Back in 2020, before the pandemic-fueled run-up in home prices, it cost $14,428 annually for maintaining or repairing a typical single-family home, equivalent to $1,202 per month.

The cumulative rate of inflation, as measured by the Consumer Price Index, from 2020 until now is 21.7%.

The report's calculation assumes that the homeowner pays 2% per year of their home's average value on these costs. 

"While homeownership is worth the financial sacrifice, homeowners also need to be aware of the ongoing expenses that go along with owning property," said Jeff Ostrowski, Bankrate analyst, in a press release. "After you achieve homeownership, you need to fatten up your emergency savings account for all those surprise repairs."

Incentivizing homeowners to create emergency savings accounts to deal with unexpected events including job loss helped to reduce mortgage default rates, a 2018 JPMorgan Chase study claimed.

While describing these as the hidden costs of homeownership, some of the items used in the calculation are typical beyond maintenance costs, such as property taxes and homeowners insurance, the T&I portion of the mortgage payment. However, rising costs here have been seen as a stressor on troubled homeowners, a panel at a Mortgage Bankers Association conference noted earlier this year.

Some of these other costs are also common (although not necessarily a part of depending on the agreement) to renting a home, such as electricity, internet and cable television service. Many renters also have an insurance policy to cover their personal property.

In a related Bankrate report that came out at the end of May, while 24% of home purchasers said they put aside money to pay for home repairs and maintenance, 19% have needed to take out additional debt for these costs.

Of that second group, 60% financed through credit cards, one-third took out a personal loan, while 25% obtained a second mortgage (respondents were able to make more than one choice for this question).

There's also a generational divide among those seeking financing. Gen Z makes up the largest cohort of those having to take out debt, at 31%, followed by 26% of millennial homeowners.

At the other end of the spectrum is Gen X, at 19%, and the baby boomers at 13%.

"There's no question whether these hidden costs of homeownership, involving plumbing calls, appliance replacement or repair, or getting a new roof or HVAC, will occur," said Bankrate Senior Economic Analyst Mark Hamrick in a press release. "The key questions involve timing and costs. Planning for the expenses, including through dedicated savings, can help affirm the positive experience of what many consider the American dream, which is homeownership."

The same generational divide exists among the savers, with the younger groups actually claiming a higher rate, 30% of Gen Z and 25% of millennials, while the baby boomers had 24% and Gen X trailed at 20%.

"By avoiding the elevated cost of borrowing, homeowners can hold onto more of their money, which is almost always a good thing," Hamrick said.