Homeowners grapple with the sky-rocketing cost of homeownership

For American homeowners in 2024, mortgages are at the highest rates in decades. But that’s only the surface of rising costs, with insurance, maintenance and taxes taking an increasing toll on homeowner expenses. NBC News’ Christine Romans reports on the price of making some American dreams come true.
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#Homeownership #RealEstate #Home

[@x-men69-96]

Nobody mentions 12k property tax which is 1k/month here in PA. The government is the ultimate landlord

[@robertmarley8852]

That's insane eyes Common wealth

[@alexlopez5800]

It's nationwide

[@pauld.b7129]

How we let this happen when we started a rebellion over a tea tax is beyond me. Paying the government to own something is the ultimate insult

[@superandroid1727]

$12k? that sounds like a million dollar home. anyone who can afford a million dollar house can easily afford the property taxes.

[@sew_gal7340]

@@pauld.b7129 govt was much smaller to non existent back then. can you imagine if we tried to storm a ship carrying cargo nowadays?? We would be charged with insurrection or something!!!

[@erock736]

Inflation at this point isn’t a lack of resources, it’s price gouging the consumers to make massive profits. It’s disgusting.

[@boristheamerican2938]

Make money now while the taxes on the rich are low. Back when taxes on the rich were high corporations seen excessive CEO pay as a waste because of the taxes, they would pay the workers more to prime the economy. Republicans are stupid.

[@czKyoutube]

money printing = inflation

[@boristheamerican2938]

Oh and dont forget about Trumps tariffs. Everyone is forgetting the Trump tariffs. Have to pay those tax cuts for the rich so they can have more yachts.

[@milspec8283]

​@@boristheamerican2938 that's not how it works, and those tax cuts helped the middle the middle class. When they expire in 2025 everyone making over 30k will see a tax increase. If you make over 70k it will be significant. Printing money and uncontrolled spending is devaluing our money causing rising prices, on top of the raising taxes and bidens new zero emission home law will add 50k to 100k onto new home builds. We are getting stretched then..

[@kelleyspears1218]

@@boristheamerican2938absolutely. No one ever mentions that.

[@RiSkyNick]

Property taxes should never be as high as a mortgage payment! They should be like a couple hundred bucks a month. We don't need NFL stadiums for high school sports....

[@Bob-bb3ur]

My insurance payments are more that my house payments

[@RiSkyNick]

@@Bob-bb3ur You are overpaying. Get a new carrier.

[@Bob-bb3ur]

@@RiSkyNick I work 55 years cupcake. You stay in Mommy Basement until you're 55.

[@RiSkyNick]

@@Bob-bb3ur You need a hug? what's wrong buddy? Pardon me, i'm just a weirdo who objects to people getting ripped off by their insurance. You should shop around bc premium higher than ur mortgage sucks...

[@Bob-bb3ur]

@@RiSkyNick Hard to do there is only one insurance company in this area.

[@timoooo7320]

I’m very depressed because I’ve been working and saving very hard to get my first house and then suddenly the prices, mortgage rates, and other costs like insurance and HOA fees have skyrocketed

[@yellowbird5411]

Don't be depressed. Be glad you saved your money. If you had bought a house four years ago before things got really crazy, you would be buried in debt to all that you mentioned, and taxes too. You would be so sorry. Keep your money in a high interest savings account and wait for a better day. I'm glad you saved your money rather than be sorry a few years later. While it's disappointing you cannot buy a house now, you are ahead of the pack with savings. Things will eventually get better, I hope. But wait for the right time and figure ways to save even more until then.

[@sertandoom4693]

@@yellowbird5411 Problem is rent is going up and availability is dropping...saving is getting more and more difficult.

[@ttak83]

@@yellowbird5411sad thing is things will not eventually get better. So did people hope a year ago, 2 years ago, long time ago. Either rent or own, we lose as long as we are not the ruling class who can make systematic changes that actually benefit the people

[@Novastar.SaberCombat]

Unless a person is already ultra-wealthy, it will be impossible for them to truly get ahead and succeed. The system is rigged, and the rich design the rules. Health is wealth; might is right.

[@BillySBC]

All it means is you can't buy a house in America, you can still buy a house. Hope this helps.

[@gamefan7321]

This is what people should be protesting. Me and my spouse make over 200,000$ (combined) and we crunched the numbers we could not afford a starter home.

[@Bigdoglittle]

Lol, if you really made that much you could easy afford a home.

[@gamefan7321]

@Bigdoglittle You know you'd be right if you didn't forget something. Taxes!

[@ericw1261]

Not if they live in an expensive area like SF or NY

[@patrisio3]

@@Bigdoglittle Yes if they live in middle America, no if they live in coastal areas like the West Coast, Northeast, or Florida.

