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Our family of four is relocating to Louisville from a suburb north of Atlanta in December or January. Our children are in elementary school and are both excellent students. I have done enough research to realize JCPS is a mess right now, however, my husband is tired of a long commute. His current commute is about 45 minutes one way. We are considering a home for rent in the Highview area of Louisville. Can anyone tell me about this particular area?
Our family of four is relocating to Louisville from a suburb north of Atlanta in December or January. Our children are in elementary school and are both excellent students. I have done enough research to realize JCPS is a mess right now, however, my husband is tired of a long commute. His current commute is about 45 minutes one way. We are considering a home for rent in the Highview area of Louisville. Can anyone tell me about this particular area?
Oh, crap... of all the area's... Jefferson County uses a "home school" system which supposedly gives some priority to where you live giving realitivity to where your child will attend school. Highview will land in the Fern Creek/Moore High School districts. From the elementary point of view you may be ok, but you will need to contact JCPS with your proposed address to find out what your "home school" is, then you'll need to decide on the particular school.
There is nothing in particular right or wrong with Highview. It's a pretty solid area, but with pockets of not so good.
What part of town will your husband work? No need to be too specific, but will he be at the Riverport, Airport, Downtown, Northeast, etc.
In my personal opinion, if you have children of elementary age, you have two good options only. One is to live anywhere in Oldham County, two is to live outside of I-265 in Floyd or Clark County Indiana. Both of these options put the commute to downtown Louisville in 30 minutes or less. (in most cases, including the walk to and from the car)
In my personal opinion, if you have children of elementary age, you have two good options only. One is to live anywhere in Oldham County, two is to live outside of I-265 in Floyd or Clark County Indiana. Both of these options put the commute to downtown Louisville in 30 minutes or less. (in most cases, including the walk to and from the car)
Well in my opinion, JCPS is a perfect option for a family tired of commutes, whose breadwinner will work downtown.
That said how did you choose Highview? If you will rent, you really need to tour more areas. The upper Highlands, Crescent Hill, and St Matthews has some great family sized homes for rent in great areas...do not get stuck thinking you must rent in a "complex." This will put you in a much nicer, more educated area and will reduce your husband's commute to less than 15 mins.
PM me if you would like to find out about more rental options.
Well in my opinion, JCPS is a perfect option for a family tired of commutes, whose breadwinner will work downtown.
That said how did you choose Highview? If you will rent, you really need to tour more areas. The upper Highlands, Crescent Hill, and St Matthews has some great family sized homes for rent in great areas...do not get stuck thinking you must rent in a "complex." This will put you in a much nicer, more educated area and will reduce your husband's commute to less than 15 mins.
PM me if you would like to find out about more rental options.
Stx, first of all, never advise anyone to spend more on rent than is absolutely required. 100% of all money spent on rent is thrown away. By living in a minimal tenant situation, if necessary, people can buy a Highlands home quicker than by paying high rent just to live in such a great neighborhood. By buying even a small home, interest is tax deductible and principle builds equity, and before you think I am speaking with self-interest, property management (working between property owners and tenants) is a way many Realtors make nice incomes.
Secondly, until JCPS gets its act together, incoming parents have little power over placing their children in a school of their choice. While there might be some good luck, odds are definitely against new residents obtaining the quality of education available in JCPS to a select number.
There are many wonderful teachers in JCPS, but even the best of the best are challenged with all the non-teaching administration and record keeping, not to mention the horrible discipline issues in many of the schools.
To the OP, Jefferson County Public Schools are in the midst of a court battle regarding of all things "school assignment." Unless your child is in a select Magnet or Traditional School, you will likely be disappointed by the school your child is assigned to.
Stx, first of all, never advise anyone to spend more on rent than is absolutely required. 100% of all money spent on rent is thrown away.
Oh really? I don't consider money paid to put a roof over my head thrown away, and I don't expect to get shelter for nothing. By renting, I avoid paying property taxes, homeowner's insurance, bank interest, and maintenance costs. Not to mention the convenience factor of having all maintenance and upkeep be someone else's responsibility.
Let's consider. Say I rent my 900-sqft. apartment in Crescent Hill for 30 years. At the end of that thirty years I'll have spent $180K with "nothing to show for it" except 30 years of largely hassle-free shelter.
Let's say you luck out and find a 900-sqft. house to buy in Crescent Hill for $120K. You borrow $100K at 5%, 30 year mortgage. At the end of it you'll have invested around:
- $120K in principal
- $93K in interest
- $36K in taxes (1%)
- $5K in insurance (at $25 per month per $100K of value)
- $36K in maintenance costs
- $156K in time spent on maintenance, assuming you make the median income in Louisville so that your time is worth approximately $20 per hour, averaging 5 hours of maintenance per week.
Total: $446,000, and you're left with a paid-off house worth...who knows? Not nearly that much. Maybe as much as you paid for it, maybe more, maybe less. I could rent for 30 years, spend the extra 5 hours a week working and invest the earnings, and come out way ahead. Heck, I could take the difference between my rent payment and your mortgage payment, invest it, and probably still come out ahead if I sit on my butt for those 5 hours.
Note: I REALIZE this does not take inflation into account, but my guess is that while the numbers go up when you factor it in, the proportions stay largely the same.
Am I missing something? Sure, you can say that rent money is "thrown away," but so is money spent on interest, taxes, insurance, and maintenance, and the opportunity-cost money of the time spent on upkeep.
