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But isn't this the opposite? High property taxes lower property values, which allows people to buy and get their foot in the door when they otherwise wouldn't be able to.
For example, I think many people are willing to pay an additional $100 dollars per month in property tax (1,200) per year if it means that the house price is 50k-75k per year cheaper than it would be normally. It would actually take you 40+ years for the additional property tax to cost you more than the cheaper housing prices. By then it might not matter if you already paid off the house.
I see what you are saying, as even when you look at housing opportunity for metro areas, Rochester is higher than many areas that may have lower property tax rates(key word). Sometimes those places have lower rates, because they have a high median home price and this doesn’t get into what I call privatized taxation via HOA’s, which can be more prevalent in other states. So, this is usually a matter of paying the government or private entities more of the general housing cut.
Rochester, even with higher than average property taxes, can be very affordable for home buyers compared to other areas. Lets do some quick math on a 2000 Sqft 3 bedroom house.
Rochester: $175,000 home. $6,000 property tax/year for 30 years = $180,000 Total cost after 30 years = $355,000
Somewhere else: $300,000 home. $3,000 property tax /year for 30 years = $90,000 Total cost after 30 years = $390,000
Now obviously there are SO MANY more things to take into account but my point is that even with higher property taxes you can still come out on top depending on the situation.
Rochester is very affordable, but you need to be careful.
Under $100K, you are going to be in a sketchy neighborhood. It may look nice at first glance, but it wouldn't be the sort of place you'd ever leave your car unlocked, or leave anything worth more than $10 outside overnight. There will be people speeding down your residential street at 60 MPH, and music blaring, people fighting, dogs barking. Probably a drug house on your block. The nearest retail establishment will also be where guys are hanging out front dealing drugs. In other words- you're in the ghetto.
The first link you show actually looks pretty decent. That neighborhood actually isn't that bad. But you are just a few blocks away from where it gets really sketchy.
For $200K, the Rochester area really is a bargain. For that, you can live in a very safe neighborhood, or in a nice suburban town, in a nice but modest house.
The property taxes really are oppressive. For that $200K house you will pay $7000-8000 in taxes. It's like a mortgage you never pay off.
Rochester, even with higher than average property taxes, can be very affordable for home buyers compared to other areas. Lets do some quick math on a 2000 Sqft 3 bedroom house.
Rochester: $175,000 home. $6,000 property tax/year for 30 years = $180,000 Total cost after 30 years = $355,000
Somewhere else: $300,000 home. $3,000 property tax /year for 30 years = $90,000 Total cost after 30 years = $390,000
Now obviously there are SO MANY more things to take into account but my point is that even with higher property taxes you can still come out on top depending on the situation.
I live in an area of the country that has no property taxes. Can’t even fathom the need to pay $6000 a year in property taxes. It’s insane. You never really own the property cause even after it’s paid off you still gotta pay.
I live in an area of the country that has no property taxes. Can’t even fathom the need to pay $6000 a year in property taxes. It’s insane. You never really own the property cause even after it’s paid off you still gotta pay.
A lot of that is for school taxes, which helps to pay teachers, etc. Not saying it should be at that figure, but I’m just explaining where most of that goes to.
Are you in Ketchikan AK?
Last edited by ckhthankgod; 10-11-2021 at 05:08 AM..
Rochester is very affordable, but you need to be careful.
Under $100K, you are going to be in a sketchy neighborhood. It may look nice at first glance, but it wouldn't be the sort of place you'd ever leave your car unlocked, or leave anything worth more than $10 outside overnight. There will be people speeding down your residential street at 60 MPH, and music blaring, people fighting, dogs barking. Probably a drug house on your block. The nearest retail establishment will also be where guys are hanging out front dealing drugs. In other words- you're in the ghetto.
The first link you show actually looks pretty decent. That neighborhood actually isn't that bad. But you are just a few blocks away from where it gets really sketchy.
For $200K, the Rochester area really is a bargain. For that, you can live in a very safe neighborhood, or in a nice suburban town, in a nice but modest house.
The property taxes really are oppressive. For that $200K house you will pay $7000-8000 in taxes. It's like a mortgage you never pay off.
Property taxes also depend on where you are in the area and even exemptions that you may qualify for.
The rate for Monroe County is 3.22%. So, a $200k home on average is looking at $6440 in property taxes. In Ontario County, which is/has been one of the fastest growing counties in the state, has an average rate of 2.41% or an average figure of $4820 on a $200k home.
Also, keep in mind that the median home sales price for the area is $199,500 according to Q2 2021 figures. Meaning, half of the area homes for sale are under that figure.
I've been looking at the Rochester area for home prices, and it seems incredibly affordable, even to those on modest incomes. I've never seen a town of substantial size have home prices quite this affordable, and I'm wondering why, considering whenever I look, the homes seem to be entirely livable at first glance..
Really depends on what your comparing it to. When I moved to Rochester from South Jersey, I found home prices are cheaper, rents lower. I've seen 1 bedroom apartments near Rochester for $650, where I lived in South Jersey, same rental be at least $900, usually just over 1k. When I first moved here, i rented a 3 bed, 2 bath with 1 car garage townhouse for $1,300, sane same in SJ, it be at least 2k. And the next year I purchased my house for 130k, 3 bed, 1 1/2 bath, garage, fenced back yard. The same in SJ would buy me a 2 bed, 1 bath fixer upper, 200k+ for that I have now. The average property taxes in Rochester NY are $4,500 vs $9,000 for SJ. So it is cheaper, income household income was 74k Galloway, NJ, vs 62k Irondequoit, NY. Slightly less, but not enough difference to account for COL difference.
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