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Old 01-31-2009, 03:47 AM
 
Location: Paris( France)
476 posts, read 2,302,969 times
Reputation: 155

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A interesant question.What about the difference ?

I present you my personal situation:
I earn 41 000 euros ( 52 000 euros gross).The 11 000 euros difference are the insurance care , retirement suscription and insurance employment.If i am unemployed i receive 70% of my gross salary for seven months. . I'm single ( on a fiscal plan).I have an appartment in Paris .It value is 350 000 euros.

My income tax is 6000 euros per year and my property tax is 1500 euros per year.I paid 150 euros per year for my house insurance.

What are you thinking about that ?
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Old 01-31-2009, 05:37 AM
 
Location: western East Roman Empire
6,613 posts, read 10,673,882 times
Reputation: 5762
Quote:
Originally Posted by xxs78 View Post
A interesting question.What about the difference ?

I present you my personal situation:
I earn 41 000 euros ( 52 000 euros gross).The 11 000 euros difference are the insurance care , retirement suscription and insurance employment.If i am unemployed i receive 70% of my gross salary for seven months. . I'm single ( on a fiscal plan).I have an appartment in Paris .It value is 350 000 euros.

My income tax is 6000 euros per year and my property tax is 1500 euros per year.I paid 150 euros per year for my house insurance.

What are you thinking about that ?
Your EUR 11,000 in health insurance, pension contribution and unemployment insurance are roughly equivalent to FICA in the US.

11/52 = about 21%

FICA in the US is roughly 14.5%, but the health insurance kicks in only after the age of 65 and unemployment insurance is separate, and the rate for that varies state to state, but maybe around 1%-1.5%.

Your income tax rate is about 11.5% (6/52), that sounds pretty low and comparable to effective US income tax rates, but if we add that to your social insurance contributions, the total comes to around 32.5%.

In the US, with various deductions, it is possible to lower the total federal tax rate (FICA + income tax) to 20% or even lower. But, in return, for less social insurance, mainly because the health care insurance does not kick in until the age of 65. So, for the US, we have to add in the cost of private health care insurance, which is optional.

Property taxes in the US can vary significantly from state to state, county to county, municipality to municipality. In any case, your property tax rate comes to about 0.43%, which seems very low by most US standards. In Florida, for example, the annual property tax rate is around 2%.

I should add that most US states have their own income tax, ranging from around 3% to as high as 10% for the upper brackets in such states as New York and California. A few states do not have any income tax, notably Florida, Texas, Tennessee, and Oregon.

Home insurance rates also vary greatly in the US depending on any number of circumstances, but, again, your rate seems very, very low.

As for the apartment value, you do not say how many square meters. In any case, I think you must compare Paris to New York and San Francisco, maybe a few other major cities, to have a meaningful comparison.

Overall, however, it seems that you are doing pretty well. Sit tight!

Last edited by bale002; 01-31-2009 at 06:08 AM..
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Old 01-31-2009, 05:52 AM
 
Location: Paris( France)
476 posts, read 2,302,969 times
Reputation: 155
My apartment makes 50 m2 ( 1 bedroom).Home insurance encompass flood, fire, and against the theft.the rate is low,you're right.
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Old 01-31-2009, 05:58 AM
 
Location: Paris( France)
476 posts, read 2,302,969 times
Reputation: 155
In fact, the income tax is high in France,but the property tax and insurance house are less expensive than US.
At last the total is quite similar
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Old 01-31-2009, 06:05 AM
 
Location: western East Roman Empire
6,613 posts, read 10,673,882 times
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So your apartment is approximately 500 sq.ft. That is small by most US standards.
At an exchange rate of 1.30, your apartment is worth around $455,000 or $910 per square foot.

That is super expensive by most US standards, but probably comparable to Manhattan and surrounding areas of NYC, San Francisco may be less. You could do research on realtor.com or other property search sites for real examples.
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Old 01-31-2009, 06:09 AM
 
Location: Paris( France)
476 posts, read 2,302,969 times
Reputation: 155
Quote:
Originally Posted by bale002 View Post
So your apartment is approximately 500 sq.ft. That is small by most US standards.
At an exchange rate of 1.30, your apartment is worth around $455,000 or $910 per square foot.

That is super expensive by most US standards, but probably comparable to Manhattan and surrounding areas of NYC, San Francisco may be less. You could do research on realtor.com or other property search sites for real examples.

It's the problem of Paris...too expensive but it's always a good invest to buy in Paris.A lot of american ,italian people ,arabian of gulf people are buying at Paris
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Old 01-31-2009, 07:58 AM
 
Location: western East Roman Empire
6,613 posts, read 10,673,882 times
Reputation: 5762
Quote:
Originally Posted by xxs78 View Post
It's the problem of Paris...too expensive but it's always a good invest to buy in Paris.A lot of american ,italian people ,arabian of gulf people are buying at Paris
It is the same situation in most major cities, London, New York, Tokyo, Rome, etc.

Even in Miami, which is a B or even C level city on an international scale, foreigners (Latin Americans and Europeans) buy condominiums and houses in some of the best neighborhoods, contributing to keeping prices out of reach for the average worker.
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Old 01-31-2009, 08:59 AM
 
Location: Paris( France)
476 posts, read 2,302,969 times
Reputation: 155
Quote:
Originally Posted by bale002 View Post
It is the same situation in most major cities, London, New York, Tokyo, Rome, etc.

Even in Miami, which is a B or even C level city on an international scale, foreigners (Latin Americans and Europeans) buy condominiums and houses in some of the best neighborhoods, contributing to keeping prices out of reach for the average worker.

I just wanted to buy an appartment at Miami the last year.I looked for one bedroom like my mine for 100 000 dollars.The prices of property tax and insurance house were too expensive.The expenses of some condominium were massive.
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Old 01-31-2009, 09:35 AM
 
Location: western East Roman Empire
6,613 posts, read 10,673,882 times
Reputation: 5762
Quote:
Originally Posted by xxs78 View Post
I just wanted to buy an appartment at Miami the last year.I looked for one bedroom like my mine for 100 000 dollars.The prices of property tax and insurance house were too expensive.The expenses of some condominium were massive.
Prices have come down since last year, property taxes as well (but don't trust them), though condo fees, which usually include insurance, are still high, especially in the tall buildings around Brickell, around $700 a month, but that also includes other amenities.

Still, it is expensive for a part-time resident and is probably not a good idea unless you have enough passive income to cover all expenses.
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Old 01-31-2009, 09:42 AM
 
Location: Paris( France)
476 posts, read 2,302,969 times
Reputation: 155
[quote=bale002;7259311]Prices have come down since last year, property taxes as well (but don't trust them), though condo fees, which usually include insurance, are still high, especially in the tall buildings around Brickell, around $700 a month, but that also includes other amenities.

Still, it is expensive for a part-time resident and is probably not a good idea unless you have enough passive income to cover all expenses.[/quote]

I thought so!
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