Your House insurance-versus the new Values of Houses

[JCTarheel82]

Part of it with the taxes and the insurance is the market is like 30-40% higher in value now. Dad always said "In spite of the cost, living remains popular!"

Oh I'm aware. Bought a new house at the tail end of the market surge in 2022.

 

[Zoo_View]

Yea
When I was 30-35 I had a $600 dollar mortgage total-including escrow. Now thats purdy near Insurance and taxes in the triangular area

What’s your net worth at 30-35 compared to now?

 

[mpaer]

What’s your net worth at 30-35 compared to now?

Oh yea I get your point

 

[JCTarheel82]

$600/month mortgage is wild.

 

[mpaer]

$600/month mortgage is wild.

I am old

 

[hereiam39]

I am old

Lol, then I must be older. Bought my first house in ´87 in Allentown, PA. PITI was about $350. Got transferred a year later to Fort Wayne, IN and my PITI was under $325 (Midwest housing prices are the best!).

 

[mpaer]

Twentyish years ago I started getting workmates in the Raleigh area that were moving from the Northeast-knowing they would retire in 10-15 years. They were moving because in retirement they did not want to pay 5-6-7000 a year in property tax
We be close soon

 

[hedge]

Typically, the house appreciation lies in the value of the land, not the improvement.

A family friend has a vacation home at the beach (on the water), built in the 1930's. About 25 years ago, her
dad got the tax bill and protested the assessed value (probably $500K at the time), they told him they had assessed the house at like $25K and there may be some downward wiggle room on that, but they weren't going to budge on the land assessment. Those numbers aren't exact, but they're in the ballpark of the difference b/w the value of their old house vs. their choice piece of property...

 

[mpaer]

A family friend has a vacation home at the beach (on the water), built in the 1930's. About 25 years ago, her
dad got the tax bill and protested the assessed value (probably $500K at the time), they told him they had assessed the house at like $25K and there may be some downward wiggle room on that, but they weren't going to budge on the land assessment. Those numbers aren't exact, but they're in the ballpark of the difference b/w the value of their old house vs. their choice piece of property...

I assume Ocean front in Wrightsville is over a milliion now-and then the house

 

[UNCatTech]

$600/month mortgage is wild.

The P&I on my first home was around $650, monthly mortgage was around $800.

Housing is one area that I've been relatively lucky economically over the years.

Though I did miss moving to the best area in 2001 when I purchased my second house.

 

[JCTarheel82]

The P&I on my first home was around $650, monthly mortgage was around $800.

Housing is one area that I've been relatively lucky economically over the years.

Though I did miss moving to the best area in 2001 when I purchased my second house.

Cheapest mortgage payment I've had was a little over $1600, which would still be a steal in today's market.