this post was submitted on 18 Nov 2023
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My house. Even though we have to pay taxes and mortgage interest, it beats paying rent to a landlord. Also, we bought it in 2020 and it has appreciated it value significantly since then. However, that appreciation is kind of fictitious to me, because if we sold the house it's unlikely that we'd be able to buy a similar one in the same area for less. So, it's just a nice house.
Yeah housing gains do nothing for you if you want to stay in the same area.
Theoretically you'll have more equity so you can take out loans, but with high interest rates you'll likely avoid that.. and your property taxes will eventually go up since your home value has gone up.
Hate the fact that my house has gained so much.
At least property tax increases usually aren't as bad as rent increases, at least in my experience.
My apparently controversial take is that flat property taxes should be abolished and the imputed rent of a given property should be progressively taxed as income instead.
Whatever down payment you put into your house (+ whatever equity you build) appreciates at the rate of housing gains in your area. You protect that capital from devaluation due to inflation. Housing gains can do a hell of a lot for you if you want to trade up in your own neighborhood.
And insurance goes up now that it would be more expensive to replace.