These HIDDEN COSTS Are BANKRUPTING HOMEOWNERS!

For a very long time, there has been a popular myth perpetuated in the housing market and it goes something like this. It's better to own your own home that way you can have a fixed monthly payment versus when you rent your rent can go up every year. That might've been true 30 years ago but as of recent history it no longer is. In fact the yearly increases that homeowners are seeing versus renters are quite staggering. These are the hidden costs of homeownership that people don't want to admit that can bankrupt people if they aren't paying attention.
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DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Michael Bordenaro is not a registered financial advisor. Your use of Michael Bordenaro’s KZbin channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, KZbin, E-Mail, and Instagram) for communications with Michael Bordenaro does not establish a formal business relationship.

[@MichaelBordenaro]

Say GOODBYE To The American Dream (EVERYONE IS LEAVING!) kzbin.info/www/bejne/poXUg6GZr8hsrK8

[@dertythegrower]

​@@mke6489Junk fees for junk boardmember rules and karen costs

[@bodyloverz30]

"Pay what it's really worth, not loony tunes land:" now that is well said!

[@forrunnergrl]

Q

[@irritatedkitty7301]

​@@mke6489 At approximately timestamp 9:20, MB mentions HOA and assessments.

[@senmcquire]

You should do a video explaining how the property taxes work. I think a lot of people don’t understand.

[@ryanwilliams989]

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]

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]

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]

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.

[@larkatmic]

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]

That's insane.

[@John-ou4rm]

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.

[@MGTOW_Modality]

I spend 22k on a metal roof and thought I was paying a lot. Yeesh.

[@Austongold]

Replace one square per weekend yourself, it's white color survival time.

[@larryallen1093]

This is a serious answer. Watch some KZbin videos on re-roofing your own house. Summer is coming up and maybe you can get some church youth group to help.

[@RickJamesFPV]

You never really OWN your house in the U.S.. We are all basically renting.

[@1whitecottagelife770]

That's true everywhere in the world i think

[@kolbpilot]

Just don't miss that never ending tax payment.

[@aao449]

This is not true “everywhere” in the world. Not everywhere in the world has to pay HOA fees or property taxes forever.

[@1whitecottagelife770]

@@aao449 please give me some verifiable examples

[@eurovianmutt]

You don’t own the house. The house owns you.

[@ammasophia4663]

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]

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]

@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.

[@strangeraver6043]

"contact my Zurich offices for a quote" ---- KLAUS SCHWAB

[@davereiland9921]

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]

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.

[@bryanspayde5681]

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]

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]

FL is OVER!

[@bryanspayde5681]

@@jkmarshall3553 na. It’s on the right path. Just can’t let a non citizen buy ..

[@williamlloyd3769]

Plus with the money you’re making / saving you can go to Florida on vacation or any other place on earth.

[@Gmac_Greg_M]

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.

[@rogertoth8663]

You’re 100% correct. But if you listen to the government clowns, the economy is great!

[@Kuulei265]

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]

They probably knew a war was coming! Its awful

[@donotcare000]

The Economy is great in which country?

[@dirtyjersey4672]

Yup! Inflation was “transitory” and the economy is fine. These politicians drove our country into a ditch!

[@annagarza7299]

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

[@user-vi8ry9hq8j]

When property taxes get to these levels it's time to revolt.

[@user-lh5re8jh7u]

And most of the US is falling apart: roads, schools, public spaces.

[@jock699]

thanks, ron!! He did that!!

[@andrewkaska471]

No one really knows where all the exploding property taxes go,do they?

[@juanvaldez7279]

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]

Everyone had their chance Jan 6th

[@royburnopp5147]

It's so sad what this country has become

[@recabitejehonadab2654]

The country is the worst I’ve ever seen since Biden was elected. Everything has gotten worse.

[@petersheenan4482]

@@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]

@@recabitejehonadab2654 you are 100% right !!!

[@debbiec6216]

@@petersheenan4482 recabitejehanadab 100% right , This is the worse economy and Biden keeps sending money . Serious , this will effect everyone .

[@jkmarshall3553]

I'm bailing from this POS chaotic BS country as soon as I can.

