Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
You need a lot of money to do it, because the cost of maintaining a home has to be subsidized, and obviously, this cost, even for families without a mortgage, is really significant. Once you update a home and make it habitable, it's worth say $50-75k. Heat at $5k a year, electric at $1.5k, water, sewage and trash at $3k, property taxes another $3k. Another $1k in home insurance. You need $14k a year to simply maintain a home, and this doesn't cover maintenance!
by Upstate NY on Fri Jun 19th, 2009 at 03:20:44 PM EST
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