Orlando Family Budget - Buying That home (Miami, Winter Park: HOA, 2nd mortgage)

[pianogal]

Here is Home 1 - the modest ranch in Winter Park

1235.00 OR 1588.00
200.00 electricity
60.00 water
(Garbage pickup is included in property tax)
2.00 HOA (The HOA fee for this older neighborhood is voluntary and is 25.00 per YEAR)

100.00 Cell Phones (4 on the family plan)
30.00 Home phone with Bell South and .25 per min. long distance
100.00 Bright House High Speed Internet and Digital Cable

350.00 Car Payment
200.00 Gas for 2 cars (DH and I use this but we drive a lot - it may be less)
100.00 Car Maintenance
125.00 Car Ins. (2 cars State Farm – 1 new car, 1 older – adult drivers)

600.00 Groceries
200.00 Toiletries, drugs, etc./med. copays

200.00 Payment on 5K credit cards (although I’d pay a lot more if possible)

300.00 Misc./clothes/gifts/eating out/household repair
100.00 Lawn care/basic maintenence
50.00 Basic Life Ins.


Total Monthly NET Income Needed: 3952.00 OR 4305.00 (if 2nd mortgage needed)

[pianogal]

Home 2 - the more expensive two story in Waterford Lakes....

1882.00 or 2396.00 House Payment
250.00 Electricity
80.00 Water
14.00 Garbage Pickup
45.00 HOA dues (I am not sure of the HOA dues in Waterford Lakes - this is what my HOA dues are in a newer neighborhood in the same general area)


100.00 Cell Phones (4 on the family plan)
30.00 Home phone with Bell South and .25 per min. long distance
100.00 Bright House High Speed Internet and Digital Cable

350.00 Car Payment
200.00 Gas for 2 cars (DH and I use this but we drive a lot - it may be less)
100.00 Car Maintenance
125.00 Car Ins. (2 cars State Farm – 1 new car, 1 older – adult drivers)

600.00 Groceries
200.00 Toiletries, drugs, etc./med. copays

200.00 Payment on 5K credit cards (although I’d pay a lot more if possible)

300.00 Misc./clothes/gifts/eating out/household repair
100.00 Lawn care/basic maintenence
50.00 Basic Life Ins.

NET Monthly Income Needed: 4726.00 OR 5240.00 (if 2nd mortgage taken)

[sunrico90]

Originally Posted by pianogal

Here is Home 1 - the modest ranch in Winter Park

1235.00 OR 1588.00
200.00 electricity
60.00 water
(Garbage pickup is included in property tax)
2.00 HOA (The HOA fee for this older neighborhood is voluntary and is 25.00 per YEAR)

100.00 Cell Phones (4 on the family plan)
30.00 Home phone with Bell South and .25 per min. long distance
100.00 Bright House High Speed Internet and Digital Cable

350.00 Car Payment
200.00 Gas for 2 cars (DH and I use this but we drive a lot - it may be less)
100.00 Car Maintenance
125.00 Car Ins. (2 cars State Farm – 1 new car, 1 older – adult drivers)

600.00 Groceries
200.00 Toiletries, drugs, etc./med. copays

200.00 Payment on 5K credit cards (although I’d pay a lot more if possible)

300.00 Misc./clothes/gifts/eating out/household repair
100.00 Lawn care/basic maintenence
50.00 Basic Life Ins.


Total Monthly NET Income Needed: 3952.00 OR 4305.00 (if 2nd mortgage needed)

That will be $24 per hour minimum before taxes....

[vpcats]

I think this comes out to between $80 -$100K annual income, minimum. That's about the same as Miami. Of course, if you use candles, have no cell phones, drive what they call a "transportation" (you have to give it that spanish accent though), or love biking down the highway, have no cable or internet, use gravel and get rid of lawn, eat spaghetti and potatoes, don't pay credit cards (credit is overrated anyway), no drugs or bathsoap allowed....
And there are people who actually HAVE to live like that or worse.

Good job Pianogal.

[Nomoresubways]

Pianogirl, I'm assuming you included property taxes and HOI in your house payment?

[pianogal]

Pianogirl, I'm assuming you included property taxes and HOI in your house payment?

Yes, I did. Stats on the homes are in the post "Family Budget in Orlando - Pt. 2"
I got the estimated property taxes from the county tax appraiser - Seminole for the first home, Orange for the second. The HOI I estimated based on the bids we recently received when checking around for a new policy for our Orlando home.

[Jammie]

Bumping up to give a new poster info.