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My property taxes on my paid off SFH in the DC Metro area was 4200 last year. That's way less than any mortgage or rent you can get for a comparable home.
My neighbors are in the military so at the whim of the landlords. They're paying 2500 monthly for a slightly larger house then mine. I've never paid more than $1200 PITI on my house as a comparison. Refinancing dropped it to750 PITI in 2020 when the rates were crazy low. Does anyone think their rent will go down when the lease ends?
Even repairs aren't bad. Last year the water heater sprung a leak and had to be replaced for 2500. It had lasted 15 years so the annual cost was minor. At some point point the roof will need to be replaced but I put money away every month in a home repair bucket.
Maybe the math is different in a high tax state or rent controlled/stabilized area, but I don't want to live in places like that.
Kind of a weird feeling. Bought this house 26 years ago, and finally it's paid for. I retired nearly 2 years ago and now I feel like I am REALLY retired LOL. My parents would be happy if they were still here - they custom built their final home a few years after they retired, and paid for it in cash. I don't plan to go anywhere, but still, it's a good feeling.
My property taxes on my paid off SFH in the DC Metro area was 4200 last year. That's way less than any mortgage or rent you can get for a comparable home.
My neighbors are in the military so at the whim of the landlords. They're paying 2500 monthly for a slightly larger house then mine. I've never paid more than $1200 PITI on my house as a comparison. Refinancing dropped it to750 PITI in 2020 when the rates were crazy low. Does anyone think their rent will go down when the lease ends?
Even repairs aren't bad. Last year the water heater sprung a leak and had to be replaced for 2500. It had lasted 15 years so the annual cost was minor. At some point point the roof will need to be replaced but I put money away every month in a home repair bucket.
Maybe the math is different in a high tax state or rent controlled/stabilized area, but I don't want to live in places like that.
In our case rent doesn’t have to go Down as long as the money we have invested which is no longer tied up in a house supports us and keeps growing.
it’s a combination of housing costs , investments and income that determine the whole deal ..
everything is relative to the other factors.
different areas offer different forms of housing too.
a single family home can be had starting at 7 figures here . but one can buy a coop or condo in a building for half that .
on the other hand one can rent in a building for a lot cheaper then renting a single family home because the economy of scale is way different.
so even costly areas have options.
the problem is most people don’t have the option's financially because they lack the resources to take advantage of the housing options and investing options that are available
Last edited by mathjak107; 03-02-2024 at 06:16 AM..
My property taxes on my paid off SFH in the DC Metro area was 4200 last year. That's way less than any mortgage or rent you can get for a comparable home.
My neighbors are in the military so at the whim of the landlords. They're paying 2500 monthly for a slightly larger house then mine. I've never paid more than $1200 PITI on my house as a comparison. Refinancing dropped it to750 PITI in 2020 when the rates were crazy low. Does anyone think their rent will go down when the lease ends?
Even repairs aren't bad. Last year the water heater sprung a leak and had to be replaced for 2500. It had lasted 15 years so the annual cost was minor. At some point point the roof will need to be replaced but I put money away every month in a home repair bucket.
Maybe the math is different in a high tax state or rent controlled/stabilized area, but I don't want to live in places like that.
Why does being in the military mean being at the whim of landlords?
I also extend congratulations to the OP, that's definitely a relief, however...
Not wanting to rain on the parade, but nobody really "owns" their property or is free from financial obligations only because a mortgage is paid off. I'm in an area that has recently exploded with growth and as a result the tax assessors are operating on hyperdrive, increasing property taxes to a level that a lot of locals and seniors simply cannot afford. So they have to cash out, if they're lucky, and relocate out of the area or state.
Not cool when you're older and finally think you're in your 'forever' home.
What market are you in if I may ask.
Contrary to common believe Oklahoma is not necessarily a low COL state and property taxes are pretty steep. But they have not gone up ridiculously here. On the other hand discounts for elderly/military are a joke and tied into income.
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