Posted on 03/10/2016 6:27:38 PM PST by Citizen Zed
Edited on 03/10/2016 7:02:15 PM PST by Admin Moderator. [history]
The Federal Reserve said Thursday that U.S. household net worth increased 1.9 percent in the fourth quarter to $86.8 trillion, up from $85.2 trillion in the third quarter. Americans' stock and mutual fund portfolios grew $758 billion. Home values rose $458 billion.
You can’t spend wealth. A house or a stock certificate is not cash. You have to sell first.
And of course, if everyone rushed to sell....
That’s strange. I don’t feel any wealthier. Probably because I’m a “typical white person”.
BS on this one.
In June 2011 Zillow had my house at $136,000. Now they have it at $158,000.
Sell it all, wipe out the debt and distribute the money evenly to every citizen of the United States.
5 years from thence, only 10% of us will have the lions share of money again.
As it should be...
It was so easy to find a job in the 90’s...
Just ask Lewinsky
Where the heck do you live? Prices around here average out at $900,000 (SF area). I'm a millionaire but don't feel like one. My adult kids can't afford a shack here, as the minimum shack price is around $600,000. Unfortunately, my daughter and her family are moving next month to Iowa because of that. Nice homes around $200,000 and up there.
What year is this story from? Was Reagan President?
Our very middle class home in the Houston suburbs has gone from $170,000 to $225,000 in the last four years. Doesn’t mean much to us unless we sell. In the meantime, our homeowner’s and wind insurance annual premiums have increased dramatically. County and local schools are delighted because they can collect more property tax. Wealth increased? Not according to our checking account.
I live in Harris County NW of downtown Houston. Homes are somewhat affordable but it’s hard to find anything less than $180,000 for 1400 s.f. But taxes are outrageous. On a $120,000 house yearly taxes will run around $3,600 if you have a “rural” water company. They can tax you.
I’ve noticed the property tax issue in Texas before. I have to assume the bulk of your property taxes are for government schools.
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