Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Unless folks can afford to sell then pay cash, I don't see why anyone would sell right now. The interest rates are too high to justify selling, hence why inventory is tight. My mortgage is at 2.5% fixed. Will be paid off soon. I foresee the 30 yr. going to 9% by the end of the year, maybe 10% next year and into 2025.
Read last week where escrow for many folks is skyrocketing. Homeowners' ins. and taxes are rising across the U.S.
Senior citizens sell their NY homes and use their profits to pay cash for a retirement home. Sell a $850,000 NY home and purchase a $300,000 home down south. Easy peasy.
Senior citizens sell their NY homes and use their profits to pay cash for a retirement home. Sell a $850,000 NY home and purchase a $300,000 home down south. Easy peasy.
That may work if you are coming from Downstate and some select Upstate homeowners, but as someone whose parents are from the South(MS and SC), with siblings in the Charlotte area and in Virginia Beach, with other family in the region, $300,000 is below the median home price in many of the Southern areas people are moving to. Just so people don’t think I’m making this up: https://www.nar.realtor/research-and...-affordability
So, I say if one is looking Down South, move to a relatively less popular area for home prices people associate with the South from 10-20 years ago, as prices are going up and housing can be an issue there as well.
Also, keep in mind that real property tax isn’t the only property tax in much of the South, as some states have a personal property tax and HOAs(essentially privatized taxation in terms of fees)tend to be more prevalent. Not saying that it is a “tit for tat” thing, but those are a couple of things to be mindful of in terms of costs that may not be the same as NY.
Senior citizens sell their NY homes and use their profits to pay cash for a retirement home. Sell a $850,000 NY home and purchase a $300,000 home down south. Easy peasy.
Also, keep in mind that real property tax isn’t the only property tax in much of the South, as some states have a personal property tax and HOAs(essentially privatized taxation in terms of fees)tend to be more prevalent. Not saying that it is a “tit for tat” thing, but those are a couple of things to be mindful of in terms of costs that may not be the same as NY.
Most Southern homes don't have HOA's. It's more common in condo communities - whether it's in NY/NJ or the South. The HOA pays for the upkeep of common areas around its community. Its fees also pay for community's private pool and recreation activities.
Still my HOA is less than $200 per month and my property tax is less than $300 a month - far less than my $1,500 a month property tax and county tax in NY.
My personal property tax on my almost car is $250 a year. It's far less than what I paid on my car's property tax in Massachusetts. In both states, amount paid decreases with the age of a car.
Most Southern homes don't have HOA's. It's more common in condo communities - whether it's in NY/NJ or the South. The HOA pays for the upkeep of common areas around its community. Its fees also pay for community's private pool and recreation activities.
Still my HOA is less than $200 per month and my property tax is less than $300 a month - far less than my $1,500 a month property tax and county tax in NY.
My personal property tax on my almost car is $250 a year. It's far less than what I paid on my car's property tax in Massachusetts. In both states, the yearly amount paid decreases with the age of a car.
I didn’t say most Southern homes have an HOA. I said that they are more prevalent. There’s a difference.
I also already made a distinction in terms of not being tit for tar and the difference between Downstate and Upstate NY, as far as costs and how things would be viewed differently based on home prices. So, I already touched on some of those things in a general context. Anywhere is going to be more affordable than Diwnstate NY, including Upstate NY. That is the point I am making.
Even with personal property tax, if one has other things like a motorcycle, boat, etc.; that may be subject to personal property taxes. I think those considering the move wouldn’t mind knowing that type of information.
That was the old days. Thousands leaving, thousands coming in.
It evened out.
For the first time in a long time NY has experienced a net loss. More left than came in.
And the NY government are pooping their pants because of the revenue loss.
There’s tons of articles out there discussing this.
It's the exodus of wealth that's most concerning. Hence NY enacted an exit tax to extract a last pound of flesh from the wealthy as they flee. Last I read, it was being challenged as unconstitutional, but I don't know whether that's been resolved. A very nasty and stupid policy, in any case. California's got the same thing, now.
It's as though our country is becoming a bunch of armed camps, bitterly opposed to each other. The vitriol is the worst I've seen in my life. I think it was also bad during Vietnam but that was a generation gap, not a geographical-wealth gap as we are seeing now.
It's the exodus of wealth that's most concerning. Hence NY enacted an exit tax to extract a last pound of flesh from the wealthy as they flee. Last I read, it was being challenged as unconstitutional, but I don't know whether that's been resolved. A very nasty and stupid policy, in any case. California's got the same thing, now.
It's as though our country is becoming a bunch of armed camps, bitterly opposed to each other. The vitriol is the worst I've seen in my life. I think it was also bad during Vietnam but that was a generation gap, not a geographical-wealth gap as we are seeing now.
To be honest, I think it has always been there, but it is just more out in the open now.
I'm also wondering if a part of this is due to NY giving more than it gets back from the federal government as well.
We left Westchester County for Virginia. Southeast Virginia is in a housing boom from the influx of NY/NJ upper middle class retirees.
After all, why pay $20,000 on yearly property taxes when you could pay $3,000 in Virginia? We aren't hicks, we have operas, classic music concerts, plays, museums, etc - all at the fraction of NYC prices.
I much prefer low CoL areas to those large cities. I don't do most of those things anyways. Those who agree with me (my neighbors, and others I met who live here), mostly agree. However, there are some things where they do go back to the city for every now and then... better medical services, certain products, specialty shops, conventions. Never mind friends and family who still live there.
Quote:
Originally Posted by hotkarl
Yeah but you don’t have the beaches, bagels and pizza! Lol!!!
And PS: you shouldn’t brag about how great it is where you are because, “they” will find out, and “they” will come.
That's the dilemma! You either stay at your current size, or you grow and end up having to deal with the same problems when cities to as large as those places. Can't have it both ways.
Hunt there once per year, in fact going soon. I swear deer out-populate humans, anymore. It's turning into life after people, but if that's what you're after...
I also hunt. Often surprised at where guys show up from, to hunt in our area. L.I., N.J., Pa. ...no surprise there. But have also seen plates from down south, the Midwest, and New England states.
Are you still seeing people moving into your area from the NYC area?
...some movement into our area from the downstate metro/ NJ/ LI. It pales in comparison to the influx of folks to the Catskills, Hudson Valley, Saratoga Springs, and certain areas around the Finger Lakes....
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
...Tioga..