[@nogames8982]

Completely depends on where you live.

[@adrian33161]

This is exactly what those huge private equity firms are working towards. Their goal is to own it all and make most people rent.

[@jacqueslee2592]

It is already reality in Europe.

[@AJ-ox8xy]

If they do. They'll get pinched by the repair costs.

[@investfourmore]

Fun fact. Private equity owns 400k to 600k out of 89 million homes

[@economicdevelopmentplannin8715]

In my county not unlike most, school take 61% of the general county fund!!! And property taxes are the single largest contributor to this. It's not that the property taxes are unaffordable. The issue is, why do we as a country politically support paying strangers to babysit other people's kids using our money!!!???!!!

[@RoughNeckDelta]

@@investfourmore According to AI they own about 700k of the 14 million single family rentals with a prediction that number will go up to 40% by 2030. So, if you don't think it's bad now, don't worry, it'll get a lot worse. Also I think a big part of the problem is they only buy up properties where people are moving into which definitely inflates prices and limits supply.

[@AJohnson0325]

A primary residence is not an asset. It’s just a place to live.

[@yellowbird5411]

It can be a great asset if you buy/build when the market is down and sell when the market is high. I did that for both a rental house and my primary residence. I got lucky, but it meant years of scrimping and getting into debt before it all paid off. Not for sissies, I can assure you. I was so far into the hole with mortgages and second mortgages, I couldn't even get credit for a refrigerator. Had to buy a mini fridge for $69 at Walmart. It can get you where you want to go, but the trip will knock you around.

[@andywolf6654]

Tax the people with more than one house

[@investfourmore]

Actually 90 percent of wealth for those who make less than 100k a year comes from the house they live in.

[@DanielGoldMcduckRose]

Depends on many factors

[@markadler8968]

What a bunch of absolute nonsense. In 2019, homeowners in the U.S. had a median net worth of $255,000, while renters had a net worth of just $6,300.

[@scottmcamis2127]

Americans are getting hosed!

[@itour2405]

Factsss!!!

[@MK99112]

How? Try buying a 30 year mortgage anywhere else in the world. You can’t. America still has a huge advantage when it comes to housing.

[@yamz4life770]

​@@MK99112insurance rates and property taxes in most desirable cities are outrageous. Americans are definitely getting fleeced in that regard. Well, for those that have 100-200k in cash/assets, it is certainly better to buy property in Latin America. Americans are over reliant on credit/loans to finance every aspect of their lives. Truly a third world country with a Gucci belt 😂😂

[@chasedownblocks1736]

As Cyril Janssen points out, the new American dream is to live overseas.

[@chasedownblocks1736]

@@MK99112The UK has 100 year mortgages.

[@onebridge7231]

I’ll keep renting until retirement and happily move out of country and live a very comfortable life. 55 and out. Being a slave to the bank, property taxes, bad neighbors, no thanks.

[@AtomicGirlNYC-fu9xy]

Apartment buildings are being bought out and flipped or converted intro luxury apartment buildings or AirBnBs all over the country. You'll be out in the street before 55.

[@kelleyspears1218]

I’m kinda with you on this. I’m waiting for when I can collect my pension and am seriously considering moving to Portugal.

[@MrCherryzz]

I moved out into the country. Found me a house for 70k and a job for 50k/yr. If you don't mind small communities and lack of options of stores/resturaunts, it really affordable.

[@micheleemcdaniel389]

I had more peace of mind and privacy while renting an apartment than I have ever had owning my own house. Of course, no equity at the end of the day.

[@ericl6386]

@@kelleyspears1218 Do it Portugal is great and pretty affordable if you do not live in Lisbon . I would suggest looking in the Algarve region in south Portugal. The cities there are not too big (50k-70k) nice beaches and most people speak english because there are a lot of tourists and expats

[@AZITHEMLGPRO]

Property taxes was the dealbreaker for me. when are people are just gonna admit that this is a scam and you’re gonna be working till you’re dead?

[@FinessingFinance2024]

😂😂😂

[@PAIDFOR50]

Really? I retired early 2 years ago at 49. I spent 30 years working hard paying and staying out of debt. Nowadays people spend all their time watching youtube videos and complaining about not having money. Here's an idea. STOP WATCHING OTHERS MAKE MONEY ON KZbin AND GO MAKE MONEY FOR YOURSELF.

[@justing6594]

@PAIDFOR50 No you didn't . Stop lying. You live in your moms basement.

[@alexvanluit3231]

How is this any different from renting?

[@eyelovecolorado2195]

Just spent $11,000 on a new furnace /AC. Home ownership is not as glamorous as it looks!!

