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PrairieGirl posted her query on a thread titled "Hendersonville, NC??" so I'd guess that her interest is in Hendersonville, not Asheville. But maybe she could clarify.
I am not trying to put Asheville down, just trying to give a good picture of life here. It may cost less to live here then Chicago, I don't really know as I have never been there. I have lived in CT and Asheville is much cheaper then places there, but at least the pay rate is higher and there are more jobs. Although the taxes will probably kill you, lol.
My best advice would be to visit here, look at the job market, check out rentals, taxes, prices of homes/land, and schools. You are going to find people on here who are for Asheville and those who are not. We can only tell you what it is like for us living here. I have a like/hate relationship with Asheville. I don't love it here, but there are thing here I really like. If I could move from this state I would, but not before I do a lot of research and visits to an area I am interested in. I moved to NC back in 98 without any research at all.
Hi Christine. I know you've expressed the wish to move away in the past. I think you said you couldn't afford it? So now I'm curious. Since you are able to build a house in WNC the money situation must be okay. So, what is stopping you from moving out of state? Is it a job situation? Even another part of NC would have more opportunity.
I agree that most people really need to think about where their money is going to come from and what rents are before moving to WNC. Adventurous types should have a healthy nest egg so they have the luxury of seeing what happens. Some people do start amazing businesses in WNC because they took the leap.
As for you, I just hate to hear of people who don't want to be someplace, but feel forced. Life is too short for that. My sister and her daughter work together and they were transferred from Florida to Illinois a couple of years ago. They don't want to go back to Florida, but they'd love to leave Illinois partly due to taxes.
They negotiated for raises prior to the move to cover the tax situation, but the taxes still irritate them. They have a comparable house to the one in Florida, but only paid $2,000 in taxes to FL, while they pay $8,000 in taxes to IL. The part of that my sister really hates is that the portion of their IL mortgage that goes to principal is really small because of the taxes.
Hi Christine. I know you've expressed the wish to move away in the past. I think you said you couldn't afford it? So now I'm curious. Since you are able to build a house in WNC the money situation must be okay. So, what is stopping you from moving out of state? Is it a job situation? Even another part of NC would have more opportunity.
I agree that most people really need to think about where their money is going to come from and what rents are before moving to WNC. Adventurous types should have a healthy nest egg so they have the luxury of seeing what happens. Some people do start amazing businesses in WNC because they took the leap.
As for you, I just hate to hear of people who don't want to be someplace, but feel forced. Life is too short for that. My sister and her daughter work together and they were transferred from Florida to Illinois a couple of years ago. They don't want to go back to Florida, but they'd love to leave Illinois partly due to taxes.
They negotiated for raises prior to the move to cover the tax situation, but the taxes still irritate them. They have a comparable house to the one in Florida, but only paid $2,000 in taxes to FL, while they pay $8,000 in taxes to IL. The part of that my sister really hates is that the portion of their IL mortgage that goes to principal is really small because of the taxes.
The property taxes have nothing to do with the principal & interest on a mortgage. I has everything to do with the interest rate on the mortgage. Taxes are separate; even if they are paying PITI in with the monthly payment. In any state.
Some people moved to WNC because they fell in love with the area, plus they like the lower cost of living. If they get transferred to another state, or decide to move back to their native state, that is when the realization of $ differences sets in.
The property taxes have nothing to do with the principal & interest on a mortgage. I has everything to do with the interest rate on the mortgage. Taxes are separate; even if they are paying PITI in with the monthly payment. In any state.
That's what I thought, but that's how my sister said it. She's usually pretty good at understanding financial stuff. And I was wrong - her taxes are $8,600, not $8,000.
They gave a large down payment and got a low interest rate, so I don't know why so little is going toward the principal.
Here are her words from the e-mail she sent:
"Out of a $1,720 mortgage payment, only $320 goes to principle and the rest goes to interest, tax and insurance. Home taxes are $8,600 a year. Was only $2,000 in Florida."
I guess the real complaint is that property taxes are making her mortgage payment so much higher than it would be in FL. This is why so many people move from a high-tax state to a low-tax state, and hardly anyone moves from a low-tax state to a high-tax state.
^^^ She would have to pay the taxes on a yearly basis regardless. Either monthly, quarterly or bi-yearly. $8600 divided by 4 months or 12 months is a hefty amount no matter how it is paid. Nothing to do w/the mortgage. Her homeowner's insurance must also be high. The payment just sounds high because everything is included in the PITI. Usually when banks want PITI all in one payment, they want to make sure there is less chance of missed taxes or insurance payments. When someone is paying $1400 a month for T&I, they had to agree to it. Conversely, salaries/income is higher in the large metropolitan areas like Chicago; yet people still struggle to make ends meet.
