There are many costs that go into the monthly expense of owning a home, such as your monthly mortgage payment (principal and interest), home insurance, mortgage insurance, real estate tax, and maintenance and improvement costs. The average monthly cost of owning a home is $1,558, based on The Balance’s calculations. Homeownership costs vary greatly depending on where you live, too. For example, the regional average for major cities in California is upwards of $3,300—or $4,556 if you live in San Francisco. By comparison, homeowners in cities such as Detroit or St. Louis may pay below-average homeownership costs.