Epic Finances is constantly posting about Real Estate. I myself am a young home owner, but I would like to present some reasons why you should not be a homeowner. At the very least I hope to give a “could-be” new home owner a grasp of what you will incur being a home owner

All calculations are averages of both range and replacement values. All prices can vary tremendously – Adjust according to your home and costs relative to your area.


Fixed Costs for an average home:

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  • Furnace
    • Most systems are rated for somewhere between 13-20 years. If you have a mid-tier furnace it can run from $2000 to $3000. [ ((2000 + 3000)/2) / ((13 + 20)/2) ] = $151.51 a year or $12.62 a month.
  • Air Conditioner
    • Most systems are rated for somewhere between 12-15 years. If you have a mid-tier air conditioner unit it costs roughly $2500 to replace. [ (2500) / ((12+15)/2) ] = $185.18 a year or $15.43 a month
  • Water Heater
    • System is rated for somewhere between 10-12 years. Cost of replacement, approximately $700. [ 700 / ((10+12)/2) ] = $63.63 a year or $5.30 a month
  • Dish-Washer
    • Rough estimate: 10 years, $350 = $35 a year or $2.91 a month
  • Washer
    • Rough Estimate: 10 years, $400 = $40 a year or $3.33 a month
  • Dryer
    • Rough Estimate: 10 years, $300 = $30 a year or $2.50 a month
  • Stove
    • Rough Estimate: 10 years, $400 = $40 a year or $3.33 a month
  • Refrigerator
    • Rough Estimate: 10 years, $800 = $80 a year or $6.66 a month
  • Windows
    • Assuming 10 windows every 20 years at a cost of $200 a window installed = $100 a year or $8.33 a month
  • Roof
    • Rough Estimate: $4000 every 20 years = $200 a year or $16.66 a month
  • Permit for all new work (vary on cost and type based on location)

Cost: $925.32 a year or $77.11 a month (again noting this will be higher or lower depending on facts and circumstances)

But this is simply the start of what you home will cost. Go to the next page

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