What increases the property tax? Please help me figure it out.

[TEPLimey]

Originally Posted by nyccs

Ok Mr Professor. Thats great, but I'm pretty sure most renters are not in the same situation as Louie. I'm discussing renting vs home ownership in general. Obviously there are extreme cases on either side that favors renting versus owning.

Who was talking about "most renters"? I said that paying $1,300 in rent for a nice 2BR is probably wiser than buying a house on Long Island. You disagreed and said that paying $1,300 in rent was "throwing your money away". We were not talking about "most people," but the people who were paying $1,300 a month in rent until they chose to move out, per their written agreement with the Landlord.

Its not about being a "professor," but just reading and comprehending basic written word.

[nyccs]

Originally Posted by TEPLimey

Who was talking about "most renters"? I said that paying $1,300 in rent for a nice 2BR is probably wiser than buying a house on Long Island. You disagreed and said that paying $1,300 in rent was "throwing your money away". We were not talking about "most people," but the people who were paying $1,300 a month in rent until they chose to move out, per their written agreement with the Landlord.

Its not about being a "professor," but just reading and comprehending basic written word.

It's a message board, not a classroom. I can read just fine thank you. I'm reading and responding here at work off of my smartphone for goodness sake.

[nyccs]

Originally Posted by hotkarl

There were a few studies that long term, renting vs owning, renting is cheaper or financially more beneficial.

Depends on the location and your mortgage rate. A home can appreciate a lot. Real estate is location location location. Here's a Forbes article supporting buying a home in NY....

http://www.forbes.com/sites/trulia/2.../#52b04bf559c5

[gentlearts]

Originally Posted by louie0406

There's also sad situations like what my elderly neighbors are going through. They've owned their home for over 25yrs and are both retired. They are now being forced to sell and move with family down south because they can no longer afford their property taxes given they are on a fixed income. It's one thing to own a home while you're younger and able to earn money to be able to afford rises in taxes or to come out of pocket for repair costs. Its another to be in their shoes where they are both living on a fixed income and have these expenses come up.

Can't they get a reverse mortgage? From what I know of RMs, this situation it exactly what they were meant for.