How much do you spend on your home?

[Talkjk]

Primary is $1,650
$958 Taxes
$292 Insurance
$400 Maintenance

2nd home is $2,093
$566 Taxes
$317 Insurance
$1,010 HOA
$200 Maintenance

 

[MarieIG]

Taxes are North of 12k per year; based upon three beds/ 1 1/2 baths; 1749 square feet; small piece of property.

Home owners insurance $2,300 per year. Umbrella about $500.

Maintenance is lumpy so estimating $300 per month. (This month the garage door opener and kitchen fan bit the dust). I should add that we do the lawn ourselves, remove snow ourselves when necessary, DH does a lot of the repairs himself to save money.

No mortgage.

So rough math, $1,500 a month.

Not counting utilities, of course.

 

[Gumby]

Mortage -- $0
Property tax -- $1023/mo. (yes, that would be >$12k per year)
Insurance -- $294/mo. (home and umbrella)
Utilities -- $517/mo. (electric, natural gas, water, landline, cable TV)
Maintenance & repair -- $500/mo.

Total $2334/mo. ~ $28k per year.

 

[SmallCityDave]

It seems like a lot of you are paying a lot in taxes and insurance....

 

[Car-Guy]

Paid cash when we bought it so no mortgage payments. Ins is about 2500 yr and taxes are less than 500 per yr.

 

[HFWR]

Mortgage - $400
Property Taxes - $320
Home Insurance - $120
Lawn care - $75
(Approximately...)
I assume a long-term average of $200/mo (roughly 2% of value) for home upkeep. Don’t keep track with enough granularity to say exactly what I spend...

 

[pb4uski]

	Main Home	Winter condo
Mortgage	1,524	0
Property taxes	576	217
Insurance	62	65
HOA	0	317
Repairs/maint	100	50
Total	2,262	648

I don't really count the mortgage in my thinking as for us the mortgage is just a small opportunistic arbitrage play.... if it were not 3.375% I would have paid it off by now.

 

[W2R]

	Main Home	Winter condo
Mortgage	1,524	0
Property taxes	576	217
Insurance	62	65
HOA	0	317
Repairs/maint	100	50
Total	2,262	648

I don't really count the mortgage in my thinking as for us the mortgage is just a small opportunistic arbitrage play.... if it were not 3.375% I would have paid it off by now.

That's very understandable.

For me, the biggest value of this type of thread is that it encourages participants to think and become more aware of what we are spending. So I think your answer is perfect - - it is specific, gives real numbers, and you have put forth your thinking about your mortgage.

 

[DrRoy]

Prop tax $2000/ yr, upkeep $500-1000.

 

[Golden sunsets]

Property Taxes $7,059
Insurance $ 922
Umbrella $ 633
HOA $ 100
Home Maintenance $1,684
Repairs $1,115 (2018 - varies)
Snow Removal $1,200
Lawn & Landscaping $3,565
House Cleaning $3,080

Total $19,358 $1,613/mo

We live in the expensive Northeast

 

[mrfeh]

Taxes and insurance alone are about $500 per month.

Other expenses vary and are not budgeted for.

 

[cusetownusa]

Our property taxes are 700/year on a house worth 350k and insurance is 60/month.

I wish taxes were that low here. I pay $11,000 on a house worth about $300,000 and $400 per year in insurance.

 

[gerntz]

No taxes or insurance and nothing budgeted for repairs?

Well, I don't consider taxes as spending on the house since it does nothing to protect the house or improve the house. Fire and police protection comes from that, but renters get the same protections & it's included in the rent price. Are they spending that ON their apartment? I don't think so.

Yes, we protect house with insurance so I should have included that, like $100/mo.

We've never budgeted for anything, just LBOM & pay as it happens.

 

[REWahoo]

Well, I don't consider taxes as spending on the house since it does nothing to protect the house...

Where I live paying my property taxes protects my house from being auctioned on the court house steps.

