Comment on Owing your home today is nearly impossible, but even if you did the ever increasing property taxes will bury you

WarlockoftheWoods@lemy.lol ⁨1⁩ ⁨month⁩ ago

• Bacano@lemmy.world ⁨1⁩ ⁨month⁩ ago

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  • WarlockoftheWoods@lemy.lol ⁨1⁩ ⁨month⁩ ago

    Probably harder to build than just fixing an existing house, but do you…

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• PM_Your_Nudes_Please@lemmy.world ⁨1⁩ ⁨month⁩ ago

  The average household income where I live is ~$80k. Excluding the top 5%, it drops to ~$50k. That’s (on average) two full-time workers per household, each making ~$12/hour. Their annual (pre-tax) income would be about $480 per week, or ~$2080 per month each. After taxes, that would be closer to $1450. So likely around $3000 for the household’s monthly budget.

  The cheapest homes near me start at $300k. A 30 year mortgage with a 6.5% interest rate and 10% down payment would be almost $2100 per month. That’s assuming they’re able to save the 10% in the first place, and get approved for the loan. It also leaves them with only ~$900 for the entire monthly budget. That’s food, utilities, car payment(s), insurance, childcare, etc…

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  • WarlockoftheWoods@lemy.lol ⁨1⁩ ⁨month⁩ ago

    Yeah I mean I guess I’m biased, pgh housing market hasn’t really be affected and there aren’t massive new housing plans like there are in the west. Here you can buy a house with good bones that needs cosmetic remodeling for 60,000

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• Fredselfish@lemmy.world ⁨1⁩ ⁨month⁩ ago

  Why doesn’t he homestead his home. I know Texas you can and it reduces your taxes. Used to be almost 0 but think that part changed.

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