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I own (no mortgage) a 5 year old, 1500sq ft patio home in an HOA (113 owners) located in Lexington SC.
Cable, Internet, phone $125 per month
Gas and Electric $170 per month
Water $100 per month
HOA Dues $50 per month includes landscaping
Taxes $30 per month
Homeowner Insurance $25 per month
Trash Removal $15 per month
Pest Control and Termite Bond $30 per month
$545 per month.
Can run as low $480 in Spring and Fall with no heat/AC nor lawn irrigation.
The bolded was my exact first thought when I read the thread title, before even reading the original post. However, I suppose the exception to that would be for people who relocated from an urban area where there are good jobs to the middle of nowhere where housing is mind-bogglingly cheap and where they no longer have to worry about having a job.
People who actually like living in the middle of nowhere are the luckiest people on the planet in a financial sense because they can live like royalty even if they didn't earn an impressive salary while working.
You make a good point. However, those living in the middle of nowhere, in mind-bogglingly cheap housing and limited job opportunities better like where they live, because they are probably trapped there. Any attempt to relocate elsewhere will likely produce a significant decline in their rural area living standard.
Moving next month to the edge of a small city of about 35,000 in Tennessee with a low cost of living. Buying a house and our mortgage/taxes/insurance will be about $1145 per month.
Currently living in a small city, Cedar Rapids, Iowa, pop 130,000, metro 250,000. 3-1/2 hours west of Chicago.
Condo own, no mortgage, 1400 sq ft, 3 bedroom/2 bath, attached garage.
Cable, Internet $120 per month
Gas and Electric $90 per month (budget plan)
Water/trash/sewer $63 per month
HOA Dues $142 per month includes landscaping, snow removal, driveway re-pavement (special assessment for new roof $450 last year).
Homeowner Insurance $25 per month
Property taxes $160 per month
Live 5 miles from two large hospitals affiliated with the Mayo Clinic in Rochester and a public university teaching/research hospital in Iowa City (UIHC). UIHC located 25 miles south of me. Public commuter vans available for access between my city and Iowa City.
Still working, but thinking of relocating to Sun City Phoenix when I do retired in 6 years for weather, family on the West coast and Asia, easier access to large international airport.
Last edited by smpliving; 02-10-2017 at 11:51 AM..
You make a good point. However, those living in the middle of nowhere, in mind-bogglingly cheap housing and limited job opportunities better like where they live, because they are probably trapped there. Any attempt to relocate elsewhere will likely produce a significant decline in their rural area living standard.
You got that right. However, we "escaped" but that rural property sits there seemingly forever. We relocated to So. America in retirement.
No mortgage: condo on the beach. HOA $150, taxes $40/year. Electricity about $45/month. Insurance included in HOA. No cars.
Rural U.S. 5 acre property is $1,600 taxes (no mortgage) , $800 insurance. Solar so no utilities except some propane for the stove. We might have been able to retire there but cars add a lot to the finances. Hated the snowy cold winters. Sure is scenic though, so we may return from time to time.
House or condo/apartment or independent living/assisted living establishment?
What are your monthly housing costs (eg. taxes/mortgage if any/condo fees if any ..... or rent)?
Where do you live (HCOL, LCOL, Urban/suburban/rural)?
You need to know what you are getting for the money mentioned in the responses for it to make sense.
I rent in a three story, 9 building apartment complex in suburban Tennessee built in 2006 - 2007 whose tenants are a mixture of retirees and workers. I don't know if they still do it but they did criminal background checks and financial checks when I came in. The city planner said they expected the complex apartments to be filled by the many government workers (mostly scientists/engineers) and government contractors in town because it would be about a 5 - 10 minute commute to work for the two biggest employers in town but interestingly, they also got a lot of retired folks who sold their houses in town and moved into ground floor apartments.
My town is large in land area 83 square miles with very low population density mainly because of the land size because the population is about 29,000. I live on the East side of town and everything I do regularly (supermarket, drugstore, classes, post office, gas station, lake, doctors, club meetings, restaurants) is in a 3 mile radius of where I live. If the hospital wasn't down a hill, I could walk to it. If you live on the west side you are close to Knoxville. The housing is older, here. I shop online.
