Say GOODBYE To The American Dream (EVERYONE IS LEAVING!) kzitem.info/news/bejne/0YqnuKKZs5VqqYI
@dertythegrower
6 ай бұрын
@@mke6489Junk fees for junk boardmember rules and karen costs
@bodyloverz30
6 ай бұрын
"Pay what it's really worth, not loony tunes land:" now that is well said!
@forrunnergrl
6 ай бұрын
Q
@irritatedkitty7301
6 ай бұрын
@@mke6489 At approximately timestamp 9:20, MB mentions HOA and assessments.
@senmcquire
6 ай бұрын
You should do a video explaining how the property taxes work. I think a lot of people don’t understand.
@larkatmic
6 ай бұрын
I noticed the last few years shingles coming off my roof. Its about 27 years old. I paid 6k for it then.There are no leaks yet, but I figured now would be a good time to replace it. I just got quoted yesterday for a new roof on my 1100 sq. ft. house. 41k. The second bid came in today at 36k. My homeowners insurance doubled from last year. I’m a one incomer and in no way can afford these high prices. I’ve always had the money to keep up my property, pay taxes and insurance. I’m gonna have to put away double what I usually do for home savings. Government printing of money has destroyed the economy and my ability to pay for services, what once was doable. How am I going to retire now knowing I won’t be able afford the upkeep of my house. What a mess.
@makaiokalahama
6 ай бұрын
That's insane.
@John-ou4rm
6 ай бұрын
I've got a slate roof, it's 172 years old. That's the problem with a lot of US housing, it's built cheap but expensive to maintain.
@Turd_Eating_Dog
6 ай бұрын
I spend 22k on a metal roof and thought I was paying a lot. Yeesh.
@Austongold
6 ай бұрын
Replace one square per weekend yourself, it's white color survival time.
@larryallen1093
6 ай бұрын
This is a serious answer. Watch some KZitem videos on re-roofing your own house. Summer is coming up and maybe you can get some church youth group to help.
@ryanwilliams989
6 ай бұрын
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
@BiancaSherly-qt6sb
6 ай бұрын
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
@maryHenokNft
6 ай бұрын
You are right! I’ve diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
@maggysterling33254
6 ай бұрын
@@maryHenokNftKudos on the effective execution of innovative ideas and tactics that lead to significant advancement. As I seek guidance from a trustworthy advisor, would you be willing to share details about the individual assisting you?
@maryHenokNft
6 ай бұрын
Definitely! All of this happened in less than a year after *Gertrude Margaret Quinto* told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.
@TheresaAnderson-kf5xw
6 ай бұрын
My needs are kind of unique and complex. I'll contact her nonetheless, and I hope I'm able to make something out of it.
@ammasophia4663
6 ай бұрын
I'm "boomer age" and have owned a house for 3 decades. It used to be that people weren't required to be clever to survive. We saved and I watched my parents retire and live nicely. I have no idea what will happen now.
@Kuulei265
6 ай бұрын
Not only that it seemed our parents retired earlier than we did. My husband had to work until he was 70, He’s tired. We tried every way we could to shore up our savings etc. That cost of living is a sure boomerang.
@Kuulei265
6 ай бұрын
@InutterFace Glad you are able to put to use a basement for income. Here is one thing if I may pass it on to you. This is coming from my grey hair okay. The things I’m sure you know you need to plan for are the unexpected things that could happen. I was minding my own business, and working hard. My husband and I had a plan for our retirement. Well I survived a downsizing and a merger and then a real estate crash at work. Then I broke out in Shingles due to the stress. The odds are ONE in three continue having the burning pain AFTER the outbreak is past. You would not believe what something can do to your immune system. I kept working because I just did not like the alternative picture of our finances. But it cost me. I had another outbreak in 2019, that my Doctor was very alarmed about the possibility of my brain swelling besides telling me that getting Shingles TWICE is like getting hit by lightning twice. The second event wasn’t as damaging as the first. But I had to leave work earlier than planned and applying for Social Security Disability took me over two years. They make you go all the way to the Judge. He approved my case, thank God. We could breathe again, even though things were still tight. I am telling you my story because honestly, please save and invest, and keep doing this BEFORE you retire permanently.
@gulfstu
6 ай бұрын
"contact my Zurich offices for a quote" ---- KLAUS SCHWAB
@davereiland9921
6 ай бұрын
You can post whatever you want about Schwab and there will be no repercussions. But there’s one tribe you can’t criticize without repercussions. 🇮🇱
@dannys-beverage-world
6 ай бұрын
You're right, I watch my parents do the same thing you talk about and they are fine today. Lots of money in their hip pocket.. My parents started working their own business around the time. Nixon took us off the gold standard so they really cashed in working and saving. And owning some property.
@rogertoth8663
6 ай бұрын
You’re 100% correct. But if you listen to the government clowns, the economy is great!
@Kuulei265
6 ай бұрын
Watch the stock market. It’s showing a distinct weakness. The Commercial Real Estate write offs hasn’t hit the economy yet. There are just too many things right now that show we are heading into rough weather.
@lvlv1225
6 ай бұрын
They probably knew a war was coming! Its awful
@donotcare000
6 ай бұрын
The Economy is great in which country?
@dirtyjersey4672
6 ай бұрын
Yup! Inflation was “transitory” and the economy is fine. These politicians drove our country into a ditch!
@annagarza7299
6 ай бұрын
The economy is doing well in USA 🇺🇸 but other countries are suffering much more than we are 😔 COVID hit the WHOLE WORLD some people act like USA is the only country
@RickJamesFPV
6 ай бұрын
You never really OWN your house in the U.S.. We are all basically renting.
@1whitecottagelife770
6 ай бұрын
That's true everywhere in the world i think
@kolbpilot
6 ай бұрын
Just don't miss that never ending tax payment.
@aao449
6 ай бұрын
This is not true “everywhere” in the world. Not everywhere in the world has to pay HOA fees or property taxes forever.
@1whitecottagelife770
6 ай бұрын
@@aao449 please give me some verifiable examples
@blazonbyrd5996
6 ай бұрын
With endless property taxes... I've said that for 40 years.
@lawrencebritt1222
6 ай бұрын
I paid off my home and have no debt. It still cost about $60k to cover our living expenses. Taxes, insurance healthcare, food, repairs are ridiculously. Nothing has gone down. I wish people would stop saying how lazy young people are today. Life is expensive and good paying jobs are hard to come by.
@rayshelld791
Ай бұрын
Agreed. If people almost due to retire, or retired can barely make it, how the hell can these younger ones survive. I feel so bad for them. You can only work so many hours in a day just to survive. Dam!
@royburnopp5147
6 ай бұрын
It's so sad what this country has become
@recabitejehonadab2654
6 ай бұрын
The country is the worst I’ve ever seen since Biden was elected. Everything has gotten worse.
@petersheenan4482
6 ай бұрын
@@recabitejehonadab2654 It's the fault of all of us. We didn't turn down the free checks that Biden and Trump mailed out ,did we?
@debbiec6216
6 ай бұрын
@@recabitejehonadab2654 you are 100% right !!!
@debbiec6216
6 ай бұрын
@@petersheenan4482 recabitejehanadab 100% right , This is the worse economy and Biden keeps sending money . Serious , this will effect everyone .
