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Old 06-04-2020, 03:55 PM   #61
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$270 a month for property tax + insurance + HOA Fees. HOA fees represent the bulk of this, at $190 a month, but they include heating and hot water. No mortgage. I live a few miles outside of Geneva, Switzerland.
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Old 06-04-2020, 04:59 PM   #62
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Location: Goodyear
Posts: 42
SW AZ (Goodyear, paid cash in 2018)
Taxes: $350/month
Insurance: $50/month
HOA: $172/month (2 gyms, 3 pools, residents centers, recreational activities)
Mortgage: None

So a total of $572/month.

I also agree that maintenance is a HUGE potential expense that any homeowner needs to be prepared for. We save $300/month in a side fund for that, and could probably make it higher. Itís a new build, so right now maintenance expenses are low. But itís a great feeling to know that the money is there, should the unexpected happen (like roof damage due to a storm 4 months after moving in).
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Old 06-04-2020, 07:04 PM   #63
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Well, we have four homes, one which son and family live in. Soon buying #5 for other son and family. It really hasnít affected our lifestyle. Donít pay much attention to the taxes other than making sure they get paid. May sell one in Florida because itís hard to get to while father-in-law lives with us. Weíll see how the year goes.
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Old 06-04-2020, 07:48 PM   #64
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Quote:
Originally Posted by Cobra9777 View Post
Insurance too. As a percentage of value, it's more than 5X lower than mine.

Same 5X difference on property tax, but with prop 13 in California, the property tax may be understandable. Not sure I understand $600/yr for insurance on a $1M house.
The weather extremes are far less in most of California than they are in Texas, which might partially explain it. At least where we lived in Silicon Valley, we rarely had hail, and what we did have was small and didn't last long on the ground/rooftops. No hurricanes. No tornadoes. Not much in the way of lightning storms. Average highs in the summer of 82 degrees. Not often we would have below freezing temperatures all day, with the average lows in December and January of 42 degrees.

Now, we would have earthquakes, but basic insurance coverage didn't handle that. It was a separate policy or add-on, and the high deductibles and premiums didn't make them a bargain.

Do realize that the high cost of real estate in California is tied to the land value, which doesn't impact insurance coverage there as much as the replacement value of the house. Land is usually much more expensive than the building structure for single-family homes in California.
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Old 06-05-2020, 07:31 AM   #65
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New home in Washington state. Property tax $400, insurance $100, HOA $30, mortgage $550. Total $1080.
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Old 06-05-2020, 07:41 AM   #66
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All "Mandatory" expenses in NE Fla, $1,443 pm from 2019 budget spreadsheet.
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Old 06-05-2020, 08:00 AM   #67
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Northeastern NJ (inner suburb of NY City): Property tax $14000 per year and home insurance is $2300 per year, no mortgage so total of $1400 per month.
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Old 06-05-2020, 08:36 AM   #68
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Location: Champaign
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Total: $575/month
No Mortgage no HOA
Property taxes: $500/month
Homeowners insurance: $75/month
I will include car insurance. No debt on cars.
$87.50/month
We do all our lawn maintenance. Have to keep hubby in shape.
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Old 06-05-2020, 08:38 AM   #69
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Quote:
Originally Posted by FIREd View Post
$270 a month for property tax + insurance + HOA Fees. HOA fees represent the bulk of this, at $190 a month, but they include heating and hot water. No mortgage. I live a few miles outside of Geneva, Switzerland.
Now that's impressive!!
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Old 06-05-2020, 09:45 AM   #70
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A couple homes which we got into real right. The one in La Quinta is 1500', 2003 build and we bought at auction in 2010. California RE taxes are based on the sale price. The one in Independence Oregon was in need of everything - we spent about 3-4 times on the rebuild that we did on the purchase back in 1994.
Our taxes for both places are about $$449/mo and the insurance runs about $173/mo., so $622/mo total. No mortgages. No HOA. Decades ago when hand carrying in my monthly payment I told the collection escrow person that I wanted to be on the other side of the payment/receipt arrangement. Find that much more restful.
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Old 06-05-2020, 04:24 PM   #71
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I have two homes, no mortgages, usual utilities and Obamacare. Three persons. We live quite comfortably on $7k, pretax.
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Old 06-05-2020, 04:54 PM   #72
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No mortgage
Prop tax $74/mo
Insurance $28/mo
HOA $674/mo
TOTAL: $776/mo. 2/1 condo with pool/jacuzzi/sauna and bbq area in Hawaii.
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Old 06-05-2020, 05:06 PM   #73
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We did something unique, that I would suggest to anyone interested. We have a guest house that more than covers our expenses at our primary residence in California. Our place in Florida can be rented out when we are not there, and that covers all the HOA, property tax, and insurance for the entire year. We have no 'house bills' because of this setup, but have two homes on the ocean. Can be done anywhere that vacationers want to travel. Takes some effort, but worth it.
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Old 06-05-2020, 05:36 PM   #74
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Paid off our mortgage in January. This will be the first year we are responsible for taxes & insurance. Our insurance is around $560 a year and our taxes were around $800 last year. We plan to keep enough extra in the bank to just be able to pay these bills when they come due each year without depleting our emergency funds.
So $1,360-ish a year divided by 12 would be ~113.33 per month.
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Old 06-05-2020, 06:17 PM   #75
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Taxes and insurance are around $1000/mo. But there are home maintenance costs including yard care, which I cannot do. While intermittent, these are probably $1500/mo. I have read that a good yardstick is that maintenance costs are around 1% of the value of a home. I think it's pretty accurate. There is no HOA here, which is one of the reasons I bought this place.
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Old 06-05-2020, 06:30 PM   #76
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Originally Posted by drcha View Post
I have read that a good yardstick is that maintenance costs are around 1% of the value of a home. I think it's pretty accurate.
Is that number an annual amount or monthly amount?
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Old 06-05-2020, 06:35 PM   #77
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Property Taxes + HOA dues + insurance runs about $3600 per year which is $300 per month (central Indiana). Since we don't have a mortgage, we pay those as they come due, not monthly.
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Old 06-05-2020, 06:38 PM   #78
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It's monthly, but it includes stuff like buying new roofs, appliances, furnaces, water heaters, plumbing problems, interior and exterior painting, etc. Stuff you only buy every 10 to 40 years. If you amortize it over time, it does come out to about 1%. So there is never really a month when I spend $1500. A lot of months, it's zero. Last January when the water main and built-in oven broke, it was $6500. I'm not really physically capable of doing most of this stuff myself so my situation may not be that typical.
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Old 06-05-2020, 06:43 PM   #79
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No mortgage. Paid cash 4 years ago.
Current value about $450k.
Taxes, insurance, HOA comes to about $285 a month.
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Old 06-05-2020, 07:10 PM   #80
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Live in a 55+ community about 30 min South of St. Augustine in FL, across the street from the beach. House paid for. HOA is $140 month (pool, clubhouse, exercise room, activities, high speed internet), Property Taxes 1700 yr, $141 month, insurance (hurricane, liability, flood) $1,300 yr, $108 month, for a total of $390 per month, 1200 sq ft home, value approx $240K...pay $60 a few times a year to have it pressure washed, house is 4 years old so everything in good shape, anticipate the A/C rusting out within 10 years due to being so close to the water!
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