Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This thread, like most on C-D, starts with a poorly considered or poorly phrased opening statement.
Some users insist on honoring such poor opening premise statements as though it's sacrosanct text
even gleefully bypassing logic and reason in their comments and responses.
And dare I (of all people) say it ... they'll bypass rationality altogether.
But it is not true that monthly payments as a whole do not go up when someone owns a home,since you HAVE to pay taxes.
Most prospective homeowners should include their property taxes when figuring out their monthly housing payments(i hope so anyway)
A renter has to pay the increases too but they can always move if the rent gets too high.
What is a homeowner going to do if their property taxes become too high?
Financial considerations are never "One Size Fits All." And, people have to follow the plan they have for long-term stability and personal comfort.
The obvious goal of owning is to pay off the mortgage and own free and clear.
Then the owner has shelter for the price of taxes and maintenance.
Generally, the finances will work in favor of ownership at that point. And the property will be an asset.
Not everyone can own outright via cash purchase, or pay off in a couple of years. That is why for most people, homeownership is a long term consideration and a philosophical bent.
Outside of areas like yours... RE taxes are NOT onerous.
1% of FMV is about par in most of the real world.
Leave New Jersey. (or SF or DC)
Rent does not skyrocket like posters are making it seem,just like housing payments do not stay the same for 30 years like some posters are making it seem.
I guess the good thing about Nj is that rent increases are capped at a certain percentage.
Then again, if you are in a position to pay cash for a house, you can subsequently invest most of the money that you used to pay in rent each month. This will depend partly on where you have been renting and where you are seeking to buy. If you rent in an expensive city/region and are looking to buy in an inexpensive region, the temptation to purchase more house than you need is definitely there. IMO it's still better to do that than to buy less house than you need.
It is a myth that monthly payments on mortgages stay the same,especially when you include ever increasing property taxes.
Has anyone in the history of the Usa ever have their property taxes stay the same?
No.
My sister's monthly payments started at $1500/month in 2009;her monthly payment ballooned to $1731/month in January of this year.
So yes,it is a myth monthly mortgage payments with property taxes stay the same.
Tell the whole story,not half of it!
My property taxes actually went down from 2016 to 2017....got a nice escrow rebate check and my monthly payment is now $40/month lower!
I realize this is an anomaly and not something I expect to happen every year or even very often....but it does counter the point of "property taxes only ever go up"
The apartment complex I moved to my first year out of college (5 years ago) had rent of $750/month at that time.....same units now rent for $1100/month. And I'm in a much nicer and more convenient part of town now!
My property taxes actually went down from 2016 to 2017....got a nice escrow rebate check and my monthly payment is now $40/month lower!
I realize this is an anomaly and not something I expect to happen every year or even very often....but it does counter the point of "property taxes only ever go up"
The apartment complex I moved to my first year out of college (5 years ago) had rent of $750/month at that time.....same units now rent for $1100/month. And I'm in a much nicer and more convenient part of town now!
You might want to double-check to see what's going on.
I've only had property taxes decrease on one of my houses, and only for 2 years in a row. It was due to the devaluing of all the houses in that area. While I liked paying less in taxes, I wasn't thrilled about what the city felt houses in that area were doing.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