[@JaneTheDoe-id2vx]

but you could live without your furnace/Ac unless your in Antartica

[@okhondaguy3288]

In 2008 I paid 3000 for a new furnace and ac combo. The prices of homes and upgrades are so expensive now.

[@garysgarage.2841]

I would agree you can live without AC until there's a heat wave and you die. But a furnace you need. I don't know about you but I can take cold showers and you need some level of heat to prevent your pipes from freezing it's not just about keeping warm.

[@RoughNeckDelta]

@@JaneTheDoe-id2vx Yeah, you could live in 114F heat with out AC... for a couple days... until you end up in the hospital or die.

[@AtomicGirlNYC-fu9xy]

Looks like you were price gouged. Do better comparison shopping next time.

[@tobiaskozlov5151]

property tax is a scam

[@haydar378]

If you have school age children is not a scam

[@racpatrice]

It is!! You are literally taxing people over something they OWN and saying if you don't pay it we will take your house away! The house you worked your butt off for and sacrificed for.

[@wafflewafflegod]

@@haydar378for those of us who don’t it is forced charity

[@redsable6119]

@@racpatrice How does the city provide services to your home then such as law enforcement and fire?

[@Nathan-kd1ng]

@@redsable6119 shouldn't sales taxes and income taxes cover that?

[@jaysonj9327]

Remember when they said that inflation would be "transitory?" LOL.

[@kyungshim6483]

I also remember when they said that they weren't even thinking about thinking about raising rates. 2X LOL.

[@ttak83]

Always knew it was a lie from day one the Fed said it. although there was nothing that I could do despite knowing all the lies being told

[@Ihaveyourpogs]

Inflation is actually good for the government

[@unkono]

Transitory into the new normal.

[@sirdiealot53]

It was. It used to be 9.3% in 2022

[@briancurran1140]

There’s no dream 💭 nightmare

[@OwnNothingBeHappy519]

As to no suprise at all, as long as we allow private equity to continue to lobby for increased property taxes and increased home insurance, there will be more defaults.

[@davidp2888]

My home a car insurance increased dramatically and there’s nothing I can do about it. Forget shopping for another policy, the other companies are just as bad if not worse.

[@Madamchief]

😭😭 Mee too! I'm moving closer to my school so I don't need a stupid car anymore

[@dennisligma4958]

Its called collusion. America is big business and we all want her to be on top but when these corporations are the ones in charge its the middle and working classes feeling the crunch. It will end with a stock market collapse and the wealthy will skate by while we bail them out with taxes.

[@RoughNeckDelta]

Yeah, I tried shopping around and everyone else was WAY worse.

[@arib515]

Biden 2024!!! Lets gooooo

[@Madamchief]

@@arib515 ugh neither of those stupid grandpas are gonna help ☹️

[@peacefreedom4930]

With all due respect a historic home is a passion project and you need deep pockets to restore them correctly. So, she was going to pay through the nose in 2015, 2018, and now.

[@kurtwillig4230]

Paid off my mortgage last year, own my house "free and clear", love it. No landlord, no leins, no HOA.

[@PelosiStockPortfolio]

Try not paying your property tax and see how long you own it

[@mexicanboy92840]

We never "own" our homes. Try not paying your property taxes for a few years and watch Uncle Sam take your home.

[@economicdevelopmentplannin8715]

Weirdos complaining about property taxes. Yet they refuse to just run for office locally with a few similar friends on a campaign promise to cut property taxes

[@fastfowardbutton1965]

@@economicdevelopmentplannin8715The elites will stop you

[@sirdiealot53]

You own it as long as you’re contributing to your local town or city by paying your taxes. Don’t wanna pay taxes? Change the law move or go to jail

[@burchified]

States charge property tax based on what real estate companies say a property is worth. No way for any corruption there.

[@anb7408]

My latest property tax evaluation had the “fair market value” surprisingly the exact same as the Zillow estimate, which jumped over $32,000 in one year! (which cannot be legally used for anything.) Hmmmm…..

[@patty109109]

This is 100% NOT how property taxes are assessed.

[@TriAngles3D]

When Property Tax is more than the mortgage and the HOA Fee is more than the Property Tax.

[@bigcahuna42366]

My entire house payment is only $1,000 per month on my 1,300 square foot, three bedroom well built ranch home in a decent and peaceful suburban middle class neighborhood. My payment only eats around 20% of my income. I bought the home in 2016 when home prices and mortgage interest rates were much less expensive than they are now. Other than a $1,600 roof repair, a new furnace ($5,500), a new sump pump ($500), and two kitchen sink repairs (did it myself) in the eight years I've owned it, it's been a great house even though it's 55 years old.

[@RealGood10]

Don't worry, rent WILL catch up soon.