@jkmarshall3553
6 ай бұрын
I'm bailing from this POS chaotic BS country as soon as I can.
@Damn-h4e
6 ай бұрын
When property taxes get to these levels it's time to revolt.
@BrianButterworth-s4z
6 ай бұрын
And most of the US is falling apart: roads, schools, public spaces.
@jock699
6 ай бұрын
thanks, ron!! He did that!!
@andrewkaska471
6 ай бұрын
No one really knows where all the exploding property taxes go,do they?
@juanvaldez7279
6 ай бұрын
Did the tax go up? Or did you over pay for the property. My FL city has 1.6% property tax without homestead exemption my county effective property tax rate is less then 1% because of homesteadexemption. Much of FL is around 1% and being that this is the only source schools are funded it seems vary reasonable to me.
@vinnyboomba9948
6 ай бұрын
Everyone had their chance Jan 6th
@roxannecowlesrosado3449
6 ай бұрын
It never ceases to amaze me how many people still believe the only cost they have to be concerned about when it comes to owning a house is the mortgage payment.
@fueledbymusic3
6 ай бұрын
Even when people say their paid off. Like a lot of people like to brag about. You are NEVER actually paid off especially because of property taxes
@raul0ca
6 ай бұрын
And insurance
@blackworldtraveler3711
6 ай бұрын
I went by the book with due diligence when buying my first home in the early 90s. Even learned at the library how to buy a home with zero credit. I contacted the owner of the home and asked her to send me copy of her electric,gas, and water/refuse/sewer bill to have some idea what monthly costs were. Had two separate inspections done. Everything went smoothly. The only mistake I made was miscalculating my bank and brokerage assets. Had to call my dad and ask him to send me a $3k gift check. Paid him back within a week.
@zachlafond2652
6 ай бұрын
lawn care, snow removal, replacing furniture, remodeling/updating, driveways, windows, trees, siding, plumbing, electrical==i have an older house and its nonstop.
@twocentproductions5326
6 ай бұрын
😅😅😅😅😅
@Corkfish1
6 ай бұрын
Same in CT. Property taxes and insurance are like having a second mortgage
@jasonnowicki5066
6 ай бұрын
its probably because of the people your community voted into local office who raised your property tax for BS projects
@CeeTee-12345
6 ай бұрын
I'm already planning ahead to move out into a rural area away from big cities and get a single wide to retire in. I don't need much, most people buy too much house..
@gobsmacked230
6 ай бұрын
...and too much car...and "toys"...and clothes, etc.
@kpdc26
6 ай бұрын
I've been thinking of something similar. I also don't need a lot but as we age, healthcare and other senior services will be a concern. I don't see getting quality services in a rural area.
@debrameyer1125
6 ай бұрын
Good for you! I hope it is wonderful for you!
@pointnIaugh
6 ай бұрын
I can pretty much buy any house that I want. The problem is that I don't want all the work.
@craigmrog1756
6 ай бұрын
@@pointnIaugh got a two/two and would never want any more!
@nogames8982
6 ай бұрын
I have updated my entire house over the last three years. It’s only a 690 square-foot house. But this included the roof, painting inside and out, flooring, brand, new kitchen, brand, new bathroom, etc. etc. So now I’m left with $25,000 home equity line of credit. I was lucky and I was able to pay for a lot of it as we went but now I’m paying what I can every month. The mortgage is paid off. Thank God. I feel so incredibly lucky to have found somebody that could work on my house for me. There are contractors out there, but many of them are price, gouging, and many others are just so busy. The prices are insane. Thank God I got it done when I did. I am extremely lucky and I realize that. When it comes to my lawn, etc. I’m doing less and less every year. Drought tolerant plants, covered a large area in rocks, two small areas of grass and the rest. I don’t care about at all. i’m not adding anything. When a bush or shrub dies, I take it out and don’t replace it. Going for less and less maintenance in the yard.
@TacoTomtheBomb
6 ай бұрын
Yeah I didn't get much at the nursery this year and only started a few things from seeds. I think I am winding down the garden effort too.
@nogames8982
6 ай бұрын
@@TacoTomtheBomb I love the idea of gardening. And I hate actually doing the gardening. every year I start a vegetable garden and I just burn out on it by the end of June. Tear it all out and give it to the chickens. Really is becoming a waste of time money and effort. Probably won’t grow anything this year. And not buying any more shrubs etc. for the yard.
@paulconner4614
6 ай бұрын
I had a company giving me an estimate for reflooring my main floor. Told me the price was good only for that day. I told them I would get back to them in a few days as I had a second bid scheduled the next day. They called me the following morning and cut 30% off the "great deal" they had offered me the day before. I went with the second bidder that gave me a good price up front.
@vandanaths
6 ай бұрын
I live in Indiana. I bought a good, but cookie cutter house in 2020. I paid it off with all my savings thinking at least my kids can live here without worrying about mortgage. However, last year the property tax shocked at 6K. This year the assessment increased and tax is 7K. 1K increase a year. HOA is 1K. Property tax 7K. Insurance is 2500K. So just to own this house we need almost 1K a month. He is right to say that just maintaining a house is 12-18k even in a suburb in Indiana. Every year this goes up like 10%. The property tax is going up every year. Midwest is not cheap anymore. And I am already looking to buy a home in India because retiring in USA is impossible.
@apastasauce5905
6 ай бұрын
Isn’t the property tax rate capped at 2% of the homes assessed value as per the Indiana state constitution?
@firstescape3523
6 ай бұрын
@@apastasauce5905 Ya I live in indiana something isnt add up with this guy.
@firstescape3523
6 ай бұрын
@@apastasauce5905 Its actually 1% for primary residence.
@TheBudgetWarrior
6 ай бұрын
Move to central Louisiana. Property tax 300 per year and insurance 140 per month. All bills (necessary plus a few extras) prorated per month 1200 and that includes gas and groceries for 2 plus pet.
@vandanaths
6 ай бұрын
@@apastasauce5905 it is not the percentage that goes up. It is home value assessment that goes up. The assessment increases based on the market and in Hamilton county Indiana, the home values increased significantly. I agree this vary with suburbs. There are counties where prices are extremely low. Not sure if many people want to live in such areas.
@maryellenp4994
6 ай бұрын
The time and effort expended to maintain a home takes away from your free time and quality of life.
@francismarion6400
6 ай бұрын
So do condo board meetings, hoa meetings, etc.
@prettygirlus9008
6 ай бұрын
True. I've just spent the last 8 weekends painting the exterior of my 2000 sf 2-story home. 60 hours of labor. Saved $4000 though.
@proudliberal24-sv1wo
6 ай бұрын
You are correct. Condo life is simpler.
@Silvertip1958
5 ай бұрын
I own my home and no debt. I dropped my insurance 12 years ago. I had no repairs and have put up enough money to pay for anything, even rebuild. People say I’m crazy, but what can I say, I’m risk taker. Raise the insurance, I don’t care!
@christiapope5553
5 ай бұрын
@@Silvertip1958 Wow this is so Brave of You, I Love It!
@DeadDave
6 ай бұрын
It feels as if you need to be a billionaire to survive the American economy these days.
@ThePerfectSeason1972
6 ай бұрын
Great Program, I wish our politicians would represent the people they’re supposed to serve, instead of themselves.
