Wow 5Miler 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!!
2505 sqft home on 1/3 acre. Home built in 1857, and right on Long Island Sound. (numbers are annual):
$13,429 -- property tax
$ 3,749 -- homeowner's insurance
It's expensive to live in Paradise.
Where do you people live I 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).
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.
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
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
2000+ Square foot brick and hardiplank home in The Woodlands, TX (55 + community of 437 single family homes)
2022 figures - Home value =$350,000
Prop tax - $4080.00
Homeowners Ins. - $1236.00
HOA - 2400.00
Total = $7716 ($643/month)
Property taxes are very cheap in Nevada and no state income tax which is why so many Californians are moving here.
That is a good deal. What state are you in?
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.
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.
NW Indiana, many from Illinois have move here to escape high taxes.
Knowing that most mortgages are fixed for 15 or 30 years, what's most affected by inflation is Realty Tax, Insurance rates, and to a certain extent HOA. I was wondering what your spending yearly for these in 2022, without the mortgage. If you want to include your mortgage or HELOC, feel free to itemize it as additional items.
I've seen post about increases in tax and other separate post about increases in insurance, but have not seen the overall impact of inflation. I guess this may show a more comprehensive view (taxes +insurance + HOA). Thanks!
Mine for 2022:
Realty Tax 2022 = $3,103 (increase)
Home Insurance = $1,197 (was able to get a lower rate at another provider)
TOTAL = $4,300 or $358/month
I pay $67/mo for HOA in 2022. So, 358 + 67 = $425/month
Last year 2021:
Realty Tax 2021 = $2805
Home Insurance = $1,365
TOTAL = $4,170 or $347/month
I paid $65/mo for HOA in 2021. So, 347 + 65 = $412/month
It ranks pretty well overall hereI find it interesting that whenever one of those lists of "Best Places to Retire" comes out, Georgia never seems to rank very high.
2000+ Square foot brick and hardiplank home in The Woodlands, TX (55 + community of 437 single family homes)
2022 figures - Home value =$350,000
Prop tax - $4080.00
Homeowners Ins. - $1236.00
HOA - 2400.00
Total = $7716 ($643/month)