Property taxes on a $575,000 house in Florida are around $12,000 per year and can increase 3% or more per year.
Regular fire and theft and wind insurance on $575,000 house is around $6,000 per year
Flood insurance will cost them $10,000 per year.
The mortgage on a $575,000 house at 4% or more will cost $24,000 per year.
Electricity will cost $3,000 per year.
Other utilities will cost $2,000 per year.
These folks are looking at a house that will cost them $57,000 per year to live in. The view might be nice, but can they afford it?
why anyone would go into debt at age 70 for a home is beyond me. I can not wait to get my home payed for. No mortgage for me in about 5 years way before retirement. I rather have to money to have fun. They must have a lot in retirement to make 47 now 57,000 payments just for a place to live.
“...These folks are looking at a house that will cost them $57,000 per year to live in. The view might be nice, but can they afford it?”
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I don’t know if they can afford it or not. One thing I do know and that is that they shouldn’t expect me and others to HELP them afford it. There are choices and there are consequences. Folks need to be responsible enough to accept and live with the consequences of their choices.