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

[ShokWaveRider]

In order for this to work you have to disclose you monthly cost of living in the Home, not food or entertainment or that kind of thing, just the cost of the house upkeep. Important things are Location, Size, Taxes, Utilities Etc. I have just completed a monthly COL spreadsheet so I have all the data. Exclude the Mortgage if you have one as in retirement the home if not rented for the most part it would be owned free and clear. If you rent, treat it like a mortgage and do not count it. I think this would be useful to get an idea od the COST of Ownership in different parts of the Country. If you live in CANADA please post your cost too as some folk may consider Canada as a retirement spot. I for one would love to know the cost of running a home on Vancouver Island for example. If you are NOT FIREd that is OK to, but please state as such. Some data are Monthly averages based on historical data. I will start so you get the idea.

Location: NE Florida
Size: 3,300sqft
FIREd: Yes

RE Taxes: $517
Electricity: $118(AC & Heat)
Water: $50 (Includes Sewer)
Gas: $39 (Propane, No Natural Gas)
HOA: $129
Yard Maint: $140

Home Ins: $100 (Home & Contents)
Flood: $30
Pest Bond: $19
Umbrella: $18

TOTAL: $1160

Some Other Variables:

Cable & Internet: $160
Phone (Vonage) $18
News Paper: $10
AAA $7
Auto Insurance: $100
Maintenance: $150 (Estimate Over 5 Years)


I hope people respond to this I think it would be very useful, especially for those considering a move in Retirement.

 

[W2R]

My house is only about half the size of yours, so naturally it is a little cheaper. Otherwise it seems to me like our costs are in the same ballpark.

Location: New Orleans suburb
Size: 1600 sq ft house on a 50'x100' lot
FIREd: Yes

RE Taxes: $80 ($956/yr)
Electricity: $83
Water: $22 (Includes sewer, trash, mosquito control, and more)
Natural Gas: $30
HOA: N/A
Yard Maint (mowing at $35/mow, as needed, plus sporadic/insufficient work on bushes): $117

Home Ins: $136 (also includes wind and hail, hurricane wind damage)
Flood: $56
Termite contract: $8
Umbrella: N/A, not available here, due to Katrina moratorium on new policies IIRC

TOTAL: $532

Some Other Variables:

Cable & Internet: $164
Phone (AT&T) $29
News Paper: N/A
AAA N/A
Auto Insurance: $115
Maintenance: $97 (Actual average Over 5 Years, includes hurricane repairs)

 

[Sue J]

Location: NE Ohio
Size: 1654 sq ft
FIREd: Yes for DH, I have a mini PT job

RE Taxes: $211
Electricity: $70
Water: $66 (Water, sewer and storm drainage)
Gas: $70
Trash and Recycling pickup: $18
HOA: N/A
Yard Maint: DH does it.

Home Ins: $33 (Home & Contents)
Flood: N/A
Pest Bond: N/A
Umbrella: N/A

TOTAL: $468

Some Other Variables:

DirecTV & Internet: $161 ($103 for TV, 58 for Internet)
Phone (Magicjack) $2
News Paper: N/A
AAA N/A
Auto Insurance: $60 (2 cars)
Maintenance: We don't save monthly for this, just save in general and use when needed.

 

[Spudd]

Location: Toronto, Canada
Size: 1000sqft (plus basement)
FIREd: No (but why is this relevant?)

RE Taxes: $380
Electricity: $80
Water: $20 (Includes Sewer/Garbage pickup)
Gas: $95 (Natural Gas, heating/cooking/hot water heater)
HOA: N/A
Yard Maint: N/A (we do our own yard work)

Home Ins: $80 (Home/Contents/Liability)
Flood: N/A (sewer backup included in home insurance, nobody in Canada will insure against floods)
Pest Bond: I don't even know what this is
Umbrella: N/A

TOTAL: $655

Some Other Variables:

Internet: $45
Phone (VoIP.ms) $5
Maintenance: $150 (Estimate Over 5 Years)

 

[FIREd]

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...)

 

[Meadbh]

Location: British Columbia, Canada
Size: 1122 sqft
FIREd: Yes

RE Taxes: $131
Electricity: $25 (AC & Heat)
Water: $24 (Includes Sewer)
Gas: NA, included in HOA
HOA: $264 (will go up over time)
Yard Maint: NA, included in HOA

Home Ins: $31 (Home & Contents)
Flood: NA
Pest Bond: NA
Umbrella: NA

TOTAL: $475

Some Other Variables:

Cable & Internet: $84 (internet and phone; cut the cable!)
Phone: home phone included above; cell phone variable
News Paper: NA
AAA $10
Auto Insurance: $107
Maintenance: $50 (Estimate)

For me, living in a condo in BC is much more economical than living in a little house on the Prairie.

