Brit Reacts To THE 15 CHEAPEST STATES TO BUY A HOUSE IN AMERICA!
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- Опубліковано 27 вер 2024
- Brit Reacts To THE 15 CHEAPEST STATES TO BUY A HOUSE IN AMERICA!
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(3071) 15 States to Buy Cheapest House (Property) in USA
Hi everyone, I’m Kabir and welcome to another episode of Kabir Considers! In this video I’m Going to React To THE 15 CHEAPEST STATES TO BUY A HOUSE IN AMERICA!
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Native Alabama resident here. I grew up in Mobile which is down on the Gulf Coast. The city is one of the biggest ports in the country and home to a vibrant culture and food scene similar to New Orleans. In the north part of the state you have Huntsville which is home to a massive tech industry and also the place where the Saturn V Rocket was invented. NASA still has a big presence there. In my opinion those are the two best areas of the state to settle.
Yeah I'm from Northeast Alabama right next to Scottsboro Anne Huntsville I live in Guntersville Alabama but not to be many people know where Guntersville is LOL
i noticed that the corresponding highest poverty states relate very closely to this list
There's some overlap for sure, but it's not a perfect match. For example, Ohio has a relatively strong and diverse economy, and while wages don't match the coastal regions, neither does the cost of living. Ohio's economy is not as strong relative to other states as it was 50 years ago, but it's still in better economic shape than the median state. And yet we still have some of the most affordable housing in the developed world.
There's federal income tax, state income tax, personal property tax (cars & such), real estate tax, and state & local sales taxes. If a state does't have an income tax, they get you with a different tax. You have to be able to pay for running the state government and services.
Texas has high property taxes even while it has no income tax. So it depends on which taxes you want to pay.
Tennessee is one of the least taxed in the country. Our sales tax is 9.75%, but we've lived in states that had state income tax+sales tax that was nearly as high. Tennessee is also one of the most fiscally sound in the country. No personal property tax, low real estate tax.
A friend was mowing his teensy-tiny lawn on Long Island in New York when it hit him that, for what he was paying just in property taxes on Long Island, he could cover the payments on a nicer house back home in Arkansas. He moved. He didn't regret it.
I'm in NC and love it bc we have mountains and beaches within a few hours. 🙂 Some find the summer heat to be a bit much but I prefer it to harsh winters.
The 50 states are the actual government on a daily basis, so we typically have state taxes for state and local needs. Federal taxes go towards federal needs. The Constitution describes the powers and functions of the federal government. Any powers or functions not described in the Constitution are covered by The 10th Amendment of the Bill of Rights. This reserves those unmonitored powers for the states and the people respectively.
Understanding this is crucial for understand US government and politics.
It's wild that I'm moving from Tennessee to Mississippi. Brand new houses are 150- 200k there.
Huntsville is probably the best place to settle in Alabama, imo. It's getting a bit crowded, so homes in Madison county are getting harder to come by. The biggest advantage is you have that 'Alabama County Life' charm + great economic opportunity, all in a fairly small geographical area. If that 'Alabama County Life' isn't a plus for you... it may be more of a compromise than a destination.
If you do not put down 20%, you will need a extra insurance and that will cost much more in interest. It's better to put down 20% at least, but more is way better.
If you don't put down 20% you are required to pay the bank mortgage insurance which is vastly overpriced (many times more than what normal insurance costs and you don't get to pick an insurance carrier - its a total scam). In addition to avoiding mortage insurance, by putting down 20% or more, you can elect to pay the real estate taxes directly rather than your bank collecting it from you monthly in an escrow account and paying your local real estate taxes. And that is definitely something you want to do as the banks tend to delay paying the real estate taxes in order to maximize the interest they get on the money in escrow (which you don't get very much of as what they pay in escrow accounts is basically nothing). I remember in the first house I bought, I put down 25% but made the mistake of having the bank collect and pay the RE taxes (I did not know then that I could pay it directly - the bank never told me this). Every 6 months I would get threatening letters from my town saying that if I did not pay the RE taxes immediately, they would seize my property and put it up for auction. So I had to call the bank every 6 months (they never picked up) and send them threatening letters myself (none of which worked). As soon as I could afford it, I refinanced with a different bank and elected to pay the RE taxes directly.
