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View Poll Results: How much of your net worth does your home represent?
Less than 5%. 16 5.48%
Equal to or more than 5%, but less than 10%. 66 22.60%
Equal to or more than 10% but less than 20%. 104 35.62%
Equal to or more than 20% but less than 30%. 55 18.84%
Equal to or more than 30% but less than 40% 18 6.16%
Equal to or more than 40% but less than 50%. 9 3.08%
Equal to or more than 50%. 6 2.05%
"Other" - - I don't have a main home, I rent, or I just need an "other" category for whatever reasons. 18 6.16%
Voters: 292. You may not vote on this poll

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Old 11-10-2014, 09:33 AM   #121
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... I don't want to buy a house that is too big for me, though, being single. I can't imagine rattling around in a 3000+ square foot home all by myself...
Yes, 3000 sq.ft. is too much for one person. How 'bout 1800 sqft, plus 1000 sq.ft. of deck? Of course you will need a view, mountain or water. That works out even for 2 persons.

PS. Be sure to pay more for a composite deck. I've learned my lesson. Oh, and don't forget the garage that you've always wanted. Got to have that to keep the junk stuff.
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Old 11-10-2014, 09:42 AM   #122
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We were at about 18% earlier this year, but downsized - to same town, just smaller more 'ordinary' but comfortable place and brought our percentage down to about 9%, working on increasing non-house assets to bring it down primary home percentage to about 6% when FIRE.
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Old 11-10-2014, 10:02 AM   #123
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No, with COLA. I admit, it was a higher $$ figure a few years ago. Either II've gotten old enough to make a difference, or the long run of extremely low interest rates has affected annuity prices. Yes, the word "million" is involved; but not "many millions." Less than $2M, actually.

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Years ago, when they were easy to find I got an online estimate on a joint life immediate annuity with inflation protection and it cost millions to replicate my Federal pension. Did you look at a standard annuity without COLA?
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Old 11-10-2014, 10:15 AM   #124
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3000 SF is a lot of space that needs to be cleaned and maintained. Of course, it might be just enough to have a dedicated game room to play video games on a giant screen and have a refreshment stand in easy reach.

If you have enough money to "afford" the property, the next issue is the carrying cost. It usually, but not always, correlates to the market value. Property tax, insurance, utilities and upkeep. In our case for example, the property to portfolio value is low but the monthly $$ is very high. We were aware of this when we chose the property but is this is an expense that can't really be reduced if belts need to be tightened.
Thanks, that is so true. Even worse, I might have to go with the state backed insurance of last resort because AFAIK no insurance companies are taking new wind and hail (hurricane) policies in New Orleans even in this 10th year after Katrina. The state insurance would add a couple of thousand a year to my insurance, at the very least, over and above the increase due to a pricier home. We have had new flood insurance maps done by FEMA that raise the flood insurance precipitously for some locations, and lower it for others, so that is something I would need to check out, too. Still, I have been making generous estimates of the increase in carrying costs, and especially now that I have more income through my divorced spousal SS benefits it seems like "all systems are go". I am also assuming quite a bit more for renovations prior to moving in, than I would probably spend, depending on the home. Everything is double checked in FIRECalc with conservative assumptions.

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Yes, 3000 sq.ft. is too much for one person. How 'bout 1800 sqft, plus 1000 sq.ft. of deck? Of course you will need a view, mountain or water. That works out even for 2 persons.

PS. Be sure to pay more for a composite deck. I've learned my lesson. Oh, and don't forget the garage that you've always wanted. Got to have that to keep the junk stuff.
Mountain? The highest point in New Orleans is Laborde Mountain, a stunning 43 feet above sea level:

http://neworleanscitypark.com/in-the...outurie-forest

Now a water view would be easier to find, but we flood so much here that one doesn't want to be too close to any water at all. Besides, there are lots of rats, nutria, dead bodies, and who knows what else in our canals; they are pretty icky.
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Old 11-10-2014, 10:22 AM   #125
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Currently, 0% (we rent a house in the city). When we FIRE next year, approximately 14%

Unless I can, miracle of miracles, convince DW to continue renting (but somewhere cheaper). Doing the math in our particular situation and area it is close to being a wash with owning being a slight advantage on paper. Knowing from prior experience however the inevitability of lifestyle creep and renovation fever, I'm trying to stick with renting.
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Old 11-10-2014, 10:44 AM   #126
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Thanks, that is so true. Even worse, I might have to go with the state backed insurance of last resort because AFAIK no insurance companies are taking new wind and hail (hurricane) policies in New Orleans even in this 10th year after Katrina. The state insurance would add a couple of thousand a year to my insurance, at the very least, over and above the increase due to a pricier home. We have had new flood insurance maps done by FEMA that raise the flood insurance precipitously for some locations, and lower it for others, so that is something I would need to check out, too. Still, I have been making generous estimates of the increase in carrying costs, and especially now that I have more income through my divorced spousal SS benefits it seems like "all systems are go". I am also assuming quite a bit more for renovations prior to moving in, than I would probably spend, depending on the home. Everything is double checked in FIRECalc with conservative assumptions.
That is a tougher issue to figure through. Insurance is definitely an issue that motivated us to stick to the lower end of what we could afford. The insurance we have available is not that good but still very expensive, and I'm not sure how we would fare in a situation where there is substantial water damage but not a total loss.
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Old 11-10-2014, 10:58 AM   #127
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Mountain? The highest point in New Orleans is Laborde Mountain, a stunning 43 feet above sea level:

