3 ms·

If it is an older couple and they sold, presumably at a steep profit, why couldn't they use that for rent?

• gumby 8y ago
  FWIW this is Palo Alto. Their property taxes (you can look them all up online) are about $1500/year. Mine are about $2K/month. The young couple across the street pay about $5K/month in property taxes alone. Indeed they could sell at a large profit but probably their house is worth 2.5-3M; any small house would cost a lot too -- there isn't much choice so house prices are compressed. There's very little rental property -- my real estate friend thinks my house would rent out for at least $25K/month. It's a large house, but there was an apartment in the paper the other day that rents for significantly more! They could move out of Palo Alto of course, but who wants to do that when you've lived here 40+ years? And the retirement place ("V") next to Stanford (neighbor is a retired Stanford prof) has a minimum buy in of something like $3M.
  • Fjolsvith 8y ago
    They could retire in Kansas - Taxes on my home are $525 a year. I live in a 3br house with a detached 2 car garage.
    • gumby 8y ago
      Perhaps -- some people do move away when they retire. But moving away from your (surviving) friends and the environment you've become used to (weather, shops, etc) isn't generally attractive to people late in their life.