2 ms·

Gosh, 1% on $1m, that's almost $10k! I can see that how would discourage homeownership and distort the market. Actually wait, I can't.

• wan23 5mo ago
  You're comparing the wrong numbers. The question is what 1% of the purchase price does to the amount you need for your down payment and fees. On a 10% down payment an extra 1% increases the amount you need by 10%. Remember that while a million dollar home sounds extravagant, it's first time buyers who often have just barely enough who are trying to buy these.
  • rootusrootus 5mo ago
    > On a 10% down payment an extra 1% increases the amount you need by 10% Because you are not allowed to roll that tax into the loan?
    • saulpw 5mo ago
      That seems to be the case, though there are other tricks (like raising the sale price and getting the seller to pay the tax).
• zeroonetwothree 5mo ago
  “almost”?