Pre covid, I was pre approved for a home. I had lied and told them I had $3K for a down payment.
I couldn’t save three grand. Rent was 40% my income, as was childcare. I made $20/hr in a “grown up” job, the type of work my uncles and aunts and parents bought houses with.
The gorgeous $167K dollar house (2016) who’s only down side was it was 45mins from work, … is now worth nearly $600K. I’m jealous of whoever ended up buying it that year.
Would have been nice to own, but a bitch to pay property tax on.
That’s the dagger in the back for gentrification. You live in an affordable area. Then someone builds a mega-plex next door and the municipal tax authority says your bungalow is the same value as a McMansion in the 'burbs.
Nobody will actually buy your house from you for $600k. They’ll buy it for maybe $250k if you’re lucky. Or they’ll wait… knowing the 3x tax price will put you into foreclosure with the next market downturn.
Pre covid, I was pre approved for a home. I had lied and told them I had $3K for a down payment.
I couldn’t save three grand. Rent was 40% my income, as was childcare. I made $20/hr in a “grown up” job, the type of work my uncles and aunts and parents bought houses with.
The gorgeous $167K dollar house (2016) who’s only down side was it was 45mins from work, … is now worth nearly $600K. I’m jealous of whoever ended up buying it that year.
Would have been nice to own, but a bitch to pay property tax on.
That’s the dagger in the back for gentrification. You live in an affordable area. Then someone builds a mega-plex next door and the municipal tax authority says your bungalow is the same value as a McMansion in the 'burbs.
Nobody will actually buy your house from you for $600k. They’ll buy it for maybe $250k if you’re lucky. Or they’ll wait… knowing the 3x tax price will put you into foreclosure with the next market downturn.
Yeah, my mortgage has increased nearly $200/m in the last 4 years from rising taxes on my house.
And that is after having already paid extra to help bring down the balance. The taxes ate the extra and then some.