🏡 What Are YOUR HOUSING CONCERNS today?

[Anonymous]

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(1) Whether WE are AGE 50 or 100, WE may have some concerns.

(2) What are YOUR concerns? 🤔

Thanks, Nicole 🏡 (Housing Forum)

[Tempest332]

Want to tell you a story
About the house-man blues
I come home one Friday
Had to tell the landlady I'da lost my job
She said that don't confront me
Long as I get my money next Friday
Now next Friday come I didn't get the rent
And out the door I went

So I goes to the landlady
I said you let me slide?
I'll have the rent for you in a month
Next I don't know
So said let me slide it on you know people
I notice when I come home in the evening
She ain't got nothing nice to say to me
But for five year she was so nice
Loh' she was lovy-dovy
I come home one particular evening
The landlady said you got the rent money yet?
I said no, can't find no job
Therefore I ain't got no money to pay the rent
She said I don't believe you're tryin' to find no job
Said I seen you today you was standin' on a corner
Leaning up against a post
I said but I'm tired, I've been walkin' all day
She said that don't confront me
Long as I get my money next Friday
Now next Friday come I didn't have the rent
And out the door I went.

House Rent Blues - George Thorogood.

[rbtvgo]

I read a report, not to long ago that said that seniors felt comfortable if they had 35k in savings for retirement. Kid you not. I don't know what others think but you can't live on ss alone and 35k won't protect you. Dad retired and bought the car of his dreams. It got old, he got older and all of a sudden he didn't have enough to live. No one's fault. Just failure to look  at the bigger picture. There are a number of programs to help and if you are a veteran that provides alot of help. Bottom line is everyone needs to look at their situation rather closely.  just my opinion

rbtvgo

[Tempest332]

How about Tub to walk in Shower Conversions... quite pricy, possibly around 10% (or more) of home value.   I'm sure that's a need for seniors.  

[KellytheBelly]

Property taxes are killing us. Because of the housing market crisis, our house value is going up, up, up, but that's no good with the taxes that you need to pay towards the value, I think it's up 16% this year. No doubt, you need a two-income household just to pay the bills. I hope it stops! 😧

[Tempest332]

Wait for your re-evaluation!   Mine gets re-evaluated every 5 years, & I'm soooo glad my property taxes as low (< 1K a half), yet I cannot or never will be able to afford to move to another area with the same affordable housing or taxes.  

[nctarheel]

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@Tempest332 wrote:

Wait for your re-evaluation!   Mine gets re-evaluated every 5 years, & I'm soooo glad my property taxes as low (< 1K a half), yet I cannot or never will be able to afford to move to another area with the same affordable housing or taxes.  

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Ours gets re-evaluated every four years. This region is so hot recently that our house was valued at $160,000 more than four years ago. We can't afford to downsize, the taxes on the re-evaluation(even though they change the tax rate so it should be a neutral increase) will increase and become a future burden, rents have skyrocketed so selling and renting isn't an option either. Being old doesn't give you any benefits as far as property taxes are concerned unless you are old AND disabled.

[Tonster521]

@KellytheBelly I agree that property taxes have and "will continue" to increase from year to year. I would venture to say that one needs to plan for 10% to 15% increases year to year. So, for folks at or near retirement with a fixed income, this may be a financial challenge. It is one of the reasons Financial Planners suggest to downsize. The property tax savings from year to year may pay for the initial cost of downsizing/moving. depending on location, some market values have increased dramatically. However, most Counties use an "assessed value" rather than "market value" to develop one's property taxes. Also, there may be various exemptions (i.e., Senior Citizen Exemption, Disabled Person Exemption, etc.) which may reduce the "assessed value" in an attempt to reduce one's Total Tax due. It is worthwhile to contact your Assessor's Office to determine if there are any "easy appeals" program available. If not, be careful if you decide to pursue a formal appeal to your County Assessor's Office. You may find that your property is assessed to low and an increase in taxes may be the result of your appeal. Good Luck.

