The True Cost of Owning a Home in 2026
Homeowners spend almost $24,000 a year beyond their mortgage, yet nearly half have no financial plan for their next major repair. Clever surveyed 1,000 homeowners about their total housing costs — what they actually spend on homeownership, the costs that caught them off guard, and what they’d do differently.
The typical homeowner spends $23,686 per year on non-mortgage expenses, including utilities, maintenance, property taxes, and insurance. Over a 30-year mortgage, that adds up to roughly $710,580 in additional costs.
Homeowners Spend More Than $23,000 a Year Beyond Their Mortgage
The typical homeowner spends $23,686 per year on non-mortgage costs. Over 30 years, that adds up to roughly $710,580.
In addition to their mortgage, the average homeowner pays $23,686 per year in extra costs, including utilities, maintenance, renovations, property taxes, and homeowners insurance. That is nearly $1,974 per month. Over the course of a 30-year mortgage,the cost of homeownership totals approximately $710,580.
In a typical year, homeowners spend the following:
- Utilities: $7,679
- Maintenance: $5,162
- Renovations: $3,929
- Property taxes: $3,580
- Homeowners insurance: $3,336
The 37% of homeowners who are part of a homeowners association pay an additional $4,196 per year on average ($350 per month), pushing their total non-mortgage costs to $27,882 annually.
Unsurprisingly, 82% of homeowners say their non-mortgage expenses have increased since they first bought their home. Nearly half (45%) say the cost of homeownership is more than they expected, and 43% think owning a home is too expensive.
Additionally, 29% were not aware of additional homeownership costs when they first purchased their home, and 58% say they could not accurately estimate repair costs before buying.
Homeowners Spend 447 Hours a Year on Their Home, Equivalent to 11 Work Weeks
Beyond the dollars, homeownership demands a steep time investment. The average homeowner spends 8.6 hours per week on home maintenance, which adds up to 447 hours per year — the equivalent of more than 11 full work weeks.
Homeowners plan to spend an average of $6,359 on renovations this year, up from the $3,929 they spent in the past 12 months.
45% of Homeowners Would Eliminate Property Taxes If They Could
Two-thirds of homeowners (66%) say their property tax assessment has increased significantly since buying. Property taxes came out on top in all but one measure of homeowner frustration.
Among all the associated expenses of homeownership, property taxes generate the most resentment. Across eight different measures of cost frustration, property taxes came out on top in all but one.
The only category property taxes did not win was "most difficult to budget for," which went to maintenance and repairs (27%). However, 23% of homeowners still selected property taxes, placing it second.
It makes sense why property taxes aggravate homeowners. Two-thirds of homeowners (66%) say their property tax assessment has increased significantly since they purchased their home, and only 44% feel their taxes fairly reflect their home's value.
When asked which costs of homeownership have been more expensive than originally expected, homeowners also, unsurprisingly, pointed to property taxes:
- Property taxes (41%)
- Homeowners insurance (37%)
- Utilities (34%)
- HVAC (28%)
- Roof work (25%)
- Major improvements and renovations (24%)
1 in 5 Homeowners Fear Losing Insurance Coverage
Although property taxes top the frustration charts, homeowners insurance is generating growing anxiety.
Nearly two-thirds of homeowners (62%) are stressed about the rising cost of home insurance, and 1 in 5 (22%) worry they could lose coverage because they will not be able to afford future increases.
In response, 41% of homeowners have considered making changes to their home specifically to reduce their insurance premiums, such as installing impact-resistant roofing, storm shutters, or updated electrical systems.
When it comes to what concerns them most financially, homeowners worry about a wide range of costs and risks, from rising utility bills to severe weather damage.
63% of Homeowners Are Putting Off Repairs They Can't Afford
Nearly 2 in 3 homeowners (63%) have deferred maintenance or repairs because of cost.
The financial strain of homeownership is creating a growing backlog of deferred maintenance. Nearly two-thirds of homeowners (63%) have put off home repairs or maintenance for cost reasons.
