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Right, 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
by taftster 3y ago
Right, 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)!