45% of American homeowners have regrets about buying their current home—here’s their No. 1 complaint

It’s harder than ever to buy a home, and even those who manage to do it often have regrets about their purchase.

Some 45% of homeowners have regrets about their current home, according to a recent survey from Bankrate. Their most common complaint: frustration over the price of maintenance costs and hidden fees.

A typical American homeowner spends over $18,000 on non-mortgage home expenses every year, according to Bankrate’s June 2024 Hidden Cost of Homeownership Survey. In some states, such as Hawaii and California, the fees stack up even higher, reaching around $29,000 every year, per Bankrate’s estimate.

These charges, such as internet bills, property taxes and maintenance, often aren’t front of mind when purchasing a property. But for those who buy a home at the high end of their budget, they can pose a major uphill battle.

That’s why it’s important to factor ongoing homeownership costs into your budget, as well as any offer you make on a property, lest you “get out over your skis,” says Mark Hamrick, senior economic analyst at Bankrate.