mcjeff215 Posted March 21, 2008 Share Posted March 21, 2008 When factoring in taxes and whatnot up in WNY, what's the monthly payment on about $180,000 30 year fixed @ 5.75 or 6.00? I'm just curious... I hear that WNY has some of the best housing prices in the country, and then at the same time I hear that the property taxes are ridiculous. Thanks! Link to comment Share on other sites More sharing options...
Chef Jim Posted March 21, 2008 Share Posted March 21, 2008 When factoring in taxes and whatnot up in WNY, what's the monthly payment on about $180,000 30 year fixed @ 5.75 or 6.00? I'm just curious... I hear that WNY has some of the best housing prices in the country, and then at the same time I hear that the property taxes are ridiculous.Thanks! Mortgage = $1,100 plus or minus Property Taxes = $3,600 per year. Moving the hell out = Priceless. Link to comment Share on other sites More sharing options...
RayFinkle Posted March 21, 2008 Share Posted March 21, 2008 180,000 x .06 x 30= Interest add the interest to your loan amount (180,000) and divide by 30 (mortgage years) and then by 12 (months in a year) take your annual taxes, probably about 4,000 to 5,000 bucks and divide that by 12. add your two numbers together, and there is your monthly payment Link to comment Share on other sites More sharing options...
gmac17 Posted March 21, 2008 Share Posted March 21, 2008 the only "what not" is property taxes. I don't have buffalo specifics, but have a friend in the central part of the state that pays $10k on a $295k house. Link to comment Share on other sites More sharing options...
Chef Jim Posted March 21, 2008 Share Posted March 21, 2008 the only "what not" is property taxes. I don't have buffalo specifics, but have a friend in the central part of the state that pays $10k on a $295k house. WHAT??? You're kidding right? Link to comment Share on other sites More sharing options...
gmac17 Posted March 21, 2008 Share Posted March 21, 2008 WHAT??? You're kidding right? Unfortunately not. It is assessed (for now) at $350, as if that makes it any better. Link to comment Share on other sites More sharing options...
mcjeff215 Posted March 21, 2008 Author Share Posted March 21, 2008 180,000 x .06 x 30= Interest add the interest to your loan amount (180,000) and divide by 30 (mortgage years) and then by 12 (months in a year) take your annual taxes, probably about 4,000 to 5,000 bucks and divide that by 12. add your two numbers together, and there is your monthly payment Wow.... $5k on a $180k house? That's freaking ridiculous. They just want to keep me out of NY, don't they? I just looked at a couple of houses in Amherst and the taxes were over 6k! That's going to add five-hundred bucks to a payment. Incredible. The interest and whatnot is simple math, that makes sense... it's just the taxes I'm not familiar with. I hear "best prices in the country" and it sounds attractive until you consider you're adding another 1/3 or more on top of your standard payment. I never owned when I lived there. No freaking wonder people leave in droves. Hey, I've an idea if anyone wants to help the economy out up there.... seems kinda simple.... Link to comment Share on other sites More sharing options...
Chef Jim Posted March 21, 2008 Share Posted March 21, 2008 Unfortunately not. It is assessed (for now) at $350, as if that makes it any better. You'd pay that for a house assessed for $1,000,000 in in CA. Link to comment Share on other sites More sharing options...
Chef Jim Posted March 21, 2008 Share Posted March 21, 2008 Wow.... $5k on a $180k house? That's freaking ridiculous. They just want to keep me out of NY, don't they? I just looked at a couple of houses in Amherst and the taxes were over 6k! That's going to add five-hundred bucks to a payment. Incredible. The interest and whatnot is simple math, that makes sense... it's just the taxes and whatnot I'm not familiar with. I hear "best prices in the country" and it sounds attractive until you consider you're adding another 1/3 or more on top of your standard payment. I never owned when I lived there. Don't forget, you have to heat the damn thing six months out of the year. Link to comment Share on other sites More sharing options...