@davegubbins4428
6 ай бұрын
guna have to 'wish' the money out of congress first. good luck
@johnberry2877
6 ай бұрын
Ask yourself, how does a political parasite that makes under 150 grand a year retire a multi millionaire? CORRUPTION!!!!!
@Dan-z6b3d
6 ай бұрын
To get elected in a democracy you have to buy votes that is the problem
@coolcatfunhouse
6 ай бұрын
A buddy has a construction company in Vegas and he told me his business is down bigtime. He says no one has the extra money for repairs......
@BrianButterworth-s4z
6 ай бұрын
My daughter has a house in New Orleans. She says she cannot get anyone to come out and work on her house. Businesses don't call back.
@adampeters632
6 ай бұрын
How much has he reduced his prices as a result?
@Kuulei265
6 ай бұрын
Get out of Vegas right now. The place is like the Wild West. Projects are failing there. That’s what I’ve read.
@sole__doubt
6 ай бұрын
@@BrianButterworth-s4z She must live in a rough neighborhood. I live just outside of NO in a suburb and the repairmen I know dont go to certain parts of the city.
@sole__doubt
6 ай бұрын
@@adampeters632 Businesses cant just lower prices, especially with the price of building materials these days. Go to a Home Depot and see what $100 buys you, you'll be surprised.
@paulacomstock3742
6 ай бұрын
2 years ago I needed a new roof, $11,000 last year I needed new furnace and I added a new air conditioner, $13,500 now I am replacing my broken drain field and with that I have to bring my sewer up to code and replace water tanks from 2 500 gallon tanks to 3 1000 tanks all for $30,000 I have to forgo the siding I need which was bid at $40,000 4 years ago….i can pay these bills but nothing will be saved for 2 years. I can’t imagine how people on fixed incomes are coping if they own a home. And my steady business for the last few years is now suffering. God, or somebody, help us all…..
@SANDRAHASELDEN
3 ай бұрын
Unbelievable…😳😳😳
@brianwilliams8635
6 ай бұрын
And when you think you've caught up. . .you discover you need to call pest control!
@recabitejehonadab2654
6 ай бұрын
Yup , your are never caught up. Always something .
@jeltoninc.8542
6 ай бұрын
Food grade diatomaceous earth. Put that shit out in your yard regularly, around your foundation, inside perimeter of home… keeps a lot of bugs away.
@christiapope5553
5 ай бұрын
LoL 😂
@carefulconsumer8682
6 ай бұрын
Plus, when the parents die and leave the house to three kids, these kids usually want the cash, not the house. So they sell it.
@1whitecottagelife770
6 ай бұрын
Well, that's going to be my daughter's decision. If she's smart she'll keep the free house, I'm in a small town suburb south of Portland where we manage to keep crime very low and the homeless off the streets. Clackamas County here in Oregon has done very well with providing resources for the homeless and now finally the drugs use has been recriminalized again
@michelleeckert6348
6 ай бұрын
@@1whitecottagelife770you better explain what all goes with it and how to go about keeping it in order before she takes on something unfamiliar unprepared, and warn her not to let some clown co-own it and take it from her someday
@charleshart5563
6 ай бұрын
Lol
@1whitecottagelife770
6 ай бұрын
@@michelleeckert6348 I am, she gets to know in real time all the projects I'm taking on and doing by myself. God bless her, she offered to come help me with the garden a bit, she's 27 and only recently has started thinking more like an adult.
@tommytomhan
6 ай бұрын
When I leave, that is what will happen here if I don't require nursing home to bleed away all money and home. Mine would be split 3 ways. House worth probably 350K and owe 64K. They won't get rich but may have a few vacations on me😊.
@syoung4471
6 ай бұрын
The trend I have seen across multiple states is that a home sold in 2020 for like $400k and now it's listed for $1 mil. GTFO. It is not worth that much, especially when those homes were in depressed areas. I saw one home that they bought for $94k and completely remodeled. They had it listed for $700k. Um, no. I'm sure the states are ringing their hands at all these overinflated home property taxes they get to charge due to all the stupid going on.
@swlc5555
6 ай бұрын
And the most frustrating thing is that a lot of those homes are listed as Pending/Contingent.🙄 The lunacy continues on!
@inthegame26
6 ай бұрын
Buying a house is a long term commitment and you have to have an emergency fund to handle whatever comes up. And something always does. Maybe if lenders didnt let buyers exhaust every penny to buy homes, housing markets wouldn’t crash like this every 8-10 years.
@pajamamama5965
6 ай бұрын
Michael I haven't commented in a while but I appreciate your videos. For a couple of years my husband and I have been saving money toward a Florida down payment. He works there in the winter and having a house would be really convenient. Instead we decided to pay off the mortgage on our northern house. Now we are debt free. I'm not sure if we'll ever get a Florida house, but at least we have peace of mind and a dream come true to own our home outright.
@Bubba-wx7lp
6 ай бұрын
The Florida market is always Boom/ Bust. Just like 2008. Btw, it looks just like 2007 in Florida now,nobody thinks it can happen,but it's underway now...
@pajamamama5965
6 ай бұрын
@@Bubba-wx7lp True. maybe in a few years when it hits bottom, we will have another down-payment saved by then.
@Resultsnottalk
6 ай бұрын
Forget Florida
@mowtivatedmechanic1172
6 ай бұрын
Or just come down to work and then go back home. Leave house purchases to people whom actually LIVE down here FULLTIME. Northerners migrating down and bring their northern practices is helping jack up housing cost.
@pajamamama5965
6 ай бұрын
@@mowtivatedmechanic1172 That's what we've been doing for over a decade and it's very challenging. my husband is there for 3 months straight. I'm single parenting during that time. We make most of our income during that season. It's exhausting to live that way but worth it financially.
@debrameyer1125
6 ай бұрын
New home buyers forget all the other bills that come with owning a home. They only care that their mortgage payment is cheaper, than their previous rent.
@JBoy340a
6 ай бұрын
You are paying for you landlord's cost of maintenance plus profit. They are not in the rental business to lose money.
@danman1287
6 ай бұрын
@@JBoy340a plenty of landlords w negative cash flow
@acegolfman3203
6 ай бұрын
Yeah, new homeowners are nieve
@danman1287
6 ай бұрын
@GoldTau-km9dm that i disagree
@genxx2724
6 ай бұрын
@@JBoy340a you are correct but that is not the point here. The point is tenants may not be aware that all of those costs are included in the rent, so if they buy a home and the mortgage payment is equal to the rent, they will have all these other expenses on top of it.
@nomaam-br549
6 ай бұрын
I refuse to believe that YEARLY home maintenance costs are $18k a year.
@mikem9612
6 ай бұрын
People who believe him are probably stuck renting and believe they're winning. He's been advising people to wait for a while now.
@JohnDoe-np3zk
6 ай бұрын
Kinda depends on how much deferred maintenance and how many years. Heat pump was 2x price of 2019 so 17k.
@mikem9612
6 ай бұрын
@@JohnDoe-np3zk renters are paying for that in just rent increase. A $500 rent increase is $6000 per year. How many years does it take to pay for it?
@anag5248
5 ай бұрын
@@JohnDoe-np3zkbut you might replace your heat pump AC unit once every 10-12 yrs if not more. That would only be $1700/yr if broken down to an annual cost.