 

[Amethyst]

Location: Wealthy MD county, near D.C.
Size: 3400 sq ft, plus 1100 sq ft finished space in the basement. 3.5-acre lot.
Re taxes: $8400/yr (We've paid as much as $10,000 per year. We are in the 3rd year of a 3-year low appraisal, so next year the appraisal will go up and so will our taxes).
Electricity: averages $300/month (It can be as low as $150 in an individual month. We are *very* careful users, can even go a summer w/o a/c, but you can't do w/o heat in the winter, and that is never less than $600/month).
Water: well
HOA: none
Yard maintenance: Hard to price, since we do it ourselves. Probably $1,000/year for mulch, supplies, machinery, etc. Having the lawn cut would run $170 per mow. When we were overseas, we paid $6,000 per year to have the lawn mowed during 3 seasons, and the beds mulched and hedges trimmed once per year.
Homeowner's ins: $1956
Flood: NA
What's a pest bond?
Verizon FIOS cable/phone/internet (basic speed): $127 (for now)
Just remembered: Having the WaPo delivered was costing us $60 per month. Now we read it on-line for $12/month.

Amethyst

 

[ShokWaveRider]

Pest Bond

For those who asked "What is a Pest Bond?". It is actually a "Termite Bond" in NE Florida and is an insurance policy against wood burrowing pests. Basically it insures against damage done by Termites and if so pays to repair the damage up to a ceiling amount. It also includes annual inspections and bi-annual treatments for Termites (In my case).

One important note is that if you buy a home here you can "assume" or transfer the policy for no charge and continue with the premiums. If you let it lapse it can get expensive to get a new one as the "whole" house will need to be treated INCLUDING under the slab which means they will want to drill holes in it to apply chemicals at regular intervals (NOT GOOD).

 

[RE2Boys]

Location: NW PA
Size: 2’000sqft
FIREd: Yes, though part time during tax season

RE Taxes: $260
Electricity: ave $120 (have AC )
Water& sewer: $50
Gas: $80 (mostly for heat in winter)
HOA: N/A
Yard Maint: $30 for weed & feed, DIY mostly

Home Ins: $78 (Home & Contents)
Flood: N/A
Pest Bond: N/A
Umbrella: $23

TOTAL: $641

Some Other Variables:

Cable & Internet: $35 internet, $8 TV (Netflix & OTA)
Phone : $30
News Paper: $10
AAA $12
Auto Insurance: $86, soon to change as son has learner’s permit

 

[SumDay]

Location: NE
Size: 2,200 sqft
FIREd: No, darn it

RE Taxes: $110
Electricity: ave $220 (have AC)
Water & sewer: $60
Gas: $80 ( for heat in winter & hot water)
HOA: N/A
Yard Maint: $82.50 for weekly mowing of large lot for 7-8 months a year

Home Ins: $90 (Home & Contents, earthquake & sewer/pipe back-up)
Flood: N/A
Pest Bond: N/A
Umbrella: $45

TOTAL: $687.50

Some Other Variables:

Cable & Internet: $235 internet, cable & phone (for work)
Phone : $130 (2 cell phones w/data)
News Paper: $9
AAA: N/A (surprised at how many have this)
Auto Insurance: $130 for 2 vehicles & 1 motorcycle
Trash service: $14

 

[Katsmeow]

Location: Texas County adjoining Houston
Size: 2800sqft
FIREd: Mostly - DH retired, I work about 1 day a week from home
RE Taxes: $449
Electricity: $275
Water: $53 (water only, on septic, annual inspection fee for septic is $245)
Gas: $37 (Heat and cooking)
HOA: $54
Yard Maint: $0 (do own mowing, some expense for gas for lawn tractor, occasionally have tree service
Garbage: 20

Home Ins: $150 (Home & Contents)
Flood: $0
Pest Bond: $0 (don't know what this is, if it means pest control then about $10)
Umbrella: $150 (just a big jump in premiums on renewal, was about $120 a month, probably will check around for lower quotes. High because we have an adolescent male driver on our policy)

TOTAL: $1198

Some Other Variables:

Cable & Internet: $129
Phone (Vonage) - Cell only
News Paper: $12 (NYT online and Sunday)

Auto Insurance: $393 (Adolescent male driver in policy, will soon go up when daughter gets her license)
Maintenance: $120 (Routine maintenance, however moved into this house last year so still doing some "extra" things to make house how we like it.)

 

[LarryG]

Location: northern Atlanta suburbs (Alpharetta)
Size: 3,100sqft
FIREd: Yes

RE Taxes: $385
Electricity: $135(AC)
Water: $25 (Includes Sewer)
Gas: $90 (Heat, hot water)
HOA: $95
Yard Maint: $100 (I do it all myself, but this includes fertilizers, mulch, etc.)

