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Anyone thinking about moving to the coast should view some recent figures on the cost of housing. My comments are triggered by looking at the prices of new single family houses at Compass Pointe. They run from $800K to $975K. These are not huge houses either, they are 2900-3100 square feet. A buyer should ask questions about what their taxes and homeowner insurance will be, as well as the HOA fees.
Although our house is not typical of Onslow County, the 2024 homeowner insurance bill is $4634. It increased by 3.3 % as the 2023 bill was $4634. Our appraised value is about $494,000 for a 3400 SF house. A realistic market value of our house would be $550K to $575K. By comparison our property taxes are a lot less than the insurance: $2995 per year for the last 3 years. The insurance is 155% of the property taxes. We have a more modest HOA, at about $98 per month.
Naturally, one can find existing homes for a lot less. If you want to pay under $400K, you can find an existing house of 1300 to 2200 square feet, and you taxes and insurance would be a lot less.
Anyone thinking about moving to the coast should view some recent figures on the cost of housing. My comments are triggered by looking at the prices of new single family houses at Compass Pointe. They run from $800K to $975K. These are not huge houses either, they are 2900-3100 square feet. A buyer should ask questions about what their taxes and homeowner insurance will be, as well as the HOA fees.
Although our house is not typical of Onslow County, the 2024 homeowner insurance bill is $4634. It increased by 3.3 % as the 2023 bill was $4634. Our appraised value is about $494,000 for a 3400 SF house. A realistic market value of our house would be $550K to $575K. By comparison our property taxes are a lot less than the insurance: $2995 per year for the last 3 years. The insurance is 155% of the property taxes. We have a more modest HOA, at about $98 per month.
Naturally, one can find existing homes for a lot less. If you want to pay under $400K, you can find an existing house of 1300 to 2200 square feet, and you taxes and insurance would be a lot less.
"Affordability of Coastal Housing"
Yet you only talked about 1 area.
Why is that?
If you are going to make a claim, include ALL the of the Coastal Housing costs
By comparison our property taxes are a lot less than the insurance: $2995 per year for the last 3 years. The insurance is 155% of the property taxes.
Yes, and homeowners insurance costs will continue to increase rapidly due to a thing called "global warming". The NC Rate Bureau is currently asking for a 47% (average) increase, which they will not get, but the message is that homeowners insurance rates along the coast will continue to skyrocket. At some point, insurance companies will pull out of the market, like what is happening in Florida.
Yes, and homeowners insurance costs will continue to increase rapidly due to a thing called "global warming". The NC Rate Bureau is currently asking for a 47% (average) increase, which they will not get, but the message is that homeowners insurance rates along the coast will continue to skyrocket. At some point, insurance companies will pull out of the market, like what is happening in Florida.
I lived in Brunswick County and still own a lot in one of the plantations. Unless you are living near the water or a flood zone, the main issue with insurance is the wind and hail problem.
I currently live in Florida and you can get home insurance at a reasonable price if you have block construction; barrel roof and impact windows. You have a wind mitigation test done to your house when you apply for insurance. The homes with shingle roofs in Florida are the ones that have the problem getting insurance. Insurance companies are requiring homeowners with shingle roofs to replace the roof every 10 years and the insurance is still very high for that type of construction. Older homes with stick construction and modular/ mobile homes are in big trouble.
If I was building anywhere close to the ocean on the east coast from NC to Florida, I would invest in a barrel roof. I had a neighbor in my NC plantation that build his home with precast concrete. It sounds like coastal NC is becoming like Florida, it is very expensive to live in these states. Add inflation and it is not a good situation.
Carteret County used to be an affordable coastal area, but in a post-covid world that is not so. A two-bedroom cottage a couple miles from the beach, you'll be at 500k.I just purchased a home in James city (between New Bern and Havelock) and prices there are as high as Durham where I moved from. Then add the insurance shew.... At the coast one must have standard homeowners plus wind and hail, plus flood (if in a flood zone). I work two jobs, one a well-paying engineering role at an industrial facility and still live on a tight budget. I cannot imagine where the average retail/grocery workers live anymore.
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