True cost of housing.

I'm reading the highlights of a new real estate survey and the few things jumped out.
The national cost of renting a two bedroom apartment is just under $2000 a month. Obviously, a few places are much higher. Las Vegas comes in at $1797.
The average home owner spends $24000 a year between taxes, insurance, and upkeep, according to trade magazine Real Estate Witch.. Those figures do not include a mortgage, and have risen sharply over the last ten years.
Assuming these.figures are accurate, the cost of buying vs renting is narrower than ever.

In Las Vegas, a typical two bedroom condo will run you between 250k and 400k, unless you go real cheap or ultra high end. A 300,000 condo will set you back $60,000 for a down payment and about $1200 a month in mortgage plus the long term $25,000 a year in upkeep ,taxes and Insurance.
Renting will run about $1800 a month, plus the price of renters Insurance.
Renters insurance is much cheaper than homeowners, as you only insure the contents, not the premise and the dirt.
By renting you forfeit any future increase in your homes value, and will be subject to future price increases, but the maths show.the gap between the two is.nowhere near what people think.

Quote: billryan

I'm reading the highlights of a new real estate survey and the few things jumped out.
The national cost of renting a two bedroom apartment is just under $2000 a month. Obviously, a few places are much higher. Las Vegas comes in at $1797.
The average home owner spends $24000 a year between taxes, insurance, and upkeep, according to trade magazine Real Estate Witch.. Those figures do not include a mortgage, and have risen sharply over the last ten years.
Assuming these.figures are accurate, the cost of buying vs renting is narrower than ever.

In Las Vegas, a typical two bedroom condo will run you between 250k and 400k, unless you go real cheap or ultra high end. A 300,000 condo will set you back $60,000 for a down payment and about $1200 a month in mortgage plus the long term $25,000 a year in upkeep ,taxes and Insurance.
Renting will run about $1800 a month, plus the price of renters Insurance.
Renters insurance is much cheaper than homeowners, as you only insure the contents, not the premise and the dirt.
By renting you forfeit any future increase in your homes value, and will be subject to future price increases, but the maths show.the gap between the two is.nowhere near what people think.

That $24K seems awful high to me.

In Florida I thought my property insurance and property taxes were high. I pay about $7000 for insurance and my property tax is $5000.

They take anticipated expenses for a twenty five year period, and divide by 25. It includes a roof, a sidewalk and driveway, a HVAC plus two water heaters, ovens, dryers, interior paintings, garbage pickups, insurance. It doesn't include floors,carpets,landscaping or flood insurance.
It is the long term cost of owning a house. Most years won't cost that, but some years will be pricey. My Mom replaced her roof and water heater one year and needed a garage roof the next. Houses age and need maintenance.
I think most long-term homeowners will also do a.major project- a new bathroom or kitchen over that period.

Quote: billryan

I'm reading the highlights of a new real estate survey and the few things jumped out.
The national cost of renting a two bedroom apartment is just under $2000 a month. Obviously, a few places are much higher. Las Vegas comes in at $1797.
The average home owner spends $24000 a year between taxes, insurance, and upkeep, according to trade magazine Real Estate Witch.. Those figures do not include a mortgage, and have risen sharply over the last ten years.
Assuming these.figures are accurate, the cost of buying vs renting is narrower than ever.

In Las Vegas, a typical two bedroom condo will run you between 250k and 400k, unless you go real cheap or ultra high end. A 300,000 condo will set you back $60,000 for a down payment and about $1200 a month in mortgage plus the long term $25,000 a year in upkeep ,taxes and Insurance.
Renting will run about $1800 a month, plus the price of renters Insurance.
Renters insurance is much cheaper than homeowners, as you only insure the contents, not the premise and the dirt.
By renting you forfeit any future increase in your homes value, and will be subject to future price increases, but the maths show.the gap between the two is.nowhere near what people think.
link to original post

Upkeep is the variable.
Lawn mowing
Lawn fertilizing/weed prevention
Tree maintenance
Flowers
Insect service
Sprinkler service
Spring/fall cleanup
Roof/gutter cleaning/replacement
Hot water tank/air conditioner/appliances/
Painting
Bathroom fixtures/remodeling
Garage door repair/replacement
Security system
Insurance
Real estate taxes.
HOA fees
Gas
Electric
Internet
Water
Cable TV.
Furniture
Annual AC/heater tune up.

I’m sure I’m leaving stuff out. Owning and maintaining a home is expensive. I’m sure many do without some of the stuff I mentioned, or do some of it themselves, or just don’t do it.