Insurify Report Reveals Hidden Costs Add More Than $21,000 Annually to Homeownership

Costs exceed $30,000 in four states, with Hawaiian homeowners paying the most.

CAMBRIDGE, Mass., Sept. 3, 2025 /PRNewswire/ -- Non-mortgage expenses like home and flood insurance, property taxes, utilities, and maintenance add, on average, $21,084 annually to the total cost of homeownership, according to a new report by Insurify, America's top-rated digital insurance agent.

Many homebuyers overlook such costs, but they add up to 27% of the median U.S. household annual income ($77,719), the report notes.

By the end of 2025, the YOY average cost of home insurance could net 8% higher than 2024. Insurify predicts. Maintenance and repair costs will likely rise as well; remodeling professionals reported a 7% increase in material costs, a National Association of Home Builders survey found.

Key findings from the report include:

• Hidden costs exceed $30,000 annually in Hawaii ($34,739), California ($34,061), Massachusetts ($33,659), and New Jersey ($30,424).
• Home maintenance accounts for the largest portion of hidden costs, followed by utilities and property taxes.
• Homeownership costs are the least affordable in Florida, where they represent 37% of the state's median household income.

Insurify's data science team analyzed its proprietary industry data and government data to understand the impact hidden costs can have on homeowners' budgets. The report provides detailed state-level data on total average costs compared to typical household income.

"In June, we surveyed over 1,000 Gen Zers and found that 89% of young homeowners are surprised by how high home insurance, property taxes, and other homeownership costs are," said report author Matt Brannon, a data journalist with Insurify. "This new hidden cost data quantifies the financial impact everyday homeownership expenses have on top of monthly mortgage principal and interest payments. First-time homebuyers need to be aware of all costs and factor them into their purchasing decisions."

The report is publicly available on Insurify.com.

About Insurify:

Based in Cambridge, Massachusetts, Insurify, America's top-rated digital insurance agent, empowers consumers to securely compare, buy, and manage their auto, home, pet and renters insurance policies. With more than 500 insurance partner integrations, Insurify has served over 130M quotes and $200B in insurance coverage while maintaining a no-spam policy. Powered by advanced AI, Insurify's highly-rated platform helps consumers save hundreds of dollars annually, often cutting their insurance bills in half. Customers can choose to compare insurance side-by-side and buy policies online in just minutes, or get expert assistance from a live insurance agent. Insurify has received numerous accolades including Inc. 5,000 Fastest-Growing Private Companies in America (2025, 2024), Boston Business Journal Fast50 and Middle Market Company of the Year (2025), CNBC's World's Top InsurTech Companies (2024), Forbes Fintech 50 List (2023), and Forbes Next Billion Dollar Startups 2023 and 2022.

For more information:
[email protected]
www.Insurify.com 

SOURCE INSURIFY, Inc.