[@unkono]

Tent city USA here we come

[@Adverserious]

Yup. Bingo. 2025-2026 story. Happens every time.

[@DavidStewart-np3cj]

My 150 mile round commute is killing me. But I am golden handcuffed to my 5% rate. My Maxima is the true hero 210k miles and does the commute without complaints.

[@kyungshim6483]

I gotta say, that's a beautiful house.

[@JakeStewart1343]

You don't feel sympathy for her?

[@Stoneface_]

​@@JakeStewart1343no

[@bear1830]

Everyone treats housing like an investment luxury before a basic human necessity, that’s the problem.

[@Witchfinder.General]

What? Historically the US had the cheapest housing in the world

[@imiparerau432]

Blame people that do literally that. Buy multiple houses like life is Monopoly.

[@Rony3610]

It's like paying rent to live in your own house

[@lalagardenia6500]

LITERALLY.

[@unkono]

Except it goes to the state.

[@sirdiealot53]

No it’s like paying the salary of your local cops teachers and firefighters

[@MrMLBson09]

​@sirdiealot53 I know how much they make, there's only so many salaries, what we pay them is 100x what they actually need to pay those salaries. This is the lie they keep feeding you to justify snatching away your money

[@imiparerau432]

@@MrMLBson09 I can think of one _____ of people that are known for charging excess fees and and high interest over thousands of years.

[@mike-me7om]

Tents are still pretty affordable.

[@kcufelgoog3225]

Soon to be made illegal in some states

[@yellowbird5411]

I love tents! They've come a long way in their design and protection. I am glad that so many homeless at least have good tents. Not that that is any answer to homelessness. It is interesting to me that the homeless would give a lot just to have an apt., and those who live comfortably take their tents out in the woods in the snow to camp.

[@luperamos7307]

Here in L.A. they sell out fast. And it's not for camping.

[@sirdiealot53]

Nah they all got taken by campus protestors 😂

[@noneshere]

Homelessness and incarceration is the fastest growing communities in the US because of government inflation on the dollar.

[@luperamos7307]

How do you still own your home if you pay so much property tax for the land it's on? Feels like a mobile home park. Only thing is that you can move that home even less than a mobile home.

[@crtmojo2705]

We’ve all been fed the lie about house in the suburbs with 2 cars. Not worth it anymore.

[@SusiesRepeat]

Who needs a house that big, come on.Over the year’s Americans keep getting larger and larger houses, and have smaller and smaller families.

[@toddwerther188]

If you can't pay the mortgage from a home bought in 2012, you'll never manage anywhere.

[@jimmytwotimez]

Thank you. Took too long to see a comment like this. That woman bought the home arguably the best time in the last 30 years. And not to mention, when you buy a "charming" older home, then expect older home problems.

[@GreenSneakersAndHam1]

Property tax is simply rent you pay to the city every year to live in your own home.

[@spankyssurprise1361]

And to pay for schools, roads, public utilities etc....

[@rayfan8903]

My insurance tripled as well, my property tax is around 9k, super expensive to own as well.

[@Madamchief]

Mee too!! They said because of "increased fire risk" but c'mon! Triple?!!

[@FinessingFinance2024]

​@@Madamchiefgreed caused it😂😂😂

[@Starship007]

Since 2019, new car prices up 42% but salaries only increased 15%. Trillions of dollars printed out of thin air has flooded the monetary supply. High interest rates help pull those extra dollars back.

[@imiparerau432]

Tick tick tick....

[@brent4073]

If only there was some new fixed digital currency that everyone could easily buy in ETF form...

[@psgame2kify]

Lady in this video bought her house in April 2012. Mortgage rate was at around 4% back then. She could have refinanced at under 3% in 2021. I refinanced in 2021 with 2.75% 30 year fixed.

[@SIGNALFREQ]

Property taxes and insurance through the roof 😭

[@dalepellerin]

No one ever complains about their equity exponentially growing.

[@davidfaustino4476]

BINGO.

[@taylorhession1905]

Does no good if you dont intend on using that equity. And depending on how you use it you're probably going to find yourself in a hole regardless

[@dalepellerin]

@@taylorhession1905 certainly could. Unfortunately, too many just never learn how to tap into equity growth to generate wealth. It’s really hard for retirees to do that so they get hit a little harder unless they qualify for property tax caps. I was fortunate, and lucky.

[@Bigdoglittle]

Equity means nothing when inflation is out of control.

[@dalepellerin]

@@Bigdoglittle equity is often the result of inflation, often a contributor of inflation; this it is prudent to leverage build equity during inflationary cycles.

[@God7OD]

Thank you Blackrock

[@frankt5987]

Thank Desantis

[@MrBrewman95]

@@frankt5987it’s happening everywhere. Look at California. Are you gonna blame Newsom too?