Home Ins: $100 (Home & Contents)
Flood: $0 Not applicable
Pest Bond: $0 N/A
Umbrella: $45 (high due to adolescent driver)

TOTAL: $975

Some Other Variables:

Cable & Internet: $160
Phone (Vonage) $40
News Paper: $10
AAA $10
Auto Insurance: $80
Maintenance: $100 (Estimate, I do most myself other than thing like roof or HVAC))

 

[Meadbh]

Location: Wealthy MD county, near D.C.
Size: 3400 sq ft, plus 1100 sq ft finished space in the basement. 3.5-acre lot.
Re taxes: $8400/yr (We've paid as much as $10,000 per year. We are in the 3rd year of a 3-year low appraisal, so next year the appraisal will go up and so will our taxes). $700 per month
Electricity: averages $300/month (It can be as low as $150 in an individual month. We are *very* careful users, can even go a summer w/o a/c, but you can't do w/o heat in the winter, and that is never less than $600/month).
Water: well
HOA: none
Yard maintenance: Hard to price, since we do it ourselves. Probably $1,000/year $83 per month for mulch, supplies, machinery, etc. Having the lawn cut would run $170 per mow. When we were overseas, we paid $6,000 per year to have the lawn mowed during 3 seasons, and the beds mulched and hedges trimmed once per year.
Homeowner's ins: $1956 $163
Flood: NA
What's a pest bond?
Verizon FIOS cable/phone/internet (basic speed): $127 (for now)
Just remembered: Having the WaPo delivered was costing us $60 per month. Now we read it on-line for $12/month.

Amethyst

Monthly total: $1385 approximately

 

[F4mandolin]

Guessing a little bit with mine. I don't usually add up all the individual categories...I keep track of monthly spending. Approx monthly averages...Retired 2 years ago at 54. 2 of us in the house.

Near Spokane/Nine Mile Falls
*Prop tax/ranch 1700sf/1.1 acre/view/1000sf workshop- $208
*Garbage- $26
*Internet- $35
*TV- $52
*Cell phones- $87 going to a cheaper plan soon.
*Heat/gas/wood- $80 we burn a lot of wood during winter. Includes tree falling and cutting. I split.
*Elec- $55
*Water- $35
*House/car insurance- $100

Total: $678

You could throw some other slight expenses in as well. Septic needs pumping every 5 years or so ($350). Cost for gas for lawn mower.

 

[Theseus]

Pared down to the costs of keeping a roof over our heads and having communication with the outside world. Wisconsin, 2,000sf home, river frontage, woods, privacy, & 1,700sf shop.

Household:Maintenance - $76 (routine fixing minor stuff)
Household:Remodel - $286 (non-routine, sprucing up that could possibly be postponed, averaged out)
Insurance:Homeowner's - $72
Insurance:Liability - $31
Taxes:Real Estate - $435 ( makes downsizing somewhat attractive)
Utilities:Cellular Phone - $72
Utilities:Electric - $122
Utilities:Internet - $50
Utilities:Landline - $5 (VOIP when we went to smart phones, now I'd just kick the landline habit altogether)
Utilities:LP Gas - $78 (heat & hot water)
Utilities:Waste Removal - $14
Grand total - $1,241 (I guess it never really is "paid off")

 

[Moemg]

Sarasota Bay Florida
Size: 3,800sqft
FIREd: Yes

RE Taxes: $400
Electricity: $220(AC & Heat)
Water: $60 (Includes Sewer)
Yard Maint: $60

Home Ins: $110 (Home & Contents)
Flood: $80



TOTAL: $930

 

[Gumby]

Location: Connecticut coast
Size: 2505 sqft
FIREd: No

All figures monthly:

RE Taxes: $963 (Edit: Looks like I'm the big winner in both absolute and per sqft terms. Yay.)
Electricity: $118 (lights)
Water: $35.
Gas: $100 (heat, stove, dryer)
HOA: n/a
Yard Maint: do it myself, pay a neighbor kid $20 every so often to help.

Home Ins: $238
Flood: n/a
Pest Bond: n/a
Umbrella: $31

TOTAL: $1485

Some Other Variables:

Cable & Internet: $135
Landline Phone $27
News Paper: $30
AAA $7
Auto Insurance: $146
Maintenance: who knows? I budget $400

 

[ShokWaveRider]

This is getting Very interesting. I thought my taxes were high. But I think RE Taxes are proving to be one of the biggest hits. Homes would be quite affordable without it. Thank goodness homes are paid off. Funny as in our case 70% of the RE taxes are for Education, a service we have never used. (No Kids) What does Connecticut do with all the RE money?

The only consolation is that if we were renting we would probably not rent the house we live in as the cost would be too high. So owning gives one a better standard of living in general, at lease from an abode perspective.

