The house across the road from me sold for 150% what it was worth two years ago. When I asked my new neighbor how he could afford to pay such a price he told about making out like a bandit on the house he moved from. When you think about it, Biden has been a windfall for the middle class. If you have decided to continue to work and have children money keeps falling from the sky, your real estate and vehicle net worth is through the ceiling. What’s to worry? How aggressive is you local PVA? $6,000 in a month? That’s $72,000 in a year. What’s your property tax rate? Hard to imagine many tax districts leaving that much additional cash on the table.
Housing only creates wealth if you are eventually able to (and choose to) move from a higher cost area to a lower cost area.
California folks who bail for Texas have real wealth they have gained—but folks who just move around one metro area have gained nothing.
I don’t know what pva is?
I’m lucky in a way.
Depending on your age and assets, senior citizens get tax cuts on property taxes.
Up until last year I was receiving a 60% tax cut.
This past year it was a 100% Cut. 8-)
The USA has a good property ownership rate at 64%.
Still that means over 1/3 have no property and they are screwed, especially the working poor.
I’ve always thought the working poor were the worst aspect of our system.