The most commonly delayed repairs include:
- Appliance replacement (16%)
- Painting and staining (16%)
- Roof repairs (14%)
- HVAC (13%)
- Plumbing (12%)
- Electrical (11%)
- Deck repair (11%)
55% of Homeowners Couldn't Cover a $5,000 Emergency Home Repair Without Going Into Debt
More than half of homeowners (55%) could not cover a $5,000 emergency home repair without going into credit card debt, and 42% say they couldn't afford even a $500 monthly increase in housing costs.
A single major repair bill could push most homeowners into debt. More than half of homeowners (55%) could not comfortably pay for a $5,000 emergency home repair without going into credit card debt. Nearly 1 in 5 (17%) couldn't even handle a $1,000 emergency.
Additionally, 42% say they could not afford a $500 monthly increase in housing costs.
As a result, 35% of homeowners have put off a major repair for more than a year, and 31% say something essential is currently broken in their home that they do not plan to immediately fix.
When something does break, homeowners take a DIY-first approach: 46% say they try to fix it themselves first, then hire a professional if they cannot handle it.
48% of Homeowners Have No Financial Plan for Their Next Major Repair
Nearly half of homeowners (48%) have no plan to pay for replacing major home systems such as their roof, HVAC, or appliances, and 38% do not actively budget for unexpected repairs.
Replacing a roof or HVAC system isn't cheap, yet 48% of homeowners have no plan to pay for replacing major home features or systems when they reach the end of their life.
These are not small expenses: A new roof can cost $10,000 or more, and HVAC replacement typically runs $5,000 to $12,500.
Additionally, 38% of homeowners do not actively budget for unexpected repairs at all.
Among those who do have a plan, the most common strategy by far is a dedicated savings account (48%), followed by using a tax return (25%), dipping into retirement savings (19%), and carrying a credit card balance (19%).
Meanwhile, many homeowners are looking for ways to avoid the financial surprise of repairs and maintenance. About 34% have considered downsizing just to reduce maintenance costs.
65% of Homeowners Have Made Financial Sacrifices to Afford Their Home
Nearly 2 in 3 homeowners (65%) have cut back on spending because of their homeownership expenses, and 1 in 5 (19%) have dipped into their retirement savings to cover the costs.
The financial burden of homeownership extends well beyond the house itself. Nearly two-thirds of homeowners (65%) have made financial sacrifices to pay for homeownership costs beyond their mortgage.
The most common financial sacrifices homeowners have made are:
- Eliminating nonessential spending (30%)
- Reducing essential spending (26%)
- Carrying a credit card balance (22%)
- Dipping into retirement savings (19%)
- Taking out a loan (14%)
The emotional toll of these cuts is real. Nearly half of homeowners (48%) say the costs of homeownership cause them stress, and 35% say owning a home has negatively impacted their finances. More than a third (35%) have felt "house poor," meaning their home costs leave them with little money for anything else.
In the past 12 months specifically, 63% have reduced spending because of homeownership costs, including nonessential costs such as dining out (31%), travel and vacations (28%), and entertainment (21%).
Homeowners are also pulling back on essential costs: emergency savings (21%), retirement contributions (17%), and groceries (16%).
Perhaps most striking, 22% of homeowners have postponed major life decisions, such as starting a family, changing careers, or retiring, because of the financial burden of homeownership.
Millennial Homeowners Spend 3x More Time on Maintenance Than Boomers
The generational gap between millennials and baby boomers is stark when it comes to homeownership demands. Millennials spend 15.1 hours per week on home maintenance, compared to 5.1 for boomers. They are also 4x more likely than boomers to have postponed major life decisions because of homeownership costs.
The data reveals a dramatic divide between millennial and baby boomer homeowners across virtually every measure of cost, stress, and regret.
In a typical week, millennial homeowners spend 15.1 hours on home repairs, maintenance, and improvements, 3x more than the 5.1 hours baby boomers report. That is the equivalent of a part-time job dedicated entirely to the house.
