What is your Base Housing Cost for 2022 (Tax + Insurance + HOA) w/o mortgage?
- Thread starter cyber888
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Wow5Miler I think you just gave away one of the best retirement friendly areas in the US. That’s amazing! Now if I could just get my kids, grandkids and friends to move with me I’d be your neighbor!!
I am not originally from Georgia as I was born in rural West Virginia (think Appalachia and banjo music) and lived mostly in the mid west (Ohio, Indiana, Illinois, Wisconsin, Missouri) with a 3 year assignment in Germany.
I find it interesting that whenever one of those lists of "Best Places to Retire" comes out, Georgia never seems to rank very high. It seems every time I turn around I find a deal for seniors or veterans to cut my costs. I am not too humble to ask. The biggest issue I have is enduring the heat in June - August but travel helps that.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Here I thought I lived in Paradise!
Honolulu condo 1100 SF
Property tax 1650 (+/- a few bucks)
Condo HOA (including major home insurance) 850/mo
Personal condo insurance (required by HOA) 400
Total 12,250 - 1020/mo.
HOA dues includes water/hot water, home insurance, cable TV/internet, HOA reserve fund.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Just wondering: All the folks who don't have HOA dues, how do you treat your maintenance? We must fix/repair/replace stuff inside our condo (like a broken toilet or dish washer) but all external building maintenance is covered in our HOA dues. So, external painting, replace elevator, grounds upkeep, roof replacement, pool maintenance, etc., etc. is covered by HOA dues.
So those with HOA dues may be comparing apples to oranges here when it comes to housing costs. My maintenance on my old house was WAY more than my HOA dues. YMMV
So those with HOA dues may be comparing apples to oranges here when it comes to housing costs. My maintenance on my old house was WAY more than my HOA dues. YMMV
jazz4cash
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Where do you people liveI can’t believe how low the property taxes are in the towns you live in. I’m in NJ where I have 2 homes including a beach condo and the property taxes on EACH are over $13,000/ year!
I guess I see why a lot of people move in retirement and don’t mind being far away from their families ( we will not).
I learned long ago to NEVER complain about taxes with anyone from Jersey.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Sorry, one more thing: How do we look at opportunity costs and value increases, etc.? That can be HUGE but is difficult to quantify in many cases.
So my increase in property value has covered twice my monthly costs. But Had I lived on the mainland (rent $500) and invested my condo money, I'd be rich! (well, more rich)
YMMV
So my increase in property value has covered twice my monthly costs. But Had I lived on the mainland (rent $500) and invested my condo money, I'd be rich! (well, more rich)
YMMV
W2R
Moderator Emeritus
external painting: I have a brick house, no painting.
replace elevator: My house is one story, no elevator
grounds upkeep: I re-landscaped my yard the first month I moved in, removing every plant except grass. Grass here needs no watering or fertilizing due to the hot, sunny, rainy weather; all it needs is regular mowing to look great. I have a lawn guy who mows and edges. Annual cost is $1250-$1295.
Roof replacement: That's coming up in a few years. So far, 7 years in this house to save for this eventuality, and not needed yet. No idea what it will cost but I am 74; at my age, this will be a one time expense.
Pool maintenance: no pool.
Other exterior maintenance: I had all the sidewalks and concrete work replaced the first month, when doing the re-landscaping. Also replaced the columns on the front entry porch. I think no further exterior maintenance will be needed in my lifetime. But, without paying HOA fees or paying for most exterior maintenance, I'll have more than enough saved up for anything unexpected. Wooden back fence (see photo below from 2016) belongs to my back neighbor, who bought it; he replaced it when Hurricane Ida knocked it down and didn't even ask me to chip in. Half height chain link fence has been there for 50 years and doesn't need maintenance.
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W2R
Moderator Emeritus
Sorry, one more thing: How do we look at opportunity costs and value increases, etc.? That can be HUGE but is difficult to quantify in many cases.
So my increase in property value has covered twice my monthly costs. But Had I lived on the mainland (rent $500) and invested my condo money, I'd be rich! (well, more rich)
I don't consider my home to be an investment - - to me, it is a purchase of something I wanted more than anything, so owning my home is its own reward. Really, had you lived on the mainland, would your life have been as fulfilling as the island life you have been enjoying? From what you have said, I doubt it.
The value of my home now, is approximately double what I paid for it in 2015. I regard that fact as entertaining, and even humorous in a sort of ironic way, but otherwise irrelevant since we never plan to move.
