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Old 04-24-2014, 09:55 AM
 
Location: Saint Johns, FL
1,193 posts, read 944,554 times
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I own houses in 2 widely separated states (Arizona and Florida). The one in Florida would rent for about $500 more a month, or $6,000 a year more.

If I think I would be happy in either location, is a $6,000 difference "worth it" to move permanently?
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Old 04-24-2014, 10:07 AM
 
29,809 posts, read 34,900,894 times
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Only you know that. More than money involved
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Old 04-24-2014, 10:16 AM
 
Location: Florida -
8,767 posts, read 10,862,335 times
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The fact that you own two places, both of which apparently rent for a high dollar, suggests that $500 per month (during snowbird/rental season - or 12-months?) -- is probably not going to substantially change your life. What are your other concerns and criteria?
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Old 04-24-2014, 10:27 AM
 
Location: Los Angeles area
14,018 posts, read 17,759,876 times
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The answer to the OP's question depends largely on his income, and he did not provide that information. To a person struggling to get by, struggling to survive, $500 a month will seem like an enormous sum. At the other end of the continuum, $500 a month would not even be noticeable to Donald Trump. Therefore, it is all relative and we don't have enough information to even think about answering from the perspective of the OP.
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Old 04-24-2014, 01:32 PM
 
Location: Saint Johns, FL
1,193 posts, read 944,554 times
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I'm kind of semi-retired now, wife has at least 20 more months. Depending on whether I take SS we may have 65,000 or so in retirement, but we're paying on rental still. Not exactly high dollar rentals. Arizona is $950, I think I could get $1500 for Florida.

An extra $6,000 certainly gives me pause that it might be worthwhile.. We visit there a lot and would certainly be happy living in either house.
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Old 04-24-2014, 02:15 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,855 posts, read 54,568,102 times
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If you can afford it either way, I'd be going more on the other differences between the two states. Distance from family and friends, climate, terrain, access to recreation. I wouldn't like either just because I prefer a climate with seasons including some snow and dislike hot weather, but while both FL and AZ are warm weather climates they are very different in other ways.
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Old 04-24-2014, 02:33 PM
 
Location: Tennessee at last!
1,886 posts, read 2,046,076 times
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hmmmm

I am not sure where your house is located in Az, but if it is in the south it may be hard to keep rented from June-Sept as it is pretty hot then. In the north you should be ok, unless you rent in a college area.

I am assuming you bought the rental to supplement your income during your retirement, and not to snowbird part of the year since they are both in the warm areas of the county.

I would not make the decision on the rent alone, if you are making the decision based on finances, also look at ALL the costs of each house for rental purposes, taxes, insurance maintenance, HOA fees, utilities included in the rent, mortgage, etc. If your decision is financial, then see which home would give you the best outcome after taxes. And if you choose to live in the AZ home, remember you will likely be paying state income taxes on the rent as well as other sources of income, in FL, I think there is no state income tax. So, for a financial based decision, run all the numbers and see which leaves you in the best position after federal and state taxes. Likely the higher rent in FL will be easily offset by the income taxes you will pay by having AZ as your primary residence.

Or, just choose based on your lifestyle. Do you like hot and dry or hot and humid? Lots of vegetation or cactus? Lawn to mow, or blowing dust? Ocean or rivers and lakes?
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Old 04-25-2014, 05:51 AM
 
Location: Saint Johns, FL
1,193 posts, read 944,554 times
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Like I said, I'd be happy to live in either place. And we could always come back if we wanted. The house in Az (Phoenix area) has been rented continuously ever since we bought it 2 years ago.

The tax issue is one I've thought about. But it would be offset by the fact I wouldn't have to pay a lawn mowing service every month (desert landscaping).

And nothing's cast in stone, just wondering what others thought. Would people say "$6,000.... of course you should move" or "For only $6,000 it's not worth it"
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Old 04-25-2014, 11:41 AM
 
Location: SoCal desert
8,093 posts, read 13,245,924 times
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Quote:
Originally Posted by Newporttom View Post

And nothing's cast in stone, just wondering what others thought. Would people say "$6,000.... of course you should move" or "For only $6,000 it's not worth it"
For me, it would depend on where I would be happier living.

Which state would I like the overall weather better? Which state had the things I enjoy to do? Which state had the friends (or family) that I wanted to see more? If I liked both equally and couldn't make up my mind, I'd do a Pro and Con Spreadsheet

For $6K a year, I wouldn't want to be miserable.
But that's just me!
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Old 04-26-2014, 08:48 AM
 
Location: in the miseries
3,302 posts, read 3,584,621 times
Reputation: 3810
Quote:
Originally Posted by Newporttom View Post
Like I said, I'd be happy to live in either place. And we could always come back if we wanted. The house in Az (Phoenix area) has been rented continuously ever since we bought it 2 years ago.

The tax issue is one I've thought about. But it would be offset by the fact I wouldn't have to pay a lawn mowing service every month (desert landscaping).

And nothing's cast in stone, just wondering what others thought. Would people say "$6,000.... of course you should move" or "For only $6,000 it's not worth it"
You could desert landscape in Fl, too.
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