What's your basic housing expenses after retirement (excluding electric, gas. water)?

[Golden sunsets]

No mortgage

RE Tax. $632/no

Insurance/mo. $80/mo

HOA/mo. $8/mo

Total/mo. $720/mo.

But we spend a great deal more per mo for, mowing/landscaping/snow removal/lawn fertilizer/weed control/irrigation/ oil/electric/sewer/water/pest control.

 

[boilerman]

In central Florida
No mortgage
Taxes and insurance = $525 per month
HOA fee = $150 per month

 

[augam]

360/month taxes 109/month insurance

small mortgage 870.00/month balance less than 70k

 

[Teacher Terry]

I am shocked at how high property taxes are for many. In Nevada part of the tax formula is the age of the home. Ours just appraised for 371k yet our taxes are 70/month because it was built in 1950.

 

[fromtx]

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.

In South Texas
No Mortgage
Property tax $9500/year
Insurance $2800/year including $500/year flood insurance
HOA $700/year

 

[Out-to-Lunch]

I am shocked at how high property taxes are for many. In Nevada part of the tax formula is the age of the home. Ours just appraised for 371k yet our taxes are 70/month because it was built in 1950.

I find that formula kinda odd! My childhood friend lives in a house that is 270 years old. What would THAT do to her taxes?

I don't understand what the age of the house has to do with paying to provide the services funded by taxes.

 

[Cobra9777]

I find that formula kinda odd! My childhood friend lives in a house that is 270 years old. What would THAT do to her taxes?

I don't understand what the age of the house has to do with paying to provide the services funded by taxes.

A quick Google search on 'nevada property tax formula' took me to this:

...taxable value of real property is the market value of the land and the current replacement cost of improvements less statutory depreciation.

...A depreciation factor of 1½ % per year is applied to the effective age of the property, up to a maximum of 50 years...

So it sounds like taxable value in Nevada is FMV of land, plus replacement cost of improvements less 1.5% depreciation per year, to a minimum salvage value equal to 25% of current replacement cost.

I agree though... it seems highly inequitable to distribute the property tax burden based on depreciated value. One can easily envision drastically different taxable values for homes of equal market value. From further Googling, it seems that Nevada is the only state with this antiquated system. Most states use a market value appraisal approach to distribute the property tax burden.

 

[Out-to-Lunch]

A quick Google search on 'nevada property tax formula' took me to this:



So it sounds like taxable value in Nevada is FMV of land, plus replacement cost of improvements less 1.5% depreciation per year, to a minimum salvage value equal to 25% of current replacement cost.

I agree though... it seems highly inequitable to distribute the property tax burden based on depreciated value. One can easily envision drastically different taxable values for homes of equal market value. From further Googling, it seems that Nevada is the only state with this antiquated system. Most states use a market value appraisal approach to distribute the property tax burden.

Hey, thanks for looking that up and explaining it so well!

I think my friend's 270-year-old house just might be fully depreciated by now (and is worth a hell of a lot more than my 90-year-old house! )

 

[Sue J]

Property taxes are $3064/yr = $255/mo
Insurance is $736/yr = $61/mo
No HOA.

No mortgage payment so I set aside $320/mo for these.

 

[Mr. Tightwad]

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.

My bad. Was doing it from memory and mixed it up with a rental worth 670K.
$823.94 on residence.

Also pay $675 on a different rental thats worth north of a million.

Properties bought between '89 and '98 and benefitting from Prop 13.

 

[FIREd]

$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.

 

[Miarocks]

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. It’s a new build, so right now maintenance expenses are low. But it’s 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).

 

[Dash man]

Well, we have four homes, one which son and family live in. Soon buying #5 for other son and family. It really hasn’t affected our lifestyle. Don’t pay much attention to the taxes other than making sure they get paid. May sell one in Florida because it’s hard to get to while father-in-law lives with us. We’ll see how the year goes.

 

[statsman]

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.

 

[neihn]

New home in Washington state. Property tax $400, insurance $100, HOA $30, mortgage $550. Total $1080.

 

[ShokWaveRider]

All "Mandatory" expenses in NE Fla, $1,443 pm from 2019 budget spreadsheet.

 

[bonvoyage]

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.

 

[Rianne]

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.

 

[Rianne]

$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!!

 

[calmloki]

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.

 

[Murph]

I have two homes, no mortgages, usual utilities and Obamacare. Three persons. We live quite comfortably on $7k, pretax.

 

[HI Bill]

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.

 

[gooddog]

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.

 

[ArmchairMillionaire23]

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.

 

[drcha]

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.