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Last time I was in the Rochester area for my cousin's wedding (Summer 2022) he was showing me and the rest of the groomsmen around the house he had recently bought. It was a good 600 sq ft larger than my house in Raleigh with one more bedroom and a second living area and a much larger yard. He had paid just over $200k where I had paid $325k for my house (which is comparable to the one I posted the link to in my pervious post). I was envious....but then he told me his taxes were more than triple mine, $7000/year vs $2200/year, so monthly payment was actually a good bit more for his house...with less equity! (though that area has seen a good amount of appreciation recently)
Where in the area was the home located?
Also, is that 2200/year number including personal property tax, which NY doesn't have? Not saying it is a tit for tat, but some states get their property taxes from other forms of property and you are essentially paying more to the bank or to the government.
Again, even with the property tax rate, which varies by homeowner/location in an area/etc., the housing opportunity is still higher in many Upstate NY areas than other areas when looking at median family income and median home prices. https://www.nahb.org/news-and-econom...ortunity-index
That may also be why it doesn't have the booms and busts that some other areas get.
3%+ of the purchase price in property taxes is INSANE. That would mean every 30 years, you have paid for the house again. And again the next 30 years. And again...
Most of the country property taxes run 1% of purchase price or lower.
For instance, my parents have a rate of a little over 2% for this reason. Some counties have rates under 2% as a whole. There is also a 2% property tax cap: https://auburnpub.com/news/local/gov...er%20is%20less. So, this is why I mentioned that property taxes will depend on the homeowner, location, etc.
One other thing is that the median home prices in Upstate NY are lower in most case than else where, with most areas having median home prices largely well under $300k, with the exception of the Albany area and Hudson Valley and which also plays a part in the property tax rates in some counties: https://www.nar.realtor/research-and...-affordability
Last edited by ckhthankgod; 01-30-2024 at 07:07 PM..
Also, is that 2200/year number including personal property tax, which NY doesn't have? Not saying it is a tit for tat, but some states get their property taxes from other forms of property and you are essentially paying more to the bank or to the government.
Again, even with the property tax rate, which varies by homeowner/location in an area/etc., the housing opportunity is still higher in many Upstate NY areas than other areas when looking at median family income and median home prices. https://www.nahb.org/news-and-econom...ortunity-index
That may also be why it doesn't have the booms and busts that some other areas get.
It was in Fairport (not even the village; though close, town of Perinton with Fairport mailing address)
I don't know what you mean about personal property taxes in NC.... $2200 is my total property tax bill. If you are referring to property tax on vehicles; that runs about $400-$800 per year for most new cars and then decreases with the age of the vehicle each year. It isn't even close to making up the difference in property taxes.
I'm not trying to disparage Upstate NY; it's a lovely place and I see why people enjoy living there. But there is no denying that the property tax rate is pretty extreme.
It was in Fairport (not even the village; though close, town of Perinton with Fairport mailing address)
I don't know what you mean about personal property taxes in NC.... $2200 is my total property tax bill. If you are referring to property tax on vehicles; that runs about $400-$800 per year for most new cars and then decreases with the age of the vehicle each year. It isn't even close to making up the difference in property taxes.
I'm not trying to disparage Upstate NY; it's a lovely place and I see why people enjoy living there. But there is no denying that the property tax rate is pretty extreme.
He may live within the Fairport Electric zone. Meaning the village and select parts of Perinton have very low electric bills due to having its own utility company: https://www.village.fairport.ny.us/d...ment/index.php
So, that may also play a part in his property taxes, which are actually above average/high even by NY State standards. To put this into perspective, that property tax bill is almost as much the property taxes for both my own and my parent's homes combined.
Yes, the vehicle tax is what I was referring to and as mentioned, it isn’t to say it is tit for tat, but my point is that some other states have multiple forms of property taxes besides real property taxes. Some include tangible property and other vehicles as well. This is on top of the higher home prices for similar sized homes.
Last edited by ckhthankgod; 01-30-2024 at 08:53 PM..
Not sure if you were trying to prove a point, but 450k is not 400k and with a 7% interest rate, that townhome becomes a lot less appealing.…but hey different strokes for different folks.
Not sure if you were trying to prove a point, but 450k is not 400k and with a 7% interest rate, that townhome becomes a lot less appealing.…but hey different strokes for different folks.
I feel like I struck a nerve here when that wasn't my intent. So the original question was what can 400k buy you in your area. I don't live in the SoFla area but in my research I thought it was interesting what 400k can get you, more than a cardboard box, in the SoFla area. It's very affordable, especially compared to the northeast and west coast.
As for the 7% interest rate, is that unique to Florida? Are interest rates lower in California or Nebraska?
