Why should you not buy a house in these six cities

Buying a house can be a very strong investment and Wealth For generations. The other side is that some cities have real estate markets that make it very difficult or impossible to get to the summit financially.

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Everything from low demand to low population can make the city unwanted for real estate investors. Gobankingches has communicated with financing experts to get the worst cities to buy homes.

Reading to find out the cause of the problem of these cities.

David Lafs is an accredited public accountant (CPA) and a personal financing writer in Best money. He commented that the high prices and collective migration of the population make San Francisco a doubtful city to buy real estate in it.

“House prices are high – More than $ 1.3 million in many cases – but the demand was not what it was. The population does not grow, more people move, including the tax structure in California, and the total cost of ownership continues to climb. “

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Like San Francisco, Big Apple has seen a decrease in its population since the epidemic, however Homes are still incredibly expensive.

Stephen Capel, a certified financial plan and a financial advisor in The implementation of the pillar companyHe warned that real estate loans are not the high real estate investors who will push in New York City.

“It contains high property tax rates, slow growth and high maintenance costs, especially in cooperatives or structures with old systems,” explained KIBBEL. “It is difficult to support the purchase unless this is purely for the lifestyle decision.”

Be careful Buyers are looking to earn money Outside the Los Angeles rental market, commenting that it may be difficult to do more than it seems.

The kindness added: “The high prices of property costing at least $ 800,000 fail to provide attractive revenue.” “The initial appearance of profitability by analyzing property becomes unprecedented when calculating total expenses.”

High property taxes in Chicago. Besides the price mortgage, having a house in Chicago can be expensive.

“Chicago’s residential taxes are ranked among the highest rates at the national level,” kindly. “The decrease in the population negatively affects local demand levels. People who own real estate in Chicago may face years of minimal market value with large annual tax bills.”