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Old 11-11-2018, 03:47 AM
 
66,243 posts, read 67,472,850 times
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Quote:
Originally Posted by Hemlock140 View Post
Probably not a valid question, because the median duration of home ownership is only 13 years. You have to, in most cases, stay 30 years to pay off a 30 year mortgage. We have been here 25, and plan to retire and sell in 4-5. So far this year two neighbors that bought new 30+ years ago retired, sold their paid off homes and downsized, another coming up next spring. Even so, those were their second or third house, this is our third.
People still start off small, with a small, older house or condo, then get a larger house when they have kids, and maybe bigger yet later when they reach peak income, then downsize, and most (70%) never pay off their home except when selling and then they get another.
Only 44% of those homeowners over 62 have mortgages so most by retirement donít have a mortgages one way or another
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Old 11-11-2018, 07:28 AM
 
3,245 posts, read 1,312,842 times
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Quote:
Originally Posted by Hemlock140 View Post
Probably not a valid question, because the median duration of home ownership is only 13 years. You have to, in most cases, stay 30 years to pay off a 30 year mortgage. We have been here 25, and plan to retire and sell in 4-5. So far this year two neighbors that bought new 30+ years ago retired, sold their paid off homes and downsized, another coming up next spring. Even so, those were their second or third house, this is our third.
People still start off small, with a small, older house or condo, then get a larger house when they have kids, and maybe bigger yet later when they reach peak income, then downsize, and most (70%) never pay off their home except when selling and then they get another.
Why do you have to stay in a home 30 years to pay off a 30-year mortgage? Most mortgages donít penalize you for prepaying. I ended up moving from my last place to get a new job, but I was prepaying quite a bit to the mortgage every month, so if I had stayed longer, I would have paid it off early. My parents moved into a townhouse in their 50s before they retired and paid it off several years before retirement, even though it was in a more desirable area and not really a downsize.
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Old 11-11-2018, 08:46 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
28,709 posts, read 51,521,893 times
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Quote:
Originally Posted by BumbleBeeHunter View Post
It reads paid off home.
If you have a home without a mortgage, then all you are paying is taxes and homeowners insurance. About 1/4th of the cost of a mortgage or owning.
I wish it was only 1/4!, maybe in CA with Prop 13. Our mortgage payment is $1,400, taxes and insurance another $900/month. A friend with a condo in Seattle pays a mortgage of $800, taxes and insurance $950, HOA fee $1,100, and now the city wants to add a charge for a local improvement district.
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Old 11-12-2018, 03:54 AM
 
66,243 posts, read 67,472,850 times
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Quote:
Originally Posted by BumbleBeeHunter View Post
It reads paid off home.
If you have a home without a mortgage, then all you are paying is taxes and homeowners insurance. About 1/4th of the cost of a mortgage or owning.
You mean like the homes we bought as yong families starting out in the 1970’s that cost 35k ? that mortgage is long paid off and taxes in the tristate area are 10 to 15k a year today on that house . That retired mortgage won’t even cover the utility bill today.

The problem is that mortgage which is a big number to us in the early years becomes smaller and smaller of an amount and less meaningful as time goes on . That is because all the other associated expenses get larger and larger over time for many people. Eventually that mortgage that was paid can be such a tiny part of carrying costs the most can not afford to stay in the house in retirement despite a paid off mortgage which decades later represents just a piece of a utility bill.
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Old 11-16-2018, 01:05 PM
 
8,545 posts, read 7,544,652 times
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When I read about the taxes that you pay in some area on your homes, it is a real eye opener.

Our home is just under half a million dollars (3,700 sq. ft. 4 level (not 4 story) luxury home on 5 acres with barn plus 2 stables, and I paid the taxes last Monday. Annual taxes $1,625, could have paid half, but at that price paid for the year. In many parts of the country, the home would be multiple millions in price. I know the value, as I spent from 1972 until I finally retired as an investment real estate broker. I took appraisal classes, but never got license to be an appraiser as I did not want to do that part of real estate. But I did want to know how, to be able to do an appraisal on property I was involved with buying, and selling.

A good reason to live where we do.
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Old 11-16-2018, 02:47 PM
 
Location: Atlanta, GA (Sandy Springs)
3,963 posts, read 2,442,431 times
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Quote:
Originally Posted by oldtrader View Post
When I read about the taxes that you pay in some area on your homes, it is a real eye opener.

