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I DID say you can have a PAID off house and a net worth of $200. But I CORRECTLY state that net worth is A - L. It is sad that you and lowerexpectations have almost 2,100 posts between you and CAN NOT figure this out.
Quote:
Originally Posted by ncole1
Ok, explain how you get A -L = $200 on a paid for house.
Actually I was trying to educate this person. A more realistic scenario would be someone with a $80,000 paid off house and two luxury car loans and a couple of skidoo and waverunner loans and maybe $20,000 in credit card debt.
Nashville isn't "cheap as hell" - property prices in Nashville are showing some of the fastest appreciation in the country, as well as houses being bought sight unseen for over asking price. In many cases, wages haven't caught up for locals (though they're increasing) so the real estate market is increasingly becoming a place where people relocating to Nashville from rich, affluent areas can play.
The point is people often have to be mobile, and can't entrench themselves in a single area for economic reasons for property to be passed down and lived in through generations. Like many folks have said here, often property that has been handed down is in a rural area or small town that was once economically viable as a farming community or whatever, but just isn't today.
My grandparents have some hilly acreage in rural southwest Virginia that was passed down from my paternal great-grandfather. He doesn't use the land, so it remains undeveloped. Neither my dad nor my aunts and uncles seem to want to use it for anything - it's not really arable due to the hills, it's out in rural Lee County, about an hour from the nearest city of a decent size. I'm not even sure if there is power and basic utilities anywhere near the property. Unless I moved back to the other and wanted some hunting property, there's really nothing I'd do with it - it would probably cost more to develop and maintain than the hilly property in the middle of nowhere is worth.
Nashville isn't "cheap as hell" - property prices in Nashville are showing some of the fastest appreciation in the country, as well as houses being bought sight unseen for over asking price. In many cases, wages haven't caught up for locals (though they're increasing) so the real estate market is increasingly becoming a place where people relocating to Nashville from rich, affluent areas can play.
The point is people often have to be mobile, and can't entrench themselves in a single area for economic reasons for property to be passed down and lived in through generations. Like many folks have said here, often property that has been handed down is in a rural area or small town that was once economically viable as a farming community or whatever, but just isn't today.
My grandparents have some hilly acreage in rural southwest Virginia that was passed down from my paternal great-grandfather. He doesn't use the land, so it remains undeveloped. Neither my dad nor my aunts and uncles seem to want to use it for anything - it's not really arable due to the hills, it's out in rural Lee County, about an hour from the nearest city of a decent size. I'm not even sure if there is power and basic utilities anywhere near the property. Unless I moved back to the other and wanted some hunting property, there's really nothing I'd do with it - it would probably cost more to develop and maintain than the hilly property in the middle of nowhere is worth.
Ohhhh no! 200,000 to 210!?!? How do you survive? You poor person, maybe it'll be REALLY SCARY and hit 250?
That's barely a downpayment in the Bay Area where crappy decaying ranch houses cost 5-10x that.
If the weather was cold and foggy all the time I would love there in a heartbeat.
Ohhhh no! 200,000 to 210!?!? How do you survive? You poor person, maybe it'll be REALLY SCARY and hit 250?
That's barely a downpayment in the Bay Area where crappy decaying ranch houses cost 5-10x that.
If the weather was cold and foggy all the time I would love there in a heartbeat.
Homesteading is an anachronism in this cut throat labor surplus McWage jobs economy. Ergo, financing homes to the tune of 3-4 times your measly income is all for naught as you have to pull stakes every 7 years in aggregate. The only people who benefit is the typical american middle man remora aka real estate people. Complete inefficiencies left and right. But of course what would the real estate remora do for a living, build something with his own hands? LOL It's a vicious cycle.
Current national housing prices only seem "right" because of people's willingness to be house poor. That's it. If retirement solvency was indexed for, housing pricing would have to implode, as these incomes do not support both ventures at current rates. In addition, you still have the fact lower middle class dwellers go to the poor house to get to gerrymander their surroundings to an upper middle class living they feel they're entitled to and wish to enclose their children in, but cannot numerically afford. These are your ethnocentric prior-middle class white Trump supporter types et al. Lots of people out there willing to overbuy housing to adjust the demographics of their street. That's certainly people's prerogative, but when it's done at the expense of financial solvency in retirement and other elements of daily living, then it's just irrational behavior and frankly petulance really. These are your 50K-120K/yr HH millionaires. Or more pointedly, AMERICA as we know it.
First houses don't actually last 30 years without mega amounts of continual maintenance.
Bing bing bing bing!
I had to go through 5 pages of this thread to find this correct answer.
A house won't last 10 years - new or old - ( ignoring the myth that a new home is not designed to last as long as on older one ).
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