Top Expenses of living in the Greater Annapolis Area that you need to know

Thinking about moving to the Annapolis area and want to know about the actual cost of living here is? This video is for you! 

Top Expenses to keep in mind are....

1) Electric 

When we researched 8 random Annapolis properties of various sizes, the range of their average electric bill was from $75-328.  Some of these were for the cost of both gas and electric at the property.  Looking at a 2,000 square foot home on average is probably around $150-250, while the larger homes are averaging around $300.

2) Water and Sewer Costs

On average, the cost for water and sewer is rough $140 a quarter.  There are quite a few homes that are on well and/or septic, which does carry some maintnence costs but no bill to pay monthly.

3) Property Taxes

For properties in Anne Arundel county,  but outside the city limits, a rough estimate is 1.1% of the assessed is about what your property taxes will be.  For homes in the city limit, 1.5% of the assessed value will give a pretty good estimate.

4) Property Insurance

On average per year we found that when we average all sized homes, the cost of property insurance was around $1,000.  The range was starting around $1,200 for smaller sized homes and up to around $1,600 for larger sized homes.

5) Flood Insurance

Some properties will require flood insurance, but you can also choose to add flood insurance on even if it is not required.  If the flood insurance is optional, calculate an additional $700.  If a home requires flood insurance, there can be a large range depending on several factors.  The required flood insurance could add an additioanl $1,000-$5,000 to your budget.

6) Car Insurance

While car insurance has quite a few factors in what your individual rate is, on average we found a range of $1,000-1,200.

7) Boat Insurance

Since we have such amazing water access nearby, there are quite a few boat owners.  If you own a boat or are thinking of getting on, boat insurance is another cost for you to calcuate into your budge.  To a point of reference, we pay $100 a month for coverage.

8) Tow Boat Insurance

While a tow policy is completely optional, it may be worth adding into your budget for peice of mind.  The cost is about $150. 

9) Cost of Living

The overall cost of living here is about 25% higher then the rest of the US, according to some data I researched. The biggest factor in higher cost of living was our housing prices, but groceries, transportation costs and health insurance also played a large cotributing factor as well. 

10) Housing Prices

The house prices here often shock people who are moving from out of state, especially if they are coming from somewhere where the prices can be significantly less.  The Median sold price for 2021 was $415,000 for Anne Arundel County and $475,000 for Annapolis.  There are homes that are much less than that, all the way up to multi-million dollar mansions.

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