- Nov 19, 2014
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I got locked into a 2.375% VA loan for the house purchase.
What's mind blowing to me is the insurance rates in Florida (remember: I moved out of Florida 13 years ago). I pay less than $900/year w/ USAA in Arlington, VA right now. I'm going to play just over $3k/year in Florida for this house (not in a flood zone). Plus the property taxes in Gulfport/Pinellas County, Florida are significantly more than ultra-liberal, tax & spend Arlington, VA. I'm still going through the VA disability process, so I may end up getting a tax break depending on my rating. But the estimated property taxes on a $450k house is over $6k/year (I pay just under $5k in Arlington, and the house is valued at $700k). WTF?!?!? I know, I know..."Florida doesn't have state income tax". That's a bullsh*t excuse. Between home owners insurance & property taxes, it'll be over $750/month. I'm putting down over 40% on the purchase and the payment is going to be around $1700/month. If I had put down 20% it would have been over $2000k/month.
this is all part of my theory as to why things like what is going on will not last. Eventually there is just not enough money to go around. Already about 60% of young people that bought a home b/c of the Kung Flu regret the purchase. Almost no one cares about total debt, they only care about total monthly costs, without any thought to other costs. So when they see that most homes are just money pits, they are already tapped out. Buying homes based on the max that one can afford monthly is a sure way to be a loser in the long run. congrats on the cabin sale and enjoy the new place in Florida. BTW your property taxes would have been even HIGHER in G'ville, LOL