How Much PM Does it Cost to Run your Retirement Home?

[rbmrtn]

Location: West Central MS
Size: 2000sqft
FIREd: Yes

RE Taxes: $120
Electricity: $93(AC & Heat)
Water: $28 (Includes Sewer)
Gas: $23 (Propane, No Natural Gas)
HOA: $20
Yard Maint: 0 ( DIY )

Home Ins: $90 (Home & Contents)
Flood: n/a
Pest Bond: n/a
Umbrella: n/a

TOTAL: $374

Some Other Variables:

Cable & Internet: $93
Phone (magicjack+tracphone) $10
News Paper: $10
Auto Insurance: $82
garbage: $19.65
security monitor: $25

I thought my RE taxes were ridiculous. It can vary a lot even the same area. Parents house in a different county the tax is ~$350 total for the year.

 

[Fishingmn]

Location: Twin Cities, MN
Size: 2500 sq ft
FIRE'd: No - still 2-3 years away

Monthly figures:

RE Taxes: $750 (we live on a premier lake in MN - land worth more than house)
Electricity: $125
Water/Sewer: $60
Garbage: $20
Gas: $100 (it is MN)
HOA: N/A
Yard Maint: $30 (gas for mower/snow blower and DW's flower obsession)
Dock Service: $30 (pay to have it put in/taken out)

Home Ins: $150
Flood: N/A
Pest Bond: N/A
Umbrella: $25
Maintenance: $150 (includes budget for major repairs)

TOTAL: $1440

Other Variables:

Cable & Internet: $140
Cell Phone: $240 - paying for 3 kids on plan + expense part of it to biz
Landline: n/a
Newspaper:n/a

One thing that is certainly an option in our FIRE plan is to move off the lake and cut our expenses significantly if the finances got tight. That said, we do love living on the lake and our family/friends like coming out too.

 

[Gill]

4,250 Sq. feet in SW Florida:
Taxes - $6,700
Insurance - $2,200
Landscaping - $6,000
Pool - $1,500
HOA - $3,600
Electricity - $2,400
Water - $900
TV, Cable, Internet - $2,100
Average maintenance - $8,000
_________
Total $33,400 or about $2,800 a month

 

[Midpack]

Location: NW Indiana (Chicago suburb)
Size: 2,300sqft - we're not in our final retirement house, we'll downsize in the area or downsize/relocate one of these days...
FIREd: Me yes, DW no

using your splits, all /mo

RE Taxes: $160 ($1917/yr) - apples & oranges of course, we all know each state relies on a mix of RE taxes, income & sales taxes and other sources for total revenue (not to mention local taxes).
Electricity & Gas: $132/mo
Water: $45 (Includes Sewer)
Trash: $20/mo
Gas: above
HOA: $65/mo ($850/yr)
Yard Maint: $25/mo

Home Ins: $79 ($942/yr)
Flood: $0
Pest bond: $0
Umbrella: incl above

TOTAL: $526/mo

Some Other Variables:

Cable & Internet: $122
Phone (2 cell phones) $36
News Paper: $0
AAA $0
Auto Insurance: $68/mo (2 cars)
Maintenance: $49 (2012, excluding remodeling/major system replacements which would be far more per month)

 

[bo_knows]

Location: Northern VA, DC Suburbs.
Size: 2000sqft
FIREd: Not even close.

using your splits, all /mo

RE Taxes: $291 ($3500/yr)
Electricity & Gas: $150/mo
Water: $80 (Includes Sewer, and includes a WHOLE lot of laundry due to cloth diapers.)
Gas: above
HOA: $110/mo ($1320/yr)

Home Ins: $75 ($900/yr)
Flood: $0
Pest bond: $0
Umbrella: incl above

TOTAL: $706/mo

 

[ShokWaveRider]

After looking at some of the results in this thread, here is some Gereral info on Property Taxes, although St. Johns County FL. is not on it, we are 1.78%. I am sure each county adds their little bit too as I have some friends in Katy, TX., a suburb of Houston that pay 3%


Best States for Property Taxes

1. Louisiana - 0.18%
2. Hawaii - 0.26%
3. Alabama - 0.33%
4. Delaware - 0.43%
5. West Virginia - 0.49%
6. South Carolina - 0.50%
7. Arkansas - 0.52%
8. Mississippi - 0.52%
9. New Mexico - 0.55%
10. Wyoming - 0.58%

Worst States for Property Taxes

1. New Jersey - 1.89%
2. New Hampshire - 1.86%
3. Texas - 1.81%
4. Wisconsin - 1.76%
5. Nebraska - 1.70%
6. Illinois - 1.73%
7. Connecticut - 1.63%
8. Michigan - 1.62%
9. Vermont - 1.59%
10. North Dakota - 1.42%

Here is another link to more info by state:

http://www.retirementliving.com/taxes-by-state

 

[REWahoo]

I am sure each county adds their little bit too as I have some friends in Katy, TX., a suburb of Houston that pay 3%

+1

Actually, there are no state property taxes in TX. Taxing entities include school districts, county, city, and a host of other govt entities with their hands in our pockets (emergency service districts, hospital districts, water districts, road districts, etc.)

