The American Dream no longer exists.

[robivi3]

I currently see no advantage to owning a home here right now. You can rent a really nice 3/2 two story town house style apt. near here for around 1550.00. AND LET SOME OTHER SCHLEPP MAINTAIN IT. I want to do it, wife doesn't. I am tired of the storms, the insurance is going up 30-70%. I am paying 1300.00 RIGHT NOW for REPLACEMENT COST ONLY of 127,000.00. Insurance in this part of FLORIDA does not cover your mortgage, not like the 80's when I bought my first home. That 1300.00 will likely be 2000.00 after August, depends on POE.

I am in a catch 22. I have my land (one acre) for my new home in Fairfiled Glade near Crossville Tennessee (it is a water/sewer buildable lot next door to a home that according to the tax rolls sold for 293,000.00 two years ago, I say this because most of the lots up there are "membership lots" and some of you are familiar with the place). I make VERY good money for no matter what part of the Country you are in. I am six years from full retirement at age 53. I will get about 4000.00 per month from the Florida Retirement System which is, I believe rated the strongest retirement system in the Country with 130,000,000,000.00 (ENRON cost them less than 1% in losses, they are very diversified) in assets. If I leave today, which i would love to i would get a paltry 500.00 per month as an early retirement penalty and would have to pay my medical insurance. If I tack a couple of extra years after thirty I get an extra 210,000.00 according to the last audit plus my pension, but of course that is a current estimate. It's expensive here, it is very hard to save, BUT VERY HARD to do what i want and leave now. Now add to this i have three boys all College bound (one in right now) with expenses like car Insurance that i am paying and the State of Florida offers the greatest benefit imaginable that no one seems to take into account, BRIGHT FUTURES. Get a 3.0 the State pays 75% of ALL in state school expenses, a 3.5 and they pay 100% OF EVERYTHING and YOUR COICE of Instate Colleges and some assistance if you go outside the state. Wanna go, but can't right now. But it is horribly expensive to live here, property taxes fergit it... they are going to go much higher here... but no income tax. And jobwise, can't be fired, layer upon layer of protection, ironclad, would take a massive disaster and major economic upheaval to change that. Plus my defferred comp account is going up.

[FilingOnMyOwn]

SOmeone is going to have to step up to the plate and put an end to all of this madness before the entire country goes into bankruptcy.

The current outstanding public debt is:

$8,367,661,575,867.99

[BassBoy]

Man, some homebuyers could get caught blind here. Think about what the total in payments would be after 40 or 50 years. OUCH! Some people are so desperate to own a home that they will jump through hoops to own a home(or kill themselves to pay off and own is what I should have said).

SOmeone is going to have to step up to the plate and put an end to all of this madness before the entire country goes into bankruptcy.

[debtisbad]

This will just get the consumer more indebt. Problem is they do not even know it because, hey, its a tax deduction!

[SinkingFast]

And the other day I saw on cbnc or fox news, one of two, talk of the new "50 YEAR MORTGAGE". Are you kidding me? They should also allow you to turn your house into a nursing home at this point, because you will be in your powerchair drawing social security, and still be making mortgage payments...

Minny had mentioned that earlier. 40 and 50 year mortgages. I thought 30 years was a long time. But with those terms, you could own the house 20 years before you make a significant dent in the principal.

[FilingOnMyOwn]

Finally found and figured the taxes for 400,000.00 in Fulton County (Alpharetta's city rate is 7.0 mil). My buddy was wrong as i suspected. It was 6200.00, a bargain to us. Not bad, same house is 9360.00 here.

At 249,000 for our TH's new occupants are paying 5260.00 yearly (pay 249,000, pay taxes on 249,000). No one is moving. They can't raise your rate more than 3% per year if you stay put. It is assinine, utterly ridiculous. REMEMBER, stretched financing AIN'T GOOD. People accept it out of desparation, not clear thought. It always drives the cost higher, like student loans did with education and the way insurance and medicare have done with the medical field. Those areas have almost become a catch 22, damned if you got it, damned if you don't (it costs me well over 500.00 per mo. to have my family on my insurance).

