Average oil/electric costs per mo. on LI?

DH and I are trying to figure out if we can afford to buy a house and how much to spend.

I've been asking around on what things like oil and electric cost and I think I'm over-estimating when I work out our budget. What is the average monthly cost for each of these? I know it would vary by season, but I'm trying to get a rough estimate.

Also, if you have babies, what do formula and diapers cost per month on average?

TIA!

Re: Average oil/electric costs per mo. on LI?

We do the budget.
We don't have oil but our gas bill is about $120 a month.

Electric around $120 also. We have central AC, so in the summer months its about $200 but then as soon as fall and winter kicks in it goes back down..

I don't have babies yet, so I can't help you with your last question.. But I do know that it depends which formula you give the baby.. some are more expensive than others..


Hope this helps!

Re: Average oil/electric costs per mo. on LI?

Oil we were at $3.09/gallon last month. I get oil from september to about may and we get deliveries about every 5-6 weeks. No deliveries during the summer. I would guess about $2000 in 8 months. It also depends on how big your house is and how high/low you keep your heat.

Electric $122/month (on a budget) the electric company will give you an option of having a budget after about 1 year of being in your home once they know what your average use is.

As for baby formula...DD has a milk allergy and is on expensive formula so right now we're spending ~300/month. We're still trying to get the insurance company to cover it. I've only had to start buying diapers recently b/c we got so many at my shower. DD is 4 months old. So far a box from Bjs last us a month but I would say right now ~$50/month. This is using coupons though.

HTH

Re: Average oil/electric costs per mo. on LI?

Re: Average oil/electric costs per mo. on LI?

Ahh, see I was guestimating about $600-1000 per mo total for heat/elec and $120/week for baby stuff

Just a wee bit off, huh?

Thanks ladies!

Re: Average oil/electric costs per mo. on LI?

Posted by Strawberry2468

Ahh, see I was guestimating about $600-1000 per mo total for heat/elec and $120/week for baby stuff

Just a wee bit off, huh?

Thanks ladies!

Re: Average oil/electric costs per mo. on LI?

We do budget for both:

Oil-$154/month (12 months)
Electric-$110/month (12 months)

Re: Average oil/electric costs per mo. on LI?

Our electric is about $120 a month (includes an old stove we are going to replace soon - the meter literally spins when we use it!)

Our oil has been fairly inexpensive. We do COD and we have a 5 year old burner (the age of your system can have a huge impact) and we average about $130 a month.

As for the baby stuff, I forgot how much that costs!

Re: Average oil/electric costs per mo. on LI?

I'm sure it depends on things like how well insulated your home is, and windows, etc. I work from home so I'm home all day, but I'm compulsive with turning out lights when I'm not in the room. But, the house will need to be heated all day so that would have an impact.

This all started b/c my MIL mentioned that she spent $600 one month on oil alone and it sounded like that was for just that month. I'm sure it was just one delivery and that lasted a few months (it was a really cold winter). and she also said there are like $200 just in fees per month with LIPA. Sounds very odd to me.

Someone is always home in my house and my mom said she never spent that much on each.

Re: Average oil/electric costs per mo. on LI?

We just closed at the end of last year so we aren't on a budget yet, but in oil we spent about $400/month this winter. Our burner is a converted coal burner and none of the walls in the first floor of our home are insulated. Our windows and doors are all original so we pretty much heat our block Thankfully, with our tax refund, we are fully converting to gas (we have a gas stove and dryer so we've also been paying for gas on top of the oil ahhh homeownership!) Gas has been around $30/reading for the stove and dryer.

Electric, we've been paying around $140-150 per reading.

We don't have a baby yet so no idea what it costs but I'm prepared for it to be

Re: Average oil/electric costs per mo. on LI?

Posted by Strawberry2468

I'm sure it depends on things like how well insulated your home is, and windows, etc. I work from home so I'm home all day, but I'm compulsive with turning out lights when I'm not in the room. But, the house will need to be heated all day so that would have an impact.

This all started b/c my MIL mentioned that she spent $600 one month on oil alone and it sounded like that was for just that month. I'm sure it was just one delivery and that lasted a few months (it was a really cold winter). and she also said there are like $200 just in fees per month with LIPA. Sounds very odd to me.

Someone is always home in my house and my mom said she never spent that much on each.

Re: Average oil/electric costs per mo. on LI?

Oh wow that's

My ILs keep their house very cold, never have lights on (guests actually joke about it lol) It might have been a fluke. I can definitely see electric going higher in the summer with ACs though.

I guess we will just have to wait and see what's out there and maybe stear clear of fixer uppers with old windows unless we are prepared to renovate.

Thanks ladies.

Oh, and I edited my budget to include $300 in baby stuff just in case b/c I guess you never know and should be prepared.

We are going to check out a few open houses this weekend to get a feel for what's out there and different neighborhoods.

Re: Average oil/electric costs per mo. on LI?

It depends on a number of things about the home and who is in there all day.

Our oil for the year is about $2000K. electric for the year is around 1700.

So average $300/mo for both.