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For those that wish to own a home, make sure to consider property taxes. Texas has no income tax but very high property taxes at ~3% per year of home value. S
by WhitneyLand 12y ago
For those that wish to own a home, make sure to consider property taxes.
Texas has no income tax but very high property taxes at ~3% per year of home value. So a 350k house will add ~$900/month on top of a mortgage.
SV has a much lower rate but you'll probably pay more than Texas in absolute terms because 350k houses do not exist there.
Colorado is a nice balance. Home prices in between SV and Texas, but one of the lowest property tax rates in the country.
- tomkinstinch 12y agoHomeowner's insurance is also to be considered as a non-negligible fraction of the monthly cost of a house. When I bought a house in 2008 in upstate NY, I was moderately surprised to see that with taxes and insurance my monthly payment more than doubled from the amount I was to pay from mortgage alone (granted this was at a time with a historically low interest rate).
- steveax 12y agoHomeowner's insurance, or mortgage insurance? The former is cheap, the latter, not so much.