Millennials spend the most time on home improvement projects (27%), followed by cleaning (24%) and yard work (18%). Boomers, by contrast, spend most of their time on cleaning (35%) and yard work (34%), with only 11% saying they spend the most time on home improvement projects.
Across nearly every financial and emotional measure, millennial homeowners report higher levels of stress, regret, and financial strain than baby boomers:
- 78% of millennial homeowners feel some level of buyer's remorse, compared with 44% of boomers.
- 66% of millennials say homeownership has cost more than they expected, compared with 32% of boomers.
- 50% of millennial homeowners say they are envious of renters who do not have to deal with maintenance and upkeep, compared with 23% of boomers.
- 43% of millennials have postponed major life decisions due to the financial burden of homeownership, compared with just 10% of boomers.
The Homeownership Spending Gap Between Generations
The spending gap between millennials and boomers is equally dramatic. Millennial homeowners report spending a median of $10,000 on maintenance in the past year, compared with $2,000 for boomers.
The pattern holds for renovations: Millennials also spent a median of $10,000, while boomers spent $1,000.
Most millennials, however, do not regret homeownership. Even amid the stress, 78% of millennials say homeownership is worth the cost, and 82% say it is worth the time required.
Looking Back, 58% of Homeowners Would Have Made a Different Buying Decision
More than half of homeowners (58%) say they would have approached buying differently if they had known the true cost of homeownership. The top changes: buying in a lower-tax area, budgeting more for repairs, and choosing a home that requires less upkeep.
Hindsight, it seems, is 20/20 for most homeowners. More than half (58%) say they would have approached buying their home differently if they had known ahead of time the actual cost of homeownership.
Among millennials, that number rises to 78%, with only 22% saying they would make the same decision.
If given the choice, 78% say they would choose a more expensive house with lower maintenance costs in the long run over a less expensive house with higher maintenance costs.
As a result, homeowners say they would have been willing to pay an average of $18,529 more than the purchase price for a home that requires little to no maintenance. Millennials would pay an average of $26,557 more, while boomers would pay an average of $13,846 more.
Despite the costs, frustrations, and regrets, however, homeowners overwhelmingly stand behind their decision to own.
Nearly all say homeownership is worth the cost (87%), worth the time required (88%), and is a good financial investment (89%), and 81% would still buy their current home if given the choice — they just didn't sign up for the part-time job homeownership requires.
📋 Press Kit
▶💰 Annual Costs
- Homeowners spend an average of $23,686 per year in non-mortgage expenses (~$710,580 over 30 years):
- Utilities: $7,679
- Maintenance: $5,162
- Renovations: $3,929
- Property taxes: $3,580
- Homeowners insurance: $3,336
- HOA members pay an additional $4,196 per year ($350 per month), bringing their annual total to $27,882.
- 82% say non-mortgage costs have increased since buying.
- 45% say homeownership costs are higher than expected.
- 43% think owning a home is too expensive.
- 29% were not aware of additional homeownership costs when purchasing.
- Homeowners plan to spend an average of $6,359 on renovations in 2026, up from $3,929 in the past 12 months.
🏠 Property Taxes and Insurance
- Property taxes swept 7 of 8 frustration categories. It’s the cost:
- 45% would eliminate forever
- 49% find the most unfair
- 37% find the most frustrating
- That has increased the most for 36%
- 66% say their property tax assessment has increased significantly since buying.
- Only 44% feel their taxes fairly reflect their home's value.
- 62% are stressed about rising insurance costs.
- 1 in 5 (22%) worry they could lose insurance coverage.
- 41% have considered moving to reduce their insurance premiums.
- Most homeowners worry about rising utility costs (56%), rising property taxes (54%), and rising insurance (51%).
🔧 Maintenance and Repairs
- 63% have deferred repairs due to cost.
- 55% couldn't cover a $5,000 emergency home repair without going into credit card debt; 17% couldn't cover $1,000.
- 48% have no financial plan for replacing major home systems.