@Gcuve
4 ай бұрын
Yeah not.
@emilo81
6 ай бұрын
To review, in your video a house was purchased in 2016 for three million dollars, now the owners want 15 million, that's the problem with the housing market.
@FannypakDanny
6 ай бұрын
You are a good storyteller Michael, I listen to you speak alot, love your vids.
@rheahorvath9274
6 ай бұрын
Too bad that the stories are reality for adults. 🙁 Great wealth of information! Current coverage. Thanks Michael!!
@Kuulei265
6 ай бұрын
I started watching Michael about two years ago. He is very consistent and gives the backup article to support his statements. He’s not just pulling statistics out of the air.
@bryanspayde5681
6 ай бұрын
I’m odd. The only home I rented was in Florida to check it out for a year !! I did the same job in Florida as I do in Ohio .. they pay in Florida was 45 percent less. Rent was triple .. buying a home was not in site .. I moved back to Ohio . Bought in 30 days got a raise ! Car insurance house insurance dropped 65 percent…. Now I’m banking 5k a month …. Florida is nice . But it’s already californicated…. In costs ..
@debbiec6216
6 ай бұрын
You did what was right , moved back to a place that was reasonable to live. You might of heard this before, I am not speaking about all Midwest , but it's cheaper to live there. Depends on if you want to live in a Big city or Small city. .
@jkmarshall3553
6 ай бұрын
FL is OVER!
@bryanspayde5681
6 ай бұрын
@@jkmarshall3553 na. It’s on the right path. Just can’t let a non citizen buy ..
@williamlloyd3769
6 ай бұрын
Plus with the money you’re making / saving you can go to Florida on vacation or any other place on earth.
@Gmac_Greg_M
6 ай бұрын
I moved to south Florida from Ohio back in 2015 after college. Houses are more expensive and insurance is crazy. But there is no way I could move back. Weather is just depressing there. I’m lucky enough to afford a house and a condo in south Florida and set aside a certain amount each month for maintenance.
@1zcott
6 ай бұрын
My wife and I make $366K ish/yr. We'd never consider buying a house. Been there a few times ... never again! We enjoy our freedom too much. Mike, your content is so right on.
@victorsong8416
6 ай бұрын
There is a BIG dirty secret with the insurance industry. It's the 11% higher than "normal" mortality rate. Yes, it is REAL - the perceptive by now KNOW what's the cause... What's worse, that the 11% is not in the elderly population who dropped life insurance after retirement, but the lower, working age where the life ins. is for the family to survive financially. Those extra (unexpected) life ins. payouts are large sums, most life ins. is 500K and up into the millions. They cannot be recouped quickly by rate increases of new life ins. policies, and the monthly rate is fixed for an existing policy for a given payout. So... How to recoup quickly the hundreds of millions in extra, unforseen payouts? Simple. Jack up the short term policies: Car and Home. How many house and car policies must be increased for how long to recoup just one $1 mill, extra payout? See now?
@nogames8982
6 ай бұрын
I agree. There have definitely been a lot more life insurance payouts in the last few years. It is a part of the whole situation that people don’t quite recognize I think.
@johnlibonati7807
6 ай бұрын
Bingo. It’s accelerating. All you have to do is look at how much your friends and family who took the cause have aged. Ask about their new medical problems.
@RichardCheny
4 ай бұрын
Very interesting. I’d like to know more about this.
@goodlife777
6 ай бұрын
Michael, it really is sad what is currently goin on. I doubt many people will have the luxury of buying gold, but it is something to keep in mind. Speaking of precious metals how does someone go about buying it? Thanks
@danarello2563
6 ай бұрын
Great video Michael! Very informative! The cost of homeownership: 1) Homeowner's Insurance up 10% thanks to inflation 2) Property tax bill going up 200% 3) Average annual maintenance cost: $18 K 4) Your insurance company might drop you! 5) Insurance Company CEOs rake in the cash!! 6) Homeowner's Insurance cost are higher in dangerous areas ie New Orleans 7) Higher mortgage rates due to sustained inflation 8) Allstate and State Farm are leaving California 9) Federal Poverty Line is $32.5K 10) 10 kg of gold will buy you a home $780K
@nealkelly9757
6 ай бұрын
That federal poverty line is for a family of four
@trevorb5557
6 ай бұрын
Bought my house in 2004 in Fairfield county CT. Tiny 1,400sqft fixer upper for $400k. Got an ARM at 6.25%, fast forward to the housing collapse in 2007 and it got ugly for us. ARM reset and pay cuts due to the recession. Took over a decade to not be underwater on the house. Not sure, but times were no fun then either.
@recabitejehonadab2654
6 ай бұрын
I have noticed in my travels signs of home owners not taking care of their houses. lawns not fertilized/dying with weeds in them, houses looking dirty ( not power washed) , fences not repaired etc. probably because money is tight during this tough economic time. Everything costs more, house and car insurance, house state federal taxes, food , utilities, not to mention the cost for unexpected home repairs ( leaking plumbing, roof, a broken appliance etc) . And the government is trying to make us buy unproven $50,000 plus EVs that have multiple problems and are costly to maintain ?! 😂😂
@jkmarshall3553
6 ай бұрын
EVs = FiRe StArTeRs!
@1whitecottagelife770
6 ай бұрын
I'm 60 in a few days and I'm pretty much the handyman for my house. I'm not paying for anything that I can physically still do myself.
@lawrencebritt1222
6 ай бұрын
EV is the least of our problems. Stop watching right wing TV.
@jkmarshall3553
6 ай бұрын
@@lawrencebritt1222 Those that revert to bifurcated politics in comments are the least interesting and least influential of all.
@MtuckerGoBlue
6 ай бұрын
Good video, as always. I'm an insurance guy but I specialize in commercial insurance. Just an FYI, for every dollar the insurance companies collected in premium last year they lost about $1.21 on average. To make that worse, insurance companies are "re-insured" by major banks and lending collectives like Lloyds of London. Insurance companies are getting hammered with massive increases on their premiums as well. Re-insurance is what protects insurance companies from catastrophic losses. For example, if a major insurance company can withstand $50M in losses due to a weather event like a hurricane and their reinsurance will pick up the difference for up to an additional $200,000, then that insurance company can't have more than $250M in potential loss in a particular area. In prior years re-insurance was picking up for substantially more and the insurance companies had more of their own dollars in reserve to help. Those dollars have been eaten up with inflation and increasing claims (homeowners can't pay out of pocket for smaller losses like they used too so their filing more claims). So, an insurance company that could handle a billion in losses along a coastal zone may only be able to handle 25% of that now so they have to shed most of their policies in those areas. And yes, the CEOs are still racking in their high salaries. BUT your local insurance agents are getting reduced commissions. All State, Farm Bureau, Progressive, and many others have cut their agents pay. Another example of leadership failure in the insurance industry, State Farm paid $14,000 for their super bowl add and have just recently been financially downgraded. So, while they are going broke and cancelling policies, they are still spending a fortune on advertising that they can't afford.
@NaySayersRanch
6 ай бұрын
Yeah I work for mortgage servicing company and it is just sad how many people with loans that started in 2022 are now getting hit with those taxes that they never saw coming. They're already having to get into modifications
@amandabrau-v6w
6 ай бұрын
We bought in March.2022 and planning short sale probably early next year! Taxes and insurance…
@Koushi82
6 ай бұрын
sorry renters cannot afford to subsidize landlords that made bad decisions. help everyone out and go bankrupt no one can help you now that you over paid for the house to a wall street scammer and real estate agent.
