Did I just read that this struggling couple pulls down a quarter of a million?
If you don’t have a job, you can’t afford a home.
Families now need two solid incomes and a PLAN to become home owners.
Those who locked in low mortgage rates are trapped in their current homes, as they can't afford to move and pay interest rates that are 50% to 100% higher than the low rates they secured years ago.
Well, yeah. For some of us, the whole purpose of locking in low mortgage rates was to move into a home that would be the last one we ever occupied. I'm still trying to figure out who is in the receiving end of the financial disaster (for them) that my mortgage has created -- paying 3% on a 30-year fixed-rate mortgage while inflation rates have exceeded that almost since the day I closed on the home.
Me: Hmmm....we've been told over and over that our fertility rate is below replacement rate...so what could have cause this increase in population which increased housing demand .... hmmmm could it be the tons of illegal immigration and their anchor babies?
This is why Trump cutting the cost of government is important, there are many that believe government is the solution and must grow and be fully funded. Well their wrong, this article discusses the direct and indirect costs of our massive government.
The writer works to make a case against owning a home that’ cobbled together in the style liberals use when they want to make a point that’s not really valid.
I own my home outright but spend $64,000 a year on just property taxes ($32,000) utilities ($25,000) and insurance ($7,000).
I have substantial equity, but can’t sell because sales tax would take too much. So I am forced to hold on it and leave it to my kids when I pass so that the basis will reset allowing them to sell without having to pay taxes on the appreciation.
Even worse - you do not even own the house you finally managed to “buy.” Someone else holds the massive mortgage you had to take
And above all, the REAL owner is state and local government. You own tax on that, in perpetuity and forever increasing. Don’t pay that, and your home will be seized.
You are simply a debt slave
This article is a summary of the obvious. What is not so obvious is that money, effort and other assets directed into housing is money that is not directed into other worthwhile industries and activities.
Housing may not be the wisest investment a society can make. All the effort, capital, and natural resources used differently and without artificial stimulation, might be a net gain for America.
Your points are valid.
another one is few have the skills of home ownership anymore. We did our own work and the cuts the cost of home ownership maintenance in half.
A bit of a burst is already happening around here.
We have an insane Property Appraiser who is illegally jacking up property taxes, in some cases nearly doubling them. She is changing property designations from residential to commercial, which allows the increase, and if the homeowner doesn’t contest it within the short time allowed, it becomes permanent.
This has led to greatly increased monthly payments, which the homeowners can often not afford, so they have to sell...fast. Thus we have homes that were valued at $450K being listed at $350K and still not selling.
Stuff is gonna hit the fan, and soon.
I would have hoped most saw the writing on the wall when Barry the Muslim was elected. I changed my whole life around, was already debt free except 2 mortgages, but I sold one, paid off the other, then I bought another house, paid it off in 10 months and built a new house all cash(took 4 years). So here I sit with 3 paid for houses, about to retire in 6 months, will sell one then buy another for cash somewhere close to my daughter and grandchildren. It will cost me about 1/3 of what I sell one of the California houses for.
Having NO BILLS for the last 13 years has been Wonderful and I will never borrow another nickel for anything. I pay cash for new vehicles when I need one and just bought my wife a new car 6 months ago.
GET OUT OF DEBT, DON’T BORROW MONEY
Uh, yea....interesting find.
The lack of affordable housing is all part of the plan.
The elites realized that home ownership by middle class people lead to “family” formation, that is, parents having kids. As far as the WEF leadership is concerned, that’s bad.
So unaffordable housing is all part of the population reduction program.
WEF “Fewer Forward into a Bleaker and lonely Future”.
I’ve owned my own home since I was 18. Paid off my mortgage at 45... 30 years ago. After the Almeda fire and getting screwed by Biden, my income is $800 a month less and housing is 2 1/2 times as much. I can no longer afford a home or to even get back to my community. I’ll die in a strange place in a cold scary old trailer.
I find it bizarre how these corrupt SOBs in government ever pushed through these punitive property taxes.
Pay taxes all your life, finally after decades of paying taxes and mortgages on your home they finally pay it off, Yet those in government still demands they pay them to live in their now paid off homes?
All their doing is renting from the corrupt government as those in government keep charging them more and more just to live in their paid off homes!
And the old folk on fixed incomes? They’re f*****! They just loot the sh*t out of those folks hoping they can seize their homes!
I find it bizarre how these corrupt SOBs in government ever pushed through these punitive property taxes.
Pay taxes all your life, finally after decades of paying taxes and mortgages on your home they finally pay it off, Yet those in government still demands they pay them to live in their now paid off homes?
All their doing is renting from the corrupt government as those in government keep charging them more and more just to live in their paid off homes!
And the old folk on fixed incomes? They’re f*****! They just loot the sh*t out of those folks hoping they can seize their homes!
I’m to the point in life where I will never be able to afford to purchase a home. I’ll be a renter until I pass from this mortal coil.
“I just looked up the annual property tax on a friend’s house in California: north of $18,000 a year. And no, it’s not a mansion in Malibu, and he bought it 20 years ago.”
Complete BS. Prop 13 limits property taxes to 1% of the value when the property is purchased and limits yearly increases to 2-3%.
That would mean he brought the property 20 years ago for ~ 1.5 million.
Not sure about the rest of the article but if he is that sloppy about this item, I wonder how accurate the rest of the article is.
Blackrock and Vanguard bought up many homes, and turned them into rentals. Instead of prices going down, they go up because with Billionaires buying, there are few vacancies.