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  1. #161
    Housing is a big necessity for every one. Rising property rates have made it much tougher for middle class people to afford a good house.

  2. #162
    Quote Originally Posted by God Emperor Trump View Post
    It is a problem. But do you know why? It isn't all based on greed but the fact that the more the local government tries too fight it, the worse it gets. Punishing Landlords and increasing taxes and fees for development only slows down future development and makes housing more expensive for everyone. But the gov keeps on doing it thinking that it will make a difference. It is becoming a big problem in the Portland area.

    To make matters worse, people from California and elsehwere want to move to Portland from more expensive cities. They are willing to pay more which just drives up costs again. Or landlords buy up apartments houses and condos just to flip them. Flippers may increase property value, but at the same time it increases costs on another front.


    The only way to fix this issue is to reduce the burden of fees and property taxes.
    This is bunkum, rising property taxes reduces property prices. Its an accepted and standard part of economic theory which has been found to be true in practice. When you buy/rent you look at the total cost of ownership. That means if property taxes are high you are willing/able to pay less to rent/buy that property. Thus the true payer of the property tax isn't the buyer/renter but the landlord/landowner.
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  3. #163
    Quote Originally Posted by Priya-tan View Post
    Because we don't want to spend 20 hours of my life each month sitting in a car commuting. Living anything more than 10 miles from your job in the DMV area is basically guaranteed 1hr+ commute. I'm not an idiot - I understand that you pay to be closer to the city, etc. I'm just saying the cost of living in my area sucks.
    so its the price you pay for convinience - seems working more then ok for me. you have clear choice - convinient but expensive and less convinient but cheap - what is wrong about this model ?

  4. #164
    Quote Originally Posted by Seirith View Post
    Wow...seriously how do you deal with that? Do you live there by choice because you like being rural or because you cannot afford to live closer? I can't imagine spending 4+ hours per day driving to get to and from work.
    It is 2 hours roundtrip for me and 3 hours for my wife. Although, she has been trying to schedule her clients so that she only has to go to San Diego 2 -3 times a week. Does not always work as planned, but she is trying.

    We thought about downtown San Diego. Except in the last several years, the homeless population downtown has increased substantially. We were down there one weekend, and saw somebody peeing in the stairwell of Horton Plaza (high end shopping center downtown San Diego). That was that.

    Point Loma and La Jolla are nice. Except in the summer the surface streets are heavily congested with tourists, and trying to get in and out of the area can be a nightmare.

    Southeast San Diego was iffy. You can have a crack house in the middle of a nice neighborhood.

    Chula Vista was too close to the border and traffic on 94 and 125 is pretty bad during rush hour.

    East County, which is where my office is located, is getting crowded and the quality of life has gone down.

    North County meant having to deal with traffic on 5 and 15.

    So we ended up where we are.

  5. #165
    We owned a home, sold it and moved when I got a new job, and are currently renting (Just closed on a lot last friday so we can build soon). Our rent is higher than our mortgage will be. We're paying as much for rent as the mortgage on a 300,000 dollar home. Something needs to be done about rent costs versus housing costs. It's one thing to have a high payment for buying a home, it's completely ridiculous that people are stuck in a situation where you have to rent for such a high cost, never being able to save money, which means you will never be able to own a home unless you opt to mortgage a really crappy starter-home where you have to pay a ton of mortgage insurance and stuff. It's just crazy.
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  6. #166
    Old God Vash The Stampede's Avatar
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    Quote Originally Posted by Wrecktangle View Post
    As a fellow NJ'ian (assuming the better part references the south part ) I can tell you (as a previous mortgage professional) that unless the bank has sold the foreclosed house, which are incredibly hard to sell to begin with, let alone in a market where there are tons of good homes for sale, tons of shit homes, and then a ton of foreclosed ones; he won't be evicted. My S/O's aunt was foreclosed on like 2 years ago maybe? Still lives there because they haven't sold the property.
    Thanks, good to know. Though my uncle is of course thinking he can work with the bank to pay a more sane amount monthly mortgage, but I really doubt that. Been telling him to get most of this stuff out, just in case the bank decides to take the house with his stuff in it. My other uncle has a home for him ready Upstate NY, and he's just an old stubborn fool that refuses to leave his home. Part of the problem is that his social security doesn't pay enough for him to live off, which is something like $1.1k I think.

    BTW the better part of NJ is northern, where all the malls are.

  7. #167
    The Lightbringer zEmini's Avatar
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    Quote Originally Posted by alexw View Post
    This is bunkum, rising property taxes reduces property prices. Its an accepted and standard part of economic theory which has been found to be true in practice. When you buy/rent you look at the total cost of ownership. That means if property taxes are high you are willing/able to pay less to rent/buy that property. Thus the true payer of the property tax isn't the buyer/renter but the landlord/landowner.
    Where is such a theory at? Property tax is assessed by the county assessor based on the value of the building, land and surrounding area. Yes, that could mean high property taxes might deter people - but all that does is price them out of THAT market. There is always someone waiting next to buy up the property. The correlation is sound. Maybe the market is different where you are from.

