What Young Couples Should Know About New Jersey Home Expenses

Homeownership has become increasingly elusive for young couples in New Jersey. Saving up for only 10% down takes an average of nine years and 10 months. You can read the sad details on that depressing stat here.

A report suggests New Jersey is the third worst in the nation for hidden housing costs.

It’s the stuff we’re not thinking about that bites us the most viciously. It’s not just the maintenance and repairs, although they can be bad enough. It’s also homeowner insurance that many people aren’t thinking about, or utilities, Wi-Fi bills, things like that.

Bankrate's Hidden Costs of Homeownership Study says that in New Jersey, these things all add up to nearly $30,000 a year more. The exact number is $29,751, and that’s truly shocking.

That’s what your entire mortgage might be in a less expensive state.

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"New Jersey homeowners spend just shy of $30,000 on annual homeownership costs — half of which is due to their property taxes, the highest in the nation," the study states. "Property taxes average $10,485 annually, more than double the national average of $4,316. New Jersey is also the fourth most expensive state in energy and utility costs, which total $5,885 annually."

In just one year, we moved up one full notch from fourth to third.

A year ago, New Jersey’s hidden homeownership costs were $25,573. $4,178 is an enormous increase for just one year.

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The only states worse off in 2025 for hidden homeownership costs are No. 1 Hawaii, $34,573, and No. 2 California, $32,262. And no, that doesn’t make us feel any better.