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My lord NS has grown up.
not necessarily, all depends on where you live-
99% of people on NS wont have a 750 credit score and 20% to put down to get a 3.5% rate
Its all dependent on where you live-property tax is the killer.
My town for example (75 miles north of NYC) 1/2acre house around 350k youre looking at 10g annually in property tax
2 acres 500k house looking at 17k annually in property tax
lets use a benchmark of 10g's property tax and 4% apr on a 30 year morgage: youre paying 300k in property tax alone-say you financeed 240K (thats with a 20% down payment) youre paying about 172k in interest over the term of your loan. If youre home doesnt appreciate by 475k in 30 years you basiaclly lose money.
youre 300k home in 2012 needs to be worth 775k in 2042....if you look at the past 30 years house prices havent increased by 158%...
^were were you at man 45mins north armonk area? yea 10gs isnt nearly as bad as 45 but its still rediculious by any means you never own your home, youre just paying the govt to let you live there, theyre in debt up to their eye balls but miss a few property tax payments and you will be draged out of your house.
Imagine if you guys rented granted itd be a little more a month but at 45k a year...saved that tax that 1.35m into saving in 30 years, more than the house is worth haha-I'd love to own a home one day but im my mind its just not a good decision in the NY area.
^no way have you seen the run ARNA has taken this year, their was some approval of their recent fat loss drug but there will be a sell off just like there was when it hit 13$.
On a side note the first time they tried to get that drug approved i was in the company at 1.80 i think sold after 6 months because it didnt move and the drug got rejected. I actually took a loss on it i think, lets just say i forgot about it and looked at it today, well basically i wouldnt be sitting here right now...well leave it at that.
^And to the guys putting a few hudred into savings a month, I understant and like how you see the banks ripping you off, Why dont you take what you have and put it in a insured muni like i said earlyier guaranteed 5%-it wont be as liquid by any means but its worth the risk or lack of there....youre losing money in a saving account when accounting for inflation. and the muni is still tripple tax exempt