We were paying close to 3% when living in the city. That's one reason we moved to the country - no city taxes, which lowered our tax hit by 30%+.

 

[W2R]

After looking at some of the results in this thread, here is some Gereral info on Property Taxes, although St. Johns County FL. is not on it, we are 1.78%. I am sure each county adds their little bit too as I have some friends in Katy, TX., a suburb of Houston that pay 3%











Best States for Property Taxes

1. Louisiana - 0.18%

(emphasis mine)
Little bit? In our case, the Parish gets almost the entirety of the real estate tax bill, not the state.

Our real estate taxes are assessed by the Parish (=County), based on millages determined by parish-wide vote. Almost all of these taxes go to the Parish, NOT the state of Louisiana. Louisiana gets income from us through other taxes.

Part of the reason why I chose to live in my Parish was the real estate taxes here, which are vastly lower than those in next Parish over, 2 miles away.

Unfortunately, for us the figure listed in your post is completely meaningless.

 

[Midpack]

Worst States for Property Taxes

1. New Jersey - 1.89%
2. New Hampshire - 1.86%
3. Texas - 1.81%
4. Wisconsin - 1.76%
5. Nebraska - 1.70%
6. Illinois - 1.73%
7. Connecticut - 1.63%
8. Michigan - 1.62%
9. Vermont - 1.59%
10. North Dakota - 1.42%

Though as you know TX has no income tax and NH only taxes dividend & interest income plus they have no sales taxes, so looking at RE taxes alone doesn't tell the whole story. Unless you look at RE taxes, sales taxes, state/county/local income & sales taxes, personal property taxes, gas/liquor/other fees & taxes - I don't know how you can make useful comparisons for tax expenses. I posted a best/worst states list a while ago that included all, and the top tens are completely different than the RE lists. And even then, local differences have a lot of influence in many cases as well (W2R pointed that out then as well).

 

[ziggy29]

It's obviously not my retirement home, but it does show how clergy can live so cheaply:

Location: SE Texas
Size: 1,800 sqft
FIREd: I'm semi-retired, DW is clergy

RE Taxes: $0 (it's a tax-exempt parsonage)
Electricity: $0 (paid by the church)
Water: $0 (paid by the church)
Sewer: $0 (paid by the church)
Garbage: $0 (paid by the church)
Gas: $0 (paid by the church)
HOA: N/A
Yard Maint: $0 (I maintain our back yard and other members do the rest of the grounds)

Home Ins: $15 (renters policy for contents)
Flood: N/A
Pest Bond: N/A
Umbrella: $16

TOTAL: $31

Some Other Variables:

Cable & Internet: $90 (for satellite TV, I use the church's internet through a repeater)
Land line phone: $0 (paid by church)
Cell phones: $60
News Paper: $2 (small town weekly paper)
Auto Insurance: $100
Maintenance: $20 (for minor things, church covers major repairs)

 

[Amethyst]

One thing to consider is the local cost of having plumbers, electricians, etc. come out to diagnose/repair problems with appliances, wiring, plumbing. Here, it's generally $150 to come out, diagnose, and work for 1 hour or less. Each extra hour is $100.00.

Amethyst

 

[Katsmeow]

After looking at some of the results in this thread, here is some Gereral info on Property Taxes, although St. Johns County FL. is not on it, we are 1.78%. I am sure each county adds their little bit too as I have some friends in Katy, TX., a suburb of Houston that pay 3%
http://www.retirementliving.com/taxes-by-state

When I lived in Katy the bulk of the property taxes were for the Katy School District. Part of Katy is in Harris County and part in Fort Bend County (I was in Fort Bend). The county taxes were the smaller part of the total taxes.

Also, a lot of people pay MUD taxes (for the municipal utility district). These can also be quite high, particularly for a newer subdivision that isn't completely built out. One of the advantages we had being on well and septic was that we had no MUD taxes.

Where I live currently (a different county), I don't have MUD taxes either. I am on septic but get water through the subdivision through a co-op. There is no MUD taxes (good) but my water rates are higher than they were when I lived in a subdivision in the past that had MUD taxes.

Also, because I'm in a co-op, I don't have a choice of electrical provider. My electricity per kwh increased by 50% when I moved to my current home since I can't switch to a lower cost provider.