I have a good pension (subjected to cost of living increases) and have more discretionary money in retirement renting in Tennessee than I had renting in Maryland and on Long Island (NY) when I was working. I'm betting those government retirees living in my town didn't mind selling their houses for apartment rentals because they also get a monthly pension and didn't want to deal with yard work, maintenance and/or stairs anymore. We don't get much snow so I don't think shoveling played into it.
My TN apartment is 2 bedroom - 2 bathroom - laundry room off the kitchen, dishwasher, microwave, walk-in closets, patio or balcony, storage closet outside off the patio/balcony. I have lived in this complex built in 2006 - 2007 for almost 10 years. This is my second year of paying $1025/mo. for rent. In other words, my rent wasn't increased the last time I signed my lease. It includes water/sewer/trash and free pest control if you request it (sometimes the bugs come in after the landscaping has been done and the ground is disturbed). Maintenance shovels the sidewalks, comes in when you need something fixed or replaced, changes any light bulbs in the ceilings for you (they pay for the bulbs), changes the air filters, tests and replaces the batteries in the smoke detectors. You get a fire extinguisher that is checked. The fire department checks the alarms. The office will sign for and hold a package for you if you are not home when one is delivered. There is a complex pool. They hold parties for tenants, often. There are computers you may use in a room off the rental office, a workout room and a dvd library. There is a place to clean your car (vacuum and water hose). Garages are optional and an additional cost. Some people have small pets, also an additional cost. I pay for cable (Comcast) for my computer and TV. Property taxes are built into the rent, I'm sure.
There are hardly any children in my complex and I think the reason for that is it's relatively cheap to buy or rent a house so people needing more bedrooms would rather buy or rent a house with a yard.
You cannot barbecue and there is carpeting. If you live below someone, you'll appreciate the carpeting.
There is no HOA fee. My renters insurance amount is based on what additional coverage I want so it will mean nothing to you.
For a similar type complex in suburban Maryland that was only a 1 bedroom - 1 bathroom with a small den (that's what they called a small room with no closets), I am still not paying the amount of rent I paid there 10 years ago and I did not live in a county that borders DC.My former apartment in Maryland is currently going for $1,570 - 1,808 depending where in the complex you live.
So let us review apartment cost difference, MD vs TN: $545 - $783 difference less in TN for a much bigger TN apartment.
My electric bill, lately is all over the place based on cold spells/hot spells we've been having. My apartment is all electric. Typically my electric bill depends on the temperatures outside but I would say the average is between $60 and $80 something per month. (heat pump) We have very short Fall, Spring and Winter seasonal weather but Summer-like weather typically begins early and ends late so you would probably have the air conditioning running more than heat. Retired, you will use more electricity simply because you are home more.
Per Gas Buddy posted today, the Shell gas station in my neighborhood is currently charging $2.03 for regular. The Mobil and Exxon in town is $2.04.
I don't think cable charges are different wherever you live if you have the same company. Ditto cell phone service charges.
There are no toll roads. The State Parks are free. The Great Smoky Mountain National Park is free. No parking meters in my town. You park in free lots. There is no regular state income tax but there is a tax for dividends/interest. The sales tax is 7% but if you live in big cities (Nashville, Memphis, Knoxville, Chattanooga) the rate can be up to 9.7%. Food purchased in a grocery store is taxed at 5.5%. There is no annual car inspection, except in some counties (not mine) you are required to get a $9 emission inspection. Car registration renewal for a regular plate: $21.50.
The bolded was my exact first thought when I read the thread title, before even reading the original post. However, I suppose the exception to that would be for people who relocated from an urban area where there are good jobs to the middle of nowhere where housing is mind-bogglingly cheap and where they no longer have to worry about having a job.
People who actually like living in the middle of nowhere are the luckiest people on the planet in a financial sense because they can live like royalty even if they didn't earn an impressive salary while working.
That was the plan. We worked our tails off in the most prosperous zip code in America to accumulate enough to retire on.
We visited dozens of coastal towns over a 10-year period before making our decision. The cost of living is less than half, and the traffic is one-tenth of what it is in Northern Virginia. And the seafood is practically free!
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