[@maryellenp4994]

The time and effort expended to maintain a home takes away from your free time and quality of life.

[@francismarion6400]

So do condo board meetings, hoa meetings, etc.

[@prettygirlus9008]

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]

You are correct. Condo life is simpler.

[@Silvertip1958]

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!

[@CeeTee-12345]

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]

...and too much car...and "toys"...and clothes, etc.

[@kpdc26]

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]

Good for you! I hope it is wonderful for you!

[@pointnIaugh]

I can pretty much buy any house that I want. The problem is that I don't want all the work.

[@craigmrog1756]

@@pointnIaugh got a two/two and would never want any more!

[@pajamamama5965]

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]

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]

@@Bubba-wx7lp True. maybe in a few years when it hits bottom, we will have another down-payment saved by then.

[@edwardsuarez-ri5dz]

Forget Florida

[@mowtivatedmechanic1172]

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]

@@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.

[@ThePerfectSeason1972]

Great Program, I wish our politicians would represent the people they’re supposed to serve, instead of themselves.

[@davegubbins4428]

guna have to 'wish' the money out of congress first. good luck

[@johnberry2877]

Ask yourself, how does a political parasite that makes under 150 grand a year retire a multi millionaire? CORRUPTION!!!!!

[@user-vb8yf8be3l]

To get elected in a democracy you have to buy votes that is the problem

[@victorsong8416]

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]

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]

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.

[@Theaterbuddy717]

My cousin, who lives in Florida, canceled insurance policy and will rely on FEMA when a catastrophe occurs.

[@danman1287]

Your cousin will be living with u... Better discourage him

[@Theaterbuddy717]

@danman1287 lol, no room as I am in 650 Sq ft! And in Ohio.

[@danman1287]

@@Theaterbuddy717 he is coming with that plan. I would talk him out of it... For your own sake

[@prettygirlus9008]

Absolute max that FEMA is allowed to pay out is something like $30K.

[@danman1287]

@@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

[@brianwilliams8635]

And when you think you've caught up. . .you discover you need to call pest control!

[@recabitejehonadab2654]

Yup , your are never caught up. Always something .

[@jeltoninc.8542]

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.

[@syoung4471]

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]

And the most frustrating thing is that a lot of those homes are listed as Pending/Contingent.🙄 The lunacy continues on!

[@roxannecowlesrosado3449]

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]

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]

And insurance

[@blackworldtraveler3711]

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]

lawn care, snow removal, replacing furniture, remodeling/updating, driveways, windows, trees, siding, plumbing, electrical==i have an older house and its nonstop.

[@twocentproductions5326]

😅😅😅😅😅

[@carefulconsumer8682]

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]

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]

​​@@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]

Lol

[@1whitecottagelife770]

@@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]

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😊.

[@misswellness9595]

I’m in Toronto Canada. I rent a very large two bedroom apartment in a rent stabilized building for $2040 per month. The cheapest home in my neighbourhood is $4 million. I walk the same street as them, I go to all the same grocery stores same schools. My rent is cheaper than their property tax. I’m a financial advisor and live off of passive income at the stage of my career. I would never buy another house.

[@coolcatfunhouse]

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......

[@user-lh5re8jh7u]

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]

How much has he reduced his prices as a result?

[@Kuulei265]

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]

@@user-lh5re8jh7u 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]

@@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.

[@Corkfish1]

Same in CT. Property taxes and insurance are like having a second mortgage

[@jasonnowicki5066]

its probably because of the people your community voted into local office who raised your property tax for BS projects

[@emilo81]

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.

[@inthegame26]

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.

[@vandanaths]

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]

Isn’t the property tax rate capped at 2% of the homes assessed value as per the Indiana state constitution?

[@firstescape3523]

@@apastasauce5905 Ya I live in indiana something isnt add up with this guy.

[@firstescape3523]

@@apastasauce5905 Its actually 1% for primary residence.

[@TheBudgetWarrior]

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]

@@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.

[@mko2904]

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.

[@FannypakDanny]

You are a good storyteller Michael, I listen to you speak alot, love your vids.

[@rheahorvath9274]

Too bad that the stories are reality for adults. 🙁 Great wealth of information! Current coverage. Thanks Michael!!

