The Price Of Housing

[Skye]

https://www.theguardian.com/us-news/2023/may/10/us-housing-market-prices-increasing

The Guardian runs in-depth stories often; this one highlights the cost and availability of housing.

Data and graphics allow one to see the cost of housing in many areas across the country.

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[Crew4991]

https://www.theguardian.com/us-news/2023/may/10/us-housing-market-prices-increasing

The Guardian runs in-depth stories often; this one highlights the cost and availability of housing.

In prior years, insurance was the shocker. This year, it's assessments and tax increases throughout CO.

I'm grateful. I've been very fortunate. Still, seeing some of the price changes taking place, it's like "WTF?!"

Yep, our property taxes went up about 65-70%. Was pretty shocked but with the explosion of the Denver/Boulder area I really am not surprised by it. You can contest it but I am not sure that will make any difference, but it might! I will admit that I am way more frustrated by the daily I-25 backups that occur than having to pay more to live here.

Definitely agree with you on the price changes though. It is expensive but we are very fortunate to have such a beautiful state to drive our cars in.

 

[key01]

This year, it's assessments and tax increases throughout CO.

My nephew just bought a $1.5M house in Fort Collins and the RE tax is $6,500/yr. When I sold my $750,000 house in a Chicago suburb a few years ago the RE tax was $20,000/yr.

Affordability is relative and your state RE taxes are nothing to complain about, as it could be much worse.

At this point for new buyers it really becomes a serious dilemma whether to ever buy a home at all. Just rent

 

[sirben711]

My house has been reassessed by the county Assessor 3 times in the past two years. Its ridiculous. The area around me is actually getting worse, but my taxes are going up. Though, nowhere near as bad as what the rest of you are talking about.

Is the *VALUE of my house going up? No.
*house upgrades, local infrastructure, industries, etc.
Is the PRICE of my house going up? Yes.

Price and Value are not equal, they are two completely separate different things that I would argue nobody actually takes into consideration.

 

[zstanny]

https://www.theguardian.com/us-news/2023/may/10/us-housing-market-prices-increasing

The Guardian runs in-depth stories often; this one highlights the cost and availability of housing.

In prior years, insurance was the shocker. This year, it's assessments and tax increases throughout CO.

I'm grateful. I've been very fortunate. Still, seeing some of the price changes taking place, it's like "WTF?!"

That's a very cool graphic in there.

 

[Skye]

Yep. Happy to be here.

I am way more frustrated by the daily I-25 backups

Oh I know, right? I've been very lucky with respect to traffic. I've been interred only a handful of times.

 

[Inthehighdesert]

We’re fortunate here in NM. It can‘t go up by more then 3 percent a hear and there’s exemptions in place to completely lock it. I will say your building permit costs in CO are stratospheric to.

 

[RagmopInKona]

Funny how they are fast to "adjust " the value of your property while it is going up, but on the down slide or bottom falling out 2008 and late 2023/24 they drag their feet.
Heck in 2008 when the house was worth 1/2 of what they had it valued at, they said tuff, You can file to have it "looked" into but the one person working that dept. they claimed was out on workers comp. I asked since when, they said 10 months, I said they upped the value 7 months ago, if the one person is out on workers comp. how they do that to the whole town?
Just wait, with brick and mortar retail going under because yoyo's use the online giant's that are funding ai that will cause you to be jobless and homeless. The property tax bill will have to double to cover the losses from drop of taxes from brick and mortar retail .
Your over lords will be named Google and Amazon.

 

[jtmat]

My nephew just bought a $1.5M house in Fort Collins and the RE tax is $6,500/yr. When I sold my $750,000 house in a Chicago suburb a few years ago the RE tax was $20,000/yr.

Affordability is relative and your state RE taxes are nothing to complain about, as it could be much worse.

At this point for new buyers it really becomes a serious dilemma whether to ever buy a home at all. Just rent

I sold my house during covid when prices went through the ceiling. I walked away with a VERY healthy profit and invested all it. I rent for much less than when I owned. Key is being able to invest the money you save by not owning. I won't be in this current area but 4 or 5 more years so renting works in my situation.

Some rentals will stay low since landlords have pre-covid purchased homes and less people moving around. At least in my area.

The new deal is to move into the basement of one of the 1.5 to 3 million dollar homes for cheap. Great neighborhoods, small rents and minimal bills. Won't work if you have a family of four, but it works for some. So many are wasting money moving into $600,000+ condos. Nice places but after condo fees you eat up any money you could have invested in your future.

 

[Balr14]

I think those statistics are a little misleading for my area. Most of the new construction is homes that are much larger than existing homes, that aren't for sale.

 

[RagmopInKona]

I sold my house during covid when prices went through the ceiling. I walked away with a VERY healthy profit and invested all it. I rent for much less than when I owned. Key is being able to invest the money you save by not owning. I won't be in this current area but 4 or 5 more years so renting works in my situation.

Some rentals will stay low since landlords have pre-covid purchased homes and less people moving around. At least in my area.

The new deal is to move into the basement of one of the 1.5 to 3 million dollar homes for cheap. Great neighborhoods, small rents and minimal bills. Won't work if you have a family of four, but it works for some. So many are wasting money moving into $600,000+ condos. Nice places but after condo fees you eat up any money you could have invested in your future.

So when 2024 wipes you out. What then?

 

[FreePenguin]

Yep, our property taxes went up about 65-70%. Was pretty shocked but with the explosion of the Denver/Boulder area I really am not surprised by it. You can contest it but I am not sure that will make any difference, but it might! I will admit that I am way more frustrated by the daily I-25 backups that occur than having to pay more to live here.

Definitely agree with you on the price changes though. It is expensive but we are very fortunate to have such a beautiful state to drive our cars in.

ohio just proposed 32-42% tax increase across all my local counties. 37% for me, and 42% a few miles away in butler county. brb 5k about to become 7k a year, and my friend who lives 10 minutes from me pays 12k a year, about to be hit with even higher taxes as he owns a few acres.

what sucks is, ohio is going off 2022 house sales alone, and ignoring the 2020/2021 sales data entirely. as they was slumped. it just sucks in general, but im still way ahead than renting. that said, im not happy.

 

[furdfan2018]

Sad part is real wages have nowhere near kept pace with increasing home prices. It's not even close -- which is why the "American dream" will never be a reality for many, many people.

 

[jtmat]

So when 2024 wipes you out. What then?

You don’t understand investing.

You don’t get wiped out until you sell. I won’t panic because of a downturn. You know, self control. Some don’t have it… see that from some posters.

I’m good even if markets are down for many, many years. Which I’m 100% sure they will be at some time in the future. Structure is important… three bucket, for example, might help. If you are working and don’t need the money, keeping a hefty emergency fund is another way.

Also depends if you take care of wife/husband, kids, mom/dad, etc. We are all in different situations. My situation allows me to do what I’m doing.

 

[RagmopInKona]

You don’t understand investing.

You don’t get wiped out until you sell. I won’t panic because of a downturn. You know, self control. Some don’t have it… see that from some posters.

I’m good even if markets are down for many, many years. Which I’m 100% sure they will be at some time in the future. Structure is important… three bucket, for example, might help. If you are working and don’t need the money, keeping a hefty emergency fund is another way.

Also depends if you take care of wife/husband, kids, mom/dad, etc. We are all in different situations. My situation allows me to do what I’m doing.

I understand it just fine. It is why even my great grand kids will never be broke.
But when you hold stocks or investments and they go under it is now worthless paper.
The road is going to get very bumpy in late 23 and all of 24.

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