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not sure what you’re saying is reasonable. a $1M house with a $800k mortgage would mean something like $8k monthly housing cost with property taxes and insuran
by tempsy 3y ago
not sure what you’re saying is reasonable.
a $1M house with a $800k mortgage would mean something like $8k monthly housing cost with property taxes and insurance included.
If you made $200k gross and contributed to a retirement account you’d net $10k a month or so. Spending 80% of that on your mortgage and property taxes is definitely not sustainable.
- Forgeties79 3y agoYour property taxes and insurance are over $30k a year? We are also talking about a single salary. We’re not even talking about a dual income household, which is generally the kind of family that would be buying a million dollar home in my experience.
- tempsy 3y agoDepends on which state. Texas, Illinois, NJ have 2%+ property taxes so yes that would be $20k a year plus insurance and any HOA. Dual income is an entirely separate discussion from the financial impact of surging interest rates.
- deleted 3y ago[deleted]
- Forgeties79 3y agoTexas and Illinois are both 1.6%, didn’t bother checking New Jersey. The average insurance rate is $1700/yr in Illinois based on a cursory google search. I live in a state that is 2% and is going through a coverage crisis, and it would cost me ~$10-12k for coverage on a 1mill home if I adjusted the value of my home and current insurance, which I had to acquire during this crisis. Edit: it won’t let me reply. I’m literally making the same argument you are but I found different numbers. I did not say the state set it.
- tempsy 3y agoNot sure what this argument is for but there’s no such thing as a state property tax rate. Every county has their own rate. I was thinking of Chicago or Cook County which is 2.19% https://smartasset.com/taxes/cook-county-illinois-property-tax-calculator https://smartasset.com/taxes/cook-county-illinois-property-t... In Austin aka Travis County it is 1.95% https://smartasset.com/taxes/texas-property-tax-calculator https://smartasset.com/taxes/texas-property-tax-calculator There are differences depending on the county and school district
- Forgeties79 3y agoYou are the one who introduced rates by state, which I assume you are averaging/approximating, yet when I respond with the same variable you’re surprised and lecturing? I am following your lead man. This is very perplexing and frankly I just think this is veering into the unproductive. Have a good one man.
- caminante 3y agoI had a similar, surreal exchange with the same user on a different topic, yesterday. Back to re-weighting "check users comment history" when deciding to keep commenting.
- Forgeties79 3y ago1) we talked about something completely different. 2) please don’t be that guy. This is such obnoxious online behavior.
- caminante 3y agoTo #1, yes. My point remains.
- Forgeties79 3y agoDude just piss off please. This site needs a block feature.