[@Kuulei265]

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.

[@divemanred]

18k for maintenance on the house seems a little steep

[@trevorb5557]

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.

[@SL-fh7yv]

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]

Homes will cost less in 5 years anyway.

[@amyhudson1016]

Very smart move indeed Wish there were more people like you and maybe the market would be more sensible ❤❤❤

[@fearlesswarrior4651]

What do you mean structure home?

[@theflightsimulationexperie6894]

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]

That has been true for years. The average over time of home mortgage rate is in the 7+% range.

[@1zcott]

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.

[@mikemorgan8646]

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]

HBO’s The Regime is excellent…Kate Winslet should win ALL the awards! 😂

[@mikemorgan8646]

@@BillyJeen when our power grid is down, how we gonna stream?

[@ChrisFromFloriduh]

Need to abolish property taxes. I live in Jacksonville FL and these fools can’t do anything right.

[@annberlin5811]

In AZ our property tax is low income tax is ok but sales tax is high. We get the tourists money. I dont care

[@johnthomson8332]

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]

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]

​​@@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]

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]

@@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.

[@gregholman2930]

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).

[@JBoy340a]

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]

Could be Miami big city prices on that.

[@novadhd]

agree that seemed to be excessive. I want to see a source for that

[@jeromewilliams1129]

Definitely excessive, especially for an AVERAGE

[@ronniepratt8710]

Property Tax, Insurance, HOA if you have it, other household maintenance.

[@punac1]

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]

She's actually correct.

[@punac1]

@@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]

People said the same in 2014 too.

[@punac1]

@@cardinal8268 They also agreed with you in 2007/2008

[@punac1]

@LesHom69 You and everyone that believe that is 100% correct. I am wrong.

[@danarello2563]

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]

That federal poverty line is for a family of four

[@NaySayersRanch]

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

[@user-xj3ck5oy2x]

We bought in March.2022 and planning short sale probably early next year! Taxes and insurance…

[@Koushi82]

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]

Were they warned about those taxes?

[@autobotdiva9268]

Not according to Barbara Corcoran, realtor mogul, lol

[@francismarion6400]

Educated in the public skrewel system.

[@JustDItY]

Who pays if your EV burns your house down?

[@BREEZYM6015]

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]

Greta will cover it

[@dertythegrower]

insurance unless exempted for being ev

[@JBoy340a]

Same as a fire in a gas car. And a higher percentage of those than EV fires.

[@abrahams.lincoln6749]

Biden will forgive the mortgage if you give him some fake votes.

[@mikegoodness9767]

Most people like myself have had their homeowner's insurance double, triple, or canceled even though 90% of them have "NEVER" filed an insurance claim.

[@dalecannon3791]

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.

[@debrameyer1125]

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]

You are paying for you landlord's cost of maintenance plus profit. They are not in the rental business to lose money.

[@danman1287]

​@@JBoy340a plenty of landlords w negative cash flow

[@acegolfman3203]

Yeah, new homeowners are nieve

[@GoldTau-km9dm]

Rents going up too

[@danman1287]

@@GoldTau-km9dm that i disagree

[@recabitejehonadab2654]

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]

EVs = FiRe StArTeRs!

[@1whitecottagelife770]

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.

[@drc3po]

EV's are going to be a total bust. They are going to be the Sony Betamax format of the automotive world.

[@lawrencebritt1222]

EV is the least of our problems. Stop watching right wing TV.

[@jkmarshall3553]

@@lawrencebritt1222 Those that revert to bifurcated politics in comments are the least interesting and least influential of all.

[@JohnHansknecht]

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]

Much of my homeowners insurance is optional as is the deductible.

[@azmike3572]

It's not IF there's a major storm or hurricane in Florida...it's WHEN [the next one happens].

[@okimitchell1043]

No claims since 56😁✌️

[@Bubba-wx7lp]

Early hurricane forecast for Florida,is most active season in years.

[@michaelsnively3621]

Hurricanes have been happening since the beginning of recorded time. Save up and self insure.

[@SA-hz1rs]

​@@Bubba-wx7lpnot true

[@blackworldtraveler3711]

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.

