You don’t own your house. The government lets you use it while it confiscates 3% each year in what is called the “property tax.” After 33 years it has taken the full value of your house. You get to pay insurance and upkeep.
Property tax is a fact of life. You are paying property tax even if you are renting. The owner simply passes it on to you the renter, along with maintenance, and insurance.
Owning my home has always been part of my retirement plan.
I paid off a 30 year mortgage in 20 years. I then put the mortgage payment in my IRA and savings.
Prop 13 in California limits my property tax. I pay roughly $100 a month for property tax. I could not rent an apartment for that. If I sold my home today it would go for roughly three times what I paid for it.
One of the major expense for anyone today is housing. Owning a home without a mortgage puts you well ahead of the game.
I have been retired for ten years and only now that I am 70 will I have to begin drawing on my 401K. Owning my home allowed me to live on SS and my savings.
I don’t know where you live in CA but my property tax per month is double that and that is only because I bought my house in 1992 when prices were much lower.
Thank God for Prop 13. Saved us all.