Quote:
Originally Posted by bill_daniels
What is the calculation on how much state income tax you will pay, vs. what you will save, if anything, on property tax? You also have to consider the extra commuting costs you will incur. Will this move reduce your standard of living, leaving you with less net income after expenses?
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State tax versus property acquisition value is what I consider. The same property in TN would be much more. As near as I can figure it would even out in eight to nine years at the house's current value. A good economy will extend that, of course. And that doesn't include the instant equity at the time of purchase.
Commuting costs aren't that big a deal. it's twenty miles (est. twenty nine minutes) versus seven miles (eight minutes in the morning, twenty evenings). Wear and tear on vehicles doesn't matter as I switch so often anyway.
Financial impact will be $300/500 a month so won't change my day to day lifestyle. Just banking less at the end of the month.