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Owing your home today is nearly impossible, but even if you did the ever increasing property taxes will bury you
(lemmy.world)
this post was submitted on 06 Mar 2025
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Comparing property taxes now in 2025 dollars to unadjusted original cost in 1950 dollars is nonsensical. The two numbers bear no relation nor should they.
The average social security check is $1,978 a month or $23,736 per annum. Half of that is $11,868. Lets suppose he lives in CA where the annual rate for owner occupied is 0.74%. His house would be worth approx 1.6 million dollars. To to be clear he is whining about paying the appropriate and legal tax on his fully owned 1.6M cash hoard. This is a great problem to have.
If its that burdensome he can cash out and even with rent payments for the rest of his life live great even if he has no other savings of any sort.
Looks like about $5800 a month gradually increasing with inflation for at least 25 years.
If he has another $400,000 which seems super likely since I don't think he's actually living in his 1.6M house on $12,000 a year it could be more than 7500 a month.
If we add a little realism and only include another 15 years he could probably actually withdraw about 11,000 a month.
https://www.kiplinger.com/retirement/social-security/average-monthly-social-security-check https://www.tax-rates.org/taxtables/property-tax-by-state
That's largely due to the property inflation from the tech sector and not consistent across the state. You could be in San Fransisco and see your land 10x in value as the city explodes around you or you could be at the ass end of Oakland or the rural east end and still live in a slum.
This guy could also be from Texas - in the exurbs of Austin, Dallas, Houston, or El Paso - and be looking at closer to 1.5-2% annual rates. Very possible he acquired some dirt cheap land in Beaumont or Bexar County only to see his $5k plot balloon to $100-200k over the course of 20 years.
If this was so it wouldn't be half his ss in property taxes. Average ss is 1900 a month