Live in a 4-Season State? An Inground Pool Might Cost More Than It's Worth

Summers are hot, and getting hotter, all across the country. An inground pool of your own can provide the perfect oasis to chill out, relax, and escape the oppressive heat. But they come at a high cost. Homeowners in some parts of the country in particular -- namely, those that experience all four seasons and only have three short months of summer weather -- might find that the cost is too high to really make the investment in an inground pool worth it.

Learn more about the various costs you'll pay for an inground pool, and a few suggestions for alternatives to consider instead.

How much does an inground pool cost?

According to data from Bob Vila, the average cost for an inground pool ranges from $39,000 to $80,351. The national average cost is $57,938. The primary factors affecting the total cost of your inground pool include things like size and shape, materials used, extra features (such as waterfalls, fiber optic lighting, slides, diving boards, and a pool deck or fence), labor, and permits required for the build. Do note that this is not an exhaustive list, but just an example of the numerous costs involved in installing an inground pool.

Whether the pool you choose falls on the low end of that average or the high end, you can expect to be spending a large chunk of change on your new addition. And unless you have the spare cash to pay for the pool upfront, then you can expect to pay a premium to finance your pool. This is due to the currently-inflated rates we're seeing across the board right now thanks to Federal Reserve rate increases.

Installation aside, your new pool also costs money to maintain. It will need to be cleaned regularly to keep the water clear and free of obstructions and to ensure all the systems (filters, pumps, and heating systems) continue to operate properly. Chemical levels will need to be checked and maintained. And the pool will need to undergo opening and winterizing services each season. Bob Vila estimates that you can expect to spend about $100 to $200 per month on pool maintenance alone. You'll also want to consider the extra utilities, such as electricity to power above-mentioned pumps, filters, lights, and other systems. Even a small increase to your monthly electricity bill will add up over time and should be factored into your budget.

Your homeowners insurance premium could spike

There are a couple reasons you could see a notable increase in your homeowners insurance premium when it comes to your new inground pool. For one thing, inground pools are typically included in replacement cost value of your property, so you would need to increase your claim limit to make sure your pool is covered in the event of disaster or destruction to your home.

Pools are also what homeowners insurance companies consider "attractive nuisances." Essentially, this means they can attract children and other uninvited persons while also endangering them. When you have a pool on your property, you are liable for accidents and injuries that happen as a result of it. Therefore, increasing the liability insurance on your homeowners policy would be prudent. Policies generally include at least $100,000 of liability coverage, but some experts recommend as much as $500,000 in coverage if you have a pool.

Homeowners insurance premiums vary widely depending on who your insurer is, how big your home, your geographic location, any policy add-ons, and whether or not you bundle your coverage, so it's difficult to estimate exactly how much your specific premium might increase with a pool. But you should be aware of an expected premium increase before moving forward with your inground pool installation.

What to consider instead

As you can see, inground pools are not a cheap addition to your home. And if you live in a part of the country where summers are short and you can only expect to use your pool between June and August, then there's a good chance these costs (both initial and ongoing) just won't make sense for you.

If you're looking for a way to cool down in the summertime, consider a season pass to your local YMCA, community center, or waterpark. You might pay a couple to a few hundred dollars, depending on your family size, for these types of passes, but you'll get unlimited fun and relaxation, with none of the cleanup, liability risk, or maintenance!

If you're really set on the idea of having a pool of your own, consider a small above-ground pool instead. Costco has a range of types and pricing options on pools that can be set up for the season and then torn down and stored until the following year. Just need a place to splash around and cool off with the kids? Try this Bestway Steel Pro MAX 13' x 30" above-ground pool for $199.99. Want enough space to float around and enjoy umbrella drinks on a raft, and perhaps even entertain some guests? How about this Bestway Platinum Series Power Steel 31'4" x 16' x 52" above-ground pool for a steeper $999.97?

The summer heat can be tough to bear, but there are affordable ways to cool off while soaking up that vitamin D. Take a hard look at your personal finance situation before deciding to move forward with your inground pool plans if you live somewhere where your usage will be limited. It's a huge commitment, and one that could very well leave you with regrets if it turns out the reward isn't worth the cost.