Understanding Magnolia Gardens in Toms River
Magnolia Gardens in Toms River is a highly sought-after residential community that has captured the hearts of many. If you’re considering moving to this area or simply curious about the costs associated with living here, you’ve come to the right place. Let’s delve into the details of what it costs to own a home in Magnolia Gardens and what factors contribute to these costs.
Home Prices in Magnolia Gardens
Home prices in Magnolia Gardens can vary significantly based on several factors, including the size of the home, its age, and its condition. According to Zillow, the median home value in Magnolia Gardens is approximately $400,000. However, prices can range from $300,000 for a smaller, older home to over $500,000 for a larger, newer home with more amenities.
Here’s a breakdown of the average home prices in Magnolia Gardens based on different criteria:
| Home Size | Average Price |
|---|---|
| 1,000-1,500 sq ft | $300,000 – $350,000 |
| 1,500-2,000 sq ft | $350,000 – $450,000 |
| 2,000+ sq ft | $450,000 – $550,000 |
Property Taxes and Insurance
When considering the cost of living in Magnolia Gardens, it’s essential to factor in property taxes and insurance. Property taxes in Toms River are relatively high compared to other areas in New Jersey. According to the Ocean County Board of Taxation, the average property tax rate in Toms River is approximately $2,000 per year for a median-valued home.
Insurance costs can vary depending on the type of coverage you choose and the value of your home. On average, homeowners insurance in New Jersey costs around $1,200 per year. However, this can increase if you have a more expensive home or if you opt for additional coverage.
Maintenance and Utilities
Maintenance costs are another important aspect to consider when living in Magnolia Gardens. The cost of maintaining a home can vary widely depending on the age and condition of the property. Here are some average annual maintenance costs for a home in Magnolia Gardens:
| Maintenance Item | Average Annual Cost |
|---|---|
| Property Management (if applicable) | $1,000 – $2,000 |
| Homeowner’s Association Fees | $500 – $1,000 |
| Repairs and Upkeep | $1,000 – $2,000 |
Utilities in Magnolia Gardens are comparable to other areas in New Jersey. Here are some average monthly utility costs:
| Utility | Average Monthly Cost |
|---|---|
| Electricity | $100 – $150 |
| Water | $50 – $100 |
| Gas | $50 – $100 |
| Internet and Cable | $100 – $150 |
Conclusion
Living in Magnolia Gardens in Toms River can be quite expensive, especially when considering the high property values, taxes, and insurance costs. However, the community offers a wealth of amenities and a desirable location that may justify the costs for many. Before making the decision to purchase a home in this area, be sure to carefully consider all the associated costs and ensure that they align with your budget and lifestyle.
