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....
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
5) Flood Insurance
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.