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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Originally Posted by CamThomas
I feel like I struck a nerve here when that wasn't my intent. So the original question was what can 400k buy you in your area. I don't live in the SoFla area but in my research I thought it was interesting what 400k can get you, more than a cardboard box, in the SoFla area. It's veryaffordable, especially compared to the northeast and west coast.
As for the 7% interest rate, is that unique to Florida? Are interest rates lower in California or Nebraska?
Not palatial by any means but it answers the OP right?
Depends where in SoFla….coastal SoFla (Miami, Miami Beach, coastal Broward, Palm Beach) can be every bit as expensive as the Northeast and West Coast (though you’ll still get a little more bang for your buck in terms of sq footage and, in a condo, more building amenities). Inland, which the house you pictured above—west of the 95, is definitely less expensive but is also subject to greater heat the further you get away from the ocean (less breezes) and more rain (closer to the Everglades).
You can find a much cheaper house in Hialeah than Brickell or Miami Beach—but do you want to live there in a neighborhood where many residents speak Spanish only (along with more rain and heat)—just because it’s cheap??
They do exist—with conditions.
Last edited by elchevere; 01-31-2024 at 07:38 AM..
Yes, I think that was the original point of OP's premise. What does 400k look like in your area. Common sense will tell you Brickell and South Beach starts at 7-8 figures and goes up from there.
But, overall, from my observation, you definitely get more in SoFla than in the northeast and west coasts.
Yes, I think that was the original point of OP's premise. What does 400k look like in your area. Common sense will tell you Brickell and South Beach starts at 7-8 figures and goes up from there.
But, overall, from my observation, you definitely get more in SoFla than in the northeast and west coasts.
You and the OP.
You can find something dingy, old, formerly working class and rural area houses with that price almost everywhere in the country (save for Manhattan) even in NJ and CT (Northeast), West Coast (say Fresno, Oceanside and sketchy towns along the desert part of the i-5.) in particular if you don’t limit to just SFH. Townhouses (again, save for Manhattan and Brooklyn.) are generally much, much cheaper than SFH because they depreciate while SFH appreciates. Condos (save for lakefront Chicago and oceanfront FL) are cheaper than SFH too, in general. Apartments are the most affordable of all.
Tustin is not a desirable area, neither is the one you posted from South Florida.
I’m extremely fastidious with real estate (pro and con of being a developer’s daughter) and I’m in the market to find a house I want in both Miami and Palm Beach area, with this market I’m taking my time but the South Florida prices are pushing Los Angeles prices (if not more already) which including the formerly working class, slimy, dingy and sketchy houses being renovated exactly HGTV style with exactly the same lighting fixture, floor, bathrooms in every flipped house.
Just looked briefly on apartment/condo rental in Irvine: you can even rent for less $3000 with plenty of offers. This one (however dingy and slimy it is.) is even only $1500. I guess Irvine is very affordable after all.
When it comes to real estate, let’s not glorify the “Northeast and West Coast”, I lived in both and I know my real estate. (I spent hours a day reading, talking to professionals and researching on real estate because I’m a woman of leisure.)
You can find something dingy, old, formerly working class and rural area houses with that price almost everywhere in the country (save for Manhattan) even in NJ and CT (Northeast), West Coast (say Fresno, Oceanside and sketchy towns along the desert part of the i-5.) in particular if you don’t limit to just SFH. Townhouses (again, save for Manhattan and Brooklyn.) are generally much, much cheaper than SFH because they depreciate while SFH appreciates. Condos (save for lakefront Chicago and oceanfront FL) are cheaper than SFH too, in general. Apartments are the most affordable of all.
Tustin is not a desirable area, neither is the one you posted from South Florida.
I’m extremely fastidious with real estate (pro and con of being a developer’s daughter) and I’m in the market to find a house I want in both Miami and Palm Beach area, with this market I’m taking my time but the South Florida prices are pushing Los Angeles prices (if not more already) which including the formerly working class, slimy, dingy and sketchy houses being renovated exactly HGTV style with exactly the same lighting fixture, floor, bathrooms in every flipped house.
Just looked briefly on apartment/condo rental in Irvine: you can even rent for less $3000 with plenty of offers. This one (however dingy and slimy it is.) is even only $1500. I guess Irvine is very affordable after all.
When it comes to real estate, let’s not glorify the “Northeast and West Coast”, I lived in both and I know my real estate. (I spent hours a day reading, talking to professionals and researching on real estate because I’m a woman of leisure.)
You could combine the square footage of the two Tustin places and they would still be smaller than the 450k Ft. Lauderdale one?
This thread has nothing to do with rentals. It's what can you get for 400k in your area?
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So the original question was what can 400k buy you in your area. I don't live in the SoFla area but in my research I thought it was interesting what 400k can get you, more than a cardboard box, in the SoFla area. It's very affordable, especially compared to the northeast and west coast.
