When I bought my first home my loan (P+I) payment was $1300 per month on average (paid every 2 weeks), which was not only affordable but cheaper than what I was renting at once you accounted for interest deductions! But the taxes were somewhere around $500 a month after the township raised local property tax by the maximum year after year. Due to average daily balance laws and escrow regulations, we often had a substantial amount of money "invested" in to our escrow account.
There was no amount of deductions to make this home an asset. It pushed a good quality home at a great price to something that now remains completely unoccupied.
My situation is 100% atypical - but I more meant to illustrate how big of an impact property taxes can be.
When I bought my first home my loan (P+I) payment was $1300 per month on average (paid every 2 weeks), which was not only affordable but cheaper than what I was renting at once you accounted for interest deductions! But the taxes were somewhere around $500 a month after the township raised local property tax by the maximum year after year. Due to average daily balance laws and escrow regulations, we often had a substantial amount of money "invested" in to our escrow account.
There was no amount of deductions to make this home an asset. It pushed a good quality home at a great price to something that now remains completely unoccupied.
My situation is 100% atypical - but I more meant to illustrate how big of an impact property taxes can be.