It does depend on other factors as well, e.g., the relative cost of rent vs a mortgage payment varies significantly depending on where you're located, and that can have a substantial impact on whether it's worth jumping to a mortgage as soon as you possibly can, versus waiting until you can scrape together a better down payment.
There really is not extra benefit for putting more than 20% down rate wise, unless you need to get your debt to income to a certain threshold.
@@Allaiya. It lowers your monthly payment.
I’m from the Huntsville, Alabama metro area. It’s very focused on tech, space, and auto. At one time (I’m not sure whether it still is) we had the most engineers per capita in the US. We are approximately 2-3 hours from Birmingham, Nashville, Chattanooga and 3-4 hours from Atlanta. We are also approximately 5-6 hours from the beach or the mountains. The Huntsville metro area surrounds the Tennessee River for those who live boating and fishing. There are some who predict that Huntsville will be the next Atlanta.
In Alabama, there are some great places for the middle class to raise families....Fairhope, Auburn, Muscle Shoals, Sheffield, Athens, Dadeville, Prattville... It is a long list. BTW, we are fine with all of the ridiculous misconceptions about Alabama, as we are just too busy living the dream. Great reaction.
You mentioned MUSCLE SHOALS and Sheffield but forgot Tuscumbia and Florence 😂 what's the deal
Roll Tide 🐘
@@highlandergunn9240 Well, in my defense, I did say it was a long list... and besides, you don't want too many people to know, right? I haven't been in twenty years but I love Tuscumbia and Florence as well. That whole area is special, imo. Roll Tide back to you as we have to stick together at times like this, lol. WDE and best wishes!
@@auburnkim1989 you too, 😂 I just saw your name was auburnkim 😂
My sister graduated from auburn in 1979 and lived there for years, my best teenage years were spent in Auburn, truly God's country. WDE ☺ 🦅
The area of Huntsville, Alabama is home of high technology industries due to the space and rocket industry there. But, the coast is beautiful!
LMAO @ "living the dream" in Alabama...There is a reason you people are at the bottom in education.
"Flyover states" is a fairly derogatory term used to describe the states that are between the major business, population, and cultural centers on the East and West coasts.
These are mostly agricultural states whose importance is lost on people who think their food comes from the grocery store.
Closing costs are the legal fees involved in the transfer of Title from one property owner to another.
Normally the seller pays the bulk of closing costs.
Closing costs include Origination and Discount Fees, as well. These are generally paid by the buyer.
One detail about working remotely.
In the US you cannot operate on the blanket assumption that you will have high speed internet, or that it will be reliable and affordable.
As always, research is key.
I live in the Northwest part of Alabama which my husband and I love. We bought a two bedroom house on nearly 3 acres in 2006 for $80,000.00. Huntsville, which is approximately a one hour drive from where I love has anything you would want there. That is where NASA is and is one on the largest growing cities in the U.S. I love where we live as we are close to bigger cities and have anything we want in our area, along with beautiful scenery such as the Tennessee River, lots of music history, mountains, etc. Wouldn't think on living anywhere else, although I have lived in Arkansas, Mississippi, Tennessee, Illinois, and Oklahoma.
Roll Tide from Cloverdale Alabama just north of Florence, 🐘 👋
War Eagle from Decstur Al.
I can't answer any of your math questions, but what I can say is if you are looking at an area, check to see if they have at least 1 university and a military installation near by. Those are the places that have the most diversity of activities available and steady incomes.
Alabama- gulf shores, Birmingham, Tuscaloosa but some areas get bad weather. Tornadoes and hurricanes
The property tax is applied to the assessed value of the house, which can differ a lot from the purchase price. States don't seem to use the same criteria to come up with the assessed value.
