Residential expenses refer to the costs associated with living in a home. These expenses typically include rent or mortgage payments, property taxes, and homeowners' insurance. Additionally, utility bills such as electricity, water, and gas are essential components of residential expenses, as they cover the basic services needed for daily living. Other common residential expenses may include maintenance and repair costs, which ensure that the home remains in good condition. Homeowners may also incur expenses for landscaping, pest control, and home security systems. Understanding these costs is crucial for effective budgeting and financial planning in any household.