[KellytheBelly]

Thank you! 🙂

[Anonymous]

2 comments(3/8/23)

Hey @KellytheBelly , yes, that is correct!!! 😤 My only child who is single in Florida, owns a townhouse. More EXPENSIVE than Virginia where I am. 😱

Nicole 🙃

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➡️@KellytheBelly wrote:

Property taxes are killing us. Because of the housing market crisis, our house value is going up, up, up, but that's no good with the taxes that you need to pay towards the value, I think it's up 16% this year. No doubt, you need a two-income household just to pay the bills. I hope it stops! 😧⬅️

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[KellytheBelly]

It's definitely a geographical concern, no matter where you are, even in rural areas. Yet, we are not officially in a recession, and there is some bright side the economy is getting better. Although I have never had COVID, I am a victim of it. As a survivor I am faced with the businesses and corporations claiming monetary loss, thus hiking up their rates, but in no way were they affected at all. RE: PPP loans. No reason for our property taxes to go up. They just decided to go with the flow of raising their rates; this would include the electric company, the water company, etc...they just raised their rates for no reason. Monopoly (the game) is the cheapest property we can get these days.

[Tonster521]

@KellytheBelly This is a follow up to my earlier reply. I will guess that the largest contributors to your property tax bill are your School Taxing Districts (Elementary and High School). You should review the number of Taxing Districts and their tax rates which are found on your property tax bill. You may also find the County Administration and your Fire District to be large contributors as well. Depending on your location, all of the above Taxing Districts may represent 60% to 75% of your total Property Taxes with School Districts being the highest. Teacher salaries and their pensions are expensive. So, if you are retired or considering retirement, you may find property tax savings/relief by moving to designated retirement communities with little to no school district taxes.

[Anonymous]

6 comments(3/7/23)

Well, I have several 🙄 but the BIG one for now is my RENT INCREASE for next month. Goes up EVERY April. Usually $10, this year 2023, thanks to the pandemic is $45. 😭 Last year 2022, $25. 😭

Nicole 🙃

[Tempest332]

Would like to go into a single level floor plan, realtors control the market, & many pretty much sell over market price as the hit the market, thus no chance for the casual looker.

My dwelling is not increasing at the pace most properties are as well, & I know many of us have been losing our retirement savings over the last year. 

I'm actually not sure how it all works anymore, my friends mother with lousy credit managed to purchase a lower priced home with little down for 30 years, ... she was 72 or 73 at the time, & would never live to pay this off in her natural life.  Is this how one does this at end of life?    

[nctarheel]

@Anonymous,

Rents have skyrocketed here in NC.

A one bedroom in Charlotte NC averages $1700+ a month. That average was well below $1000 as recently as five years ago.

My mortgage payment on my home is substantially below what the average one bedroom apartment rents for in my area.

[Tempest332]

The Southeast used to be such an affordable & nice place, now I wouldn't think of  retiring there, let alone being able to. 

[jonibee]

We  the people are getting hit from all angles ..From the food we buy to services that add on to the prices because of shipping costs. Housing costs from electric/oil/gas have risen considerably along with taxes/water/trash services...Clothing costs have gone up along also..Trying to stretch that money to cover everything is next to impossible so people fall behind in payments resulting in more money in late charges..Interest rate is up too ..Who knows where all of this will take up except to the "poor house"...We need relief all around...

[KellytheBelly]

My main wonderment with all of this is those that have saved for their retirement, for years! We watch as wages rise, yet still not matching the cost of living. How do people whom have saved for years in retirement really get their just desserts? It seems like there is a major loss here. 😧 

[Tempest332]

I may had saved for retirement to avoid ones reliance of SSI & now many of us close to or entering retirement have had the carpet pulled out from under us in '22 on retirement funds taking major losses.  Who says we aren't in a recession?  We will be lucky on this to be skirting off a depression!  This does not look like it will be ending any times soon.