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Old 06-16-2017, 06:11 PM
 
Location: northwest valley, az
3,424 posts, read 2,882,138 times
Reputation: 4919

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Quote:
Originally Posted by flamadiddle View Post
Yep, good old supply and demand.

Funny about the snow thing because that was another reason we ruled out Nashville, but opposite of your reasoning. We love the snow and wanted to move to a city with significant snowfall, which goes to show that what works for one, does not necessarily work for another.
you're probably younger than us, and less prone to falling on t he ice and breaking something..
my wife is very unsteady on snow and ice, so that had alot to do with it..

i'm a former football player, so i know how to fall, but older bones break easy..
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Old 06-16-2017, 06:26 PM
 
Location: Nashville, TN
1,951 posts, read 1,625,554 times
Reputation: 1577
Quote:
Originally Posted by 4122 View Post
Franklin is much closer to Nashville than Saint Charles is to Chicago Which is probably a big reason why you could find more in St. Charles.
Exactly. It's location, location, location. You could probably find towns an hour and a half from Nashville for $80/sqft or less on twice the land. Gotta compare apples to apples.

How much would that property on 1 acre of land cost someone in Wilmette or Glenview? If we're being accurate in our comparisons, let's pick affluent cities close to major employment hubs.
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Old 06-16-2017, 06:54 PM
 
Location: Sweet Home Chicago!
6,703 posts, read 6,395,309 times
Reputation: 9877
Quote:
Originally Posted by wase4711 View Post
you're probably younger than us, and less prone to falling on t he ice and breaking something..
my wife is very unsteady on snow and ice, so that had alot to do with it..

i'm a former football player, so i know how to fall, but older bones break easy..
Totally understand that, I've ended up unexpectedly looking at the sky many times during the Winter! Thankfully, I've only hurt my pride (so far)

Quote:
Originally Posted by numberfive View Post
Exactly. It's location, location, location. You could probably find towns an hour and a half from Nashville for $80/sqft or less on twice the land. Gotta compare apples to apples.

How much would that property on 1 acre of land cost someone in Wilmette or Glenview? If we're being accurate in our comparisons, let's pick affluent cities close to major employment hubs.
Well, if we're comparing apples to apples then we begin with a conundrum since Nashville and Chicago are not comparable cities/metros. I found homes in the same per sq. ft price range in Naperville with 1/2 to 3/4 acre lots, which is a 30 minute train ride downtown. We just liked the extra land we got out here for the same price and since I do not need to commute downtown, it was a no brainer. In the end, whatever makes you happy is what matters. If you guys like Nashville and are happy with the deal you got, it's all cool.

Last edited by flamadiddle; 06-16-2017 at 07:07 PM..
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Old 06-24-2017, 02:28 PM
 
Location: West Seattle
6,324 posts, read 4,857,703 times
Reputation: 8358
I'm planning to stay here for the foreseeable future, but if I were to move, it'd be to one of the coasts. Probably a less flashy but more affordable city like Philly, Baltimore, or Oakland.
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Old 06-27-2017, 06:28 PM
 
Location: All Over
4,003 posts, read 6,057,854 times
Reputation: 3162
Quote:
Originally Posted by numberfive View Post
Yes, very much so. The insidious part about the taxes here is not that we can afford it, but what it costs us. It hits homeowners disproportionately more than renters. And many renters will eventually be homeowners, so if you're laying down roots somewhere, financially you'll be worse off in the Chicagoland area vs many other picks.

The politicians here are like used car salesmen: "what would you like your house payment to be?" The total bill at the end could be wildly different.

I just pulled up a quick amortization schedule and plugged in some numbers. This is napkin math, so close but not exact numbers. Let's say a homeowner here in the Chicagoland area has a $350k mortgage and property taxes of ~$11k. Their PITI payment is going to be approximately $2700/mo. Now if we want to match that payment in a lower cost area like Nashville, you'd have to up the mortgage amount to $490k. That's right: property taxes alone are stripping $140,000 of buying power from this family. It's like lighting $140,000 on fire, since you'll never see it anyway.

Then factor in home appreciation: since you can buy more home in the lower cost of living area, and assuming standard growth for both areas, that becomes a $330,000 difference.

