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It's worth noting that a lot of people continue to borrow on their homes or take out equity. I bought a home outside NYC in the fall, and the owners got very l
by Cd00d 5y ago
It's worth noting that a lot of people continue to borrow on their homes or take out equity.
I bought a home outside NYC in the fall, and the owners got very little cash out of the deal, in spite of having been here for 35 years.
Which means, that many of those that look like millionaires now may be struggling to keep up with property taxes and can't afford to relocate near comparable.
- bradlys 5y agoProperty taxes basically don’t exceed 3% of home value. So, unless they’ve been behind for 30+ years... they’re going to come out ahead.
- Cd00d 5y agoSorry, to clarify: where I live, let's say that 3% is roughly $2k per month. And, if you've continued to borrow against your home you'll still have mortgage payments. That can be unsustainable housing expenses in retirement for many people.