I live in Montgomery Alabama and we always say that it's the best place to live in the state if you want to go somewhere else. We are a few hours away from Atlanta, Nashville, Pensacola, New Orleans, and gambling in Mississippi 😂😂😅
Before buying a house in the US find out about the climate. I live about 20 miles west of Charlotte, NC
and we didn't get any snow this year. Sorta disappointiung. We like to get at least one snow; getting maybe 1-2 inches and it's gone in 2 days. But states like Ohio, Illinoise, Michigan, well, all the states north
of North Caroline and Tennessee and north of those states, you'll be freezing all winter and shoveling snow. Not for me !! Runs your heating bill very high if you have natural gas. Most people do.
And snow is a reason I like Michigan. I don't mind the bit of snow I have to shovel. The exhausting part is raking the roof! 😃
When considering a supposedly "less expensive state", you have to take into account what the state's minimum wage is since every state is different. I live in Massachusetts and was looking for a cheaper option. I looked at Tennessee and found that I would be worse off financially. I would have to get a new job since the company that I work for isn't in the state. Tennessee's minimum wage is half that of Massachusetts. Tennessee is roughly 30% cheaper cost of living wise in comparison to Massachusetts, but you could be earning half of what you would earn in Massachusetts. This would actually make Tennessee more expensive for me.
As someone born and raised in TN, you made the right decision. Our wages never keep up with inflation, and starter homes are snatched up by corporations and rented for more than they're worth. People are always super impressed by the "no income tax", but our other taxes are all higher to make up for it. If I remain in my home state, I doubt I'll ever be able to buy a home. It's just not possible for the majority without coming from a higher cost of living state with the cash on hand.
I grew up in Kansas and yes there are a LOT of things to do there. It's also definitely pretty affordable as well. The only thing I didn't like about living there was the weather.
I grew up in the Midwest so weather doesn’t bother me, unless it would be mostly rainy or cloudy all the time. That sounds horrible.
I can handle a few months of “harsh“ winter as I’ve heard people describe it. To me, it’s mild. But I guess some folks just can’t handle cold or snow.
Now Minnesota, Wisconsin, and Canada I’m sure have much harsher winter weather.
Remember, the lower the average purchase price, the lower the local income options. Rural areas can also be less expensive, but jobs are scarce and pay quite low. The idea of working remotely is great. One thing though - corporate America quickly responded by paying incomes based on zip code in many instances. So, for example, my friend left Chicago during Covid and moved to southwest Michigan. Things were going great until his employer adjusted his income downward accordingly. There's been a lot of kickback on that, so some employers are working to do a better job of averaging remote salaries. I've been talking with my employer to see if I can keep my income constant if I move.
Im in Oklahoma. I didn't go through a realtor. I bought from someone I found out they wanted to sell before they listed it. Saved a lot by not paying a realtor.
Also, my property tax on my house and ½ acre is $300/ year.
If you have a friend online from the US, you should do a vid chat with them & watch some of vids with them. That way, you can ask questions & get answers. Also, at this moment in time, it's weird to go trying to buy. So, that may work out best in the long run, giving you time to decide where you want to go & save up. BUT, there is a shift happening world wide & here in US, god willing, we'll get back to affordable lives very soon.
No matter what, the state is going to get "their" money from you. If you think you get ahead because your state has no income tax... then your property taxes are probably higher to cover that. If you think that since you rent, you aren't paying property taxes... you are wrong... the landlord might pay it, but it comes from your rent... which is higher than it would be to make a mortgage payment on the same house. The landlord is also making money on top of all that.
I also notice that a lot of those no income tax states have poor infrastructure, too.
You are correct. Apparently Tennessee is like Florida, no State Income tax. You still pay Federal INCOME tax.
Memphis is a NO. Too much crime. Same as the entire State of Louisiana. Dangerous.
I agree. Memphis is a big no, along with Louisiana. Also, Tennesse and Louisiana have some of the worst health care services in the country. Housing may be cheap, but you have to take into account other factors that may impact quality of life.
Gulf shores Alabama is beautiful. I am from Alabama. My brother lives there . My dad lives in Shorter, AL. Macon County
You get what you pay for. You want good job opportunities, you are going to pay for it. It is really not so bad unless you are just starting out. The cheaper areas have more hopelessness and higher drug issues.
