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.
Tell that to people in places where rents have shot up 40% to 50% since COVID. If it's not NYC, it doesn't have rent control. Lots of people in desirable places just saw big rent hikes because there's a huge queue of people looking to rent and telecommute who are happy to pay market rate. If you own your own home, you're largely insulated from that. I'm in a state with property tax mitigation law. If all the houses in town go up 40% (as they did this year), my property taxes don't go up 40%. If the town collected $100 million last year on existing housing stock, they're limited to $102,500,000 this year. Unless I improve the house with a major remodel or addition, I'm part of that pool.
So I'm never going to get taxed out of my house.
I'm structured to live just fine on nothing but a Social Security check if I got to the point where I ran out of money. My fixed housing costs are ~ 10% of my delay-to-70 Social Security check. All the systems in my house were replaced within the last decade so there shouldn't be anything expensive in my lifetime.
'What Tenants Need to Know About NYC’s Rent Guidelines Board’s Latest Move'
'New York apartment guide: rent control vs. rent stabilization:
Everything you need to know about rent regulation in New York City'
By Emily Nonko Updated Jan 3, 2020
While only around one percent of New York rental units are rent controlled, approximately 50 percent of the city’s units are rent stabilized. Rent stabilization generally applies to apartments in buildings with six or more units constructed before 1974.
For those of you who are doing fine now, a few questions:
1. If you have no car payments, what will you do when the car needs replacement or the transmission dies?
2. If you develop dental problems and need a $1,000 root canal can you come up with the money?
3. If you have a paid-off house, can you handle the expense of a new roof or a new furnace?
4. What are your plans if you can no longer live on your own?
.
A few answers:
1. No car. That was our plan and we live where no-car is possible and common.
I'm having a hip operation in a few days for $5,000 (I opted for a private clinic instead our free health care)
Mayo Clinic quoted me $50,000---just as an example.
3. Our condo is paid-off and needs nothing new (except paint occasionally) since it was built just a few years ago.
4. Either hire someone here, or go the Thailand route. I also would like control over end-of-life, but that is much easier said than done.
I'm having a hip operation in a few days for $5,000 (I opted for a private clinic instead our free health care)
Mayo Clinic quoted me $50,000---just as an example.
3. Our condo is paid-off and needs nothing new (except paint occasionally) since it was built just a few years ago.
4. Either hire someone here, or go the Thailand route. I also would like control over end-of-life, but that is much easier said than done.
Is that Cuenca where you live? May I ask are the costs of US standard condos there?
Purchase price and carrying costs.
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.
