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re: Can someone help me explain how people are affording a house in today's market?
Posted on 4/4/23 at 11:49 pm to StringedInstruments
Posted on 4/4/23 at 11:49 pm to StringedInstruments
Bought my 1876sq ft 1960's ranch home in 2012 for $145,000 in Dallas. It had been remodeled before we bought it too, so it was move in ready. Now just a little over 10 yrs later, it's worth about $450k judging by recent comps in my neighborhood.
We're lucky that we bought when we did, but the property taxes are killing us here.
Our mortgage in 2012 was $850/month. It's now $1268/month, which is still reasonable, but it keeps going up every year at a much higher rate than our salaries due to property taxes and the crazy insurance rates increasing our escrow. The actual principal owed on my home is a little over $500 every month
I used to think we could sell, and put that extra $300k into our retirement accounts, but where the heck are we going to find another decent home(even a really small one) nowadays for $150k?
We're lucky that we bought when we did, but the property taxes are killing us here.
Our mortgage in 2012 was $850/month. It's now $1268/month, which is still reasonable, but it keeps going up every year at a much higher rate than our salaries due to property taxes and the crazy insurance rates increasing our escrow. The actual principal owed on my home is a little over $500 every month
I used to think we could sell, and put that extra $300k into our retirement accounts, but where the heck are we going to find another decent home(even a really small one) nowadays for $150k?
1
Posted on 4/5/23 at 5:30 am to LaffyTaffy7
Bought a pretty conservative 2,000 sq ft, 3/2 last year in East Dallas after making a small fortune on our house in Nashville.
My mortgage in Dallas went up $1000 because of tax and escrow needs.
It’s absurd.
My mortgage in Dallas went up $1000 because of tax and escrow needs.
It’s absurd.
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