NO ONE CAN AFFORD THIS ANYMORE!
When you start to realize the scale of the homeowners insurance nightmare that people across America are facing, you will never see homeownership the same way again. People are paying massive premiums and when combined with property taxes, can be several thousands of dollars per month even if you have no mortgage. How is the housing market going to continue going up when people are paying these massive bills? Retracing steps to revisit a listing in Florida, you’ll see just how bad the situation is – homeowners insurance for a house in Florida can cost $20-25,000 per year, with property taxes at $48,000 per year. Even buying a house with cash still incurs high monthly costs, and with a mortgage, costs increase significantly. Renting might be a more economical option.
One thing I never really do on my Channel is I never go to the same area or neighborhood two weeks in a row. Because I like to change up the content, change the scenery and stuff like that for you guys and for myself to keep it fresh. This week, we’re doing something a little different. Retracing my steps from last week, we’re going to revisit a listing that is for sale. The house in question costs about $20 to $25,000 per year for homeowners insurance and property taxes on the house are $48,000 per year. If someone were to buy the house with no mortgage, they’d still pay $6,000 a month just for property taxes and insurance. With a mortgage, costs skyrocket, making renting potentially a more affordable option.
Homeowners insurance and Property Taxes
When you start to realize the scale of the homeowners insurance nightmare that people across America are facing, you will never see homeownership the same way again. People are paying massive premiums, and when combined with property taxes, the monthly cost can be several thousand dollars even if you have no mortgage. The housing market’s future is called into question when individuals are grappling with such exorbitant bills. In places like Florida, owning a home comes with staggering costs. For instance, a house in Florida could incur homeowners insurance costs ranging from $20,000 to $25,000 per year. These high expenses are not limited to single homes; the neighborhood at large faces similar financial burdens. On top of insurance, property taxes on a single house could amount to $48,000 per year, making homeownership financially straining.
Housing Market Concerns
Given the astronomical costs associated with homeownership in many regions, questions arise regarding the sustainability of the housing market. With homeowners struggling to cope with the continuing rise in premiums and property taxes, the ability for individuals to enter and thrive in the housing market is increasingly challenging. The substantial financial commitments required to own property raise concerns about the market’s ability to sustain itself in the long run.
Financial Burden of Homeownership
The financial burden of homeownership extends beyond the initial purchase price of a house. Even if you were to buy a house with cash, the high monthly expenses such as insurance and property taxes remain significant. When financing a home with a mortgage, these costs increase substantially, further straining your monthly budget. In some cases, renting may appear as a more economical option compared to bearing the exorbitant costs of owning a home.
Content Disclaimer
As a content creator, Michael Bordenaro offers one-on-one calls and has a book available for further insights into homeownership and financial matters. He uses advanced filming and editing equipment to provide high-quality video content that is both informative and entertaining. By signing up for his weekly video updates, you can stay informed on various real estate and housing market topics. Additionally, through affiliate links, you can get cash back on internet purchases, supporting the channel’s content creation. While providing valuable information, it’s essential to note that Michael Bordenaro is not a registered financial advisor, so any information shared should be used for informational, educational, and entertainment purposes only.
Creator’s Lifestyle
Michael Bordenaro’s content creation involves frequently changing locations weekly on his channel to provide diverse and engaging content for viewers. In a unique twist, he retraces his steps to revisit a listing in Florida, shedding light on the challenges faced by homeowners in the region. This approach adds a dynamic element to his content and allows for a deeper exploration of the real estate landscape in different areas.
In conclusion, the current state of homeowners insurance and property taxes in America presents significant challenges for individuals looking to own a home. The high premiums and taxes associated with homeownership place immense financial strain on individuals, raising concerns about the sustainability of the housing market. While homeownership remains a desirable goal for many, the escalating costs may prompt some to reconsider their options, including the viability of renting as a more cost-effective alternative. Through informative and entertaining content, creators like Michael Bordenaro bring attention to these pressing issues, offering insights and perspectives that can help individuals navigate the complexities of the real estate landscape.