    Property Tax plays a big part in determining rent. It is part of fixed cost as well as mortage and HOA. Unless the owner is just building equity for the fuck of it, that is the the most basic cost of being a landlord.

  8. #168
    The Insane Kujako's Avatar
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    Quote Originally Posted by God Emperor Trump View Post
    Where is such a theory at? Property tax is assessed by the county assessor based on the value of the building, land and surrounding area. Yes, that could mean high property taxes might deter people - but all that does is price them out of THAT market. There is always someone waiting next to buy up the property. The correlation is sound. Maybe the market is different where you are from.

    Property Tax plays a big part in determining rent. It is part of fixed cost as well as mortage and HOA. Unless the owner is just building equity for the fuck of it, that is the the most basic cost of being a landlord.
    Depends on where you are. In CA property tax is set at 1% of the original purchase price. Other county fees can be added onto that, but we get to vote on those.
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  9. #169
    Quote Originally Posted by God Emperor Trump View Post
    Where is such a theory at? Property tax is assessed by the county assessor based on the value of the building, land and surrounding area. Yes, that could mean high property taxes might deter people - but all that does is price them out of THAT market. There is always someone waiting next to buy up the property. The correlation is sound. Maybe the market is different where you are from.

    Property Tax plays a big part in determining rent. It is part of fixed cost as well as mortage and HOA. Unless the owner is just building equity for the fuck of it, that is the the most basic cost of being a landlord.
    As said its a generally accepted theory that also applies in practice. For example here is one of many case studies on this issue. In the first paragraph in their conclusions they say -

    http://www.landecon.cam.ac.uk/pdf-fi...icle061211.pdf

    Conclusions

    The evidence presented in this article suggests that reductions in local property taxes as part of a local area regeneration package feed through to changes in property rents. The average capitalisation effect obtained was not significantly different from 100%, implying that all of the local tax exemption benefits accrue to the owners of the property. This is an important finding that should be considered carefully by policy makers if they wish to use tax-based incentives to stimulate local economic
    And it does not deter just some people it acts to deter everyone for that particular price point, meaning the price has to fall to find a willing buyer.
    Last edited by alexw; 2017-04-18 at 11:27 PM.
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  10. #170
    The Lightbringer zEmini's Avatar
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    Quote Originally Posted by Kujako View Post
    Depends on where you are. In CA property tax is set at 1% of the original purchase price. Other county fees can be added onto that, but we get to vote on those.
    That is a surprisingly simplified approach coming from CA. Probably how it should be everywhere. In my state - or least in Multnomah and Clackamas county - it changes every year. One thing is for certain is that it NEVER goes down. I probably should look at them in more detail in September.

  11. #171
    Can only comment here in the states, or specifically my area of Georgia.

    When we had a new home built the bank offered us close to $300,000 as our spending limit.

    We opted for a home that cost around $120,00 after upgrades (hardwood flooring, double vanity sinks, walk in shower, etc etc).

    People who do the opposite of us are the reason we had a housing bubble burst. People buying shit they can't ultimately afford.

    The problem compounds when they sell a bunch of expensive homes to people who can't afford them, then builders assume everyone wants an expensive home and finding a new home priced like a used home becomes harder.

    To illustrate my point; Our house is the smallest layout in our entire neighbor (entire place is brand new) @ 1100 square feet (3Bed / 2Bath). They stopped putting in our sized layouts shortly after ours was built and now the absolute cheapest in the neighborhood is $180,000.

    I've seen no less than about 8 foreclosures (that I know about) in my neighborhood alone since we moved in about 7 years ago. This neighborhood is relatively small.
    Last edited by TITAN308; 2017-04-18 at 11:32 PM.

  12. #172
    The Insane Kujako's Avatar
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    Quote Originally Posted by God Emperor Trump View Post
    That is a surprisingly simplified approach coming from CA. Probably how it should be everywhere. In my state - or least in Multnomah and Clackamas county - it changes every year. One thing is for certain is that it NEVER goes down. I probably should look at them in more detail in September.
    Well it still causes arguments, one the one hand because property taxes only go up when a house is sold, people can live in their house and not be worried about being forced out of it due to increased taxes, but on the other hand you have people living in what would now be multi million dollar homes, paying a very small amount of taxes. But I like it overall, makes living here long term easier to plan for.
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  13. #173
    I am Murloc! WskyDK's Avatar
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    Quote Originally Posted by Wrecktangle View Post
    Definitely depends on where you live and your mortgage terms. One thing a lot of people don't consider when mentioning their mtg payments is their terms. Someone using FHA's 3.5% program is going to have a much higher payment than a couple in a decent suburb who put down 30-50%. I never underwrote homes in AZ so I can't attest to the home values there, but where I live a 4k sqft home is ~750k, upwards to a $1M.
    Fair enough; we went VA but still put 85 down.
    iirc the payment if we didn't bother with the down-payment was $2100/mo

  14. #174
    Quote Originally Posted by Vixul View Post
    The rent is too damn high.
    This is what makes the current housing boom different from the previous two.

    The 1980s housing boom (which went bust in 1993) created towns like Rancho Cucamonga and transform sleepy villages like Santee into real towns.

