Property taxes are the killer which also raises rent to ridiculous levels if you dont own/mortgage a house. New York for example, I’ve heard of people paying $30,000 a year just in property taxes alone. That is INSANE!!! On the other hand why anyone would retire in a blue state is beyond me.
In my Upstate NY neck of the woods there are people paying almost 10K in annual property taxes on existing homes worth around 200K.
People are having a helluva time selling nicer homes because buyers don’t want to assume the property taxes.
And since NYS cost shares Medicaid with counties, if folks thing the property tax burden is unaffordable now...
You ain’t seen nuthin’ yet...
In the suburban counties around New York City, a $30,000 property tax bill is the price patents are willing to pay for what is basically a private school system.
Property taxes are indeed insane. Fortunately Texas and other states allow these taxes to be deferred till after the death of the homeowner. (Assuming you are over 65)