How much it costs to own a home depends on the home you own. Most people make monthly mortgage payments that includes taxes and homeowners insurance, and sometimes, mortgage insurance. It costs money to pay for electricity, heating, and water, and homeowners have to be prepared for unexpected expenses such as replacing a roof. If your home sits on a large property, yard care may be an expense, and if you live in a condominium or gated community, you will likely have HOA fees as well.