- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Can someone help me explain how people are affording a house in today's market?
Posted on 4/3/23 at 8:56 pm to JohnnyKilroy
Posted on 4/3/23 at 8:56 pm to JohnnyKilroy
quote:
Property tax is one of the best kinds of taxes. Way the frick better than income taxes.
I disagree. You never really own your home and you also have some arbitrary value assigned to what's being taxed. 6% of your income is 6%. Sales tax is probably the most ideal shite sandwich of taxes though because everyone gets to play and you can somewhat control the amount you pay
3
Posted on 4/3/23 at 8:57 pm to StringedInstruments
20% of the states the median is below $200k. 50% of the states the median is below $300k. Not everybody is buying at the median or average price.
The prices are ridiculous because people are using SFH's as investments, but buying entire developments at once.
The prices are ridiculous because people are using SFH's as investments, but buying entire developments at once.
Posted on 4/3/23 at 8:57 pm to Rex Feral
quote:
I'm seeing people sell their houses in California or New York for $1,000,000+ and then buy twice as much house for $750,000 in Georgia.
People that bought our house in Decatur last month were from Cali. All $, no due diligence, no right to inspect, and $50k over asking. It’s a good thing it was a remote closing because I would’ve laid a big wet sloppy kiss on both of them when the closing wrapped up.
Posted on 4/3/23 at 9:05 pm to fallguy_1978
quote:
You never really own your home and you also have some arbitrary value assigned to what's being taxed.
Arbitrary? Most property taxes are voted on directly by the community being taxed. It's the closest you really get on taxes. Income taxes are generally at the state level at their closest. The vast majority of your income taxes are decided by a small handful of people in DC.
Property on its own produces very little, if anything depending on your point of view. You aren't putting a damper of a positive activity by taxing it. Sales tax and income tax affects commerce much more than property tax.
Property tax is easily the least bad tax.
Posted on 4/3/23 at 9:11 pm to Paul Allen
quote:
But what if that doesn’t happen for several years
Then I will pay a higher payment for a few years. There is no alternative.
Posted on 4/3/23 at 9:13 pm to Pauldingtiger
quote:
Riets are what’s buying up all these houses. They then turn around and rent them out.
Not so much anymore. Their cost of capital has gone up just like everyone else’s.
Posted on 4/3/23 at 9:14 pm to JohnnyKilroy
quote:
Arbitrary? Most property taxes are voted on directly by the community being taxed.
I'd sell my house to the government any year they are willing to pay for what they say it's worth. You have zero control over that unless you dispute it every year. States like Mississippi have low property taxes and don't tax retirement income. It's a far more desirable model imo. Louisiana sucks for taxes, I completely agree with you, but I don't want the Texas model either.
My sister has lived near downtown Austin since 1999. They have a nice house but their taxes have ballooned due to property value. So much so that they've considered selling, not because they desire to move, but because it's taking too much of their recurring income. That's a bad model. It's taxing unrealized gains.
This post was edited on 4/3/23 at 9:18 pm
Posted on 4/3/23 at 9:15 pm to SonOfSlickWillie
quote:
many people
Is it people or companies?
Posted on 4/3/23 at 9:30 pm to HubbaBubba
quote:
There are 124 million households in the USA. 5.7% of that is over 7 million households earning over $200k a year. What do you think is the right number?
His perception is skewed bc everyone on the OT makes $300k+
Posted on 4/3/23 at 9:34 pm to VADawg
quote:20 years ago was during the start of a huge run in home prices. I bought my first home 18 years ago for $260k. It was a 3/2 and 1800 sq ft.
20 years ago, that $225K house was probably closer to $125K. That changes the equation a bit.
Posted on 4/3/23 at 9:36 pm to JohnnyKilroy
quote:
Yes the property taxes are high, but they are more than offset by no income tax. And my monthly escrow payment is barely higher when you factor in that my home insurance (again, for a property that requires a WAY higher coverage amount) is a fraction of what I was paying in Louisiana.
Correct. Ill refer back to a comment I made earlier in this thread, people dont actually think critically. So, in Texas the coverage is all abt property taxes so they think we need to lower them and they are so oppressive. Further, the media comparisons of state tax liability consider much lower income ranges so yes if you make less than 70k figure or as a family say less than 140k, your liability percentage will be higher. However, I am absolutely certain at my income and my property tax rate that I come out ahead in Texas.
Posted on 4/3/23 at 9:39 pm to StringedInstruments
I have been saying this for years. When I sell this house I am paying cash for next one and now dealing with mortgages again
Posted on 4/3/23 at 9:41 pm to StringedInstruments
I don’t know. It’s sad. Young people today have lost a piece of the American dream. It should not be out of reach to find a house for $150k in a safe decent middle class neighborhood. I’d love to see it all burst and prices fall. But it won’t. Corporate breed and Black Rock will make sure of it. I’m glad my mortgage is almost paid off and I got in bc this sh*t show.
Posted on 4/3/23 at 9:44 pm to Dixie2023
quote:
It’s sad. Young people today have lost a piece of the American dream
Agreed. Stupid expensive higher education, childcare, real estate
Posted on 4/3/23 at 9:49 pm to StringedInstruments
Many cant. They miss payments all over the place. Late on car notes, C.C balances thru the roof, etc.
Posted on 4/3/23 at 9:50 pm to BilbeauTBaggins
quote:
Renting is cheaper and has less hassle than being a homeowner. If something breaks, you call the landlord/apartment complex and it gets fixed/replaced.) No dedication to a massive note every month. This is a massive incentive compared to owning a home, where you would have to provide major upkeep just to see an even return on investment
This is getting a lot of hate. Maybe people should run some numbers on a rent to own calculator and give us some examples.
I’m too tired/lazy to do it right now.
Posted on 4/3/23 at 9:51 pm to StringedInstruments
OT Talk, I know, but we bought a house a year ago and are paying the mortgage by furnishing and renting out our basement to travel medical professionals for months at a time. We’ve had 3 tenants, all of which are single, don’t make a peep, and have more than covered our monthly payments. Honestly, it’s been going too well.
Posted on 4/3/23 at 10:02 pm to fallguy_1978
Just backed out on buying a house. After doing math it just is a horrible time to buy. We would have been close to $4000 a month on $200,000 combined income. Ill just wait and pray for decreased interest rate and keep our 1,100 mortgage
Posted on 4/3/23 at 10:16 pm to FlappingPierre
My problem comparing property tax vs income tax is this.
What if you work your arse off to buy and pay off a house and retire early and live very frugally. You get screwed because your taxes keep going up even if you don’t have an income.
Abolish all taxes except a consumption tax. Spend a lot. Pay a lot. Live frugally and don’t.
What if you work your arse off to buy and pay off a house and retire early and live very frugally. You get screwed because your taxes keep going up even if you don’t have an income.
Abolish all taxes except a consumption tax. Spend a lot. Pay a lot. Live frugally and don’t.
Posted on 4/3/23 at 10:20 pm to FlappingPierre
If you’re in a home with a low interest rate, then I agree. However, non homeowners are getting hit with increased rents YoY, so they’re between a rock and a hard place.
Page 10 of 16
Popular
Back to top
Follow TigerDroppings for LSU Football News