on annual homeownership costs such as maintenance, utilities, and insurance, a new study found.
But which states are the most expensive to be a homeowner?
According to a new report by the New Jersey Real Estate Network, a real estate platform, California is the most expensive state to be a homeowner, with an annual cost of $24,252 — marking 28.84% of the state’s median income of $84,097.
California is also home to some of the most pricey zip codes in the U.S. According to a report from U.S. World News, of the top 10 most expensive cities to live in America, seven are in California, with San Diego and Los Angeles taking the first and second spots, respectively.
As for the most expensive states, New York came in at No. 2, where homeowners spend $18,636 a year on housing costs (28.8% of the state’s median income), and New Jersey, with an annual homeowner spend of $22,200 (24.75% of the state’s median income).
The report was compiled by taking census data and using it to compare annual average housing costs in relation to states’ median income.
Here are the top 10 most expensive states to own a home, according to the New Jersey Real Estate Network.
Related: The Average Homeowner Became 40 Times Wealthier Than Renters Over The Past 10 Years
1. California
Annual homeowner costs: $24,252
Percent of state median income: 28.84%
2. New York
Annual homeowner costs: $18,636
Percent of state median income: 28.8%
3. New Jersey
Annual homeowner costs: $22,200
Percent of state median income: 24.75%
4. Hawaii
Annual homeowner costs: $21,732
Percent of state median income: 24.69%
5. Connecticut
Annual homeowner costs: $20,460
Percent of state median income: 24.48%
6. Massachusetts
Annual homeowner costs: $21,528
Percent of state median income: 24.18%
7. Rhode Island
Annual homeowner costs: $17,556
Percent of state median income: 23.57%
8. Oregon
Annual homeowner costs: $16,008
Percent of state median income: 22.84%
9. Washington
Annual homeowner costs: $18,816
Percent of state median income: 22.83%
10. Nevada
Annual homeowner costs: $14,784
Percent of state median income: 22.51%