@MCC876
6 ай бұрын
Were they warned about those taxes?
@autobotdiva9268
6 ай бұрын
Not according to Barbara Corcoran, realtor mogul, lol
@francismarion6400
6 ай бұрын
Educated in the public skrewel system.
@rossvoss5408
6 ай бұрын
It’s insane living in a state with a younger population of poorly paid workers who will never be able to buy a house or even afford to rent. What a disaster and ticking time bomb!
@irritatedkitty7301
6 ай бұрын
Maybe they can't live in the more expensive cities and need to start looking at not so popular areas?
@brandonking1737
6 ай бұрын
@@irritatedkitty7301 And what will these more expensive cities do if the poorly paid, yet completely essential workers move away? Who's going to flip their hamburgers, pick up their trash, teach their children...
@Tracker5111
6 ай бұрын
@@irritatedkitty7301oh you mean in crime ridden areas? No thanks
@ihave35cents95
6 ай бұрын
@@Tracker5111 i’ve bought a lot of affordable homes and none of them were in crime ridden areas
@7000U9ZHIFT
6 ай бұрын
@irritatedkitty7301 then there is no jobs or very poor paying jobs.... there's no winning this shit show
@dalecannon3791
6 ай бұрын
The salaries of insurance companies CEOs are a drop in the bucket to how is spent on advertising. Had State Farm for Auto almost 40 years and their prices skyrocketed, saved a lot with Allstate, but now with Amica. We need to spend wisely on every single thing now.
@SL-fh7yv
6 ай бұрын
I went to view a brand new structure home for 299,000 found out the total interest was 472,000 ran away from it immediately. i’ll continue to live in my 18 wheeler for the next five years and save another 150,000 and buy a new structure home cash
@RedEyeC
6 ай бұрын
Homes will cost less in 5 years anyway.
@amyhudson1016
6 ай бұрын
Very smart move indeed Wish there were more people like you and maybe the market would be more sensible ❤❤❤
@fearlesswarrior4651
6 ай бұрын
What do you mean structure home?
@theflightsimulationexperie6894
6 ай бұрын
If I was single, at this point that’s exactly what I would do. I would get my CDL Class A with endorsements. Then I would truck around the country, live in the cab, save 85% of my money and buy broad market index fund just like I’ve been doing for 10 years and with 5 years I would have enough to retire in Southeast Asia at 45 years old living like a king. But my wife has a decent job and we live the Boise area we live in.
@JBoy340a
6 ай бұрын
That has been true for years. The average over time of home mortgage rate is in the 7+% range.
@Madosatoshist
6 ай бұрын
When I used to play Sim City I learned fast that taxes destroy cities better than any natural disaster.
@--Morpheus--
6 ай бұрын
Hahaha
@gregholman2930
6 ай бұрын
My Father (RIP) owned a 5 unit apartment building, he learned early in life from his Mom that owning a housing is all out-going cash flow whereas income property is better cuz the tenants pay your rent (if you live in one of the units).
@ChrisFromFloriduh
6 ай бұрын
Need to abolish property taxes. I live in Jacksonville FL and these fools can’t do anything right.
@annberlin5811
6 ай бұрын
In AZ our property tax is low income tax is ok but sales tax is high. We get the tourists money. I dont care
@petersanmiguel1164
6 ай бұрын
This guy knows what he’s talking about, and he cares. Thank you, Micheal!
@azmike3572
6 ай бұрын
It's not IF there's a major storm or hurricane in Florida...it's WHEN [the next one happens].
@okimitchell1043
6 ай бұрын
No claims since 56😁✌️
@Bubba-wx7lp
6 ай бұрын
Early hurricane forecast for Florida,is most active season in years.
@michaelsnively3621
6 ай бұрын
Hurricanes have been happening since the beginning of recorded time. Save up and self insure.
@SA-hz1rs
6 ай бұрын
@@Bubba-wx7lpnot true
@blackworldtraveler3711
6 ай бұрын
That’s why I live in a raised structure of concrete and steel under updated codes. So far hit with 120mph winds without a scratch. Takes over 40ft for water to reach the first floor of condos.
@jimmyjay689
6 ай бұрын
I recently bought a new house...made sure certain things were up to date b4 purchasing...things like a brand new roof...
@mko2904
6 ай бұрын
I looked at my home owners insurance, property taxes, and HOA fees for this year and the first thing I said was..... Bombaclot!!! I'm not even Jamaican, but Jamaican me crazy man with these increases.
@calvinmcdowell8328
6 ай бұрын
One of my neighbors posted a question on our local subdivision website that she called a plumber to fix her toilet that the flapper valve was leaking If you don’t know what a flapper valve is you need to research and learn how to replace it because a flapper valve is only $5 but by the time the plumber was done her bill was $250
@patrickcowan8701
5 ай бұрын
That's why my services are in high demand. I would just charge one hour of time and i bill at half the price of a plumber. Part included. If it's someone on low income i may just charge as little as $25.
@Alachua03
6 ай бұрын
Thank the maker for my Agricultural exemption on my home and 12.5 acres here in North Florida. Fortunately no mortgage! Both my real estate taxes and Home Owners insurance have gone way up! Recently replaced the well, the whole house emergence generator, and the A/C unit! The cheapest replacement was the well at $4,500 dollars! The roof is next! It never ends for a home owner!
@jkmarshall3553
6 ай бұрын
Which county are you in?
@Alachua03
6 ай бұрын
It’s in the name!@@jkmarshall3553
@krzysztofwojtanek511
6 ай бұрын
Great points Michael! If I could add one thing I would also advise potential buyers of the recent developments concerning HOA. Over the past six years, there has been a significant increase in our association fees, rising from $1300 annually to $1700 since 2018. Additionally, there has been a new requirement regarding insurance for our golf carts, which was previously not enforced. Residents are now obligated to include their golf carts in their homeowners’ insurance policies to access them within the community. This adjustment has resulted in unexpected spikes in insurance expenses for affected residents.
@Theaterbuddy717
6 ай бұрын
My cousin, who lives in Florida, canceled insurance policy and will rely on FEMA when a catastrophe occurs.
@danman1287
6 ай бұрын
Your cousin will be living with u... Better discourage him
@Theaterbuddy717
6 ай бұрын
@danman1287 lol, no room as I am in 650 Sq ft! And in Ohio.
@danman1287
6 ай бұрын
@@Theaterbuddy717 he is coming with that plan. I would talk him out of it... For your own sake
@prettygirlus9008
6 ай бұрын
Absolute max that FEMA is allowed to pay out is something like $30K.
@danman1287
6 ай бұрын
@@prettygirlus9008 most times it's a low interest loan. I would absolutely convince my cousin to not do this or I will be getting a permanent squatter in my home
@TheyRiseBand
6 ай бұрын
Yes, the cost to rent from the state (own) is tremendous. Plus, you get to do the upkeep.
@mikemorgan8646
6 ай бұрын
Michael, some folks just wanna focus on what's good on HBO, not the real world. It is the crux of why we're in such a conundrum in this world.