Our home is just under half a million dollars (3,700 sq. ft. 4 level (not 4 story) luxury home on 5 acres with barn plus 2 stables, and I paid the taxes last Monday. Annual taxes $1,625, could have paid half, but at that price paid for the year. In many parts of the country, the home would be multiple millions in price. I know the value, as I spent from 1972 until I finally retired as an investment real estate broker. I took appraisal classes, but never got license to be an appraiser as I did not want to do that part of real estate. But I did want to know how, to be able to do an appraisal on property I was involved with buying, and selling.

A good reason to live where we do.
The reason houses out in the sticks are so cheap is because so few people want to live there.
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Old 11-16-2018, 05:00 PM
 
Location: Raleigh NC
8,055 posts, read 6,352,829 times
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Quote:
Originally Posted by lieqiang View Post
Here's some math for you:

1. Median household income is 62k
2. Poverty rate is 12.3%


Melodramatic nonsense.
them are like, real facts and stuff. hopefully the OP sees them. Unless part of the claim is the US Gov't is providing fraudulent info
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Old 11-16-2018, 06:19 PM
 
Location: Thailand
5,100 posts, read 2,426,818 times
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Quote:
Originally Posted by BoBromhal View Post
them are like, real facts and stuff. hopefully the OP sees them. Unless part of the claim is the US Gov't is providing fraudulent info
You'd be surprised at how many folks in here, when the facts don't align with their worldview, latch onto the argument that they are "cooking the books" to hide the truth. These would be government organizations staffed by tens of thousands of people who's careers have spanned multiple administrations, who's communications and methodologies are subject to public scrutiny, yet can somehow keep this massive secret decade after decade.
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Old 11-17-2018, 10:47 AM
 
Location: Tx
327 posts, read 273,876 times
Reputation: 305
Quote:
Originally Posted by rodentraiser View Post
I was given $200 a month for state disability. Yes, I had the full amount of food stamps. I had Medicaid. I had subsidized housing. I didn't make enough to file taxes and I didn't have to pay any utility bills (except for phone and computer). But $40,000 a year? Dream on.

If life were this good, don't you think everyone would be living like this? But in case anyone is thinking of living like I did, this is just to let you know the "freebie" lifestyle isn't for the thin-skinned. People judge and shame you constantly for what you buy, how you live, what you spend, what you do, where you go, and why you're not working. People even judge you for smiling, as if you should wear a hair shirt all the time just because you're on social services. And people especially judge you for "allowing" yourself to be in this predicament.

That wonderful subsidized place you live in is not one a lot of people would choose for themselves in terms of safety, both in the building or outside of it. You put up with constant visits from the housing authorities, the managers, county inspectors. You constantly fight bedbugs and in my case, I have to share a bathroom with a woman who routinely gets crap (yes, the #2 kind) all over the toilet, in the tub, and on the walls, and there's nothing anyone can do about it.

Even with Medicaid, your eye exams and dentist visits aren't covered. And you wouldn't believe the constant paperwork you have to go through - the local housing authority to keep your housing and social services to keep your food stamps just to name two of them.

I understand what you're saying, Mathjak, but what you don't hear about is what the cost of all these benefits does to your resilience, your dignity, or your self-esteem. So let's make sure to figure that in as something you lose when you're on social services, if anyone can put a price on those things.
You are correct you shouldn't be judged . The ones who are fruadulet are causing the ones who are in need to be judged . Still judgement is wrong. Just like the person rushing to get thru in traffic ,maybe driving down the safety lane to get through. The one car pulls out to block the lane. That person is being judged .Who knows what is happening in the moment in the persons life. Could they be in a true emergency and needs to get out of the traffic. Judging causes issues . One who complains about judgement is a judger them self's
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Old 11-17-2018, 10:57 AM
 
Location: Tx
327 posts, read 273,876 times
Reputation: 305
Quote:
Originally Posted by BeerGeek40 View Post
Pretty much dead on accurate..... I'm not blaming Trump or even Obama for where we are at. The problems started much earlier than that and yes we have mortgaged the future for the today. We are left with a haves and have-nots economy. Plenty of people doing well, a lot of worker/slave to the system lower middle class. A lot of welfare collectors, and a lot of social security collectors as well. Far few middle class people than before.
Great post. Not the past few presidents fault . Like you said this has been pushed down the road for a long long time. No political party will fix this issue . One side will always block. If all is good then the party stays in power .If they make one party look bad then they have a chance to win the next election. Morgage , Utilitys, Land lords , CC companys ETC don't care we still have to pay on time. Only common sense and a true willingness to fix this issue will be able to do it.
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