VABills Posted March 21, 2008 Share Posted March 21, 2008 You'd pay that for a house assessed for $1,000,000 in in CA. It's about 1/2 of that for a million dollar house here. Link to comment Share on other sites More sharing options...
mcjeff215 Posted March 21, 2008 Author Share Posted March 21, 2008 Don't forget, you have to heat the damn thing six months out of the year. Well, that's okay if all my money isn't going to taxes. I have to cool this POS 6 months out of the year anyways. Jebus... my wife and I have been seriously considering going back recently... that's going to about kill it. I hope the free smokers quit line is worth it. Link to comment Share on other sites More sharing options...
gmac17 Posted March 21, 2008 Share Posted March 21, 2008 It's about 1/2 of that for a million dollar house here. with the big difference being how much house you can get for the money. when you compare things you still get a lot more in Buffalo, but it isn't what it first seems and when you factor in salary for the area etc. it isn't as attractive as it initially sounds.... Link to comment Share on other sites More sharing options...
Chef Jim Posted March 21, 2008 Share Posted March 21, 2008 with the big difference being how much house you can get for the money. when you compare things you still get a lot more in Buffalo, but it isn't what it first seems and when you factor in salary for the area etc. it isn't as attractive as it initially sounds.... Yeah, you get Buffalo. Link to comment Share on other sites More sharing options...
VABills Posted March 21, 2008 Share Posted March 21, 2008 with the big difference being how much house you can get for the money. when you compare things you still get a lot more in Buffalo, but it isn't what it first seems and when you factor in salary for the area etc. it isn't as attractive as it initially sounds.... You'd be surprised. Suburb, 30 miles out of DC and a lot more jobs than in Bufflo/Erie County. you can get a 6000 SQft home with another 2000 in a finished basement with a lot of upgrades for that price right now. And the salaries and jobs to support it if you want. Link to comment Share on other sites More sharing options...
Chef Jim Posted March 21, 2008 Share Posted March 21, 2008 You'd be surprised. Suburb, 30 miles out of DC and a lot more jobs than in Bufflo/Erie County. you can get a 6000 SQft home with another 2000 in a finished basement with a lot of upgrades for that price right now. And the salaries and jobs to support it if you want. Yeah, but how long are those three jobs going to last? Link to comment Share on other sites More sharing options...
VABills Posted March 21, 2008 Share Posted March 21, 2008 Yeah, but how long are those three jobs going to last? In Buffalo or down here. Hell we've got so much government/military jobs moving into mine and several surrounding counties, there won't be enough folks to fill them in 3 years. Link to comment Share on other sites More sharing options...
Chef Jim Posted March 21, 2008 Share Posted March 21, 2008 In Buffalo or down here. Hell we've got so much government/military jobs moving into mine and several surrounding counties, there won't be enough folks to fill them in 3 years. Well you said there were more jobs there than in Buffalo/Erie County. I was just pointing out that three is more than two. Link to comment Share on other sites More sharing options...
sweetbaboo Posted March 21, 2008 Share Posted March 21, 2008 In Buffalo or down here. Hell we've got so much government/military jobs moving into mine and several surrounding counties, there won't be enough folks to fill them in 3 years. Are they going to build heli-pads everywhere so people can avoid the congested highways? I remember when I first moved to NH, people warned me, "yeah, no income tax and no sales tax is great, but the property tax will get ya!" I took one look at the taxes and laughed...The property tax I pay on my 300k home in NH is the same as what I paid in Rochester, NY...on a 100k home. Link to comment Share on other sites More sharing options...
Tcali Posted March 21, 2008 Share Posted March 21, 2008 WHAT??? You're kidding right? he meant property taxes im sure. Link to comment Share on other sites More sharing options...
PromoTheRobot Posted March 21, 2008 Share Posted March 21, 2008 The trick is buying a $60-70K 2-unit house in a neighborhood that hasn't gone to crap yet. Then taxes aren't too bad and you can get some rental income too. There are some deals in Sloan. Nice working class neighborhood, if you don't mind the sound of trains. PTR Link to comment Share on other sites More sharing options...
Recommended Posts