@BillyJeen
6 ай бұрын
HBO’s The Regime is excellent…Kate Winslet should win ALL the awards! 😂
@mikemorgan8646
6 ай бұрын
@@BillyJeen when our power grid is down, how we gonna stream?
@punac1
6 ай бұрын
My second agent told me while i expressing my concern about the increasing rates this week while looking at a house that I really liked, "You can refinance later, if you wait the price may go up". I fired her.
@cardinal8268
6 ай бұрын
She's actually correct.
@punac1
6 ай бұрын
@@cardinal8268 and a year from now when the house is worth less and I have negative equity how could I refinance? You are fired too.
@cardinal8268
6 ай бұрын
People said the same in 2014 too.
@punac1
6 ай бұрын
@@cardinal8268 They also agreed with you in 2007/2008
@punac1
6 ай бұрын
LesHom69 You and everyone that believe that is 100% correct. I am wrong.
@yvnerservius1913
6 ай бұрын
Yea Michael I am living prove. I spent one month buying my house and I made about 30k in repair's and have about 30-40k more. My hvac, and water heater and living room floors needs to be replaced but I’ve been holding out since they are still working, but who knows. Paying off my mortgage is my main priority and I am making $4000 extra a month and saving so I’m not in distress, but man had I looked deeper I probably could have gotten a better deal
@FooFan-b3k
6 ай бұрын
The joys of a fixer upper. I haven't spent 10k on my house since I bought it 15 years ago.
@DianaPrinceitiswhatitis
6 ай бұрын
Attended a first time homebuyers class today. These things were discussed about the hidden costs of homeownership.
@Lynnette-e9n
6 ай бұрын
It would be nice to own gold but I cannot do it. It’s hard enough to make ends meet paying bills and putting food on the table.
@nellyjohnson7316
6 ай бұрын
Renting is not a panacea. The home owner will pass on increases in insurance and real estate taxes. Living in a car is the best option.
@philhubb5885
6 ай бұрын
You can still find used 25ft travel trailers for under 10k. Way better than living in a car, trust me.
@SNAKEDOCTOR-ve8nk
6 ай бұрын
I'm in North Alabama and I live in a camper and I love it it cost me $100 per month for electricity $20 a month for water and $40 a month for propane I own the property
@ShimmySha
6 ай бұрын
@@SNAKEDOCTOR-ve8nkyeah right. Point me to the way
@markwriter2698
4 ай бұрын
Correct, you pay overhead regardless. .
@BANDIT2DAY
6 ай бұрын
Here in Idaho, I switched insurance companies and my monthly payment dropped. Our state also had a huge tax surplus so my property taxes were cut in half. Mortgage payment dropped substantially from the year before. My homeowners insurance was $1000 a year. Now paying $800. Property taxes were $2450 now $1625. 4.5% interest rate on my mortgage.
@glorgau
6 ай бұрын
Flex!
@signoresantinoburnett1169
6 ай бұрын
Good to see somebody win for a change.
@danman1287
6 ай бұрын
Who wants to live in potato land... U r wasting your life away
@marcuswelby9601
6 ай бұрын
That's awesome brother
@BANDIT2DAY
6 ай бұрын
@@danman1287 google Coeur d’Alene, Idaho. We’ll see who’s wasting their life away🤣
@keya31gville
6 ай бұрын
Your house payment will go up why because as it appreciates you still have to keep it insured aslong as a mortgage is on it. And as your home appreciate your taxes go up My rate is 3.75 and my insurance and taxes is more than the mortgage i pay 1300 every month only 300 goes to my mortgage.
@Koushi82
6 ай бұрын
smart lady can do maf unlike most of america.
@BREEZYM6015
6 ай бұрын
Your mortgage payment is only $1,300 a month? That's good. I pay $1,550 plus another $253 for HOA fees.
@GenghisKhan311
6 ай бұрын
At this point, no house is worth what they are assets at, the hyperinflation was a result of the government needing collateral for more loans. Soon they'll be giving himes away since no one can afford them anymore
@Mhel2023
6 ай бұрын
What's the use of the home value being high if no one can afford to buy? It's like having 1 million bag of cash, but it's all shredded up. Worthless.
@keya31gville
6 ай бұрын
@@BREEZYM6015 when I started my payment was 725 lol and I could pay an extra 300 on the principal. Lol .. I can't afford another appreciation 😂 gonna move to the boonies
@TUCOtheratt
6 ай бұрын
News Flash: If you rent the money to buy a house, it's not much better than renting the house. Probably worse.
@1whitecottagelife770
6 ай бұрын
I'm in Romania right now, to help my mom with some health issues and also take care of my own routine checkups which are pennies on the dollar compared to the USA prices.
@RJFP67
6 ай бұрын
I’m so glad I found a roofer who worked on the side. I have a two story three gabled home. The bids were $8’000 from one sketchy small contractor. The next bid was $18,000 from a well known G.C. I didn’t try a third bid after these two ? I got the best materials available and the total costs were $4’500 with $2’000 being for the labor and the rest in materials. He made California seamless valleys which are beautiful. He replaced rotted decking and opened the soffits all for no extra costs ❤. Old style ballon framing didn’t have open soffits . You had to remove the bottom 1x6 to vent them.
@annmarie1689
6 ай бұрын
My well pump had to be replaced 2K, needed new roof and some wood was rotted under roof 21K, new front door 2K ( installed ourselves) that was all in one year and all needed. My kids live here rent free they mow lawn, clean gutter, power wash our deck. I pray I have no more big repairs.
@joebidet2050
6 ай бұрын
2 grand for a new front door? Is it gold plated?
@annmarie1689
6 ай бұрын
@@joebidet2050 haha, It should have been It has side lights and came painted. Looks great! But I don't want one more house repair this year. :)
@deborahheckstall1881
6 ай бұрын
There needs to be a tax revolt and you should be able to insure your own home. If you are paying 500.00 per month then that is equivalent to $6000 per year. Put your money in the bank and repair your own darn home. Get licensed contractors who know what their doing and tell those high price insurance companies bye bye. Insurance companies can go out of business or move out of state after you have been paying for years into the company and not making any claims, that is money lost. Build your own insurance company for your family, 500 per month equals 6000 per year in your pockets not theirs, your paying salaries not insurance.
@jkmarshall3553
6 ай бұрын
Ok, ok, ok... you can do just that IF your home isn't mortgaged (you own it), and/or your HOA doesn't require it. However, if you do have a mortgage, your bank will force you to insure that home. Again, if your HOA requires....
@deborahheckstall1881
6 ай бұрын
@@jkmarshall3553 HOAs are criminal homes and to be honest they should be required to pay their own insurance on those homes since they can foreclose on you based on their out of control assessments and fees and fines. Lived in one for twenty years. Let me tell you what this criminal system is about. 1. When you allegedly buy into one of these homes they do not tell you that you will be paying monthly fees and the amount of those fees or late Payments if your fees are not submitted on time. 2. If they are responsible for the maintenance on the outside of the community then the maintenance fees should cover the cost of the maintenance not the occupant of the unit. 3. You the occupants of the units much like you would do in your own unit need to see the receipts of the so called repairs that the so called board claims to be paying which is basically their friends and give you a total accounting of where your monthly dues are, how much is in the reserves and demand monthly meetings on where your dues are being applied. 3. Most of the time when you see your neighbors moving, they are being forced out so the owners of the HOA can sell at a bigger price and basically don't pay you anything for the home you allegedly own. Tell your friends before they venture into any HOA facility research the foreclosure numbers. They are a criminal element in the housing market and need to be investigated.