How much extra time being a wage slave would it take you to earn $330,000 extra? Years, I'd guess. It is for us. Living in Illinois would cost us hundreds of thousands of dollars and years of extra time working, from housing costs alone. And this is just scratching the surface, we're not talking about the state income tax or other cost of living differences.
I never get when people say it affects homeowners more than renters. If I'm a landlord, which I am actually, my monthly nut including property taxes, insurance, etc is $700. I rent my place for $1400. My tenants are paying my property taxes plus a heck of a lot more. I get maybe apartmetns may be cheaper but for someone renting a SFH a landlord is going to make sure their property taxes are being paid and they are still turning a profit so I think it affects homeowners and renters who rent anything besides an apartment most likely.
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Old 06-27-2017, 10:19 PM
 
Location: Nashville, TN
1,951 posts, read 1,625,554 times
Reputation: 1577
Quote:
Originally Posted by doodlemagic View Post
I never get when people say it affects homeowners more than renters. If I'm a landlord, which I am actually, my monthly nut including property taxes, insurance, etc is $700. I rent my place for $1400. My tenants are paying my property taxes plus a heck of a lot more. I get maybe apartmetns may be cheaper but for someone renting a SFH a landlord is going to make sure their property taxes are being paid and they are still turning a profit so I think it affects homeowners and renters who rent anything besides an apartment most likely.
I was talking about homeowners, not landlords.

Homeowners are "locked in" to the ever-rising property taxes, and they're paying the bill. Landlords have someone else paying their bill, it's a business transaction to them like customers at a restaurant helping pay the restaurant's bills.

Renters can just break lease and leave, no significant hit to their net worth.

So yep, homeowners get the worst of it regarding property taxes. Renters and landlords have it better.
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Old 06-28-2017, 11:44 AM
 
Location: All Over
4,003 posts, read 6,057,854 times
Reputation: 3162
Quote:
Originally Posted by numberfive View Post
I was talking about homeowners, not landlords.

Homeowners are "locked in" to the ever-rising property taxes, and they're paying the bill. Landlords have someone else paying their bill, it's a business transaction to them like customers at a restaurant helping pay the restaurant's bills.

Renters can just break lease and leave, no significant hit to their net worth.

So yep, homeowners get the worst of it regarding property taxes. Renters and landlords have it better.
Renters are able to flea easier however if were talking renters vs landlords living in the state a landlord is going to make sure the tenant covers all their expenses, including property taxes, plus a bit more to turn a profit or bank some money for emergencies so its not as if tenants are getting to skip out on property taxes. They are paying the landlords taxes until/unless they leave the state.
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Old 06-28-2017, 01:03 PM
 
Location: Nashville, TN
1,951 posts, read 1,625,554 times
Reputation: 1577
Quote:
Originally Posted by doodlemagic View Post
Renters are able to flea easier however if were talking renters vs landlords living in the state a landlord is going to make sure the tenant covers all their expenses, including property taxes, plus a bit more to turn a profit or bank some money for emergencies so its not as if tenants are getting to skip out on property taxes. They are paying the landlords taxes until/unless they leave the state.
We weren't talking about renters vs landlords. I don't think anyone here was saying landlords have it just as rough as homeowners, because they don't. Being a landlord is running a business; different rules apply.

The only similarity is about who gets hit harder, so it's the same "who keeps more of the pie" question. Let's say as a landlord, who is better off? Assume cost of living is identical:

Landlord A
PITI payment - $2500
Rental income - $3000
Taxes as a portion of PITI - 33%

Landlord B
PITI payment - $2500
Rental income - $3000
Taxes as a portion of PITI - 10%

Notice both Landlord A and B have the same monthly surplus of $500. Does that mean they're on equal footing financially? No way -- it's much harder for Landlord A to build wealth vs Landlord B. Taxes hit that business harder too, just like homeowners. That's why you can't look at just the income part, you have to look at the whole pie.
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Old 06-29-2017, 10:45 AM
 
Location: broke leftist craphole Illizuela
10,326 posts, read 17,335,336 times
Reputation: 20321
Property taxes are diluted by renting an apartment especially with a room mate. 20 or so renters in an apartment complex generate less property tax per capita than 20 single family home owners. It is even better with a room mate. As others have said you are locked in when you own a home. They can keep taxing you more and more and you have to find some other sucker to buy your home in order to flee the state and the high property taxes will reduce that value of the home when you sell as people look at property taxes when they buy.
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Old 06-30-2017, 09:59 AM
 
Location: Chicago
6,160 posts, read 5,643,350 times
Reputation: 6193
I moved to Chicago earlier this year. I love everything the city has to offer, but I despise the politics and financial status of the city/state. At this point I do not feel comfortable buying a home here as property taxes keep rising, yet the financial status gets worse. And for my budget of less than $250K, I doubt I'd be able to get a decent place anyways.

I'll likely live here for 3-5 years, enjoy the heck out of the city, then move back to Kansas City or St Louis, or possibly even Minneapolis when it comes time to buy a home. Might even move sooner if the right job opportunity opens up.
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