[@duanepac]

I heard half the people who had solar installed in Florida got their insurance cancelled?

[@indigostaraz]

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.

[@nellyjohnson7316]

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]

You can still find used 25ft travel trailers for under 10k. Way better than living in a car, trust me.

[@SNAKEDOCTOR-ve8nk]

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]

@@SNAKEDOCTOR-ve8nkyeah right. Point me to the way

[@nogames8982]

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]

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]

@@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]

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.

[@rossvoss5408]

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]

Maybe they can't live in the more expensive cities and need to start looking at not so popular areas?

[@brandonking1737]

@@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]

​@@irritatedkitty7301oh you mean in crime ridden areas? No thanks

[@ihave35cents95]

@@Tracker5111 i’ve bought a lot of affordable homes and none of them were in crime ridden areas

[@7000U9ZHIFT]

​@irritatedkitty7301 then there is no jobs or very poor paying jobs.... there's no winning this shit show

[@vinniephillips452]

If people are looking for a side hustle they should consider home repair. That’ll put a little extra money in your pocket.

[@calvinmcdowell8328]

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

[@jimmyjay689]

I recently bought a new house...made sure certain things were up to date b4 purchasing...things like a brand new roof...

[@DeadDave]

It feels as if you need to be a billionaire to survive the American economy these days.

[@user-ww5sb4hp2k]

I am blessed to have bought in 2018. My payment was initially $409; currently it is $531 from taxes/insurance. The house has not changed one bit, the currency sure has.

[@Alachua03]

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]

Which county are you in?

[@Alachua03]

It’s in the name!@@jkmarshall3553

[@BANDIT2DAY]

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]

Flex!

[@signoresantinoburnett1169]

Good to see somebody win for a change.

[@danman1287]

Who wants to live in potato land... U r wasting your life away

[@marcuswelby9601]

That's awesome brother

[@BANDIT2DAY]

@@danman1287 google Coeur d’Alene, Idaho. We’ll see who’s wasting their life away🤣

[@petersanmiguel1164]

This guy knows what he’s talking about, and he cares. Thank you, Micheal!

[@yvnerservius1913]

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

[@rowdybush1]

The joys of a fixer upper. I haven't spent 10k on my house since I bought it 15 years ago.

[@Jeannified]

Insurance has become such a BIGGER racket that it ever was, and it has never been good!

[@s99614]

The rent is too damn high!

[@azmike3572]

Trite.

[@noreenn6976]

An apartment complex just emailed me, I had previously been on a tour, 1BD 1BA 647sq ft apartments START at $2147. The rents are too damn high for sure

[@user-mr4bx1ld2p]

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.

[@krzysztofwojtanek511]

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.

[@lifewith9cats153]

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]

Sounds good to me. Enjoy your travels!

[@tommytomhan]

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.

[@DianaPrinceitiswhatitis]

Attended a first time homebuyers class today. These things were discussed about the hidden costs of homeownership.

[@lourdesgraney7878]

$18,000 a year in maintaining a house per year is a stretch

[@jjdwnbyci]

Roof on small house as 40k Baths are30k Lawn.water .electric

[@heisrisen560]

@@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]

$40k lol you must be renter. $8-15k tops.

[@davidhopper7295]

I had a tenant that did $14k a year in damage..... for 11 years in a row. Total damage $154k.

[@brenanator6054]

10k for my roof, 1428 sqft

[@unaldurmaz250]

Well nothing is better than having your own space. Worth every penny, if you could buy any property you would.

[@RickJamesFPV]

You never really OWN your house in the U.S.. We are all basically renting.

[@unaldurmaz250]

@@RickJamesFPV okay true

[@TheyRiseBand]

Yes, the cost to rent from the state (own) is tremendous. Plus, you get to do the upkeep.

[@keya31gville]

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]

smart lady can do maf unlike most of america.

[@BREEZYM6015]

Your mortgage payment is only $1,300 a month? That's good. I pay $1,550 plus another $253 for HOA fees.

[@GenghisKhan311]

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]

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]

@@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

[@1whitecottagelife770]

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.

[@annmarie1689]

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]

2 grand for a new front door? Is it gold plated?