 

[ShokWaveRider]

One thing to consider is the local cost of having plumbers, electricians, etc. come out to diagnose/repair problems with appliances, wiring, plumbing. Here, it's generally $150 to come out, diagnose, and work for 1 hour or less. Each extra hour is $100.00.

Amethyst

Mine was included as I do all plumbing, Electrics etc. myself, with the exception of AC recharging and Roof repairs (Mentioned by others also if I recall correctly). I have been known to hire painters as I hate doing it, but do give in on occasion.

 

[Meadbh]

One thing to consider is the local cost of having plumbers, electricians, etc. come out to diagnose/repair problems with appliances, wiring, plumbing. Here, it's generally $150 to come out, diagnose, and work for 1 hour or less. Each extra hour is $100.00.

Amethyst

I'm sure you all know the story about the plumber who charged $150 for a 1 hour call. The homeowner retorted "I wouldn't pay that much for a brain surgeon!"

The plumber's response: "I know. I used to be one."

 

[Amethyst]

And I'm perfectly at home with painting, as long as it's not higher than 1 story (I refuse to paint from an extension ladder). Painters charge too darn much! Funny, the things we'll do to save $$.

Amethyst

I have been known to hire painters as I hate doing it, but do give in on occasion.

 

[tmm99]

I'm sure you all know the story about the plumber who charged $150 for a 1 hour call. The homeowner retorted "I wouldn't pay that much for a brain surgeon!"

The plumber's response: "I know. I used to be one."

If you can get $150/hr fixing people's plumbing, why do people get a huge student loan to go to college?? I am not being sarcastic. I didn't know they made that kind of money.

 

[Meadbh]

If you can get $150/hr fixing people's plumbing, why do people get a huge student loan to go to college?? I am not being sarcastic. I didn't know they made that kind of money.

First, the plumber has fixed costs associated with the call, including the gas that it took to get to your house. He or she has the opportunity cost of the travel time. There are amortized costs of tools, materials and the truck. So it's not all labour. Finally, if the plumber is not self employed, he or she may see only a fraction of the $150.

The brain surgeon has many years of study during which he or she was unable to generate significant income (which is why the plumber is often ahead). The brain surgeon has licenses, insurance, and office costs, although materials and OR costs are usually borne by the hospital.

I think people make decisions that are not purely financial. Some people are just not cut out for plumbing, and others are not cut out for brain surgery.

 

[Larro Darro]

Location: NW Florida {in the sticks}
Size: 2632 sq ft on a forty acre lot
FIREd: 3 years, 3 months and 5 days to go for DW. A good while longer for me

Monthly Averages

RE Taxes: $185 {house, 40 acres, two barns, a smaller shed, pump house}
Electricity: $185
Water/Sewer: N/A {we have a pump and septic tank}
Gas: N/A
HOA: N/A
Yard Maint: $50 {I mow six and a half acres of front yard so I bought a 6' RFM for $1500/60 months=$25 per month + fuel, blades and belts}

House Ins: $110
Flood Ins: N/A
Pest Bond: $12
Umbrella: N/A

Other Variables:

Dish TV: $80
Phone & Internet: $75
Cell Phone: N/A
Newspaper: N/A
TV Guide and other Mags: $10
Cleaning Lady: $120
Pest Service: $20

Auto Insurance: $55 {13 Camry, 05 Prius and 98 Tacoma}

House Maintenance: $25 {house is only ten years old. No big repairs yet}

Gun for my Birthday: $25 {my gun collection does take up a sizable part of the house}

Total: $929/month, or $11148/year.

Edit: I forgot trash. This changes everything.

Trash Pickup: $14.50

New Total: $943.50/month, or $11322/year

 

[rodi]

I'll play....

Location: San Diego
Size: 2800sqft - but this is two units. Our house is just under 2100sf, we built a granny flat for the inlaws - and now rent it to a niece. (Brings in $12k/year - more if we rented it at market rate - but it's family.)
FIREd: Nope.

RE Taxes: $258 (Was cheaper before we built granny flat. Hello prop 13!!!)
Electricity and Gas combined: $100(Heat, hot water, cooking... one bill.)
Water: $50 (Includes Sewer)
HOA: n/a
Yard Maint: Sweat only. We do our own work... and make the kids pull weeds to boot.