[@DanielGoldMcduckRose]

Theirs reg. People that do it just like monopoly too.

[@mariusfacktor3597]

@@MrBrewman95 Neither Newsom nor Desantis made up the rules that banned low-cost housing from getting built for the last 60 years. The difference is that Newsom is now removing that red tape and Desantis is fighting cities that are trying to loosen theirs. It's true that states are facing a housing crisis, and it's also true that nobody in power today enacted those classist zoning laws, but it's progressives that are doing something about it. There are some conservatives in other states doing a great job too. Republican Sen. Daniel Zolnikov in Montana is pushing to legalize low-cost housing. But Desantis is not one of those people. Unfortunately Desantis likes big government ruling over everybody's personal lives.

[@steves3688]

@@frankt5987 LOL....Which states are the most people coming from to move to Florida and Texas.? THANK THOSE GOVERNORS!!! Its those states causing the problems!!! Get your facts straight!

[@jamieholsey1106]

I live in the Seattle area and rent is so high that a mortgage payment looks golden . I bought my home in 2019 and my monthly bill was $1789 now it’s $1950 . The rent in my area is almost doubled that for a 2 bedroom apartment. Va loan is the best on the market

[@Ja50nkAt]

Renting isn't looking so bad, mine has only gone up $60 over past 2 years, don't have to pay for maintenance of any kind, $1160 for a studio, 25% of gross pay, saving/investing, zero debt and down the road I plan to live out of an RV to keep avoiding property tax.

[@user-dw1ls3rp1l]

Everywhere you can park that RV overnight legally is also charging a ton. They have property taxes too.

[@user-qv8kz6bs3k]

You will also be taxed every time you drop a turd. The heavier the turd the higher the tax.

[@Ja50nkAt]

@@user-dw1ls3rp1l Not on BLM land, rest stops, parking lots etc...

[@steves3688]

A good idea.....

[@Algoo-X]

Average price per night?

[@Madamchief]

I'm moving out of my house after the home insurance tripled my premium 😢 can't afford my mortgage anymore

[@FinessingFinance2024]

Sorry to hear😢😢😢

[@Madamchief]

@@FinessingFinance2024 it's gonna be okay. I was accepted to my nurse practitioner program so I can move into student housing for a year 🙌

[@randomguy6745]

There’s no grappling with something you won’t even entertain yourself with. Buying a home right now is one of, if not the biggest, mistakes you could make.

[@ft9kop]

She buys a big house on a big lot and is surprised she has big expenses

[@garysgarage.2841]

People gotta start learning basic skills you can't just call a contractor every time your faucet has a drip and expect to not go broke unless your just wealthy. These guys that do home repairs their not all geniuses most things you can learn and save thousands every year.

[@imiparerau432]

Self-Reliance made America Great. Now everybody can't be bothered to lift their fingers. From people building their own house by hand to not knowing how to change their own oil.

[@patty109109]

100%. This lady and presumably husband are young and ambulatory. KZbin university. Don’t pay $100/hour for something you can quite easily learn yourself. At some point the middle class homeowner forgot how to paint a room and many pay for a lawn mowing service. These things eat your money: do it yourself and invest the rest into an sp500 index fund. That’s how you get wealthy.

[@richardjohnson8009]

shifting goal post effect, you get in then its like I will have this payed off by x, then all the sudden thats shifts, now its x+x

[@Foetoid2k6]

Its wild that the US even has property taxes and HOAs. The issues at hand is that many systems and process in the US are so far behind the rest of the world it’s creating these issues.

[@John_Lee_]

meanwhile the rest of the world pays more taxes than the US. Are you even American, do you even pay bills?

[@stephanwuertz9988]

USA is far behind of a lot of stuff

[@patty109109]

Canada has them along with the bulk of European nations. Nothing unusual at all about it.

[@Foetoid2k6]

@@patty109109 That’s nuts. We don’t have property taxes in Australia. We pay a council rates fee every year which changes depending on your location but it’s about $2000 usually. That pays for things like rubbish bin removal, keeps the water and sewer systems working, as well as maintains sidewalks, local parks etc.

[@tofuyam7361]

I was looking at some condo in a major city... the hoa+insurance+tax is nearly 2000 a month. Imagine paying off your mortgage is still having a "rent" to pay

[@Karmazov]

Public sector employees are increasingly getting pay raises and benefits that are not available in private sector. The more property taxes we are paying the higher thr wages of public sector employees.

[@joegug4751]

My first property I bought was from a farmer. 5500.00 for an acre of land on a lake in Minnesota. 500.00 down and 50.00 a month no interest. I bought a trailer house for 400.00 from a lady, the city was making her move it. I remodeled it for 5000.00, put a well in for 3000.00 and a well for 3500.00. Took me 3 years to do it all and a lot of hard work but 17500.00 well worth it. I miss those days !

