No Cheap Inventory. Sales Falter

[Michigan CG]

The impact taxes include a School Impact tax of $23,062 for a single family detached home ($24,227 for a signle family attached home) and a Transportation Impact tax of up to $22,097

That is just insane, I have never heard of such a thing.

 

[Carnivore]

That is just insane, I have never heard of such a thing.

If this is per house that is hardly believable. Who would live there...more importantly are there people who can afford that kind of housing?

In my county and the county to the north and the another county to the west you can buy a nice modest home for a $100k(typical 6-3-2 ranch) in a relatively nice low crime area.

 

[Joe Flacco]

We have a lot of taxes.

 

[Joe Flacco]

 

[timd354]

If this is per house that is hardly believable. Who would live there...more importantly are there people who can afford that kind of housing?

In my county and the county to the north and the another county to the west you can buy a nice modest home for a $100k(typical 6-3-2 ranch) in a relatively nice low crime area.

In Montgomery County, MD, you can't buy an outhouse for that, but it is a very high income area - it is the 10th richest county in the US based on median household income (slightly more than $92k). Most of the state of Maryland and all of the areas around DC is extremely affluent compared to the rest of the country....Maryland is the wealthiest state based on median household income (>$75k) and 6 of the 35 wealthiest counties are in Maryland even though it is a very small state. Thus, there are a lot people there who can afford the high housing costs

 

[Joe Flacco]

When you think about those median income lists, what impacts the median income (their gauge if wealth) has more to do with having less low income than high amount of wealth. Like you see Loudoun County is always higher than Fairfax County but it's really only because Loudoun has less lower income residents. More wealth in Fairfax than Loudoun. Same kind of comparison with Howard County and Montgomery County.

 

[Joe Flacco]

People arn't any more wealthy in DC than other places like LA or SF, or NY. Probably just less low income. Probably more wealth in those markets.

 

[timd354]

People arn't any more wealthy in DC than other places like LA or SF, or NY. Probably just less low income. Probably more wealth in those markets.

While there are not that many people in the DC area who are absurdly wealthy (with the exception of the Mars and Lerner families and a few others) like you would find in LA, SF or NY, the DC area is very, very wealthy by any objective measure. The median income in the DC area is well over $90,000 compared to $55k nationally. The DC Metro area also has by far the highest per capita income of $47,411 which is almost 20% higher than the next highest metro area (San Jose) at $40,392.

I think that many people who grow up in that area and who have spent there whole life there really have no idea how wealthy that area is compared to most of the country (or the world for that matter).

 

[Joe Flacco]

Yet appraisers some how charge the same or less than nationally.

 

[timd354]

Yet appraisers some how charge the same or less than nationally.

That is because there are too many appraisers in that area. There were a bunch of appraisal mills that churned out a ton of new appraisers there during the run up to the 2007-2008 debacle....one of those mills even eventually turned into a large AMC that is probably among the most despised AMC's out there....I am sure you can figure out who I am talking about, lol