The new law, which will likely pass, will allow you to carry over your old tax payment when you move. Waiting... You can still get an acre and a quarter in Loxahatchee with a 1500 sqaure foot home for 300,000.00. But it is 80 miles away.

And the other day I saw on cbnc or fox news, one of two, talk of the new "50 YEAR MORTGAGE". Are you kidding me? They should also allow you to turn your house into a nursing home at this point, because you will be in your powerchair drawing social security, and still be making mortgage payments...

[debtisbad]

Credit,

I have been doing some research and many of our citizens are retiring to Mexico. They can no longer afford to live here. There is an area of central Mexico called Chapala that is almost all US citizens. Check out their website chapala.com Medical care is much less down there (and many of the doctors are US trained). For example I have heard (not confirmed) of individuals getting EKG's at 30dollars US. Also have you taken notice of all the Walmart's being built in Mexico. Do you not think they are on to something. They have done their research and realize a huge population of baby boomers will be there over the next 20 years. My problem is that we (US) wants to let Mexicans in however Mexico does not want to let us in. One has to prove a certain income to get a visa to stay in Mexico. Last time I checked I believe it was around 12k usdollars. If we are going to open our borders then they need to open theirs. Also we are not allowed to work in Mexico. For the most part it is against the law to take a job that a Mexican can perform. I love chatting about this.

[debtisbad]

Robi,

Can't believe taxes that high where you are. What is the advantage of home ownership right now as a new homeowner? My dad has a condo in your state and he cannot move. He paid 99k and it is now worth about 500k (its right on the beach). His neighbor had to sell because his taxes were so high. But my dad has lived there 10+ years. He is very happy his can only go up 3% per year.

[robivi3]

Finally found and figured the taxes for 400,000.00 in Fulton County (Alpharetta's city rate is 7.0 mil). My buddy was wrong as i suspected. It was 6200.00, a bargain to us. Not bad, same house is 9360.00 here.

At 249,000 for our TH's new occupants are paying 5260.00 yearly (pay 249,000, pay taxes on 249,000). No one is moving. They can't raise your rate more than 3% per year if you stay put. It is assinine, utterly ridiculous. REMEMBER, stretched financing AIN'T GOOD. People accept it out of desparation, not clear thought. It always drives the cost higher, like student loans did with education and the way insurance and medicare have done with the medical field. Those areas have almost become a catch 22, damned if you got it, damned if you don't (it costs me well over 500.00 per mo. to have my family on my insurance).

The new law, which will likely pass, will allow you to carry over your old tax payment when you move. Waiting... You can still get an acre and a quarter in Loxahatchee with a 1500 sqaure foot home for 300,000.00. But it is 80 miles away.

[debtisbad]

Robi-I see it coming. I also love to read the writings of our founding fathers. Such wonderful insight! I was just talking to my mom and she said this country is going to hell in a handbasket. This from a 78 year old woman who has loved America all of her life. She is sick of being politically correct.

[robivi3]

Well, Thomas J. said it best "A little revolution now and then is a good thing; the tree of liberty must be refreshed from time to time with the blood of patriots and tyrants"... it'll happen sooner or later, only the Jeffersons, Franklins, Madisons and Washingtons may not be drawn form our current educational pool to lead it. God forbid.

[jane taylor]

Read this post yesterday and was too tired to write, but wanted to say, "You go, Minny!!!!"

There will always be those who think we are prejudiced. I am prejudiced against those who think they are entitled to everything just because they are breathing! None of us is entitled to anything because we are breathing, educated, or whatever. I used to think that because I was intelligent and well-educated I was entitled to a job with good pay! Wrong!!!! I graduated magna cum laude from both undergraduate and graduate school. That and a buck will get me a Whopper, Jr.! I tell my kids all the time that they are not entitled to the best of everything just because they exist.

