Hell that’s most of the houses in my neighborhood and I’m in downtown Little Rock Arkansas. $500k home is not what it once was. If a house should be 3 to 5 times your salary, then a family of two incomes making $50k each are at home there. Not exactly Rothschilds.
Also any first home worth more than $500k
Fuck you. If you can afford that, you can afford a tax hike. Go cry to your co-op board.
Thats literally every home in the city ezcept maybe some studios
I’m three hours north of the city, and $500k is still a tight budget unless you want to live ultra-rural.
Hell that’s most of the houses in my neighborhood and I’m in downtown Little Rock Arkansas. $500k home is not what it once was. If a house should be 3 to 5 times your salary, then a family of two incomes making $50k each are at home there. Not exactly Rothschilds.
I live in Seattle and you can’t get anything habitable for under 700k, and that’s maaybe.
In some areas the cheapest homes are more than that. If people are scraping to afford any home they can adding a tax could be pretty damaging.
A better policy would peg the tax to some percentile of home values to target only the wealthy.