“Yeah, it’s always better to give your money to someone else, than to build equity. /s”
I used to be in the same mindset. My view is rapidly changing. Here in PA the real estate taxes, particularly what the school districts extract, are crippling. I’m currently facing a $700 increase over last year which will result in over a $5K check just to the school district; the county and twp get over $2K on top of that.
So there is not such thing as owning a home in PA. You either pay rent to a private individual or pay rent to the school district & county.
Of course. And in this economy it is wise to be able to move around for work. Renting and buying depends on the situation for each person.
Landlords pass those same taxes onto renters.
And stop paying them and see how long yo own your home...
I’m currently facing a $700 increase over last year which will result in over a $5K check just to the school district; the county and twp get over $2K on top of that.
Chump change compared to Maryland. I wish I only paid those taxes. It is all relative I suppose.
There's no such thing as owning a house. Anywhere. At least anywhere desirable. The only difference between "owning" and renting is the volume of paperwork attached to the transaction.
Bingo. I like to ask people if they own their home. Many say a resounding yes. I then ask who owns it if they don’t pay their property taxes. We are leasing from the local and state governments. And don’t forget it.
Part of the brain washing that goes on.
That was the reason for the 1/64 parcel on the original northwest ordinance. That was to pay for local officials and the schools.
Some vacation areas in northeastern PA have reasonable property taxes because currently they do not have many NY/NJ refugees using their public schools. The commute to their jobs is too far. However within 10 years people will be buying self-driving cars and expanding their commute range. That area is prime for a huge influx of NYers. It's a good area to invest in real estate, but plan an exit strategy.