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Could someone please explain to me why real estate is so incredibly expensive? The population is sparse so I would think demand would not be high. Most do not find the climate alluring. So what drives these high prices?
Chunky monkey gave a good explanation for part of the many reasons RE is expensive.
First of all it's relative...Compared to California,Arizona, Colorado and other poular States...New Hampshire is not expensive.
Compared to Alabama,Ohio etc.-other less popular States...New Hampshire is expensive.
People like NH because New England in general has a lot to offer(besides a lousey climate)The are mountains,forests,farm land,lakes,rivers and the ocean all within a relatively short drive from any of the NE states. NE is a center for higher education with many notable Universities. Compared to other areas of the country most of NE cities are considered "livable" cities with well known Museums & Art Center, Symphonies and Medical Centers.
All in all....demand is what determines house prices...and NE is in demand. It's a great place to live!
Just because we have the lowest tax burden, aside from Alaska that pays to live there. Don't mean we have the lowst cost of living. LOL People are just willing to pay more to live here that is all. BUT if you know where to look you can find homes for under 160,000 with land even. I know where there are a couple for 60,000 right now. It all depends on where you look, and who you know. People will tell you that the cheaper homes are in areas with no work ect. This is NOT true. As I said it depends on where you look. Ya and what you do for work.
propert taxes are very high in new hampshire because they have no state income tax,
Like NHYRNUT said, Your overall tax burden is one of the lowest in America.. Personally, I think that should overshadow any government hit on your property.
Like NHYRNUT said, Your overall tax burden is one of the lowest in America.. Personally, I think that should overshadow any government hit on your property.
And it does--considering that the property tax here (on a home above NH average) is STILL lower than what I was paying in CA when I lived there, to say nothing of the poor slob that bought my place.
No sales or income taxes here so property taxes are quite high. As for the housing values so high, because some of the cities in Southern New Hampshire are within commuting distance to Boston (Nashua is about 40 miles North, Manchester about 55 miles away yes a crazy commute but people do it....) and the houses seem cheap compared to the Boston area people are willing to pay the prices here.
And it is true the prices are not as bad a California, areas of New York, New Jersey, Washington, D.C, Virginia etc, etc, etc.
I commute to Boston by bus from Londonderry because my job pays nearly twice as much as the same work in NH. Worth the 12 hour days away from home. At least until I retire. Soon, I hope.
This is my own theory: I believe the media plays a huge role in what properties become hot commodities. For example, Seattle is a difficult place to find a good property for a fair median price. Yes, but think of the young, impressionable people and those of a certain age group who are buying these places. Think of all of the movies, tv shows, and various other things that lured people of this age group to want to live in Seattle starting in the early 90's; grunge music,such as Pearl Jam, Nirvana, Alice In Chains, and Soundgarten, the death of Kurt Cobain, shows such a Grey's Anatomy, movies such as Fear, Ten Things I Hate About You, Singles, Sleepless in Seattle, The Ring, Say Anything, Rockstar, Double Jeopardy, etc.. Also what about the constant mention and promotion of Starbucks, and HGTV's show House Hunters, when they go to Seattle. It isn't hard to see how the media does this time and time again. Watch, I believe that the next place to start getting popular is Portland, Oregon. Not only am I seeing a lot of tv time on it, it was also the place that the recent film Twilight was filmed, and teenage girls know it. I've already heard 4 people tell me that they are considering a move there in the future. I know that when I see a place constantly mentioned in the media, it begins to strike an interest in me, and I start to research it. The media influences people's opinions and likes and dislikes, more than they realize. Honestly, I woudn't doubt if the owner of some of these tv stations, own property in Seattle and are trying to drive up the real estate value.
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Expensive??