Home Ins: $90 (Home & Contents AND coverage for granny flat.)
Flood: NA (we're on top of a hill)
Pest Bond: NA
Umbrella: $20

TOTAL: $518

Some Other Variables:

Cable & Internet: $122 (And I'm about to fire time warner since they just jacked the rates)
Phone (ATT) $34.60 - (about to switch to voip, ooma, or bluetooth gateway.
News Paper: NA
AAA $7
Auto Insurance: $90 (two cars. Anticipate it going up in a few years when kids start driving.)
Maintenance: $100 (Estimate Over 5 Years). That's the Home Depot/Lowes/Dixieline column in Quicken.

(We do most everything ourselves. This does not include capital improvements like our new kitchen counters, new windows, etc. We're in a spending mode - trying to get it all upgraded before we retire.)

Net we're about break even. Tenant (in the 700 sf house) pays us enough to cover our home expenses. If we charged market rent (about $400 more/month) we'd be banking money.

 

[FANOFJESUS]

1300 sqft here in MO
RE Taxes: $167
Utilities: $250
HOA: 0
Yard Maint: $10

Home Ins: $70 (Home & Contents)
Flood: na
Pest Bond: na
Umbrella: na

TOTAL: $497

Some Other Variables:

Internet: $20
Phone $35
News Paper:na
AAA na
Auto Insurance: $42
Maintenance: $150 (Estimate Over 1 Years)

 

[RitaR551]

Location: NW Ohio (Summer Home)
Size: 2,400 sqft
FIREd: Yes
RE Taxes: $233
Electricity: $75
Water: 0 (have our own well)
Gas: $100 (Propane)
HOA: 0
Yard Maint: 0
Home Ins: $75(Home & Contents)
Internet: $54
Phone $120 (two cells)
Garbage pick up: $17

Location: Gulf side of Florida (Winter home)
Size: 400 sqf not counting Florida room
No taxes, lot rent is $278
Elec/sewer $11
Propane $10
Internet $80
Cell Phones remain the same $120

 

[braumeister]

Location: Southern Ohio
Size: 1,800 sqft on 2.5 acre lot
FIREd: Yes

RE Taxes: $273
Electricity: $194 (no gas, total electric house)
Water: $10 (Includes Septic inspection)
Home Ins: $71 (Home & Contents, includes earthquake)
Umbrella: $19
Phone & internet: $73

TOTAL: $640

Notes:
Heat might be on the low side because we use the fireplace a lot in winter and the property affords an unlimited quantity of firewood at no cost.
Trash and recycling are paid by the township, so are included in property taxes.

 

[FANOFJESUS]

Current Home (rental high-rise apartment):

Location: San Francisco
Size: 1,100 sqft
FIREd: Yes for me, DW still working

RE Taxes: N/A (if we owned this condo, RE taxes would be ~10K/year)
Electricity: $91(all electric heating included, no A/C)
Water: $85 (Includes Sewer)
Gas: N/A
HOA: N/A (if we owned this condo, HOA fees would be ~$800 a month)
Yard Maint: N/A (no yard)

[-]Home[/-] Renters Ins: $28 for contents and liability (not sure how much home insurance would be on a condo like this).
Flood: N/A
Pest Bond: N/A
Umbrella: N/A

TOTAL: $204 as renters or ~$1837 + home insurance if we owned

Some Other Variables:

Cable & Internet: $238 (premium package, phone included)
Phone (Vonage) N/A
News Paper: N/A
AAA N/A
Auto Insurance: $128 (2 cars, low annual mileage)
Maintenance: N/A



We do not plan on staying here once DW retires however. Since we already own our retirement home and lived in it in the past, I can also share that information:

Location: Northern Alabama
Size: 2,500sqft

RE Taxes: $104
Electricity: $135 (AC & Heat)
Water: $40 (includes sewer and trash collection)
Gas: N/A
HOA: N/A
Yard Maint: N/A (I do all the maintenance myself)

Home Ins: $86 (Home & Contents)
Flood: N/A
Pest Bond: $25
Umbrella: N/A

TOTAL: $390

Some Other Variables:

Cable & Internet: $162 (premium package)
Phone (Vonage) $33
News Paper: N/A
AAA N/A
Auto Insurance: $91
Maintenance: $310 (based on actual spending over 8 years of ownership - new roof, new A/C, new paint job, etc...)

Just curious what is your rent in San Francisco?

 

[jkern]

Location: Castro Valley (SF Bay Area)\
Size: 2050 sqft
FIREd: Yes

RE Taxes: $440
Electricity: $100
Water & sewer: $75
Gas: $25
HOA: $45
Yard Maint: 0
Home Ins: $100
Flood: N/A
Pest Bond: N/A
Umbrella: N/A

TOTAL: $785

Some Other Variables:

Cable & Internet & Phone: $160

 

[Walt34]

... and make the kids pull weeds to boot.

That brought back some memories. I tried the tactic of calling it slave labor and a violation of the child labor laws.

No dice.