Re:Wealthy mortgage borrowers face cold shoulder from lenders
by ipython on Friday April 24, 2020 @08:11PM
(#22974348)
My apologies on the mortgage calculation- you’re right on that.
I didn’t include HOA - depends on the community, some are as low as $100/mo, others are north of $400 but often those include amenities such as lawn mowing or internet/tv or golf/social club memberships
Disney is expensive - especially if you’re taking kids (kind of the whole point isn’t it?). The costs really do skyrocket once you add little people, which I never understood until I was knee deep in it :)
Re:Wealthy mortgage borrowers face cold shoulder from lenders
by nickv on Friday April 24, 2020 @07:47PM
(#22974193)
That site is completely wrong about property taxes in California. The property tax is 1% plus a county and city level supplemental. For example, my property tax in Oakland is 1.3688%.
I have no idea how that SmartAsset got that rate. Literally it makes no sense and is comically wrong.
Re:Wealthy mortgage borrowers face cold shoulder from lenders
by mackey on Friday April 24, 2020 @07:52PM
(#22974218)
https://sftreasurer.org/property/understanding-property-tax
San Fransisco is 1.1801%, so 11,801 on a million dollar house.
For property tax, i found this california property tax calculator [0], which says it's $6,490/year ($541/month) for a home assessed at $1M in SF. That brings us to $4023/mo.
You're right I totally forgot about insurance. Oops. Sure let's use $150/mo, but IIRC that's more than I pay on mine. Maybe because I'm in a big building and the HOA has insurance for parts that I'd need to insure if it were a single family home? But I didn't factor in HOA, so $150's fair, even cheap.
$3482+$541+$150 = $4173/mo.
I still think this median household is going to have something like $4-5k/mo left over after principal, interest, property tax, insurance, and income tax. That's the most important number to get right in terms of how accessible this is. It tells us how much to they have to squeeze on everything else to make it work.
[1] https://smartasset.com/taxes/california-property-tax-calcula...
... also "$4556... representing one trip to Disney world’s worth of extra spending over the year." Holy shit really? I never would have guessed disney world is that expensive. Daaaaamn. Guess I'm never going there :(
(on second thought, I think you're right about the property tax estimate being low. I pay more than the online calculator said and my place is assessed below $1M. Maybe it's all the other stuff tacked on in SF? Add maybe ~$200/mo to my above estimate, we're still talking about something like $4k/mo left over)