Oh really? I don't consider money paid to put a roof over my head thrown away, and I don't expect to get shelter for nothing. By renting, I avoid paying property taxes, homeowner's insurance, bank interest, and maintenance costs. Not to mention the convenience factor of having all maintenance and upkeep be someone else's responsibility.
Let's consider. Say I rent my 900-sqft. apartment in Crescent Hill for 30 years. At the end of that thirty years I'll have spent $180K with "nothing to show for it" except 30 years of largely hassle-free shelter.
Let's say you luck out and find a 900-sqft. house to buy in Crescent Hill for $120K. You borrow $100K at 5%, 30 year mortgage. At the end of it you'll have invested around:
- $120K in principal
- $93K in interest
- $36K in taxes (1%)
- $5K in insurance (at $25 per month per $100K of value)
- $36K in maintenance costs
- $156K in time spent on maintenance, assuming you make the median income in Louisville so that your time is worth approximately $20 per hour, averaging 5 hours of maintenance per week.
Total: $446,000, and you're left with a paid-off house worth...who knows? Not nearly that much. Maybe as much as you paid for it, maybe more, maybe less. I could rent for 30 years, spend the extra 5 hours a week working and invest the earnings, and come out way ahead. Heck, I could take the difference between my rent payment and your mortgage payment, invest it, and probably still come out ahead if I sit on my butt for those 5 hours.
Note: I REALIZE this does not take inflation into account, but my guess is that while the numbers go up when you factor it in, the proportions stay largely the same.
Am I missing something? Sure, you can say that rent money is "thrown away," but so is money spent on interest, taxes, insurance, and maintenance, and the opportunity-cost money of the time spent on upkeep.
this is an excellent post! i agree 100% with everything you said here. one other thing to consider with home ownership is that in the past, you could buy a home with a 30 yr. mortgage, and if your situation changed, you simply sold your property and moved on. not so true anymore. i have been stuck in okolona trying to sell my house and move on, and it just isn't happening. I will never commit to anything more than a year lease for the rest of my life. home ownership is wayyy over-rated imo, and i hope to be "throwing" my money away very soon. btw, i'll be playing golf or hiking on my days off instead of painting, yardwork and maintenance!
Location: Huntersville/Charlotte, NC and Washington, DC
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Quote:
Originally Posted by kytoaz
this is an excellent post! i agree 100% with everything you said here. one other thing to consider with home ownership is that in the past, you could buy a home with a 30 yr. mortgage, and if your situation changed, you simply sold your property and moved on. not so true anymore. i have been stuck in okolona trying to sell my house and move on, and it just isn't happening. I will never commit to anything more than a year lease for the rest of my life. home ownership is wayyy over-rated imo, and i hope to be "throwing" my money away very soon. btw, i'll be playing golf or hiking on my days off instead of painting, yardwork and maintenance!
Agreed. My mom's neighborhood near Ft. Knox has about 10 dormant for sale signs on her street alone. It is going to be tough to get rid of her house when she goes back to VA eventually. Even worst time selling when those homes are owned by military folks who can get orders anywhere at any time.
Oh really? I don't consider money paid to put a roof over my head thrown away, and I don't expect to get shelter for nothing. By renting, I avoid paying property taxes, homeowner's insurance, bank interest, and maintenance costs. Not to mention the convenience factor of having all maintenance and upkeep be someone else's responsibility.
Let's consider. Say I rent my 900-sqft. apartment in Crescent Hill for 30 years. At the end of that thirty years I'll have spent $180K with "nothing to show for it" except 30 years of largely hassle-free shelter.
Let's say you luck out and find a 900-sqft. house to buy in Crescent Hill for $120K. You borrow $100K at 5%, 30 year mortgage. At the end of it you'll have invested around:
- $120K in principal
- $93K in interest
- $36K in taxes (1%)
- $5K in insurance (at $25 per month per $100K of value)
- $36K in maintenance costs
- $156K in time spent on maintenance, assuming you make the median income in Louisville so that your time is worth approximately $20 per hour, averaging 5 hours of maintenance per week.
Total: $446,000, and you're left with a paid-off house worth...who knows? Not nearly that much. Maybe as much as you paid for it, maybe more, maybe less. I could rent for 30 years, spend the extra 5 hours a week working and invest the earnings, and come out way ahead. Heck, I could take the difference between my rent payment and your mortgage payment, invest it, and probably still come out ahead if I sit on my butt for those 5 hours.
Note: I REALIZE this does not take inflation into account, but my guess is that while the numbers go up when you factor it in, the proportions stay largely the same.
Am I missing something? Sure, you can say that rent money is "thrown away," but so is money spent on interest, taxes, insurance, and maintenance, and the opportunity-cost money of the time spent on upkeep.
And who do you think pays for the listed items? Did you just come in from an OWS meeting?
The landlord pays every item you listed plus makes a profit above his/her cost.
The federal tax law still allows home OWNERS to deduct the amount of interest paid from their annual income before multiplying the new "adjusted" amount by a percentage.
Easiest example I can offer. My son-in-law bought a townhouse two years before he married my daughter. He paid $88,000 then sold it for $89000. You think he lost money after paying a Realtor and other closing costs? No he didn't. He didn't make any, but he actually broke even which meant he lived free for two years.
Sorry, I don't know who you learned from, but they either lied, or they didn't know the facts.
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