I just bought a really cheap piece of land in West Virginia for 75k on 15 acres. Right on a lake. My modular house was dropped off for 100k. I can't wait until it's finished. If you look carefully you can find cheap
If you can work remotely, the decision where to live becomes different. It pays to live in an area that has a low cost of living. This is because you get paid from the company you work for. Remote work helps the location you live because they receive the taxes from the residence you live. Pay is by where you live, and not by who you work for. Therefore, cost is a consideration, but making the right right decision where to live is much more complex.
Closing costs vary from one jurisdiction to another but typically include things like realtor fees, mandatory inspections (e.g., for termites or asbestos), appraisal, certain kinds of insurance, state or local government fees (e.g., for recording the change of ownership as a matter of public record), credit reports, etc. Some of these expenses are only required if you are using a mortgage loan to pay for the home, and some of them are governed by other conditions.
All states have state taxes in one form or another, but the details vary. Most states have some mix of income tax (and similar taxes, such as capital gains tax), sales tax, excise taxes, property tax, and various lesser taxes (e.g., licensing fees); but the details vary a LOT from state to state. Federal tax, is what it is regardless of which state you're in, and it's mostly income tax, some excise taxes (e.g., on gasoline), and a few minor bits and bobs. The Federal government does not charge sales tax and does not have the legal authority to charge property tax (except maybe in the District of Columbia, not sure about that). The Federal government *does* have the authority to charge tariffs on imports and exports, but in the modern era that power is not mainly used for revenue generation. (Using it for that purpose proved to be deeply problematic, because the other country almost always responds in kind, which has a suppressive effect on trade, which means you don't get as much income from the tariff as you thought you would, so then you have to raise the tariff even higher, and round and round it goes. Hence the sixteenth amendment. Tariffs are still useful for some other purposes, such as discouraging excessive foreign trade in certain commodities without outright banning them, or holding foreign governments accountable for certain kinds of economic abuses.)
Love Kansas but too cold for me in the winter. My best friend lives there.
I live in NC but I live right outside of Charlotte. The houses in my area are starting at $300,000 but go way up. There are a lot of apartments going up around me too.
For most people, we pay the most taxes to the Federal government. Federal taxes are usually only based on income for individuals. Some States collect taxes on property value, some collect on income, and the rest on some combination of both. The best interest rates are at 20% down or more. Many people my age (40s) and younger have struggled to save any amount of money, and/or are unwilling to move to away from where they are. ( I was lucky, my husband and I saved up 40k before we were married and bought just after the last crash) Many of these states have low taxes, but that also means fewer support services in communities and can mean fewer new infrastructure projects or updates to old ones. It's all a give and take.
Alabama has a ton to offer their residents, but the State has always gotten a bad rap from YT docs/channels that based their current opinions on outdated statitistics and historical events from the Civil rights movement. Alabama is largely safe, beautiful, diverse, and growing rapidly. You can find coatal beaches, progressive cities, charming small towns, and expansive mountain regions across the state. Like with any state in the continuous US, you'll find pockets of lower income housing scattered throughout the states.
Many many people that started working remote in the 2020 or so, did in fact MOVE. however, many of their jobs docked their pay because they were not living in the expensive area anymore. So basically your pay, is determined by where you live and many of these businesses that had remote workers figured out that people had done exactly that. Moved hours away to avoid living in the more expensive areas, closer to work. (especially in California) then what happened is the covid was over and their jobs called them back to the office even if it was 3 days a week.
The average down payment on a house is 20% but if you are a first tine buyer there are options to put down as low as 5%.
Taxes here occur on a few levels, there is the Federal Income Tax, and MOST states have a State income tax, and some cities such as New York City, has a City income tax, then there are sales taxes, usage taxes but some states like Tennessee, Florida, Texas, Montana, Wyoming, do not have any State income taxes and therefore can not have any City income taxes, and these local tax rates vary from state to state.