[@joegug4751]

A septic for 3500.00

[@CaptainCJ97]

This is absolutely insane

[@AK-rx6hv]

So you buy dilapidated old home and somehow you're surprised about the expenses of home ownership?

[@crismcdonough2804]

And this is why you put money back and don't buy every little thing you think you want..if you own anything, chances are it will need repaired.

[@theprofessional155]

When is it going to come down ? The media and government told me not to worry and that inflation is transitory.

[@unkono]

Never.

[@AtomicGirlNYC-fu9xy]

This has nothing to do with inflation.

[@Trav990]

Bidenomics

[@ASRMN27]

That was propaganda

[@patty109109]

@@Trav990so you were complaining about mango’s stimmy checks in 2020, right? You think cutting billions in checks wouldn’t have consequences?

[@bluefox115]

Heard this awhile back from a financial advisor "Ahh America, give me your wallet or your dream."

[@HSQadri]

Huh? You bought a 'historical' home, and are surprised at the cost of refurbing it back to a condition that is livable? Also, purchased at 2012, so she definitely could have gotten historically low interest rates of 2021-2022

[@GreenSneakersAndHam1]

High property taxes are common in Red States that don't have a state income tax. This is what they (GOP) don't tell you. If you're not paying a state income tax your paying way more for other taxes in the state. Nothing is for free.

[@bohan9957]

Well, your first issue is living in New Jersey.

[@marzbound]

Shes thankful to own a house because her friends and co-workers cant 🤣🤣

[@FinessingFinance2024]

😂😂😂

[@creativedave]

Can you blame this new generation for not wanting to own? The woman in that video has her work cut out for her. That looks like a very old house. I don’t think the original builders thought these homes would/should still be standing by now. They need endless work.

[@Steven-xf8mz]

Purchased April 2012? Isn't that like days of 3% 30-year fixed, 2.5% 15-year fixed. Maintenance = cosmetic repairs are optional, safety are a must. Property Taxes = Unless tax rates are higher, it's actually a good thing, because your home value is now higher than what you paid for. You would be screaming if you find out your home hasn't appreciated and you needed to move. Anyone claim home ownership is too costly is saying Rent is too cheap. Can't have both ways, either your home isn't that expensive compare to the rental market, or your rent is too cheap compare to ownership cost. In an efficient market, it's nearly impossible that Rent is cheaper than owning without considering cost-saving of flexibility. Simply because if cost of ownership is $x, then investment driven rental properties would have to charge more than $x to stay profitable. Based on this simple economic rule, how does rent become cheaper than owning? The only exception to this is that Rented unit isn't well maintained as you thought it would be. then the question begs if you're willing to live in a worser place to save money, why can't you just hold back on repairs and downsize?

[@bk1983]

Doesn't help that the government allows major investment corporations to buy single family homes, taking them off the market; away from the working class who has been working for decades to try and purchase their first home.

[@sirdiealot53]

Airbnb too

[@steves3688]

EXACTLY...one part of the puzzle that should have NEVER been allowed!!!

[@ohscheisse2192]

Only in America will poor people keep voting against their own best interests because rich people tell them too. The stupid is mind blowing.

[@AtomicGirlNYC-fu9xy]

The government allows it because Americans aren't out in the streets protesting. Why should the government do anything if the average American couldn't care less.

[@tomprieto5574]

why did meg buy an old house?

[@Ihaveyourpogs]

Because she doesn't come from old money.

[@PelosiStockPortfolio]

I bought an older house because it seems ever since the last housing boom (early 2000's) builders started using cheap materials and putting them up as fast as possible. All my friends who have new builds have had major repairs after about 10 years. One had to redo the entire piping, which was a $60k expense. My current house was built in 1980 and still has original pipes, original roof...

[@charleshart5563]

Sad part is that the contractor is not wrong building materials are crazy high now

[@ironhills]

She bought an "historic" house. In any circumstances costs and especially insurance would be higher than the norm. Her situation isn't representative.

[@vinwin803]

I bought my house in 2016 for 225K ,3bd room . I paid 11K down payment , mortgage $950 a month , at the moment the house worth 420K , but I still don’t want to sell it, the current market this house can rent about 2K a month , so I decided to buy another new house and put this as a rental , get some cash flow . My advise , don’t wait if you can afford . get on train soon if u are able to , and if u feel comfortable for the Monthly payment .

[@davidpaglia1326]

"The Fundamental Transformation of America."

[@steves3688]

Right before our eyes!!!

