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I bought in 2010, when interest rates were low, and my payments are almost comically low by 2024 standards. BUT - the taxes are going up so fast, they've almos
by commandlinefan 3y ago
I bought in 2010, when interest rates were low, and my payments are almost comically low by 2024 standards. BUT - the taxes are going up so fast, they've almost caught up with the actual mortgage payment (I pay as much in tax & insurance as I do for the house payment itself), and there's no end in sight.
- taftster 3y agoRight, this is such an underappreciated problem. Buying a home doesn't "lock in" your monthly costs. It locks in the mortgage, sure. But it's very easy for your insurance and property tax rates to surpass any growing income. This is particularly bad for fixed-income folks, living in retirement. Congratulations, you've saved and scrimped to get your house paid off by retirement age, but rising property taxes are outstripping your social security income.
- commandlinefan 3y agoWell, at least where I live, property taxes are capped once you hit 65, as long as you stay in one place. I'm a LONG way from 65, though (fortunately).
- taftster 3y agoOh, that's interesting. I didn't know that was even a thing. I need to look into that for retirement (some day way in the future)!