Hi Kabir, property taxes are part of your monthly mortgage payment, along with principle and interest.
Everybody has Federal income tax, and some states have a state income tax. However, this doesn't mean that you are going to pay less in your overall taxes if you live in a state with no state income tax. In states like Texas, where I live, there is no state income tax, but the money to run the state has to come from somewhere. It's a case of TANSTAAFL ( there ain't no such thing as a free lunch). They make up the difference with higher sales, property, school, miscellaneous and local taxes. A lot of times people moving here think that they are going to be on easy street because of the no state income tax are shocked by the reality of it.
This is a very old video. The median price in Oklahoma is 241,000. In Tenn it is over 300k. Also, most of the states have improved in every other factor such as education, jobs etc… They are considered more business, friendly, and have more employment opportunities. When it comes to education in any state, you just want to live in the better school districts. even the states themselves are split up like small little towns which in a sense sometimes it’s like their own little countries.
It depends on where in Tennessee
The beach in the Alabama video that was Gulf Shores., Al it is a very good vacation location. The Blue Angels, who are bae in Pensacola, FL practice over the beach at Gulf Shores. Montgomery the State Capital is a beautiful city. It has the Rosa Parks Useum. And other places that honor
Martin Luther King.
Some states have no state tax. But the last time I was in Tennessee,they had high sales taxes. So it may even out.
At present, seven states-Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, and Wyoming-levy NO STATE INCOME tax at all; individuals in these states pay NO STATE taxes on employment income, investments, dividends, capital gains, inheritances, etc.; we pay property tax and sales tax, other than that people pay federal income taxes if they have federal taxable income. States with no personal income taxes have slightly higher property taxes and property taxes vary by county in most states if you life in a "Blue" progressive run city you will likely have the highest property taxes along with the highest crime rates. So lots of people who have jobs in states with lower home costs live an hour to an hour and a half outside of a large blue city if they want a better quality of life and lower taxes though they will pay a bit more to commute to work which most people do happily. During the 2 years of Covid a lot of tech workers and podcasters moved to these more affordable states and in many areas drove the home costs up a bit.
There’s definitely glamorous places to live in all of those states with giant homes and mansions and the quality of life is quite high compared to bigger cities!
Taxes and costs vary by state and locality. Yes, the US has Federal Income Tax, and most states have income tax as well. There can also be city income tax (like NYC) and even county income tax. When I moved from NY to PA, even though I paid less overall tax, I had to file multiple tax returns. In NYC, I just had to file 2 (federal and state/nyc as NY State and NY City tax returns were combined). However in PA, only did I have to file Federal and State. I had to file a separate County tax return and while the city I lived in did not have an income tax, it had a Non-Bank asset tax - a tax on any financial asset you held outside of a bank - and most localities also had personal property taxes (cars, boats, and any other high value asset you may hold). Due to the unpopularity of taxes, most personal property taxes have been renamed and are now called registration fees. But make no mistake, these are taxes as they are not flat fees but based upon the perceived value of your personal property.
Most Europeans complain about the added sales tax we have in the US compared to the Value Added Tax that European pay (but don't see since they are folded into the retail price). Sales taxes vary not only by state, but also locality. While you will pay 8.875% Sales Tax in NYC, it is actually divided into 4% State, 4.5% City and .375% Commuter Tax.
Home closing costs also vary widely. In my life I have bought properties in CT, NYC, PA, AZ and NV. NYC closing costs were the highest as they added several items that most other states or localities did not. There was a 2% mortgage tax on the mortgage amount (which you have to pay again on a refinance if the refinance company you used screwed up the paper work or was unfamiliar with how things were done in NYC). If the property you bought cost more than $1 myn, there is a Mansion Tax, not on the amount over $1 myn but on the entire amount, which is why you rarely see NYC properties sell in the $1 myn to $1.1 myn range). My closing costs on a 700k condo in 2002 was over 30k (about 4.5% of home value), not counting what I paid my lawyer. CT had the next highest closing costs by % of house cost (around 3%) and then PA (a little over 2%). However, closing costs in AZ and NV are extremely low, and since standardized contracts are used, you do not need to hire a lawyer. In these western states, closing costs are generally lower and were less than 1% of the home value.