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I can tell you from hard personal experience that a historic home (165 years old) is generally a money pit when it comes to renovations, maintenance and repair. In the last 30 years, we have spent more money fixing up this house than we did to buy it in the first place. Thankfully, most of the things should last us the rest of our days. But there is always something. I usually just plug $5k into the annual expenses for a rough estimate of the ongoing costs. Sometimes the actuals are less and sometimes more.
aja8888
Moderator Emeritus
External painting: HOA reserve established for whole house painting. All 437 houses get painted every ten years. Ours was done last summer.
replace elevator: My house is one story, no elevator
grounds upkeep: I take care of the back of the house (small yard). In front, HOA cuts grass weekly, trims bushes when needed, trims trees when needed, fixes broken sprinkers, spreads fertilizer and mulch (their cost), etc. All this included in the $200/month HOA fee.
Roof replacement: Owner's cost
Pool maintenance: community pool - HOA maintains
Yard fence (wood) is replaced every 7 years if needed. Included in HOA cost
Front door is stripped and re-varnished every 3 years. HOA cost
Trash pickup weekly. HOA cost
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Katsmeow
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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We are so much higher than most here. Some beat us on taxes but not many on insurance. We are taxes. The below costs are part of the reason that we are planning to move outside of Texas. (Not the only reason, but a factor).
2022
Property Tax - 6578 (this would be larger if we didn't have the over 65 exemption which limits some of our taxes)
Insurance - 4302 (the big storm in 2/2021 did a number here -- we had no claims ourselves)
HOA - 600
$957 a month
2021
Property Tax - 6640
Insurance - 3098
HOA - 400
We are hoping to move to Las Vegas. I've done some research on taxes and homeowners insurance and HOA there. I also talked to a mortgage broker. I expect that $957 a month will fall to somewhere between $350 and $500 a month there. We can actually afford a bit more expensive house than I planned for given how low the taxes and insurance are as compared to here.
I used to live in Montgomery County and I am truly shocked that your HO insurance is so low. I can see the property tax because you've had the over 65 exemption for awhile.
Not just Californians. We hope to move to Las Vegas. The low property taxes and lack of an income tax and the low property insurance were definitely a plus for Nevada in our research.
2022
Property Tax - 6578 (this would be larger if we didn't have the over 65 exemption which limits some of our taxes)
Insurance - 4302 (the big storm in 2/2021 did a number here -- we had no claims ourselves)
HOA - 600
$957 a month
2021
Property Tax - 6640
Insurance - 3098
HOA - 400
We are hoping to move to Las Vegas. I've done some research on taxes and homeowners insurance and HOA there. I also talked to a mortgage broker. I expect that $957 a month will fall to somewhere between $350 and $500 a month there. We can actually afford a bit more expensive house than I planned for given how low the taxes and insurance are as compared to here.
I used to live in Montgomery County and I am truly shocked that your HO insurance is so low. I can see the property tax because you've had the over 65 exemption for awhile.
Not just Californians. We hope to move to Las Vegas. The low property taxes and lack of an income tax and the low property insurance were definitely a plus for Nevada in our research.
Dhickman57
Dryer sheet aficionado
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Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Very perceptive about our willingness to spend on Island life. It's worth it and brings great joy. Having said that, my second favorite place in the world to live is my $500/mo apartment in the old family homestead. I can spend time in the attic and look through toys from when I was 5 on up. Pretty much every phase of my life is represented there (significant pictures are downstairs in the living room.) I've lived there on and off for 75 years. If I die there (actually, here right now) I'll die happy.
Blessings on your dream house!
aja8888
Moderator Emeritus
That cost was for 2021. I can't wait to see what it will be for 2022!
FANOFJESUS
Thinks s/he gets paid by the post
I believe that I have several friends in Chicago and hear them talk about their taxes. Talk about crazy.
ArmchairMillionaire23
Recycles dryer sheets
1400 sq. ft. home on 1-1/2 small city lots:
Property taxes (2021): 814.00
Insurance (2022): 512.00
No HOA. (we live in a small town)
No mortgage. (house is paid off)
Total: 1,326.00 ÷ 12 = 110.50 per month.
We won't know how much our 2022 property tax bill is until December.
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Mulligan
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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I dont know how everyone seems to get cheap home owners insurance but me. I got 1600 sq ft maybe $240,000 value at best home. My property taxes are $2100 and my home owners is about $1500 and I shop around. Live in a small town in Mo and even have a freakin fire hydrant within 30 yds of my house.
RetiredAndLovingIt
Thinks s/he gets paid by the post
30 year old 2400 Sq Ft home in Southern California. I think my lot is 1/3 acre but I can't remember for sure.
Property Insurance $3200.
Homeowners Ins $1320
Earthquake Ins $500
No HOA
Total $5020 or $419 a month
Property Insurance $3200.
Homeowners Ins $1320
Earthquake Ins $500
No HOA
Total $5020 or $419 a month
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