[@Mlogan11]

It's only cheaper to rent when you make a comparison of buying a house now vs renting, but if you are going to be in the area for an extended time, buying is definitely cheaper than renting since rent prices continue to climb. A house bought in 2012 like she did is way cheaper to own than rent and she has a bonus of increasing property value compared to the renter paying rates that would have covered the mortgage and property taxes of a home bought a decade ago.

[@economicdevelopmentplannin8715]

After a mortgage payoff, property taxes and maintenance is typically less than rent. I went from 35k rent for 2 showers to 6k for property taxes and maintenance for 3 showers.❤

[@ezumach]

I saved up enough to pay almost all cash on a home, but looking at prices and property tax increases, and homeowners insurance, and increasing HOA fees, I decided to hold off. I recently got two months free rent on a townhouse, and I am paying less in rent than I would be in mortgage interest plus all the other fees combined. It’s one of the few times in history where it’s cheaper to rent right now, and you don’t have any risk of the market crashing.

[@logancrazy1]

Property taxes are getting out of hand!! Higher and higher! Stop this madness

[@kaitlyncranwick]

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.

[@StellaMaris-lv2uq]

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]

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]

@@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]

The decision on when to pick an Adviser is a very personal one. I take guidance from *Gertrude Margaret Quinto* to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.

[@BiancaSherly-qt6sb]

Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.

[@UncleDavesKitchen]

They need to cap property tax increases for a few years.

[@economicdevelopmentplannin8715]

They? Run for office and change the laws yourself

[@dariodjakovic1600]

⁠oh shut up. Every reply you write this. What office are you running for big mouth???@@economicdevelopmentplannin8715

[@Bigdoglittle]

@@economicdevelopmentplannin8715 No, he wants they to do it.. Lol. Meanwhile "they" are planning how to get more non-whites into homeownership with free loans.

[@JAYY_JAYY]

California

[@gringoboy701]

High insurance is one thing, but you cant buy a 70 year old home and then complain about repair costs. You knew right out the gate that was going to be a high pain point.

[@roymoxley2587]

American nightmare Buying a home is the biggest con game ever

[@shellysmith1037]

you'll neve afford the tax load in PA. Fuel, real estate, income tax, state tax, local tax.... try to get out.

[@Foetoid2k6]

The tax system in the US is a nightmare. We dont pay state or local taxes here in Australia, nor property taxes. Yet we can still afford universal healthcare and well funded public schools. 🤷‍♂️

[@nicomyth]

Left PA years ago because the cost of living and taxes were so onerous. Never looked back...

[@John_Lee_]

@@Foetoid2k6 why would you lie like that?

[@John_Lee_]

@@nicomyth and where are you now?

[@michaelwells7348]

~ Meg u have a Beautiful Home.... Im a Carpenter... and when I see a house like that ~ I think of all the family Memories it must have seen....

[@FlymasterFlash]

Does anyone consider the devaluation of the dollar? Anyone?

[@tommykuo1159]

So right now people who rent houses are struggling to pay rents, and people who own houses are struggling to maintain… Everyone is doing great isn’t it? Decades of economic and social development is totally worth it

[@John_Lee_]

more like reaganomics killing the middle class since the 80s

Build back better

[@ElanaMccullum]

YOU MEAN THANK CAPITALISM AND CORPORATE GREED..THERE FIXED IT FOR YA👏👏👏

[@ElanaMccullum]

YOU MEAN THANK CAPITALISM THAT HAS GONE AMUCK AND CORPORATE GREED...THERE FIXED IT FOR YA😉😁

[@dariodjakovic1600]

@@ElanaMccullumwhy are you yelling?

[@imiparerau432]

@@ElanaMccullum Government greed outweighs corporate greed by a landslide, and it's not even close. Look at property taxes as exhibit A.

[@ElanaMccullum]

@imiparerau432 and who gave the Billionaires massive tax breaks... TRUMP AND REPUBLICANS...THATS GREED..MONEY THAT COUKD GO IN OUR TREASURY.

[@frenchdog1799]

Nobody told Meg to buy that old house. Its always expensive to restore a home

[@rayhill5767]

She bought a fixer upper. You got to factor in the fixing and upping cost on top o the mortgage.

[@jijiji9520]

Buying a home nowadays is financially irresponsible

[@jamieholsey1106]

Depends on your situation.

[@imiparerau432]

Living above your means is even worse. People are too obsessed with showing off material goods they don't even use 90% of their waking life.

[@iveyhealth2266]

I just don't see how homeowners are doing it. 😮

[@steves3688]

Just letting things go unrepaired for many if not most people!!! Im one of them....bare basics for home upkeep now....

[@Bigdoglittle]

@@steves3688 That's the worst thing you can do. Even a small leak in siding or roof can be hidden for years and cause major structural repairs in the future. The shell of your house is very important to keep weather tight.

