TULSA, Okla. — Buying a new home is exciting and expensive. The 2025 Bankrate housing affordability study shows it now takes an income of $116,986 to comfortably afford to buy a home.
When getting ready to purchase, many figure out how much they can spend on a mortgage and purchase a home at the top end of that amount. It leaves them vulnerable to a significant, expensive surprise after they receive the keys to the front door.
Financial analyst Linda Bell with Bankrate told 2 News that surprise is often referred to as the "hidden costs" of homeownership.
"We call them hidden costs," she said, "because they're costs that homeowners don't account for when purchasing a home."
Things like:
- maintenance, repair or replacement of major home systems like plumbing, electrical, HVAC and water heaters
- homeowner's insurance
- property taxes
- energy, internet & cable bills
Bankrate found those add up to just over $17,500 a year for Oklahoma homeowners.
Lydia Hargrove and her husband bought their home in Tulsa in 2022. It was built in 1969.
"We didn't realize that our AC unit is actually 20 years old, which we can't do right now," said Hargrove.
Replacing would cost about $15,000.
"So, my awesome husband bought a new part to fix the AC, so we only spent like $500."
She added, "I don't even know about the heater because my husband handles that, but I'm sure that needs to be serviced and probably updated, too."
Bell recommends setting aside money in advance to cover these expenses. How much depends on the current value of your home, not its purchase price.
"About 1% to 4% of the home's value."
That way, when a bill is due or a major repair is needed, it doesn't leave you strapped or stressed about how to cover the cost.
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