The most desirable places are expensive. Supply and demand.
The most desirable places are expensive. Supply and demand.
I don't think that's true, but anyway there is no one desirable. Desirable in retirement isn't necessarily the same as desirable when working because if working a huge part of desirable is: are there any jobs. That can offset 100 other undesirable factors (so a place could be generally awful in 100 ways and could be a miserable existence, but if there were good paying jobs people would live there and even move there). Of course desirable in retirement depends on if one needs to live near working people (kids etc.) or not.
Trees don't grow on money
A guy on a different from said he lives cheap in Alabama near a lake and big cheap house. Well he has high humidity, bugs, etc. Not my idea of fun. Plus we have gotten spoiled with all the things to do.
The sales tax in Austin where we used to live was 8.25% but no state income tax which isn't a big deal when retired and income is low. It is the same here but property taxes are around $1100 a year.
UL, we did move to less costly area when we 'retired'. We were living in San Francisco, so almost anyplace would have been cheaper.
Our families are spread all over the country, so that wasn't a consideration.
I never thought about property taxes when I was a renter either.
Most places it comes to 1-2% per year of the property value, so if your house is worth $350,000 you'd pay $3500+ per year in taxes. It varies a lot by state.
I stopped to think what I would do if a billionaire and I would not have more real estate. It is just one more thing or things to keep track of and maintain even it I could hire someone to do it. I would then have to keep track of the mtce people. Give me my little house that I can maintain in comfort in a comfy neighbourhood. I believe that I am the perfect example of the MND idea, almost anyway.
I will find many other things to do with my billion dollars like micro-loans in different parts of the world that are struggling, toilets that work for the community, etc.
Interesting to consider though.
As Cicero said, “Gratitude is not only the greatest of virtues, but the parent of all the others.”
I know, I HAVE thought of the problems in having to manage people. So at my advanced age I would probably have smallish, but jewel like houses and apartments not needing maintenance people, just perhaps a cleaning lady.
but then, I have always said
I would have a cook before other staff.
so there we are, getting complicated. I will just give the billion away which would both fun and also fraught with problems.
Last edited by iris lilies; 9-14-18 at 7:01pm.
You beat me to it. We will absolutely not be staying here after we retire. Staying here would prevent retirement from ever happening. It's simply too expensive, and besides, the weather on our side of town sucks.
Where we will go is still up in the air. I'm pretty sure we won't be moving to Nowhereville Ks where my cousin lives. Yes, the cost of living is super-cheap (his house's zillow estimate is $52,000) but, as others have mentioned, you get what you pay for. His town has nothing. No restaurants, no library, no schools, no grocery store, no scenary, no nothing. But there are plenty of places in between SF costs and Nowhereville costs that still have a decent quality of life. And that aren't perpetually cold and foggy for half the year.
The idea of owning property -- like a house -- feels uninspiring to me. I read Dave Ramsey's stuff about owning a house. I was open to his ideas. I just don't get a good feeling about it. The commitment. The taxes. The tethering to one location. The lawn mowing. All that stuff.
I once in a while think of a condo -- but the fees!
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