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Love it , this thread is about weather Hahah!!!! But thanks for the much needed laughs. " it will cost less to pay off a home with 8000 in taxes vrs a home with 1,200 in taxes " LMAO.
Love it , this thread is about weather Hahah!!!! But thanks for the much needed laughs. " it will cost less to pay off a home with 8000 in taxes vrs a home with 1,200 in taxes " LMAO.
I suppose it depends on the price of the house, the loan rate/length and future tax rates. In a vacuum, you could argue the following:
Ambiguous South $400,000 house price with 20% down @ 4% for 15 years + $2,400/year in taxes
Approximate monthly obligation = $2,367.00
Obligation for full life of the loan = $426,060
Obligation for full life of the loan + 20 years post mortgage = $474,060
Rochester $200,000 house price with 20% down @ 4% for 15 years + $8,000/year in taxes
Approximate monthly obligation = $1,975
Obligation for full life of the loan = $213,030
Obligation for full life of the loan + 20 years post mortgage = $373,030
So, if you lived in the house for 35 years, the house in Rochester comes out to about $100k less. However, assuming that the house value stays the same (which it wouldn't), you would have a $400,000 investment vs. as $200,000 investment. Investment offsetting the out of pocket over that period of time would come out to:
$74,000 for the ambiguous south
$173,000 for Rochester
No doubt that monthly obligation is lower in Rochester. Wages are something that have not been discussed. I found that I made more in the south than I did in Rochester, but I also advanced in my career. Perhaps I would find a better COL in Rochester if I were to return.
I suppose it depends on the price of the house, the loan rate/length and future tax rates. In a vacuum, you could argue the following:
Ambiguous South $400,000 house price with 20% down @ 4% for 15 years + $2,400/year in taxes
Approximate monthly obligation = $2,367.00
Obligation for full life of the loan = $426,060
Obligation for full life of the loan + 20 years post mortgage = $474,060
Rochester $200,000 house price with 20% down @ 4% for 15 years + $8,000/year in taxes
Approximate monthly obligation = $1,975
Obligation for full life of the loan = $213,030
Obligation for full life of the loan + 20 years post mortgage = $373,030
So, if you lived in the house for 35 years, the house in Rochester comes out to about $100k less. However, assuming that the house value stays the same (which it wouldn't), you would have a $400,000 investment vs. as $200,000 investment. Investment offsetting the out of pocket over that period of time would come out to:
$74,000 for the ambiguous south
$173,000 for Rochester
No doubt that monthly obligation is lower in Rochester. Wages are something that have not been discussed. I found that I made more in the south than I did in Rochester, but I also advanced in my career. Perhaps I would find a better COL in Rochester if I were to return.
Again, I respect this, as this explains it better in terms of why I say it isn't cut and dry when people consider overall property costs for similar homes given what we know about home prices. Thank you AJNEOA for understanding this, while knowing that this isn't about telling people where and where not to live.
Again, I respect this, as this explains it better in terms of why I say it isn't cut and dry when people consider overall property costs for similar homes given what we know about home prices. Thank you AJNEOA for understanding this, while knowing that this isn't about telling people where and where not to live.
Sure, and thanks for the feedback. I think it comes down to what people want more than anything. The exception being if someone really cannot find employment because their industry is not well-represented in one city vs. the other.
In alignment with the OP, there is no good weather or bad weather, just preference. My personal guess would be that a majority of the population prefers sun and warm weather over clouds and snow/cold. However, that's not everyone...and then there's the segment of society that doesn't care. Most times family and jobs are more responsible for relocation.
Yes your correct in this sense.But there is no comparison between property tax obligations during retirement years. You receive more dwn south then in NYS for you obligation.Plz don't tell me about the star program.
Yes your correct in this sense.But there is no comparison between property tax obligations during retirement years. You receive more dwn south then in NYS for you obligation.Plz don't tell me about the star program.
You'll notice that while an area like Rochester is higher on the first list, it is further down the list on the second list, with some Southern areas even ahead of Rochester on the second list. What is interesting is the gap of some of the Southern metros for the second list in comparison to Rochester is larger than the gap between Rochester and some of these Southern areas for the first list. This is information from the US Census, by the way and ANJEOA's post illustrated this as well.
Again, this isn't to tell people where to live and when they should live somewhere, but this is to inform people in order for them to make a conscious decision.
Last edited by ckhthankgod; 01-01-2015 at 08:10 AM..
I suppose it depends on the price of the house, the loan rate/length and future tax rates. In a vacuum, you could argue the following:
Ambiguous South $400,000 house price with 20% down @ 4% for 15 years + $2,400/year in taxes
Approximate monthly obligation = $2,367.00
Obligation for full life of the loan = $426,060
Obligation for full life of the loan + 20 years post mortgage = $474,060
Rochester $200,000 house price with 20% down @ 4% for 15 years + $8,000/year in taxes
Approximate monthly obligation = $1,975
Obligation for full life of the loan = $213,030
Obligation for full life of the loan + 20 years post mortgage = $373,030
So, if you lived in the house for 35 years, the house in Rochester comes out to about $100k less. However, assuming that the house value stays the same (which it wouldn't), you would have a $400,000 investment vs. as $200,000 investment. Investment offsetting the out of pocket over that period of time would come out to:
$74,000 for the ambiguous south
$173,000 for Rochester
No doubt that monthly obligation is lower in Rochester. Wages are something that have not been discussed. I found that I made more in the south than I did in Rochester, but I also advanced in my career. Perhaps I would find a better COL in Rochester if I were to return.
I guess I'm kind of lost here. Why are you comparing a $400k southern home with a $200k Rochester home?
You'll notice that while an area like Rochester is higher on the first list, it is further down the list on the second list, with some Southern areas even ahead of Rochester on the second list. What is interesting is the gap of some of the Southern metros for the second list in comparison to Rochester is larger than the gap between Rochester and some of these Southern areas for the first list. This is information from the US Census, by the way and ANJEOA's post illustrated this as well.
Again, this isn't to tell people where to live and when they should live somewhere, but this is to inform people in order for them to make a conscious decision.
Last edited by VintageSunlight; 01-02-2015 at 07:32 AM..
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