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Updated about 2 years ago,
California Market Difficult for First Time Homebuyer - Worth it?
I'm looking to buy a property (first timer) for that is a bit over a 1 million with 25-30% down. I will be living in it with my family.
Due to the high prices in our current market, I may not be able to cover the entire cost of the mortgage each month, and will run short by $1000-$1500/month (which includes property taxes). Essentially, I cannot cover the property taxes on this purchase. If I try to do that, I will be house poor, since I have other expenses.
Can I take a deduction for property taxes each year? Std deduction is $12000 so I would go over that deduction given the price of home.
Should I think about house hacking and building an ADU in the back of the house?
Is this still a worthwhile purchase?
Love to get your expertise and thoughts.