[@laucon11]

Something is off here: 9-12K for home insurance? The national average is around 2.5K.

[@danmcclaren5436]

I make $105k and still rent. I ran the numbers last year and its literally cheaper to keep renting, unless you're planning on staying with the same house for longer than 7 years

[@Bigdoglittle]

You don't make that.

[@frankt5987]

Desantis sold out to corporate developers.

[@steves3688]

Because most of the people moving there are from HIGH PRICES, HIGH TAXED states like NY and CA....Lay blame where blame is deserved....Desantis and Florida, as well as Texas are getting shafted because of it! HIGH TAX DEMOCRATS CAUSED THIS! FACTS!!!

[@SegoJordania]

WELCOME TO CAPITALISM

[@psgame2kify]

Property tax is a percentage of price of your house. If you want property tax to be low, buy cheaper house away from big cities.

[@JakeStewart1343]

2012 was a great year to buy 😎

[@shortstraw4]

I make $260k but California and federal taxes mean i only keep 60 percent. The rest isn't enough to buy a home here. Ill have to save for 15 years and them move out of state to own a home.

[@jacqueslee2592]

You probably buy expensive things. I saved enough for a down payment and make a fraction of that salary. How I did it? By living within my means and not wasting money and energy on materialistic things. If I had that salary I could do more with the money.

[@kronos6460]

You'll never own a home. You're competing with the likes of Blackrock who will pay 30% over asking and keep pushing the price up. The reality is the rich use their assets to generate income which they use to buy more assets. Eventually they'll own everything and none of your politicians will do anything about it.

[@PandoraBear357]

Most people making above poverty level wages only keep about 60% after taxes and deductions. My husband and I live in a flyover state and saved for 9 years to buy a house🤷‍♀️

[@jedpittman6739]

sounds like a plan

[@jakew1362]

would love for you to break down your monthly expenses. I'm sure it's the definition of frugal.

[@alphaomega8373]

Buy an expensive home, then complain about the cost, its mental insanity.

[@AmoneyC]

This comment is out of touch clearly posted from your parents basement halfway thru a bag of Cheetos and a mtn dew

[@FinessingFinance2024]

​@@AmoneyC savage much lol 😂😂😂

[@TrainerAQ]

As expensive as owning a home may be, be thankful you have one, because to get a house now out of nothing is a freaking upside down wall

[@Bigdoglittle]

What you mean? Inventory wise?

[@anniesshenanigans3815]

If they bought in 2012, they could have easily paid it off in the last 10 years. But people do not think about what happens with inflation, since we had such low inflation for so long.

[@jamescares9003]

Bidenomics baby

[@fallcolors05]

thank you biden, newsom

[@imiparerau432]

Thank the Federal Reserve. If you think this problem started with them you'd be mistaken.

[@fallcolors05]

@@imiparerau432 Federal reserve is trying to maintain balance after Dems crashed the accounting spreadsheet. dems approved the spending- everyone told them not to support billions for ukraine war.. It is a dem policy to spend uncontrollably. so YES we should thank Biden.

[@Gioli565]

I can’t feel bad for what people are paying who bought their home in 2012. They are fine compared to people trying to buy now.

[@MS-ty8eq]

She bought a house that is way way too big for her.

[@Pilotpailie]

Thanks Old Joe!

[@robertmarley8852]

This house has grown weak and decadent since Trumfs abscence

[@michaelwells7348]

Inflation is Global .....Einstein ... Duh...

[@southrichmondtofl]

@@michaelwells7348 The money printer goes BRRRRRRRR....which is local NOT global.

[@J-wu8sc]

@@michaelwells7348the dollar is the world reserve currency and our “leaders” decided to overprint the crap out of it these last few years for no good reason. And yeah it does cause inflation across the world the fact that it’s the world reserve currency.

[@alphaomega8373]

My home is worth 20 percent more since Biden, I thank you too sir.

[@Coral-reef.]

Bidenomics folks 😉

[@peterbedford2610]

Fire insurance is becoming unobtainium

[@th0rn3gaming]

Insurance companies rely on bank money so with higher rates mean higher premiums.

[@jaytaylor2312]

The Biden effect

[@JustKevin23717]

Pick up a book. No President controls macroeconomics. It’s above him.

[@michaelwells7348]

Inflation is Global Einstein ..... Duh..

[@mwatercress]

@@michaelwells7348 Yet construction costs are going up at twice the CPI inflation rate.

[@michaelwells7348]

@@mwatercress Are these more of Kelli anns “Alternate Facts ?? "

[@mwatercress]

@@michaelwells7348 Nope, just facts. It is happening with infrastructure projects, residential building, and maintenance costs as well.