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Well, asking and getting are two different things, as my grandmother always said.
Location, location, location folks. You could buy a comparable home just about anywhere in the US, ranging in price from probably $140,000 to, well, the sky's the limit.
People DO purchase what they can afford. I know, I know, your unicorn farm on bubblegum lane that is the PERFECT scenario for you from 20 years ago that would have made your life worth living is completely different.
I don't demand exclusivity. I don't want to exclude anyone. If they CAN AFFORD to live in my neighborhood, I welcome them. I don't welcome someone that expects to turn my neighborhood into a slum because they CAN'T AFFORD to live there, but still WANT to.
I'm not saying the poor don't work hard. But OBVIOUSLY they don't work as hard and/or smart as I do, or they would have what I have. It's not luck. It's not being born rich. It's hard work AND economic smarts.
Here's what I do have:
1. A good paying job.
2. Stellar credit.
3. A home.
4. A new car.
5. Discipline with regards to paying bills, working at a job, and maintaining great credit.
Here's what I don't have:
1. Excuses why I don't have these things.
2. Unrealistic expectations for what I can afford based on my economic situation.
3. An expectation that I am entitled to have what I cannot afford, yet want anyway.
4. A college degree.
5. Boy parts, which many people think makes earning a living more difficult (although I do not).
6. Unpaid college loans.
What's your neighborhood minimum lot size requirement? That is sufficient exclusivity to exclude at least the bottom fourth of Americans.
As for "discipline with regards to paying bills" I'm confident I spend far far far less than do you.
Pretty much anyone SHOULD have stellar credit with a good paying job.
If you calculate the required down payment on a home, and it takes you 20 years, forget it because the down payment has necessarily skyrocketed and it is still out of reach.
Quote:
Originally Posted by ncole1
Invest it in the stock market.
She beat me to it. Clearly you need someone to teach you how to "save". It doesn't mean just put money in a savings account in a bank. There's ways to make your money work FOR you.
It only feels unfair when you're 18. When you're 65 and have paid taxes for 50 years it doesn't feel nearly as unfair.
By the way, I believe the homestead tax exemption you're talking about in Florida is dependent on an income of under $28,500 a year for people over age 65. And it's just applied to a portion of the value of the home.
Without this, the tax amount is based upon current assessed value minus the Homestead amount of 25,000 or 50,000 depending on the house.
This 3% is the part I felt was unfair for new home buyers. Of course, when you are established in your house, eventually, you will be the one with the cheaper tax amount compared to new home buyers, but I still feel that everyone's tax bill should be calculated the same.
It only feels unfair when you're 18. When you're 65 and have paid taxes for 50 years it doesn't feel nearly as unfair.
By the way, I believe the homestead tax exemption you're talking about in Florida is dependent on an income of under $28,500 a year for people over age 65. And it's just applied to a portion of the value of the home.
When you're 65 and have rented your entire life and the property taxes have necessarily skyrocketed (taking the rent with it) and all the rent money you blew represents forgone nest egg (taking retirement off the table), it perhaps feels even more unfair.
She beat me to it. Clearly you need someone to teach you how to "save". It doesn't mean just put money in a savings account in a bank. There's ways to make your money work FOR you.
I know how to save. At two points in my life, I had $4,000 banked. (The first time was when I graduated high school; in today's dollars that would be over $20K.)
Without this, the tax amount is based upon current assessed value minus the Homestead amount of 25,000 or 50,000 depending on the house.
This 3% is the part I felt was unfair for new home buyers. Of course, when you are established in your house, eventually, you will be the one with the cheaper tax amount compared to new home buyers, but I still feel that everyone's tax bill should be calculated the same.
It's also unfair to renters because they are literally at the mercy of landlords who are the deciders of whether to hold or to sell. Renters who choose to stay put don't get the 3% break if their landlord sells the property.
Best I can do is 592 square feet on a 2500 square foot lot in the heart of the SF Bay Area in Oakland CA... it was my first purchase and I still have it today.
That boggles the mind. How does one build on that lot while meeting setback requirements?
Or do you have a nonconforming use that ultimately will be consolidated into an adjacent lot?
It's also unfair to renters because they are literally at the mercy of landlords who are the deciders of whether to hold or to sell. Renters who choose to stay put don't get the 3% break if their landlord sells the property.
The homestead act only comes into play for homeowners and their primary residence. In other words, it has to be my primary residence and I have to be living in the home. If I rent the house out, I cannot claim the homestead exemption. This means as the actual homeowner, I am paying taxes on the full assessed value.
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