If you were actually thinking of moving to any of these States you would need to focus in on the precise region you were looking at -
remembering that many US States are the size of European nations.
Also, I have to say that the descriptions in this video tend to focus on the positives, while glossing over the negatives...
for example- Kansas: "Homeowner Insurance costs are likely low, due to the low probability of mass damage from natural disasters,
like floods, earthquakes and hurricanes"... no mention of tornadoes though...
when statistically Kansas averages almost 100 tornadoes a year (depending on the source).
There are numerous others that I could point out, but I won't belabor the point.
We moved around a bit with my husband being from NY and I came from TX. We left the high cost of living in northern VA to WV in 1994. My husband was earning around $75,000 here. We bought 12.54 acres of land for $12,000. The owner was the bank and let us choose the interest rate. We improved the land for under $10,000. We also got a modular home of 1890 sq ft.
Much of Louisiana is in a flood plain, and gets regular hurricanes. You might be able to afford the house, but can you afford to insure it?
LMAO @ Kabir asking what are the "desirable" parts of Alabama...
I wish we had accountability on the city state and federal level of our budgets. It would be great if we had access to that information to compare state-to-state and of course federally and City to City
You do its called google.
No income tax means your paycheck does not get taxed from the state. I have done payroll for about 35 years.
living in Oklahoma TIP: look for the areas with the lowest price house insurance and it will show you where tornadoes usually occur. Also, just stay away from Moore and you should be fine😂 really I've lived here 38 years and seen 1 tornado in person and it was an EF0
There are obviously some really crappy areas in all of these states and the costs can very widely. But honestly, I’ve lived in Charlotte, North Carolina now for 13 years (and my whole life in South Carolina before), and while the costs are a bit higher than implied, there are still plenty of places to get great jobs and beautiful homes at a relatively affordable price.
10:30 Actually, Indiana is NOT landlocked, as the northwest part of the state has access to Lake Michigan. However, I would personally avoid that part of the state. Crime is higher the closer you get to Chicago. Like the guy said, Fort Wayne is a great city to start a life, and there's other places like Evansville, Lafayette, and Warsaw that have a lot of diversity in employment and homes.
11:15 That's a great point, too.
Federal taxes are separate from state taxes, but if you live in a state without state income taxes, you'll pay high property taxes.
My daughter bought a house in San Francisco in that price range, houses don't share walls but the are built right up against the next house but with a small garden , very similar to houses in the U.K but the garage is under the house. This house is 860 sq ft 2 bed 1 bath TINY FOR NEARLY A MILLION OMG! I live in Oregon out in the country 1,800 sq ft on 2 1/2 acres appraised for 280,000 , we bought it in 2011 for 90,000 after selling our house in California for 310,000.
Ohio, woohoo! I live by Lake Erie and love Ohio. Do we have alot to do? Well, we don't have anything major. No world famous place like Disney or super famous landmarks people see like if you went to Cali. But it's a much more affordable state. The freeways stretch in both directions so you can get most anywhere if you live near them. You got a giant lake to visit if you live near it. Though once you get maybe 5-6 cities outside of a major city (aka Cleveland for example) then you mostly becomes country again. Up by Cleveland is the best spot as most of the cities around here are suburbs and there is a ton to do locally.
Education and diversity are important to consider as well as the political atmosphere.
In most states, you get a discount on the property tax rate if it’s your primary residence, as the local politicians talk about raising the rate on the businesses and vacation homes who have to pay the full rate.
There are federal taxes. The states with no state income tax generally pay more in property tax and other things.
I laughed at Arkansas. The narrator said the state has about 3 million people ..... for the whole state. The county of Los Angeles has 3 million people! That is not including surrounding counties in Southern CA.
These prices seem a little outdated, because the most recent national median price is up to 432,000 now. At the very least, if you live in one of the cities in these states the median will be higher.
