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Biggest Cheapskate Here (using 'House Rich' as a metric)
Old 05-16-2011, 06:03 PM   #1
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Biggest Cheapskate Here (using 'House Rich' as a metric)

Sparked by another thread, and at least partly tongue in cheekies, who is the biggest cheapskate here based on most 'house rich?' I did my numbers and our house would be 6.4% of our net worth - if we included it (no, we don't). Of course we live in flyover country (about an hour from Chicago) where homes are relatively inexpensive, wouldn't be possible in many major cities or coastal areas...

And don't tell DW, she would not be happy...
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Old 05-16-2011, 06:07 PM   #2
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I can move to Detroit now and beat your 6.4% easily ;-)
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Old 05-16-2011, 06:08 PM   #3
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I can move to Detroit now and beat your 6.4% easily ;-)
Tru dat
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Old 05-16-2011, 06:14 PM   #4
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1984 purchase price: $63K
Current assessed value (insurance company's opinion) : $185K
Location: East Nowhere, a former primarily dairy farming and agricultural area with lots of residential homes built over the last 5 decades.

I doubt I could get $185K for it. The house next door, of similar age and construction, went for only $145K approx 3 years ago.

I'm not going to say what percentage of net worth that is. A girl has to have SOME secrets.
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Old 05-16-2011, 06:28 PM   #5
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According to the property tax assessment, my house is worth 600k, and my net worth (just money, not house or pension value) is 300k. If I'm understanding the question, this makes my house richness value 600 / (600 + 300) = 67%. I think I'm winning.
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Old 05-16-2011, 06:40 PM   #6
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I'm around 20%. That's with what i'm betting is the least expensive home of anyone here($39K). I guess that means my savings is pretty poor but I am only 31 and only make $48K/yr. At least the home is paid off.
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Old 05-16-2011, 06:50 PM   #7
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These questions are always more complicated. Should I ...ah.... include the truck we need to pull the house around? It nearly doubles the value.
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Old 05-16-2011, 06:53 PM   #8
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That's with what i'm betting is the least expensive home of anyone here($39K).
I hope you're not going lose that bet. We might have members here living in Detroit, part of Ohio, or even in Texas. I have personally seen too many condos in Houston that can be bought for less than 20K, and houses for less than 30. Of course, they are all fixer uppers, but still much cheaper than your extravagant 39K ;-)
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Old 05-16-2011, 06:54 PM   #9
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I'm gonna go with the Independence house. We paid $30k for it in 1995. It needed just a tad bit of work... Taxman has dropped the True Cash Value of it as of last November and it now represents 5.3% of our total net worth. Except we owe money on it and thus have only $31,913 in equity in it, but our net worth figures the house being paid off, so... Paid cash for the La Quinta house - if I add it's TCV to the Independence house TCV we have 9.4%% of our net worth tied up in housing that we live in.

I don't guess we should consider the rental property that makes money for us.
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Old 05-16-2011, 07:17 PM   #10
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My house is around 11% of my net worth.

I thought of buying a more expensive house, but I am still on the fence about that. It's hard enough worrying about my home when we have to evacuate for hurricanes, as it is. Besides, I love my house and know its flaws and attributes well.
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Old 05-16-2011, 08:28 PM   #11
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Old 05-16-2011, 08:52 PM   #12
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These questions are always more complicated. Should I ...ah.... include the truck we need to pull the house around? It nearly doubles the value.
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Old 05-16-2011, 09:13 PM   #13
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Sparked by another thread, and at least partly tongue in cheekies, who is the biggest cheapskate here based on most 'house rich?'
Our house isn't worth much by Mainland construction standards. But, ah, land in paradise is ridiculously overpriced.
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Old 05-16-2011, 09:28 PM   #14
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Well, I guess that because we moved we lose....

Previous house was at 5.6%

Current house is at 8%.... the wife wanted more room....


My wife's condo is about 20%... but can not convince her to sell as the kids own a percent... she does rent it out, so it is in the asset allocation...
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Old 05-16-2011, 09:33 PM   #15
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The part of the house I own is about 8%. The part of the house I don't own, well, that's a lot bigger.
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Old 05-16-2011, 09:33 PM   #16
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Our house isn't worth much by Mainland construction standards. But, ah, land in paradise is ridiculously overpriced.
No kidding. Yesterday I went to an open house to see a 1 bedroom apartment on the 29th floor around Queen & Cooke (about 1/2 mile from downtown Honolulu). The living area is about 800sf + a 250sf lanai (why not just call it a balcony?) Asking price 550K, plus $800/mth for condo fee and property tax. But it has a nice view of the ocean and the airport and it's "fee simple"!
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Old 05-16-2011, 09:46 PM   #17
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About 4%. It's a small home and prices here are low.
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Old 05-17-2011, 06:07 AM   #18
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Old 05-17-2011, 06:44 AM   #19
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No kidding. Yesterday I went to an open house to see a 1 bedroom apartment on the 29th floor around Queen & Cooke (about 1/2 mile from downtown Honolulu). The living area is about 800sf + a 250sf lanai (why not just call it a balcony?) Asking price 550K, plus $800/mth for condo fee and property tax. But it has a nice view of the ocean and the airport and it's "fee simple"!

Cause it is a Lanai. I bet you call those rubber things that you take to the beach flip flops, instead of its true name slippers, or slippahs.

I'm going to be looking at some condo in Vegas that I can be bought for under 50K, if for some strange reason I buy one or move there for tax purpose, I'd be in the few percent range.
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Old 05-17-2011, 06:54 AM   #20
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This survey can easily be gamed to 0% by people like me, who rent.
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