- 38% don't actively budget for unexpected repairs.
- 35% have put off a major repair for more than a year.
- 31% have something essential currently broken in their home that they don't plan to fix.
- 34% have considered downsizing to reduce maintenance costs.
- The average homeowner spends 8.6 hours per week on maintenance, which adds up to 447 hours per year.
- When something in their home breaks, 46% try to DIY it first, then hire a professional.
👥 Generational Divide
- Millennials spend 3x more time on maintenance than boomers (15.1 vs. 5.1 hours per week).
- Millennials spend a median of $10,000 on maintenance each year compared to $2,000 for boomers.
- 43% of millennials have postponed major life decisions to pay for their home versus just 10% of boomers.
- 78% of millennials feel buyer's remorse compared to 44% of boomers.
- 50% of millennials envy renters versus 23% of boomers.
- Only 22% of millennials would make the same buying decision, while 54% of boomers say the same.
💸 Financial Strain
- 65% have made financial sacrifices to cover homeownership costs. This includes:
- 22% who have carried credit card balances
- 19% who have dipped into retirement savings
- Homeownership costs have forced 63% to reduce spending in the past 12 months, including:
- Dining out: 31%
- Travel/vacations: 28%
- Entertainment: 21%
- Emergency savings: 21%
- Retirement savings: 17%
- Groceries: 16%
- 35% have felt "house poor," meaning their home costs leave them with little money for anything else
- 22% have postponed major life decisions, such as starting a family, changing careers, or retiring, because of the financial burden of homeownership.
- 42% could not afford a $500 monthly increase in housing costs.
🔄 What Homeowners Would Do Differently
- 58% would have made a different buying decision.
- 78% would prefer a more expensive home with lower maintenance costs.
- The average homeowner would pay $18,529 more for a maintenance-free home.
✅ Homeowners Still Believe in Homeownership
- Most homeowners say homeownership is worth the cost (87%) and time (88%).
- 89% say homeownership is a good financial investment.
- 81% would still buy their current home if given the choice.
Methodology
Clever Real Estate surveyed 1,000 homeowners about their homeownership-related expenses, financial preparedness, and experiences dealing with homeownership costs. The survey was conducted March 18, 2026.
External data sources used for cost calculations:
- Utilities: U.S. Energy Information Administration (electric), Bluefield Research (water/sewer), American Gas Association (gas), Doxo (trash, phone, internet)
- Property taxes: U.S. Census Bureau, American Community Survey
- Homeowners insurance: Bureau of Labor Statistics via FRED
- HOA fees: Community Associations Institute (CAI)
About Clever Real Estate
Since 2017, Clever Real Estate has been on a mission to make selling or buying a home easier and more affordable for everyone. 12 million annual readers rely on Clever’s library of educational content and data-driven research to make smarter real estate decisions — and to date, Clever has helped consumers save more than $230 million on Realtor fees. Clever’s research has been featured in The New York Times, Business Insider, Inman, Housing Wire, and many more.
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FAQs
The typical homeowner spends $23,686 per year on non-mortgage expenses, including $7,679 on utilities, $5,162 on maintenance, $3,929 on renovations, $3,580 on property taxes, and $3,336 on homeowners insurance.
Property taxes are the most surprising cost, according to 32% of homeowners surveyed. They are also the cost homeowners find most unfair (49%) and most want to eliminate (45%).
The average homeowner spends 8.6 hours per week on home repairs, maintenance, and improvements. Millennial homeowners spend significantly more time (15.1 hours per week) than baby boomers (5.1 hours per week).
Yes. Even amid rising costs and regrets, 87% of homeowners say owning a home is worth the cost, 88% say it's worth the time required, and 89% say it's a good financial investment. About 81% say they would still buy their current home if given the choice.
More than half of homeowners (55%) could not comfortably pay for a $5,000 emergency home repair without going into credit card debt. Nearly 1 in 5 (17%) couldn't handle even a $1,000 emergency, and 42% say they could not afford a $500 monthly increase in housing costs.