I live in the Indianapolis area. There is a bustling night life, we have several professional sports teams, pro football, pro-basketball, pro-soccer (football to you, although the Brits came up with the name soccer), also pro female sports. Indianapolis is the home odf The Indianapolis Motor Speedway where they hold the annual Indianapolis 500. The infield of the track is large enough to hold the following all at the same time, Churchill Downs, Yankee Stadium, Rose Bowl Stadium, Vatican City, The Taj Mahal, The White House, Liberty Island, and The Roman Colosseum.. I like it here,, but I'm moving to Vietnam where I can live comfortably for $1000 a month. Great beaches, warm weather, and great food. A beer cost anywhere from 25c to 50c.
Huntsville and maybe along the coast are the good parts of Alabama.
Alabama Real Estate can be super cheap but no jobs and miles from anything except maybe a Dollar General.
Or, pretty darn pricey in growing economic areas. A 1600-1800 sq ft house in good condition, on a small lot, in a good neighborhood, w "good paying jobs" (and remember in Alabama "good pay" is like some of the lowest in the US) is gonna easily cost you $300,000 and up. Housing costs overall has skyrocketed in the last 5-6 years.
Alabama also has lots of cities and towns that are just hanging on or really struggling.
Also theres huge rural areas that have like zero jobs, money, or internet.
Federal taxes are everywhere. Some states like California has about a 13% state income tax. Where Florida has no state income tax.
Bought a home in N.C. not in any of the towns mentioned. Relocated from VA.
N.C. offered a conditional Loan $15 tho plus Conventional loans etc. CONDITIONS: you have to live in the house 5 yrs .can't rent it out nor sell before 5 yrs BUT if you do sell after 1 yr its a prorated amount paid back not the full 15 tho . In Va they only give you a percentage of cost of home so much less. NOTE: THIS is foe low Income persons who have good to excellent credit and low debt ratio. So moving to N.C sm towns are affordable. And the big city life is an hour away .
Forget that was Aug 2023 .😊
West Virginia is one of the most beautiful states!!!
These figures tend to be a little deceptive. The median they give is state-wide, which obviously comprises everything.
If you move to Tennessee, you're almost certainly moving to Nashville, Knoxville, or Memphis. Housing is dramatically more expensive than in rural parts of the state, far from centers of population, entertainment options, high quality health care, etc.
It is true that these states generally enjoy far lower housing costs than California, New York, etc. Just don't think you can show up in Nashville, plunk down a quarter million, and receive the keys to a large, updated, well appointed home. It'll be double that amount at a minimum - more likely three or four times that much.
What I noticed that slowly remote jobs are disappearing, specifically big tech here in the US.
Huntsville is a great area in Alabama. It's in the north and has NASA and the University of Alabama there. 👍
I live in Huntsville Alabama. Great place to raise a family and there are a lot of high paying jobs with various aerospace and defense contractors. We do get the occasional tornado but it adds a little bit of excitement 😅
these prices have gone up. i live in kentucky and would say the average price would be 300000 but that i a nice house with low cost of living.
Housing costs are more than just the proce of a house. You must consider interest rates, insurance, property taxes, and some neighborhoods have an HOA that is almost like another house payment!!!
Don't forget the hurricanes and tornadoes that frequently occur in southern and coastal states. Buy, then it gets destroyed, then rebuild? With what? Is there insurance for that?
And be very careful buying in those states w natural disasters if no flood insurance. That and repl costs are what can ruin homeowners.
In Alabama, the area around Huntsville. NASA has a number of facilities in the area. Lots of tech jobs. Good schools, etc.
Look for university towns.
Alabama has south Birmingham which is beautiful and a nice place to live and has one of the richest cities the south in it boundaries , Mountain Brook. Huntsville Alabama is consistantly ranked in the top 10 best places to live in America. NASA is located there as well as thousands of high tech companies, invluding Elon Musks Blue Origin.Most cities have dangerous areas. They are not tourist areas, there arenot places you would go. New Orleans is fun but has serious night life. Try the French Quarter in the day.
