Do you know what your HOUSE costs each day? $70???

[eileen1]

I love to run numbers. That's kind of odd for an English major. I haven't felt drawn to pick up a Tolstoy novel in 15 years, but I'm constantly lobbing off numbers to my husband after half an hour on our Money program like "Do you know how much we pay a day to eat??" "Do you know how much that Iowa Hawkeye donation you insisted on costs us per month?" Though rarely, "Do you have any idea how much it is costing us for me to keep these blonde highlights!!"

With the kids spending a few days at the grandparents, I was free to muse over our money program with my handy calculator to my right. I wanted to know to the penny what we spend to live in our house.

So I added up our mortgage payment (former as we paid off the house this past year). This is typed with great joy!

The old mortgage averaged out to about $1200 a month or $40 per day.

Then our real estate taxes add $6000 a year, or a bit over $16 a day.

Electric averages $162 a month or $5.42 a day.

Gas, averaged over the year is about $4.50 a day.

House insurance, about $2.77 a day.

Up until earlier this year, we were paying about $70 a day to live here. And even now, with the mortgage paid off, it's almost $30 a day. That's $5 per day per room (excluding baths). And I feel like taping a $5 bill in each room for a week or so to ask if I'm getting that much value per day per room.

Short of taking in lodgers (surely prohibited by some subdivision covenant and my husband) or storing items for some future mail order company, it's hard to know how to get the most value for our home, other than just appreciating it more.

Any ideas??

[MonkeyMama]

Well, if it's not cheaper than renting, and you don't value the perks of home ownership (like stability) than why own?

We live in California and our home cost less. I calculate about $56 per day with the mortgage, $20 per day without. Gas/electric may or may not cost more or less if we rented though (we pay $3 per day). Home Repair/Maintenance would be a far bigger expense.

We couldn't find anything comparable to rent for $20 nor for $56 a day, so we are happy to own. We could say this from Day 1 of owning - that is the breakeven point where we live (rents are expensive). I haven't guessed a dollar figure for repairs because we bought new with the hopes of little repairs the first decade - and that's how it's panned out - we've been homeowners 10 years and have paid about $0 in that category. (I know that won't last - for sure).

Our Grandma sold her home, which cost her $15 per day, and now rents a very low end apartment for $80 per day. I am sure you are imagining luxury. It's a "closet" in a less than desirable retirement community. We live in a desirable area and owning seems to work out far better when it comes to home appreciation and hedging against rent increases (the latter being more important).

The value in our home is in having other options than to pay $30k per year to live in a "closet," in order to stay where we have lived our whole lives. That is the hope!

I know our own situation is extreme, but often makes me wonder why so many people are sold on home ownership, otherwise.

[Ima saver]

Our house is costing us about $15 a day. (no mortgage) I figured taxes, insurance, electric and gas (propane) for heating. However, I would have to pay electric and heat no matter where I lived. So, without that, I would say that the house cost us $9 a day. It is hard to find a place to live for $270 a month, plus I have a huge house with lots of storage. I also have 2 garages, so I can house 4 cars, plus I have a studio apartment too.
I enjoy owning my own home and have been a home owner since I was 21.

[ceejay74]

Ah, I love getting to do another random calculation on my budget!

Insurance= about $20 per month
Mortgage (also covers taxes)= $1445.01
Condo fees (covers everything else)= $548.65

$2013.66 x 12 months = $24,163.92
Divided by 365 days = $66.20 per day

[Caoineag]

$45 per day with a 15 year mortgage, $7 per day without using your methodology. That said, we bought a fixer upper so I know our per day should be higher. With repairs, I would say $58 per day would be more accurate. My utilities are definitely cheaper in a house than in an apartment (no working appliances on move in means everything is extremely energy efficient). I think my house is worth every penny.

[Justice44]

With the kids spending a few days at the grandparents, I was free to muse over our money program with my handy calculator to my right. I wanted to know to the penny what we spend to live in our house.

So I added up our mortgage payment (former as we paid off the house this past year). This is typed with great joy!

The old mortgage averaged out to about $1200 a month or $40 per day.

Then our real estate taxes add $6000 a year, or a bit over $16 a day.

Electric averages $162 a month or $5.42 a day.

Gas, averaged over the year is about $4.50 a day.

House insurance, about $2.77 a day.

These are interesting numbers. BTW What money program do you use?

[LivingAlmostLarge]

$123/day.

[Joan.of.the.Arch]

Short of taking in lodgers (surely prohibited by some subdivision covenant and my husband) or storing items for some future mail order company, it's hard to know how to get the most value for our home, other than just appreciating it more.

Any ideas??

I'm afraid this question is being overlooked. I don't know what to tell you other than using your home for some sort of business. In a way, my house/property contributes positively to the bottom line by giving us garden produce, but that yields no cash, of course. Well, at least not until I locate a cutting of the oh-so-rare money tree.

[Snave]

We are about $114/day. Our property taxes are RIDICULOUS!