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The 'old American Dream died,' Realtor details salary needed to buy a home, afford a middle class life in 2024 (finance.yahoo.com)

submitted 8 months ago by [email protected] to c/[email protected]

217 comments fedilink hide all child comments

TL;DR: Americans now need to make $120K a year to afford a typical middle-class life and qualify to purchase a home. Minimum.

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[–] [email protected] 3 points 8 months ago* (last edited 8 months ago) (1 children)

Doesn’t help that property taxes can jump by 17-40% per year whenever some developer sells a house in your neighborhood for 2.5x what they bought it.

This is where I like owning property in California. Prop 13 goes a little too far, but it prevents you from being yuppyed out of your house and having your taxes jacked up because a hipster decided to start flipping houses in your neighborhood.

For those that don't know, this is what prop 13 does (https://en.wikipedia.org/wiki/1978_California_Proposition_13):

The most significant portion of the act is the first paragraph, which limits the tax rate for real estate:

Section 1. (a) The maximum amount of any ad valorem tax on real property shall not exceed one percent (1%) of the full cash value of such property. The one percent (1%) tax to be collected by the counties and apportioned according to law to the districts within the counties.

The proposition decreased property taxes by assessing values at their 1976 value and restricted annual increases of assessed value to an inflation factor, not to exceed 2% per year. It prohibits reassessment of a new base year value except in cases of (a) change in ownership, or (b) completion of new construction. These rules apply equally to all real estate, residential and commercial—whether owned by individuals or corporations.

EDIT: Until the last sentence I'm pretty with them. Why push grandma out of her house? But it shouldn't necessarily apply to commercial real estate and corporate owned crap.

[–] [email protected] 2 points 8 months ago (1 children)

Ironically Prop 13 is one of the reasons California housing market is such a mess right now.

[–] [email protected] 1 points 8 months ago* (last edited 8 months ago)

Yeah it's a double edged sword. It also perpetuates suburban sprawl because schools are usually funded through property taxes (which, why? But ok) older areas of cities tend to have crappier schools because the taxes remain low. In order to get around this they build new municipalities that will allow additional taxes, and then you've got another suburb in a fire risk area with a better school that'll attract families.