This takes us back to the subject of wages and income here in Western NC; and why, even though there are more companies coming in here, the wages don't keep up with the high price of real estate. There has been as much as a 30% increase in home prices in the Asheville area -- new construction or existing homes. It is difficult to even find a home within 5 miles of Asheville under $250K that isn't a fixer or a small house. We are seeing this creep into Hendersonville as well; at the low end of the price market the nicer mfd. homes are flying off the shelf for $150K. Average price is getting to be $250K IF there aren't 3 offers competing for each house. And most of those buyers are coming from higher income states, retiring, or 'buying down' and coming here for their bottom line. It's all fairly relative. The problem lies when or if they decide to 'move back'.
Last edited by QuilterChick; 04-22-2016 at 06:28 PM..
^^^ She would have to pay the taxes on a yearly basis regardless. Either monthly, quarterly or bi-yearly. $8600 divided by 4 months or 12 months is a hefty amount no matter how it is paid. Nothing to do w/the mortgage. Her homeowner's insurance must also be high. The payment just sounds high because everything is included in the PITI. Usually when banks want PITI all in one payment, they want to make sure there is less chance of missed taxes or insurance payments. When someone is paying $1400 a month for T&I, they had to agree to it. Conversely, salaries/income is higher in the large metropolitan areas like Chicago; yet people still struggle to make ends meet.
Oh, of course she'd have to pay the taxes regardless. We know that.
They aren't struggling to make ends meet because they are paid great salaries and commission on top of that. They live in a suburb way way west of Chicago, so they were able to find a house that was very comparable price-wise and size-wise to what they had in FL.
Really they are doing great, but the taxes just **** her off.
Probably doesn't help that the person running their company branch is an idiot too. The company has two branches in NC, so there's hope for getting to greener pastures eventually.
PrairieGirl is the OP, and says she is looking to rent, not to buy. Since she hasn't been back to this thread with her budget for renting, there is not much more we can help her with. (The cost of rent in any area has a lot to do with the landlord's property taxes, however.)
If she is reading this thread, I would suggest she look at the local newspapers.
For Hendersonville: www.blueridgenow.com and http://www.hendersonvillelightning.com/
Thank you QC and others for your helpful advice. I have been doing lots of packing, sorting, and discarding as we will be downsizing. Also, job hunting is a full-time job! Well-acquainted with Google search, it's the opinions of those who already live there I seek. I am actually looking for jobs in Brevard, but heeding advice to look in Hendersonsville to rent as I have a teenage boy. My husband is already retired. As long as he can fish and wander the woods, he will be happy. We have a budget of $1100 max. for a 2 bedroom, ideally 2 bathroom home. Credit not perfect, had to let our house go when it lost half its value overnight, working on rebuilding good credit. Manufactured homes are fine, newer the better, but we prob can't buy right off. My husband was a brick-layer, your stick-built comment reminded me of the 3 little pigs! The only bad thing I ever heard about a manufactured home was when my friend's two halfs bowed where they were supposed to meet! That is a scary thought.
p.s. I have checked with property management companies, you need to make 3x the rent (gross salary) and they start at about $1k for 2 bedrooms. He didn't sound very encouraging as far as making any exceptions, said he wouldn't even pull credit report until I had that. We have almost a year's rent saved up, but until I find a job there, we're stuck here. This is the exact same situation here, so no surprise. Rents are rising, for no reason except it's what the market will bear. I am not moving after this, except locally!
p.s. I have checked with property management companies, you need to make 3x the rent (gross salary) and they start at about $1k for 2 bedrooms. He didn't sound very encouraging as far as making any exceptions, said he wouldn't even pull credit report until I had that. We have almost a year's rent saved up, but until I find a job there, we're stuck here. This is the exact same situation here, so no surprise. Rents are rising, for no reason except it's what the market will bear. I am not moving after this, except locally!
There was an ad in the www.blueridgenow.com Sunday paper just this week for a 3 BR 2 Bath home for $950. Sorry I didn't save the paper, but you might want to look it up online or call the office of the paper which is here in Hendersonville. Don't know which prop mgr you called, there are a few here with varying reps. If you have one year's rent saved up @ $1K per month, that should be all you need proof of in order to sign a one year lease; but I don't have any idea of how a leasing company would consider savings unless maybe you paid 6 mos. in advance. If you DM me I can give you the names of a couple of the larger apartment complexes in Hendersonville which could help.
The trick is going to be getting a job here. The smaller the town, the lower your options, it's that simple and depends on what type of job you are looking for. Before coming here to the mountains, we always tell folks to get the job first. As for your teenage son, you may want to consider Hendersonville over Brevard for schools and more family-oriented activity, sports, an easier transition, and camaraderie for him.
You should also check with the major franchise real estate companies in this area, several Realtors own rental properties and are always willing to help out with referring you to people they know.
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The problem lies when or if they decide to 'move back'.