My brother acts as if he thinks because he works hard he is entitled. Wrong!! There are people working very hard, supporting children and elderly parents who are barely making ends meet (my best friend is doing this!)

Life happens, we make not so great choices and we get back up with God's help and the help of friends. We are here to help each other not bring each other down!

That's my two cents worth!

[GoingDown]

Its unbelieveable how much it costs to buy a house these days. I am just now realizing that I will never be able to afford one, probably in my lifetime. Doing some basic research on where I live, here is what it costs to buy in my zip code: Average Home Price: $350,565.14
Median Income: 33,400.

Thats simply impossible.

Go a few blocks away, and it gets worse.
Average Home Price: $461,225.69

Go 10 miles, and you're really screwed:
Average Home Price: $675,729.45
Median Income: 49,800

How does a household making 50k a year, pay out 60k in mortgage payments a year? I just don't understand, where is all this money coming from?

I really wonder about this, too! It just doesn't make any sense. Take real estate in Phoenix, Arizona, for example. My sister bought a 4 bedroom, 3 bathroom house with a big backyard and a pool and a two car garage in the Arcadia area of Phoenix (a relatively nice area) for $75,000 in 1998. The property tax appraisal for her house recently came in at $387,000. Those are always low. Houses in the area are selling for $450,000. She's a high school teacher, and she said there is no way she could afford to buy that house if she had to buy it right now. This just doesn't make any sense. What is going on here? My only guess is that it must have something to do with California. There are so many of them moving here, they must be artificially inflating the price of everything. I see almost as many California plates on the road as Arizona plates. We call them, "Califoreigners." The funny thing is after they move here, they complain about how hot it is, and how there is nothing to do here-- no Disneyland, no beaches, nothing really interesting, just a sprawling city in the middle of a huge desert. I wonder what they were thinking before they moved here?

[Minnymouth]

Yes, even our children put a great deal of emphasis on materialistic things. Even 5 year olds.
I have two across the street from me 9 and 11. Their shoes $125.00 a pair, etc. Only the best!! Yet mom and dad whine about how expensive everything is, and how they can't afford this and that. Both drive new cars, wear the best...... Then they say they can't afford a vacation each year.....

DUH - wonder what the problem is????

Shame when your own children don't want to ride in your car because their friends might see them..... AT MY HOUSE - THEY'D BE WALKING A LOT................

Most kids DO NOT appreciate what they do have.... most are given way too much, because their parents had so little.

Unfortunately many parents will BUY stuff - to get their kids out of their faces. (my neighbors do it all the time).... anything to keep that kid from bothering them..... Shame, their own children. They'll never know thier own kids!!

[debtisbad]

I am depressed as hell. My filing is today. I am realizing more and more what a materialistic society we live in. My son is going on a field trip today. I was going to give him $20 for lunch and emergency. I told him he did not need to spend $$ on soveniors. MIL chimes in and gives son $30. Says to buy soveniors. Tells son not to worry about what mom says. Grandma giving him the money. Then on way to school. Son says he does not want me to pick him up tonight when they return from field trip. Asks if grandma can do it. She has a brand spanking new 35k SUV. I ask son why he doesn't want me to pick him up. He replies "I do not want my friends to see your car. You know how my friends are." Nevertheless, grandma thinks its great and she is picking him up. BTW, son is 11 years old and in the 5th grade. Also, some children did not go on this field trip (this is where I get really pissed off). Son tells me that some children's moms could not afford the $50 for the museum visit. They have to go to another class for the day, since they are still expected to go to school. I asked what happens then. Son says "kids all make fun of those kids cause they are so poor". BAD BAD BAD example for school system to set. This is da*ned bullsh*t. I could care less if I do forclose. Get me the h*ll outta this system. I am really depressed today. Sorry folks, just had to vent. Thanks for listening to a stranger on a message board.