Couturie Forest | New Orleans City Park...
That Web page says "New Orleans’ highest point of elevation: Laborde Mountain. Measuring a daunting 43 feet above sea level, oxygen and sherpas are available upon request".

Well, then perhaps a wrap-around balcony or veranda from which you can watch the annual parade.

When we were in N.O. last, we took time to walk around Audubon Park, and admired the gorgeous homes on the perimeter of the park. These are million-dollar homes, but the smaller ones in the surrounding Uptown/Carrollton all have charm. Probably still pricey.
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Toronto - ouch
Old 11-10-2014, 11:00 AM   #128
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Toronto - ouch

Toronto now stunningly expensive and going straight up. There is only one Toronto in Canada and it's behaving like London or Manhattan with respect to desirability for immigrants and business (Vancouverites and Calgarians, your lovely cities are different although currently the impacts and outcomes look the same).

For me, main home + vacation property add to about 40% of NW at the moment. It is the absolute cap for me despite fact everything is paid for. No more, not tempted to upgrade anything from here!
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Old 11-10-2014, 11:25 AM   #129
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About 20% of savings for me, not including SS or pension. Although I do not really consider house value in net worth, since it is not income producing. It may be cost avoidance, ie vs paying rent, but you still have some costs for prop tax and insurance even if you own it with no mortgage. When I am dead my heirs can worry about the net worth totals.
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Old 11-10-2014, 12:54 PM   #130
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Our house is 4% of our NW.
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Old 11-10-2014, 06:38 PM   #131
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I don't normally include my house in my net worth, nor do I count SS since I'm not sure exactly what it will be or how to calculate it. But if I did include the house it comes out to be about 12%.
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Old 11-10-2014, 06:50 PM   #132
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That Web page says "New Orleans’ highest point of elevation: Laborde Mountain. Measuring a daunting 43 feet above sea level, oxygen and sherpas are available upon request".

Well, then perhaps a wrap-around balcony or veranda from which you can watch the annual parade.

When we were in N.O. last, we took time to walk around Audubon Park, and admired the gorgeous homes on the perimeter of the park. These are million-dollar homes, but the smaller ones in the surrounding Uptown/Carrollton all have charm. Probably still pricey.
43 foot mountain.....hmmm I wonder who scaled it first......
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Old 11-10-2014, 06:57 PM   #133
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43 foot mountain.....hmmm I wonder who scaled it first......
It's probably a highway overpass!
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Old 11-10-2014, 07:28 PM   #134
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Just for me, about 25pc (I co-own with OH but our savings are separate). That's quite high I guess but it is a 1400 sqft house with small garden in London in a great friendly neighbourhood, and I can walk to work in the financial district in 35-40 minutes, so I feel we get a lot of "quality of life" for our money...

Of course when we ER it probably won't make sense to pay the premium for proximity to the City any more, though I guess we would like somewhere with a bigger garden and reasonably close to family and friends, so I guess we'd be looking at somewhere 20-40pc cheaper, rather than more.
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Old 11-10-2014, 07:42 PM   #135
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43 foot mountain.....hmmm I wonder who scaled it first......
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It's probably a highway overpass!
Hmm... Freeway overpasses are usually not 43 ft high. So, could it be a bridge?

I have to investigate further about this "mountain", and find that it is really "Laborde Lookout", and, get this, it is not even natural!

From LaBorde Lookout - Highest point in New Orleans - New Orleans, Louisiana
LaBorde Lookout was built in City Park using riprap from the construction of Interstate 610, a project that began in the 1960s but wasn't completed until the mid-1970s due to lawsuits dealing with building the highway on public park land. It is named for longtime City Park general manager Ellis LaBorde and sits 53-feet tall.
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Old 11-10-2014, 07:48 PM   #136
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Not counting the value of our pension, the house is about 13% of our NW.


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Old 11-10-2014, 08:06 PM   #137
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Hey, the poll result starts to look like a Rayleigh distribution.
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Old 11-10-2014, 08:37 PM   #138
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4%
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Old 11-10-2014, 10:46 PM   #139
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Somewhere between 12-15%.


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Old 11-10-2014, 11:50 PM   #140
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8 or 9% best guess. Plus the house came with new wife. My old house is up for sale - soon I hope.

heh heh heh -
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