In Massachusetts, buying a new home saves buyers an average of $38,927 over ten years of ownership. That’s a 46.7% premium compared to 20-year-old homes, according to a new report from Realtor.com.

Using data from Pearl, a home safety certification company, report authors ranked states based on the new construction premium buyers saved on average. Massachusetts ranked No. 1. Notably, all the top five states for new construction premiums were located in New England.

Older homes often come with hidden costs, like leaky roofs, worn-out water heaters and drafty windows. In New England especially, harsh winter weather takes a toll.

Plus, Massachusetts’ strict modern energy codes lead to better efficiency for new construction. That means new-build buyers save by a bigger margin than those in other states.

“Homeownership is not a one-time expense, and the ongoing costs of owning a home are where new construction really shines,” said Joel Berner, senior economist at Realtor.com. “Buyers who focus only on the listing price are missing a significant part of the financial picture.”