At least FLA & TX has no income taxes to compensate (a little).

 

[Bestwifeever]

We have just under 1800 sf (plus old fashioned stone basement for the furnace, water heater, laundry) of house and 8000 sf of a lot, in Chicago burbs. Our taxes are just over $8k a year but everything else is reasonable.

 

[wmc1000]

Location: Fishers, In
Size: 2100 sq ft
FIREd: Dw yes, Me No

monthly avgs:

RE Taxes: $190
Electricity: $120
Water/Sewer: $65
Gas: $125 (heat, hot water)
HOA: $38
Yard Maint: do it myself

Home Ins: $80
Flood: n/a
Pest Bond: n/a
Umbrella: n/a

TOTAL: $618

Other Variables:

Cable & Internet: $58 internet only - no cable
Cell Phone $75 - 2 phones talk and text only
Newspaper: $12 - Thurs & Sun only plus online daily

Auto Insurance: $75

Maintenance: House new in 2007 - $25 monthly budget for minor things only

Bought a 1500 sq. ft. house last year, (estate sale), in an upscale neighborhood that our oldest daughter is living in for now which will be used for our retirement home base at some point in the future. We did a complete update and remodel including a high efficiency hvac system. This will reduce our monthly overhead by about $125

 

[Gumby]

This is getting Very interesting. I thought my taxes were high. But I think RE Taxes are proving to be one of the biggest hits. Homes would be quite affordable without it. Thank goodness homes are paid off. Funny as in our case 70% of the RE taxes are for Education, a service we have never used. (No Kids) What does Connecticut do with all the RE money? . . .

It costs a lot to live in paradise. My real estate taxes go solely to the town; the State of Connecticut gets its money from the income tax and the sales tax. Of the town budget, it is about 50/50 between the schools and the rest of the municipal departments. Like you, we have no children -- but I'm sure some childless couple paid taxes while I was in public school, so I don't mind. Although I do think we may have the largest police department in the entire Western world.

 

[Major Tom]

I'm not sure how applicable this thread is to renters like myself but I'm going to play, if for no other reason than to help represent ER'ed renters. There are a few of us around.

Location: San Francisco East Bay
Size: 280 sq ft
FIRE'd: Yes

Monthly figures:

RE Taxes: N/A
Electricity: N/A (included in rent)
Water/Sewer: N/A (included in rent)
Gas: N/A (included in rent)
HOA: N/A
Yard Maint: N/A

Home Ins: N/A (I don't have renters insurance for my stuff either - self insured I guess!)
Flood: N/A
Pest Bond: N/A
Umbrella: N/A

TOTAL: $0 (Unless you include the rent, which is $640/month)

Other Variables:

Cable & Internet: $23 internet only - no cable
Cell Phone N/A (don't own one)
Landline + long distance ~ $10
Newspaper: N/A, but have a couple of magazine subscriptions that total ~ $5.50/month

As I stated earlier, I know that most people viewing this thread will be doing so to compare the costs of home ownership with other other home owners. I'm simply sharing my (very simple) figures merely to illustrate that there are many different ways to crack a nut.

Maybe one day I'll rejoin the ranks of owners and will once again know the joy ( ) of multiple bills so that I can share them here! Then again, I may remain a renter, or decide to shovel the 3 kitties into a 4-wheeled home with me, at which point I can share all sorts of maintenance costs resulting from a life on the road.

I must say though, that having been a home owner in the past, it is nice to have very few bills to pay every month.

 

[Walt34]

WV Eastern Panhandle
Size: 1700 sf and half of basement finished, 1/4 acre lot

Monthly, although insurance we pay annually:

RE taxes: $125/month (We pay annually, and early for a discount.)
Electricity: (varies with season) from ~$30-$250/month
Natural gas: (varies) $6-$300 one very cold winter, usual winter high is ~$200-$250
Water/Sewer: $100
Yard maintenance: DIY, maybe $150-$200 for mulch and stuff
House insurance: $65
Cable: $102
Landline phone: (unlimited LD since everyone is LD), DSL, $104
HOA: $33
Umbrella: $18.75
Flood: N/A

 

[REWahoo]

Location: On a hill in central TX
Size: 2700 sq ft
FIREd: Yep

Total is under $800, almost half ($350) from RE taxes...

 

[REWahoo]

! Then again, I may remain a renter, or decide to shovel the 3 kitties into a 4-wheeled home with me, at which point I can share all sorts of maintenance costs resulting from a life on the road.

Speaking of a life on the road maintenance cost, I just footed a $500+ bill to pay for the replacement of a leaf spring and tire on the 5th wheel. Having a suspension spring suddenly break at 60 mph is an 'interesting' experience...as was watching the mobile repair service do the repairs sitting on the shoulder of I-25...