 

[jollystomper]

Mortgage 616.35 per month (actually pay $620, I prefer round numbers). Could pay off remainder but at 2.875 I can get better returns on the payoff amount.

Property taxes and insurance average out to $475/month (we pay the amounts ourselves, annually)

We very conservatively budget about $500/month for repairs. But this includes long term items as well. Whatever is not spent is set aside for long term savings, to be drawn down as needed.

 

[pb4uski]

Well, I don't consider taxes as spending on the house since it does nothing to protect the house or improve the house. ...

Hate to break it to you, but if you pay your real estate taxes then it is spending irrespective of what you think or get in exchange. If you don't pay your real estate taxes then see REWahoo's post above.

 

[GravitySucks]

5800 a year taxes and insurance.
Glad to see others using $100 a month upkeep estimate as I don't keep great records but that's what I assume in my budgeting.

 

[kgtest]

Just to break it down a little, for those who think that it is just Taxes and insurance are the only home costs. These are monthly numbers for 2018, I am not including all our, what we consider mandatory costs.

RE Taxes: $535
Insurance: $170 (Home, Flood, Termite Bond, Umbrella)
Cable & Internet: $130
Utilities: $300
Telephone: $80
House Maintenance: $300
HOA: $300

We live in what I call a Medium Cost of Living area.

Mortgage: $20,000 (Although I put extra principal so maybe 25-30k)

RE Taxes: $5000
Insurance: $1700 (Home)
Cable & Internet: $0 DW employer pays
Utilities: $3360 (Gas, Electric, Sewer, Trash)
Telephone: $0
House Maintenance: $600 (furnace filters, softener salt, repairs costs)
HOA: $50
LawnCare: $100
We ALSO live in what I call a Medium Cost of Living area.

It comes out to about $85/night, still cheaper than most motels and I'm building equity. That rate goes down to $30/night once my mortgage is paid off. Certainly couldn't rent a 3000sq ft place with lake access for that price. Looks like I am building equity at $69/day according to current recent home sales/property valuations. Life is good.

 

[ExFlyBoy5]

These numbers were on our house in ATL (sold a couple months back):

Mortgage: $0
Taxes/Insurance: $286/mo
Utilities: $292/mo (average and includes nat gas, electric, water, and trash)
Repairs: Varied, but planned on about $5,000 a year.

TOTAL: $579/mo or $6948/yr (not including repairs)

New home will be different (higher). Property taxes are higher, but there is no state income tax on my military retirement income...so not sure how I would figure all that in. I am sure I will...I do love me some finance math!

 

[wannabefire]

Based on most on here, I think ours feels kinda high!

At least the mortgage is paid off!

	Monthly	Annual
HOA	$117	$1,404
RE Taxes	$440	$5,280
Home Owners Ins	$169	$2,030
Umbrella Ins	$32	$380
Home Repair	$100	$1,200
Total	$858	$10,294

 

[Bestwifeever]

Somewhere I read to budget an average of 1 percent of your home’s value each year for maintenance like painting, landscaping, roofing, etc. if we ever have a budget I’ll be sure to include it.

 

[SmallCityDave]

Well, I don't consider taxes as spending on the house since it does nothing to protect the house or improve the house. Fire and police protection comes from that, but renters get the same protections & it's included in the rent price. Are they spending that ON their apartment? I don't think so.

Yes, we protect house with insurance so I should have included that, like $100/mo.

We've never budgeted for anything, just LBOM & pay as it happens.

There's a way to test that theory

 

[Bir48die]

Insurance $550
Taxes $5,000
HOA $140/yr

Then the other stuff we all have. I usually put a decent amount of time plus money every year for improvements.

 

[MarieIG]

Where I live paying my property taxes protects my house from being auctioned on the court house steps.

 

[Offgrid Organic Farmer]

How much do you spend on your home?

We spend about $51.60 per month on property taxes for our house, and maybe another $50 for repairs.