Is a home an asset or liability?

[fasternyou929]

Originally Posted by TIGGER

I was including property tax and insurance in that figure. If you paid $250,000 for your house, it's a good bet that you're going to pay a pretty penny in taxes, no?

Property taxes vary a lot from area to area, but my rate here in Wake county is 0.7%. I paid more than $250k for my house, but my taxes are still pretty insignificant. And my homeowners is less than $60/month with State Farm. Unless you live in hurricane/tornado alley, homeowners insurance is quite cheap.

And as an added benefit, you can write off the interest from your mortgage which can lower your tax burden significantly.