I've read some articles about the homeowners insurance issues in FL. I don't know how it's ever going to be "fixed" because after every major storm, insurers refuse to write new policies or threaten to leave the state altogether. Those that stay are only doing so because of subsidies and a law that raises rates on everyone if a single insurer gets killed by a major storm. The flood insurance issue is a federal law and affects the entire country if you're in a flood zone. Florida has nothing to do with it other than it's location.
OT: Where in FL????
- Thread starter Joey Bacala
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You should be able to pick up some swamp land cheap near the new Prison by Disney World
My auto insurance in FL is slightly more than NJ (lots of drivers sitting on phonebooks and wearing Roy Orbison glasses). Homeowner’s insurance is about the same, but that’s because I have a new build with concrete block, hurricane windows, roof, etc.. I pay $10k is real estate taxes vs the $15k I paid in NJ for about the same size house as I had in NJ (less land in FL, however). I am in a relatively high real estate tax area. No state tax and cost of other goods/services makes FL easily more affordable than NJ for me.
I have no doubt it is more affordable. Just to me the difference I calculated is not enough for me to offset the things I would give up.
And I have no income tax in NJ.
From my experience, auto insurance is typically more in Florida. Homeowners insurance is definitely increasing, and gas and groceries are usually a bit more as well.
However, property taxes are significantly less, but there’s another poster pointed out, that communicated with HOA fees often times.
With no state income tax, and no taxes on Social Security and pension’s, pricewise, long-term, I would assume it equals out as far as pricing between New Jersey in Florida, but with the fur to the experts, like KYK and others.
I think it’s all a matter of preference. What type of lifestyle you’re looking for, weather, things to do, etc..
I can tell you every time I go to Florida I am much more relaxed, in a better frame of mind, and overall happier than I am in New Jersey. That is a personal preference of mine, as I have been going to Florida since we were little kids to see my grandparents, so it always has hold a special place in my heart.
There’s so many different variables like we’ve spoken about in regard to cost moving forward, but also family, health, etc.
My advice to the OP is definitely take your time. I have been in Florida no less than 50 times in my life. I still discover new things each time I go. As stated, we love Southwest Florida, as well as the panhandle near Tallahassee, and southern Georgia as well by in Thomasville.
Florida is such a diverse state with people, to rain, demographics, etc. I think we all pigeonhole and think that New Jersey is the norm as it is small and fairly condensed, but the more we all travel around the more we see that New Jersey is truly an anomaly in that regard
However, property taxes are significantly less, but there’s another poster pointed out, that communicated with HOA fees often times.
With no state income tax, and no taxes on Social Security and pension’s, pricewise, long-term, I would assume it equals out as far as pricing between New Jersey in Florida, but with the fur to the experts, like KYK and others.
I think it’s all a matter of preference. What type of lifestyle you’re looking for, weather, things to do, etc..
I can tell you every time I go to Florida I am much more relaxed, in a better frame of mind, and overall happier than I am in New Jersey. That is a personal preference of mine, as I have been going to Florida since we were little kids to see my grandparents, so it always has hold a special place in my heart.
There’s so many different variables like we’ve spoken about in regard to cost moving forward, but also family, health, etc.
My advice to the OP is definitely take your time. I have been in Florida no less than 50 times in my life. I still discover new things each time I go. As stated, we love Southwest Florida, as well as the panhandle near Tallahassee, and southern Georgia as well by in Thomasville.
Florida is such a diverse state with people, to rain, demographics, etc. I think we all pigeonhole and think that New Jersey is the norm as it is small and fairly condensed, but the more we all travel around the more we see that New Jersey is truly an anomaly in that regard
My HOA is $800 a month. Covers absolutely everything but electric. Water, sewer, garbage, cable TV, internet, outside maintenance, recycling, landscaping, swimming pool, recreational facilities (boat slips, tennis, pickle ball, exercise room), you-name-it. And electric is very reasonably priced. Only thing it doesn’t cover is snow removal.
I would be happy anywhere.
But I am happiest around my family and my lifelong friends.
That‘s a lot. How much is the electric bill in the summer? I lived in an apt in the past and hardly anyone used the recreational facilities and pool. I would consider the HOA similar to property taxes. The flood and wind insurance is in the HOA.
I noticed that some are comparing condo/townhouse to actual houses.
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HOA is not similar to property taxes. Two distinctly different items.
HOA for a condo/townhouse is the upkeep and operational costs and reserve funds and monthly expenses that a normal homeowner would likely incur.
Why is that? And does that tax exempt status go away after a few years? IIRC, you worked for the State?
Do I have to pay taxes on my state pension?
If you contributed toy our pension, you'll want to pay attention to taxes.
With poorly run HOAs (IMO, most of them are very poorly run by angry old cretins who like to wield their power in nefarious ways and badly manage funds). Some HOAs charge $400/month or more, and on average, the homeowner gets very little return for those fees. For example, if there is a community pool you don't use, that is wasted money (unless you consider that as helping your real estate value). Same for lawn maintenance, etc.
