Didn't realize how expensive home ownership was

[Anonymous]

I Didn't realize how expensive home ownership was until I sold my house. Wow. So much more disposable income. Now, I can save more, I can travel. Property taxes, landscaping, labor cost etc...man they add up.

I really thing we need to review the standard advice we have been giving people about becoming homeowners. When you look at the trajectory of property taxes for example I am honestly wondering how is homeownership still the best way to build wealth.

[Anonymous]

Sure but you miss out on massive historical appreciation.

[Anonymous]

This is just a math problem, and it depends on how much you’re paying for rent and whether the two properties are comparable.

[Anonymous]

Cool story

[Anonymous]

You gotta live somewhere, right?

[Anonymous]

Also partially tax deductible

[Anonymous]

Its the debate that trigger people the most.

In the US so many people have almost as much as 1/2 their net worth tied to their homes.

So people get very triggered if they live in an expensive home and are stuck.

This is why as soon as someone says home prices are declining they get verbally assaulted and challenged.

This is also why the US government pays so much attention to housing because it knows that any distress in the market the financial implications at the household level can be big.

[Anonymous]

Buying a home is a good investment. However, most Americans today cannot afford to buy. That's really the issue.

You think property taxes are high in VA lol? Google property taxes in NY and NJ.

In some parts of NY, a $700k small split level can have as much $20k in property taxes.

[Anonymous]

Anonymous wrote:I Didn't realize how expensive home ownership was until I sold my house. Wow. So much more disposable income. Now, I can save more, I can travel. Property taxes, landscaping, labor cost etc...man they add up.

I really thing we need to review the standard advice we have been giving people about becoming homeowners. When you look at the trajectory of property taxes for example I am honestly wondering how is homeownership still the best way to build wealth.

And you think renting is cheaper?
Renting is only cheaper if you rent a smaller home than the one you would buy.
Do you think you can rent a home like the one you sold for less than your mortgage? I doubt it.

[Anonymous]

Anonymous wrote:Also partially tax deductible

Only if you itemize

[Anonymous]

Anonymous wrote:Sure but you miss out on massive historical appreciation.

That doesn't always happen.

[Anonymous]

Anonymous wrote:Buying a home is a good investment. However, most Americans today cannot afford to buy. That's really the issue.

You think property taxes are high in VA lol? Google property taxes in NY and NJ.

In some parts of NY, a $700k small split level can have as much $20k in property taxes.

Who mentioned VA? Everyone knows property taxes are low in VA.

[Anonymous]

Anonymous wrote:Sure but you miss out on massive historical appreciation.

Or a busted bubble. I think they’ll be a crash on housing prices soon. Some people will win, some will lose.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Buying a home is a good investment. However, most Americans today cannot afford to buy. That's really the issue.

You think property taxes are high in VA lol? Google property taxes in NY and NJ.

In some parts of NY, a $700k small split level can have as much $20k in property taxes.

Who mentioned VA? Everyone knows property taxes are low in VA.

Property taxes are tied to the school's budget. NJ is always in the top 10 of excellent public schools

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Buying a home is a good investment. However, most Americans today cannot afford to buy. That's really the issue.

You think property taxes are high in VA lol? Google property taxes in NY and NJ.

In some parts of NY, a $700k small split level can have as much $20k in property taxes.

Who mentioned VA? Everyone knows property taxes are low in VA.

Property taxes are tied to the school's budget. NJ is always in the top 10 of excellent public schools

Thats the argument they use for people paying a fortune in property taxes. It's BS.