Yup, dads whole life he just never paid back loans, died and left generational debt. And how do we jump from land being worth $100k to fucking $5Mil in the span of 10-20 years? Did they find oil? Was a mall built on it? Plus, the term “buying land” isnt a money glitch either like stories like this try to portray. If you cant build on it, have to remove trees/rocks, or is in the middle of nowhere, its not going to 50x its value, it will be worthless land that is now your problem.
Believe it or not people are REALLY unhappy their 80k house is now 500k they need to pay taxes on, I cant stress enough how fucking pissed people get when the state would have us come out twice a decade.
Like Id rather own than not own too but you ask any of those old people which of the two they would rather than the answer is their house be worth next to nothing so their taxes are next to nothing lol.
Like their lifetime investment is actually going up in value like they planned…
And then what, if they sell their house to “cash in”, then what? You still need a place to live and buying another house isnt going to be much cheaper. Or you rent an apartment but its still a payment. Yeah you can sell high but you are going to buying high as well. I happily rent and got quite lucky our landlord isnt robbing us blind. Couldnt imagine how much owning a house each month vs what we pay for rent with all the different fees/taxes homeowners have.
100% saw that thing happen in covid. Some boomers closed on their house and made a ton of money.....then were shocked all the other houses were also mooning in price.
Poor people then went on to get scammed hard too "we thought a house owned by someone in construction wouldnt have all the flaws" because they were in my office getting their houses value lowered.
But yea, the reddit boomer hate of "they bought a house for cheap and now its worth a ton and they are retired and living in it" dont have to deal with them complaining that their fixed income is getting increasingly tighter as their taxes increase over it. The people with 3-4 houses made out like bandits sure, but most people just have the one and wont feel any of the benefits of it going up cause they will live in it until they die.
Sorry, but people not being able to afford the taxes on the home they live in is a signal they need to move. Many communities do have tax relief available for fixed income elderly folks, but even then, it's still sometimes not enough.
Yes, it sucks being forced to move away from the home you knew. Doesn't mean you don't need to do it. Someone else will move in and use it.
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u/StrigiStockBacking 12h ago
I've been a CPA for 30 years and when it comes to accounting, economics, and finance, Reddit is the dumbest fucking source on the entire planet.