You are not describing my community. I understand everyone’s experiences are different. My community has a Home Owners Association, but the day-to-day operation is handled by a property management company. Combined they do a great job of keeping costs down and keeping the community looking great and a headache-free place to live. Complaints are minimal from the property owners.
And that's pretty typical. The HOA (i.e. its Board) will hire a property management company since the Board is usually residents who wouldn't self perform. When many folks lament their HOA, they are potentially referring to the Board members making/amending rules or guidelines, setting budgets, etc, or to the actual PM operation that handles issues, or both entities collectively.
Edit: I'm not suggesting you described anything differently. Glad your HOA experience has been agreeable.
We had two very bad experiences with HOAs. One in NJ and one in AZ. Never again. I don't like amateurs telling me what I can and cannot do on my property if it is not disturbing others in the community. In AZ, the professional management organization was worse than the HOA board. Understand YMMV.
It applies to any retirement income under a certain amountWhy is that? And does that tax exempt status go away after a few years? IIRC, you worked for the State?
Do I have to pay taxes on my state pension?
If you contributed toy our pension, you'll want to pay attention to taxes.www.nj.com
It has nothing to do with who you worked for
Plus social security is not taxable
Interesting. I was not aware of that. That's a pleasant surprise. AZ would take about $3,900, but the property taxes there are about $10K less than our NJ taxes. Overall, that's not a huge difference to justify declaring residency in AZ.
Do the HOA fees also cover the homeowners insurance or does it depend on which community you're in? Is it different if it's a townhouse or a condo?
As in most cities (Bradenton is a small city) there are always sketchy areas.
HOA is a straight deal breaker for me. Won't even look at a house that has it. Maybe a necessary evil for condos and townhouses, but no idea why they exist for actual houses.
You nailed it with the bit about others telling you what to do on your own damn property. Forget that.
If a taxpayer is fully retired (e.g. no wages), he or she can exclude a large portion of retirement income so long as (for a couple filing jointly) NJ taxable income is less than $150,000. And because social security benefits are not taxable in New Jersey, they do not count toward the $150,000 limit. For further information, see the link: https://www.state.nj.us/treasury/taxation/njit7.shtml
“The chance of becoming a victim of either violent or property crime in Bradenton is 1 in 35. Based on FBI crime data, relative to Florida, Bradenton has a crime rate that is higher than 81% of the state's cities and towns of all sizes.”
You are correct. I shouldn't have linked my legislature comment to the article.
I was talking to someone with a house in Manahawkin (lagoon community near LBI). Flood insurance rates started going up annually a few years after Hurricane Sandy flooded that entire area and hasn't stopped going up yet. He does like having his boat docked in his backyard though.
The HOA has insurance for the structure and grounds, and most condo owners have individual homeowners insurance for their own unit. The HOA does not insist on condo owners having their own coverage . I have homeowner insurance, but I opt out of the Hurricane and Flood and Special Assessments options which are pricy. I live on the 4th floor. I am financially flush enough to rebuild my 1100 square foot unit if it got whacked in a hurricane. I buy the insurance to cover liability issues. My father once told me there are reasons why insurance agents play golf on weekday mornings and he goes to work. I am not an insurance-buying zealot.
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I haven't been on here in a while. Bradenton is very sketchy, the pockets of "nice" are groing smaller. I lived there, I know.
I can’t comment on FL, but my homeowners insurance has gone up significantly in HHI, due to the insurance losses in FL. Our policy just renewed at $7,900 a year, up from $3,400 just two years ago.
With all the criminals running around Florida, an HOA is a necessary evil that people put up with, as it comes with a gated community that also includes amenities, and a sense of security. Otherwise, if you have a stand alone house, in Florida, it’s advisable to carry to ensure home defense.
Depends on your situation. I would prefer no HOA myself. But, for my Dad it makes perfect sense. He pays his fee and they take care of everything. $500 a month is well with the peace of mind for all of us. What he gets for that is just amazing. If he played golf a lot he'd be making $.
Are there really more "criminals running around Florida" than New Jersey? My guess is that HOAs are popular in Fl. because local governments furnish fewer services (and so they must be provided by private mean through HOAs) and because a lot of buyers don't want to do exterior maintenance because of age and because, for instance, mowing the lawn is unpleasant in Florida's hot and humid summers. The good news is that taxes are less because government does less; the bad news is that the money saved on taxes goes to the HOA to do the things that government doesn't.
This post is similar in seriousness as when you put Ohio St football on upset alert
Or suing the NCAA
Hammering USC
Winning the natty in 5 years
Al was cute before
Light hearted
Mildly entertaining
A dreamer but with good intentions
Lately though he’s turned into a Buffon
Getting the attention of the national media
But admitelly, I still like him
And refuse to put him in ignore for the humor aspect alone
At the very least, you should try Florida out before you commit yourself, e.g. spend a few weeks or months in Florida in the winter, and do a summer visit. Don't be one of those people who move and then regret it.
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