The math doesn’t work out In Utah’s favor

Jul 31, 2020
7:55:36am

GulfCoastcoug Contributor

Sure the mortgage payment + taxes on an equivalent mortgage payment will be cheaper, but overall most Texans and Floridians get to keep more of their money, property owners or not.

Report problem with this ad

GulfCoastcoug

Bio page: GulfCoastcoug
Joined: Sep 11, 2010
Last login: Jun 17, 2024
Total posts: 597 (0 FO)

Report problem with this ad

Messages

Author

Time

Honest question: How do Utahns afford all these 5-600k+ homes everywhere?

Adwight

7/30/20 10:45pm

All of the above.

Soupie

7/30/20 10:47pm

No one learned their lesson from 2007

Rivers Cuomo

7/30/20 10:49pm

Or did they....

Harbinger

7/31/20 7:09am

TNT is guessing most young couples from Utah

TNT

7/30/20 10:49pm

They overextend but then get bailed out by a rising market. And then once the

JollyGreenGiant

7/30/20 10:49pm

A lot of people bought their home at 160k and sold it for 390k.

Future_Tacos

7/30/20 10:50pm

You'd be surprised how much money many people make. There are loads of very well compensated people in Utah.

mulletino

7/30/20 10:51pm

meant more for jollygreengiant etc.

mulletino

7/30/20 10:52pm

My neighbor is a custom builder, they only do million plus houses now, mostly

Nat Gas Man

7/30/20 11:25pm

Rolling equity from one property to another. My brother is a school teacher and

byubyu

7/30/20 10:52pm

I was a year too late. Got our first place that we could barely afford

Adwight

7/30/20 10:55pm

I don’t really understand how the rolling equity thing works.

stenso

7/30/20 11:09pm

Sometimes you don’t have any fees and if you get a bump in income the rolling

Nat Gas Man

7/30/20 11:17pm

It helps to go from 1 30 year mortgage to another after paying for 5-10 years

cougaman

7/30/20 11:18pm

That makes sense. You’re applying the equity you’ve paid into the loan. However,

stenso

7/30/20 11:33pm

Equity rises, so you can put 20 % into a larger home. You get rid of PMI, salary

cougaman

7/31/20 12:03am

What if your home value rose a ton and then you buy a new home with that equity with a 3.0% rate instead of 4.5%?

mulletino

7/30/20 11:18pm

Find someone to overpay for your home and then find a good deal. Not always as

byubyu

7/30/20 11:45pm

Here is my home buying history as an example...

Fdnman

7/31/20 6:26am

Yeah, except you don’t pay a 550k 15 yr mortgage without really good income

Nakedbootleg

7/31/20 9:49am

True...though I have 10 years paid down on mortgage so it was quite a bit lower

Fdnman

7/31/20 10:10am

If you are taking out a new 30 year mortgage every time...

OPINIONS

7/31/20 9:15am

Mormon Mafia Money.

BYUtka

7/30/20 10:54pm

That’s only in Virginia

Nat Gas Man

7/30/20 10:55pm

How do I get in on this?

Harbinger

7/31/20 7:11am

Move to VA get a job with the Federal Government live in McLean

Nat Gas Man

7/31/20 10:21am

Well, i will at least say that property taxes are waaay lower than Texas

Heath Squashwell

7/30/20 10:57pm

Lower income taxes help offset that

nephicoug

7/30/20 10:58pm

That’s the theory but we’re paying way less overall in Utah

Heath Squashwell

7/31/20 7:43am

The math doesn’t work out In Utah’s favor

GulfCoastcoug

7/31/20 7:55am

Depends on your income I guess. For me the math works out way better.

Heath Squashwell

7/31/20 11:24am

Here in Oregon we have high income tax And property tax, So win win for us...

cougaman

7/30/20 11:09pm

Correct answer is Yes

NorCal_Coug

7/30/20 10:57pm

A lot of the people in my neighborhood have turned their basements into

Nuke

7/30/20 11:08pm

This is my street. Not because they need help with the mortgage, but rather the

Nat Gas Man

7/31/20 12:23am

Reminds me of this commercial

machete

7/30/20 11:11pm

A lot of tech jobs in the state don’t even pay that. Utah severely under pays

YIsForBrigham

7/30/20 11:21pm

California migration in my once small town.

Nakedbootleg

7/30/20 11:28pm

For years the joke in Utah was “Welcome to my Big House, sorry there isn’t any

Nat Gas Man

7/30/20 11:32pm

Some can afford it, some can't, but still have it

jhingman

7/30/20 11:50pm

Or is it Cali people who hate Utah moving in?

StalwartBraveTrue

7/31/20 12:00am

Here in Calif. I know several people who got big “help” from parents for down

byu1

7/31/20 1:26am

Also in California, also bitter.

JuicyJam

7/31/20 7:11am

I just don’t get how many qualify for loans

cougfanz

7/31/20 4:35am

I know there's concern in the church about how few senior couples are

Gustav

7/31/20 6:06am

top 5, in the order (order is my own informed guess)

Linescratcher

7/31/20 6:24am

This post is spot on

homegrown

7/31/20 7:37am

Two incomes is a big part of it.

Belboz

7/31/20 8:35am

But doesn't Utah have lower percentage of dual income households?

Gustav

7/31/20 8:44am

If you think Utah is bad, imagine growing up in the Bay Area in the 70s/80s/90s.

Mitty

7/31/20 11:53am

Buy in a highly desirable location 16 years ago for a laughable amount

A_blue_car

7/31/20 11:57am

The latter I expect

jkccoug

7/31/20 2:55pm

Down payment is high from selling a house elsewhere.

abyunobody

7/31/20 10:21pm

Report problem with this ad

Posting on CougarBoard

In order to post, you will need to either sign up or log in.

Report problem with this ad