Posted on 05/09/2024 11:54:14 AM PDT by DallasBiff
Renting a Home vs. Owning a Home: An Overview
Buying a home is a huge part of the American Dream. Choosing to buy or rent, though, is a major decision that affects your financial health, lifestyle, and personal goals. Whichever option you choose depends entirely on your lifestyle and financial situation. Both require a regular income (so you can afford the payments and associated costs) and may also require a certain degree of effort to maintain.
(Excerpt) Read more at investopedia.com ...
“how long will you have that place to live if you don’t pay your taxes?”
How long will you have a place to live if you don’t pay property taxes? No property taxes, no roads, no water, no lights, no sanitation, no civilization.
30 years?
These days most people will be dead before they even get to the halfway point in a 30 year mortgage.
I did a 15 year mortgage and cashed out while the going was hot.
Older folks have this stay put mentality.
Younger folks move around a lot more these days - way more.
Neither is wrong technically, but those are just the facts of the current situation.
You might trade even quicker with me.
My property taxes are under $1000 on 5.58 acres—rural—house/garage/well/septic/power FENCED & cross fenced & gated.
MY DEED does not refer to me as a tenant-—and I am HOMESTEADED.
DID you put p these street lights &maintain them??
DID you lay down the roads & maintain them?
Did YOU write checks to the fire dept employees?
Did You buy the fire trucks?
The Ambulances?
The DEPUTIES??
The patrol cars?
The SCHOOL buildings?
The teachers?
The books?
The Coaches??
The school bus & driver?
Where do you think all those taxes actually GO????
THAT is with NO INCREASES IN RENT——
I will go you one better-—
Due to my own buying/selling pattern PLUS inheriting a house from my dad:
I also paid Dad’s taxes the last 7 + years of his life. His SOC SEC monthly payments in 1980 were $252 a month-—Property taxes were $2300.
I bought first house in 1966 ( I was 26) —sold it in 1995 == 29 years of taxes.
I inherited Dad’s house in 1980 & sold it to brother in about 1998. 18 years ++the 7 years I paid before Dad died.==25 years.
Bought 2nd PURCHASE in Jan 1989-—5 acres/log house/ foreclosure. Sold it in Dec 2004 16 years of taxes
Bought current property in Feb 2005-—still here==19 years of taxes.
That totals 89 YEARS of PAYING property taxes.
I AM ONLY 84. I have Paid PROPERTY taxes for 58 years. This summer will be 59 years.
AND——I NEVER HAD ANY KIDS WHO EVER USED ANYTHING IN THE SCHOOL SYSTEM MY TAXES PAID FOR. !!!!!!!
CAN YOU GUESS HOW MUCH I WOULD LIKE A REFUND???????
When you’re renting, anything that goes wrong is somebody else’s problem. There’s future equity, but that costs time and money when you try to sell. A savvy renter can invest the difference and still come out ahead.
I'll trade with him in a heartbeat.
Same here. I pay $8500 per year (increases every year) with 62% going to the school tax, and my wife and I have no kids. This is in the socialist state of NJ, though.
We also bought a house in Middle Tennessee in 2021 to which we hope to move in the next couple of years that is twice the size of our NJ house with twice the acreage and our property taxes are only $1600 per year. Looking forward to being in TN full time soon.
“Looking forward to being in TN full time soon.”
Looking forward to having you here in TN. (We’re in the eastern part.)
School taxes are the biggest affront to fairness in the world. You pay more and get less.
If we can’t eliminate school taxes altogether, I have proposed having a lifetime cap per property per owner. Set it at perhaps $45k. After that, your property is school tax-free as long as you or a surviving relative live in it as their primary residence.
yes
Yes you do
Cal is low in property taxes since we passed prop 13 in 78 but the dems keep trying to dump it. If you pay 7,000 in Cal you either just bought a 650,000+ house or you live in beverly hills and bought that house a long time ago.
I live in a 750,000 my taxes are 1.17 a year because it is tightly controlled by Prop 13 and go only be increased in very small increments. When 13 passed in 78 it was 1% of the 77 value. Now most counties are 1.1-1.2% increases limited by law.
Cal is very high in taxes, property taxes being the one exception.
Prop 13? As you all get older and die, eventually everyone in CA will be getting the property tax shaft. It’s happening every time some homeowner dies...
Are you kidding? In S. CA 650k will by you a home in south central or San Berdo. My first home in S.CA I bought for 95k and it was 55 years old when I bought it. 2 bedrooms and was old and in need of repairs. That broken down old track home is now selling for 800k..And it looks nearly identical to when I had it...But now it's a real crappy neighborhood. LOL!
Good luck with those "Low" CA taxes...yukyuk
I bought my house in Oceanside 4 years ago 5 bedroom 5 miles from the beach now worth 950,000 but tax remains as is for 650,000
you don’t get the shaft if you remain in the same house That was the intent In the 70s elderly were being foreclosed on and their furniture and them moved out on the street.
Also seniors can transfer their old tax within the same county or 7 other counties if they buy the same value or less. see prop 60 or 90. So buy at 200,000 in 1980, sell for 1 million now, buy for 1 million or less (downsize) and pay the same property tax based on the old house.
My last 15 years of living in the CA s**t bucket we never went to the beach and we were half the distance you are...Too much low life, gangsters, crowds, freaks, epic traffic etc.
That's my point. Once all these prop 13 old timers are dead, no one will benefit from it. Or very few....Most people stupid enough to buy in CA are tax screwed...Don't belive me, just look at the taxes they're paying on 850k and UP homes...lol
Btw, one of the top 5 reasons we bailed out of CA was the criminal taxes and over all expense of everything...We liquidated everything from 2 generations in CA. By crossing the border, we saved tons of money and got a home that was 10 times better than what we had with a shop I never dreamed up...Even gas dropped 1.50 per gallon the second we crossed the border. Now I won’t even order anything if it’s from CA.☺
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