Birmingham, Alabama is doing a resurgence as it has increased the presence of UAB Hospital throughout the city proper. Montgomery is also coming back as it went down for quite a long time. Both have large Black populations, in the state. The state is also home to many of the countries' race riots, marches for justice, and was center point for the civil rights movement's Freedom Riders. Unfortunately, the state with one of the largest minority populations, in the country, has used whatever measure it can to keep minority voices silent - especially at voting time (creating gerrymandered districts to minimize the effectiveness of minority voting).
I live in Shreveport!
Check the year this was made. I think prices are higher now.
MUSCLE SHOALS Alabama is a nice place to live,
There is a documentary about MUSCLE SHOALS music 🎶 that tells the story of the area and its influence on music in America and the world. The story also tells of the rise of a man from a extremely poor childhood to international acclaim and wealth a must watch in my opinion. That would make a great reaction video. 👍
ROLL TIDE 🐘
Huntsville Alabama was rated in the top 10 cities for a few years
I always say, places are cheap for a reason.
The bulk of your income tax is Federal, and you have to pay that wherever you live. In states with no income tax, they will typically make it up in other ways, with high sales tax, property tax, and local income taxes for the town or city you live in.
Trouble with buying in most of these places is that then you have to live in those places. Yuck.
All states have there ups and downs, I live in WV atm, we're getting ready to buy a home here. My husband does have a decent job with government contractor. Sooo we aren't going to be leaving this area anytime soon. The state is very nice, but not very diverse. Our local gov just put out a thing saying we were voted the most white, least diverse state in the country. I expect they will be trying to figure out how to get a more diverse population here. We don't have big cities here, so there's no real reason for people to move here. Mining died down, most towns are losing population. We were also voted the number one state for poor mental health and obesity, with the most adults per capita with type 2 diabetes. There isn't an abundace of things to do here, that aren't outdoor related. We are also ranked as the 50th in infrastructure.. lol You really gotta stick to towns if you want decent internet. During COVID, people were driving the kids to town and sitting in the car for "school" because not everyone has access to internet. Good people, good vibe, but it really is a slower paced life, that's for sure.
Atlanta
National tax always, but the state will have a larger sales tax.
Glamorous is always expensive, and it can get old real quick.
We do not hire a lawyer to buy a house.
Some of us do.
“Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”
Simply put, your closing costs are the additional fees and payments you have to make at closing. According to Freddie Mac, while they can vary by location and situation, closing costs typically include:
Government recording costs
Appraisal fees
Credit report fees
Lender origination fees
Title services
Tax service fees
Survey fees
Attorney fees
Underwriting Fees
How Much Are Closing Costs?
According to the same Freddie Mac article mentioned above, they’re typically between 2% and 5% of the total purchase price of your home. With that in mind, here’s how you can get an idea of what you’ll need to budget.
Let’s say you find a home you want to purchase at today’s median price of $384,500. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $7,690 and $19,225.
But keep in mind, if you’re in the market for a home above or below this price range, your closing costs will be higher or lower.
Everyone pays a national income tax. And many states tax income also, but not all. That's why Texas is popular - no state income tax!
To list student lian debt as a reason not to be able to buy a house sums up a big part of the problem. You made a bad decision and now can't afford a house. How about you consider the return on your investment when considering your education options?
Let's put it this way. In no way, shape or form is there a mass migration of people taking advantage of affordable housing in Mississippi and West Virginia. West Virginia in particular has been declining for a long time for a myriad of reasons. It's extremely conservative and in many ways a full 50 years behind the times. Also very sparsely populated. About the same as Estonia. Jackson, the state capital of Mississippi and largest city is an economic basket case. I'm certain there are many affordable places in the UK as well. And it's equally certain that many of them have been affordable for good reason.
Alabame on the gulf of Mexico.
Everyone must pay federal taxes on their income, but nine states do not charge state income taxes. Tennessee, Florida and Texas are 3 of those nine states. Here in Florida, I only federal income taxes, property taxes for my home and local taxes for the local schools.
Fly over states are states with mostly low population. The whole center of the country are what they call fly over states