The average annual cost of owning and maintaining a single-family home in the United States now exceeds $21,000, according to a new Bankrate study — but homeowners in Georgia are paying significantly less.
The report shows the average annual cost of owning a home in Georgia is $17,712, roughly $3,300 below the national average. The findings highlight Georgia as a relatively affordable state for long-term homeownership compared to much of the country.
What Is Included in the Annual Cost of Homeownership?
Bankrate’s analysis factors in key recurring expenses tied to owning a home, including:
- Property taxes
- Homeowners insurance
- Utilities such as electricity and gas
- Internet and cable services
- Routine maintenance and repairs
Notably, the figures do not include mortgage payments. Instead, the study focuses on the ongoing operational and upkeep costs required to maintain a single-family home.
Across the U.S., those expenses now top $21,000 annually — a number that has climbed due to inflation, rising insurance premiums, and increasing repair and labor costs.
Why Georgia Homeownership Costs Are Lower
Georgia’s average annual homeownership cost of $17,712 reflects several affordability advantages:
- Moderate property tax rates compared to many Northeastern and Western states
- Relatively stable homeowners insurance premiums, especially outside coastal regions
- Lower utility costs than high-cost urban markets
While insurance rates have increased in some parts of Georgia, particularly along the coast and in storm-prone areas, they remain more manageable than in states facing severe wildfire or hurricane risk.
What This Means for Georgia Homebuyers
For buyers considering a move to Georgia, the lower annual cost of owning a home strengthens the state’s appeal. Metro Atlanta, Savannah, and other growing markets continue to attract new residents seeking affordability compared to major markets like New York, California, and Florida.
However, experts caution that homeownership expenses are rising nationwide. Maintenance costs have increased as materials and labor become more expensive, and insurance premiums have climbed in response to higher rebuilding costs and severe weather events.
The Bottom Line
While the average cost of owning a home in the U.S. now exceeds $21,000 per year, Georgia homeowners spend an average of $17,712 annually — making the state one of the more affordable places for single-family homeownership.
For buyers weighing relocation options, Georgia’s lower carrying costs could translate into meaningful long-term savings beyond the purchase price.