@TheWolferinDenver
6 ай бұрын
Seems like all the laws are written to keep people cash poor.
@GillAgainsIsland12
6 ай бұрын
I my 30 years of owning homes I have NEVER needed to use my home owners insurance. WASTE OF MONEY!
@mowtivatedmechanic1172
6 ай бұрын
Insurance companies left Florida.
@johnthomson8332
6 ай бұрын
Even if I could afford it I would never pay the gov. 300k a year to live in a house, what a racket. I would love to move to FL but I can't get the same pay in FL as I get up here in MI. I make 150k a year up here as an electrician. In Fl I would be lucky to get 75k. I guess they figure the weather is the other half of your pay down there. No thanks, It's not as nice up here obviously but I don't have to worry about a hurricane wiping my house of the face of map.
@dntstpmving
6 ай бұрын
That is crazy alot of Money. The average electrician here in germany makes something about 35-40 K, Net that would be about 26K. To make 150K you must be self employed with a few employes by you.
@nsant
6 ай бұрын
@@dntstpmvingI'm an industrial maintenance electrician. Aka, I don't work as hard as standard electricians. I made $117k in the midwest last year. That's before my 10% 401k match and company paid benefits. I very rarely work more than 8 hours a day.
@jeromewilliams1129
5 ай бұрын
300k a year to the government? Where in the world did you get that number? I don't think you make 150k/yr. You're just adding zeros to everything
@johnthomson8332
5 ай бұрын
@@jeromewilliams1129 It's around 300k a year in property taxes to live in one of these FL houses in and around Miami. Obviously you didn't watch the video or it didn't register in your head. Think whatever you want, you are clearly lost.
@emmat.5883
6 ай бұрын
We recently put an offer on a house for $515k.. it was appraised for $485k and in the end the owner dropped the price below appraisal. Ultimately we decided not to buy at all, even at below appraisal, the house seemed overpriced to us.
@JustDItY
6 ай бұрын
Who pays if your EV burns your house down?
@BREEZYM6015
6 ай бұрын
If you park it in an attached garage knowing the potential that it could cause a fire then your homeowners insurance might not cover it.
@maketheconstitutiongreatag5038
6 ай бұрын
Greta will cover it
@dertythegrower
6 ай бұрын
insurance unless exempted for being ev
@JBoy340a
6 ай бұрын
Same as a fire in a gas car. And a higher percentage of those than EV fires.
@Abraham.Lincoln22
6 ай бұрын
Biden will forgive the mortgage if you give him some fake votes.
@futurus777
6 ай бұрын
Come on, dued. I bought my house 14 years ago. And I have never come anywhere close to spending $18000 a year on repairs. That's ridiculous 😂
@divemanred
6 ай бұрын
18k for maintenance on the house seems a little steep
@maciejwiater7463
6 ай бұрын
Great points about analyzing the costs of homeownership vs. renting! However, keep in mind that when you rent a house, the landlord, as the homeowner, faces all the costs of ownership that you discuss. They surely factor those costs, including home insurance and property taxes, into the rent to ensure they're covered.
@silkscreenart5515
6 ай бұрын
when you rent you are still paying a mortgage. It's just somebody else's.
@robbgnarly
6 ай бұрын
I had to help my mom put a new roof on last year or her insurance would be cancelled. And she had a 30yr warranty on the roof and it has only been 15 yrs. since it was installed. My dad's homeowner insurance went from $3700 to $9200 after he spent $25K for new storm windows. This is in Volusia County, Fl
@sharonjones5173
6 ай бұрын
So what’s the answer? If owning and buying a home is such a disaster, what am I supposed to do? Rent? Rent for a one bedroom is $1,500 per month where I live and going up daily. If I rent for 15+ years I have nothing. At least with a house I have something that is (somewhat) mine. Every time house prices go up rent goes up.
@JohnDoe-np3zk
6 ай бұрын
The answer is stay small and hunker down.
@vinniephillips452
6 ай бұрын
If people are looking for a side hustle they should consider home repair. That’ll put a little extra money in your pocket.
@JohnHansknecht
6 ай бұрын
If you outright own the home, there is actually no need to pay for insurance at all if you are willing to take a gamble on the loss if it gets hit by a tornado, flood, or fire.
@deep6301
6 ай бұрын
Much of my homeowners insurance is optional as is the deductible.
@lifewith9cats153
6 ай бұрын
I've bought and sold two homes. I did not care for home ownership and all the additional costs (known and unknown) that come with home ownership. I also did not like all the interest I'd be paying to the banks over the lifetime of the loans. The only way I'll go back to owning a home is if I can find a small home and pay cash. I'm 56 and prefer to invest my money and slow travel around the world instead of having a home.
@rokyericksonroks
6 ай бұрын
Sounds good to me. Enjoy your travels!
@Bayoubebe
6 ай бұрын
We bought our home at a great 2.6% interest rate in 2020, but still got crushed with the unseen home owners increase after hurricane Ida. Jumped 3k/yr in 1 yr. We now pay $5400/ yr for a 1900 sq foot house. So our house note went up $600 monthly. We can swing it, but sure does make saving anything impossible.
@Resmith18SR
6 ай бұрын
That's so much money you're spending every month. 😂😂😂
@Jeannified
6 ай бұрын
Insurance has become such a BIGGER racket that it ever was, and it has never been good!
@SimplyArjay
6 ай бұрын
Bought my first house in a small town Oklahoma. Could afford it by myself. Have a job in the oilfield so I travel to work. My property taxes went from 350$ to 1100$ in a year and my escrow account was negative. No one talked to me about this. Had zero clue my property taxes could go up that much. And I get that is still low in the grand scheme of things, but still. Just bam! no warning. Mortgage was 200$ more a month. Thank you for talking about this stuff! It’s important. Should have been taught in school but why teach valuable financial skills?!
@markwriter2698
4 ай бұрын
Yes, my property tax is now four times the cost . It took a few years but the point is taxes always go up indefinitely.
@JBoy340a
6 ай бұрын
I want to see the breakdown of that $18k/year for maintenance. That is more than I spend even on a big house with a pool.
@jjmccurry8357
6 ай бұрын
Could be Miami big city prices on that.
@novadhd
6 ай бұрын
agree that seemed to be excessive. I want to see a source for that
@jeromewilliams1129
5 ай бұрын
Definitely excessive, especially for an AVERAGE
@ronniepratt8710
5 ай бұрын
Property Tax, Insurance, HOA if you have it, other household maintenance.
@markwriter2698
4 ай бұрын
I think he may have included property tax and insurance.
@generator6946
6 ай бұрын
Another factor to consider is the market for these now pricey houses is limited! Destitute buyers don’t buy expensive houses! Wake up
@jkmarshall3553
6 ай бұрын
It's only a matter of time...
@pnketia
6 ай бұрын
I know a lot of people who decided to buy a van, bus or older mobile home and just live out in the deserts of Arizona and Nevada. They have regular jobs, but they just cannot afford rent or a mortgage.