    The 2000s housing boom was also big. The East Lake community alone accounts for tens of thousand of new houses. Developers build so many new houses in Otay Mesa, they had to finance a brand new 10-mile trunk sewer to handle the sewage from the new communities.

    The current housing boom? A bunch of isolated small developments. Yawn.

  15. #175
    Herald of the Titans RaoBurning's Avatar
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    I live in the greater Phoenix, Arizona area and the most I dare to hope for on any given day is to earn enough to eventually be able to afford a cheap studio somewhere close to work. Owning a real home? May as well search for real estate in the Shire for all the chance I have at it.
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  16. #176
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    If you want to own a house, be serious about your career. otherwise it's a rental for you.

    I am just over 30 and many of my "peers" complain about houses being so expensive and how they can't get a mortgage. At the same time I see my people in my age group doing very well for themselves and having no trouble at all to get a mortgage and buying a house.

    People should stop the blame game (especially against other generations) and take more responsibility themselves.
    If you have a decent set of skills that are marketable and you constantly work on your career, you have few issues in life. If you have a degree in life coaching and complain about how no one is hiring, you will never own a house.

  17. #177
    Quote Originally Posted by Deruyter View Post
    If you want to own a house, be serious about your career. otherwise it's a rental for you.

    I am just over 30 and many of my "peers" complain about houses being so expensive and how they can't get a mortgage. At the same time I see my people in my age group doing very well for themselves and having no trouble at all to get a mortgage and buying a house.

    People should stop the blame game (especially against other generations) and take more responsibility themselves.
    If you have a decent set of skills that are marketable and you constantly work on your career, you have few issues in life. If you have a degree in life coaching and complain about how no one is hiring, you will never own a house.
    i wouldnt ridicule this - from what i see its very very popular for higher managment to take coaching or buisness coaching curses on Univeristies - after MBA its one of lates "hits" or "must do " in group

    thats why a lot of people try to copy it withut realisation that yes they take it but after having first masters + MBA + years of experience thats why such simple copy&paste wont work for them.

  18. #178
    Quote Originally Posted by Symphonic View Post
    We owned a home, sold it and moved when I got a new job, and are currently renting (Just closed on a lot last friday so we can build soon). Our rent is higher than our mortgage will be. We're paying as much for rent as the mortgage on a 300,000 dollar home. Something needs to be done about rent costs versus housing costs. It's one thing to have a high payment for buying a home, it's completely ridiculous that people are stuck in a situation where you have to rent for such a high cost, never being able to save money, which means you will never be able to own a home unless you opt to mortgage a really crappy starter-home where you have to pay a ton of mortgage insurance and stuff. It's just crazy.
    You do realize that this is completely normal and intended right? If rent was ever cheaper than a mortgage payment what benefit would there be to people investing in real estate?

    You are not entitled to a big fancy brand new house. You get the house you can afford based on your decisions in life. If that means renting, then switch your life up. If you're forced to buy a starter home then that's your circumstances.

    Also fun fact, you can get a starter home as a FTHB (first time home buyer) using a product that is tailored to you. I.e. no MI, less than 20% downpayment, below market rates, etc. I know because I've underwritten them, and I personally have one.

    Quote Originally Posted by Dukenukemx View Post
    Thanks, good to know. Though my uncle is of course thinking he can work with the bank to pay a more sane amount monthly mortgage, but I really doubt that. Been telling him to get most of this stuff out, just in case the bank decides to take the house with his stuff in it. My other uncle has a home for him ready Upstate NY, and he's just an old stubborn fool that refuses to leave his home. Part of the problem is that his social security doesn't pay enough for him to live off, which is something like $1.1k I think.

    BTW the better part of NJ is northern, where all the malls are.
    It's likely too late for your uncle to salvage his standing with the bank, they'll gladly take whatever money he wants to give though, but I wouldn't if I was him, especially if he's got a back up plan.

    I have 3 malls within 15 minutes of my house lol.

    SJ is less like NY than NJ so I win by default.

  19. #179
    The Lightbringer stabetha's Avatar
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    Quote Originally Posted by Dukenukemx View Post
    The government is the reason why the housing issue even began. Bush or Clinton signed a law that allowed banks to give loans to people that didn't have credit and even a job, which caused the housing crisis of 2008. This fuck up was felt all over the world, even to this day. And of course, the law was influenced by corporations who wanted to make more money.

    About the same time we get Basic Income, I can see the government providing free housing and free food. Once automation takes away enough jobs, this is the only course of action. But the kind of housing they provide will be apartment buildings, not houses.
    that was sarcasm, and it's called the community reinvestment act and it's been around since the '70's and it was not influenced by corporations. why would corporations like a law that forces them to lose money?
    you can't make this shit up
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  20. #180
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    There are plenty of affordable homes but they are in places no one wants to live in. Either it being in a high crime area or way too far from their job there will always be affordable homes as people are just too picky.

    When my cousin moved to America he bought a cheap house outside the city which is an hour away from his work. The rent in the city are in the mid $2000 range as he refused to pay that much in rent as he was better off taking out a mortgage for a 150k home.
    Last edited by Ave07; 2017-04-19 at 03:58 PM.

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