One of the most frequent questions we get asked about is Lot Rent and Ground Rent – what exactly is it? The short version: It means you own the house but not the land under your house.
Most communities with ground rent charge between $500-1000 per month for ground rent. It is important to know that you’ll have to pay this fee in addition to your mortgage (if you’re financing the cost of your home). Locations that are waterfront or bayfront will usually cost more. Each community with ground rent differs on what is included, but the ground rent charge usually includes amenities such as trash pickup and water service, and can often include such things as access to a community pool or lawn care/landscaping services.
The average home in the Rehoboth area is around $400,000 so living in a “ground rent” community is an affordable way to live in an incredibly expensive area