@JBoy340a
6 ай бұрын
The van and bus are expensive to repair. I hope they budget some pretty big maintenance budgets. And, a mobile home needs a lot where the owner can raise the rent forcing the people to abandon the mobile because of the huge cost to move it.
@jabreck1934
6 ай бұрын
I am currently in my van parked at a 20 acre horse ranch in the hills above Santa Barbara. surrounded by national forest and two neighbors; One grows coffee the other grows avocados. I provide security and horse care. 12 years, full-time, I love the lifestyle. I always park where I work in 2017 I purchased new Trovato 59K. (before they doubled in price) Less than 17,000 miles on it.
@johndoe-mm6xu
6 ай бұрын
i bought right before the numbers started going crazy. my mortage was originally a beautiful $800 a month on $132k property in just 3 years my mortage is now $1100 a month. Mainly the insurance keeps ticking up. I can't imagine what ten years from now will be and im on fixed rate VA loan. certainly scary times.
@tommytomhan
6 ай бұрын
My homeowners in Virginia went up 25 percent in November 2023. I do find that ridiculous, I am retired on a fixed income. I can fix most things around the house and have a couple of sons in law to do what I can't. I will have to get someone to put new shingles on the house in the near future though. This is my 4th house. I was in the last one for over 25 years. Most things that go wrong are not the expensive ones, the roof and air conditioning would be the big ones but that is every 10 to 20 years. You guys in Florida have much higher insurance and house tax. My homeowners is $1866, and that is high to me. I will be shopping for different insurance for house and car this year after I make a few repairs. You would be in trouble if you had my 50K income in Florida.
@elliotmann9787
6 ай бұрын
I bought a house in 2020. I cancelled my home owners insurance after they wanted to increase it 50%. Since I paid cash for the house, I'm not required to buy insurance, so I'll just take the risk. After we moved in, a high pressure water problem caused all the plastic pipes to blow out under the house, plus the water heater blew out. Repair parts were expensive, but at least i could do the labor myself.
@DeadDave
6 ай бұрын
The WEF: You will own nothing and be happy. It's already in action!
@Truther41God
6 ай бұрын
But at least we get z bugs for fwee!
@SenChi8915
6 ай бұрын
Maybe a good thing since 90% of people are cluless about finance and money anyway! They will be happy about owning nothing! Sad but true!
@patrickcowan8701
5 ай бұрын
They really meant. You will own nothing and be unhappy.
@deca12351
6 ай бұрын
Great points and a great video !! Found your channel about two weeks ago and really enjoy your knowledge and content. Great job !!
@duanepac
6 ай бұрын
I heard half the people who had solar installed in Florida got their insurance cancelled?
@indigostaraz
6 ай бұрын
My HOA takes care of the roof so I decided against solar. The sales people said they would remove and replace the panels as needed but I really couldn't wrap my head around how that would work.
@theodoregibbons4615
6 ай бұрын
Roofs and old doors and windows are expensive items that can't be kicked down the road.
@eddyeroyal6024
6 ай бұрын
Well, a house consists of a mortgage, insurance, taxes and PMI if you have to have it. I tried to lower my insurance, I was told that it’s expensive in Texas.
@Mark-qv4bn
6 ай бұрын
Where's that?
@eddyeroyal6024
6 ай бұрын
@@Mark-qv4bn all over Texas
@NotsoHardcore1
6 ай бұрын
I'm 47 and I remember as a kid growing up in a caravan it was properly the best years of my life and now I'm starting to realize that we are going on a massive merry-go-round heading towards the same thing over and over again.
@Jillian11175
6 ай бұрын
@@drc3pocamper/travel trailer/rv in uk
@unaldurmaz250
6 ай бұрын
Well nothing is better than having your own space. Worth every penny, if you could buy any property you would.
@RickJamesFPV
6 ай бұрын
You never really OWN your house in the U.S.. We are all basically renting.
@unaldurmaz250
6 ай бұрын
@@RickJamesFPV okay true
@phaedrus2633
6 ай бұрын
I'm married to a Philippina, we had a house built in the Philippines. I tried to live there for three months. The people are great, it is a bit cheaper to live there, but, the lifestyle is so different. I admire people who can pull up roots from the U.S. and live over there, and, there are quite a few. I just can't do it.
@snw1721
6 ай бұрын
Bought in July 2020, sold in May 2022 with a nice profit here in overpriced South Carolina. I feel for these people.❤
@dumpsterbaby3155
6 ай бұрын
I did the same, took profit and rent. no regret. bought 2020. sold 22' 40k profit...not great but pretty good
@theflightsimulationexperie6894
6 ай бұрын
And let me guess, you love to another state with way cheaper real estate and prices out the locals and they hate people like you there right?
@snw1721
6 ай бұрын
@theflightsimulationexperie6894 Nope, we didn't move out of state. Enjoy the rest of your day!
@dumpsterbaby3155
6 ай бұрын
@@snw1721 same here. stayed put. For now
@rjo8500
6 ай бұрын
Went to an event last night here in SE Florida. We were chatting with a group of folks who were talking about the fact they sold their homes recently, took massive profits, and are now debt free and renting. A few others chirped in they’re planning on doing the same. People are fed up with rising insurance rates, no money (lack of financial freedom) and are worried we’re at a market top and they’ll be stuck for another 10 year cycle and won’t make it.
@lourdesgraney7878
6 ай бұрын
$18,000 a year in maintaining a house per year is a stretch
@jjdwnbyci
6 ай бұрын
Roof on small house as 40k Baths are30k Lawn.water .electric
@heisrisen560
6 ай бұрын
@@jjdwnbycijust replaced my roof it was 12k… lived in my home for 10 years no problems except having to replace my water heater for 1500 bucks labor and materials… I don’t live in a major city tho in NY, Cali or Florida
@len9743
6 ай бұрын
$40k lol you must be renter. $8-15k tops.
@Joeainthere73
6 ай бұрын
I had a tenant that did $14k a year in damage..... for 11 years in a row. Total damage $154k.
@brenanator6054
6 ай бұрын
10k for my roof, 1428 sqft
@aaronlambert9297
6 ай бұрын
My house on 2 acres isn't much but I only pay $350 a year on property taxes on a paid for 1400 sq ft. house that is surrounded by pasture and woods. Insurance is $112 per month due to being in a high tornado risk area.
@youtubelearning2990
6 ай бұрын
This might sound redundant. I grew up dirt poor. Because of that I’ve always kept my spending to “Necessary” only. I make pretty good money too! These days you gotta live well below your means. You shouldn’t have to but you do. I’m outta here. With everybody going to Asia and South America, I’m headed to Africa.
@rokyericksonroks
6 ай бұрын
Good luck to you, I hope you can make it work.
@jahnshavenstone7708
6 ай бұрын
I dont have homeowners insurance and do all my own repairs i paid cash for my house my overhead and stress levels are very low
@lcomfort8683
6 ай бұрын
It's true taxes and maintenance will go up over time owning, but rents will certainly rise, too, and you'll find yourself evicted if you can't pay the increased rent. However, you can always get a bucket to put under the roof leak until you can get it patched.
@1whitecottagelife770
6 ай бұрын
Or you can really keep up with the maintenance, notice some shingles are cracked or missing when cleaning the roof? Replace them right away instead of waiting for the water to start leaking in your house
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