Home Values
- Thread starter 2forISU
- Start date
i think the rent/buy opinions vary based on if you've lived in different cities/states and different times in the real estate cycle.
i lived in cities the past 20 yrs where a $1 million+ condo rents for $2500/mo and a different city/year where a $400k house rents for $5,000/mo. it all depends on the market, taxes, tax rules, neighborhoods, etc.
and you think about things completely different when you move from CA to TX or Iowa to Denver or Cleveland to NYC. they seem like different planets when it comes to housing costs.
had I bought a house when I took a new job in 2006, my 20% down would've been wiped out in 2 years. that would've been tough to deal with. 2009 to 2018 is LONG time to recover your equity.
i lived in cities the past 20 yrs where a $1 million+ condo rents for $2500/mo and a different city/year where a $400k house rents for $5,000/mo. it all depends on the market, taxes, tax rules, neighborhoods, etc.
and you think about things completely different when you move from CA to TX or Iowa to Denver or Cleveland to NYC. they seem like different planets when it comes to housing costs.
had I bought a house when I took a new job in 2006, my 20% down would've been wiped out in 2 years. that would've been tough to deal with. 2009 to 2018 is LONG time to recover your equity.
Many people were in that equity recovery situation, and some still are. And that is assuming you can continue to stay in the house or keep it to wait for the equity to recover. This isn't like owning a stock - this is where you live. Need to move and don't have the means to own a second home? You're eating it, and it could be a big chunk of money.
One of my former employees was forced to move after he was laid off last year. Had to move to take another job and was still upside down on his place, even after 10 years. He had to sell it and eat $30K.
I really wish I would have bought when I moved up here in '98 but that was my third move between states in three years so I didn't know what the future would hold. Instead, I bought when the market was already high in late '04. Those six years were very lucrative years to miss out on, but one thing we can count on is that hind sight is 20/20.
Granted, there is an article like this every week, but the results of a new study:
With no letup in home prices, the California exodus surges
https://www.marketwatch.com/story/w...rices-the-california-exodus-surges-2018-05-03
The article has some interesting links, including to the original study, and another to a map of the U.S. showing property taxes by county.
I'm pretty sure you don't have to be a WSJ subscriber to access this article. But if you do, try googling the title, or try googling the title at a later date if this still doesn't work.
With no letup in home prices, the California exodus surges
https://www.marketwatch.com/story/w...rices-the-california-exodus-surges-2018-05-03
The article has some interesting links, including to the original study, and another to a map of the U.S. showing property taxes by county.
I'm pretty sure you don't have to be a WSJ subscriber to access this article. But if you do, try googling the title, or try googling the title at a later date if this still doesn't work.