[@annmarie1689]

@@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. :)

[@seanyingling1127]

Got 3.25% mortgage. The insurance + taxes is double my mortgage payment.

[@eddyeroyal6024]

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]

Where's that?

[@eddyeroyal6024]

@@Mark-qv4bn all over Texas

[@RJFP67]

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.

[@Bayoubebe]

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]

That's so much money you're spending every month. 😂😂😂

[@generator6946]

Another factor to consider is the market for these now pricey houses is limited! Destitute buyers don’t buy expensive houses! Wake up

[@jkmarshall3553]

It's only a matter of time...

[@pnketia]

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]

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]

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.

[@elliotmann9787]

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.

[@MtuckerGoBlue]

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.

[@johnnymidas5879]

SATURDAY GREETINGS MICHAEL 🌴🌄🌴

[@DeadDave]

The WEF: You will own nothing and be happy. It's already in action!

[@Truther41God]

But at least we get z bugs for fwee!

[@SenChi8915]

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!

[@blazonbyrd5996]

$85K a year for property taxes? In Florida? That's more than the cost of a NEW CAR. Every year. Amazing.

[@bitemenow609]

Had a guy i worked with moved to Florida in 2021. He liked Florida but said he could not afford to stay in 2024. Got no details other than his home owner insurance was part of it.

[@deca12351]

Great points and a great video !! Found your channel about two weeks ago and really enjoy your knowledge and content. Great job !!

[@deborahheckstall1881]

The CEO's need to be jailed for price gouging.

[@ralphholiman7401]

It’s inflation, not corporations.

[@francismarion6400]

FJB

[@deborahheckstall1881]

@@francismarion6400 Why? Your either delusional or you don't understand politics. President Joe Biden is out in place to run the country not your grocery store, your gas station or your rents. It is time America started holding the people in charge of the community accountable, IMO. and that would be your borough President, your Congress person, and your Senator. They do absolutely nothing for their constituents on an individual basis and that is why people have no faith in government.

[@kidwichita]

Please explain

[@aneedkassim9727]

@@ralphholiman7401 corporations are the ones ruining the home renting .... price gouging and buying up all the affordable homes

[@whiskey_tango_foxtrot__]

The Inflation Reduction Act will kick in any day now....😂

[@Genius-ze5dc]

They're openly mocking us by calling it Inflation Reduction Act.

[@robbgnarly]

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

[@brocheck6703]

I think the 18k for the average annual home maintenance is the high end of the range. That figure is also how much you should set aside for home repairs and maintenance, being the upper range of 1% to 4% of a homes value.

[@snw1721]

Bought in July 2020, sold in May 2022 with a nice profit here in overpriced South Carolina. I feel for these people.❤

[@dumpsterbaby3155]

I did the same, took profit and rent. no regret. bought 2020. sold 22' 40k profit...not great but pretty good

[@theflightsimulationexperie6894]

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]

@theflightsimulationexperie6894 Nope, we didn't move out of state. Enjoy the rest of your day!

[@dumpsterbaby3155]

@@snw1721 same here. stayed put. For now

[@glennwetherbee4495]

Where is all the money municipality are collecting going? 200% better roads?

[@gsst6389]

Profits 😁

[@abrahams.lincoln6749]

Yeaaah buddy. Thanks Michael. 👍👍

[@All_Things_Digital]

I underwrite insurance in Hawaii. Same things happening here. Very tough

[@NotsoHardcore1]

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.

[@drc3po]

What does "growing up in a caravan" mean?

[@Jillian11175]

@@drc3pocamper/travel trailer/rv in uk

[@katydid2877]

I owned a house in AZ for 18 years. I don’t think I spent $18K in the entire 18 years.

[@noreenn6976]

You're fortunate, new HVAC systems can cost up to $10K nowadays

[@katydid2877]

@@noreenn6976 Very true. In the 18 years I replaced a roof and HVAC, but little else. Those items don’t get replaced very often. I would wonder what is on a list of $18K a year.

[@SimplyArjay]

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?!

[@mark-madison]

This video gives a very accurate commentary and analysis, Thank you !

[@LaurentLeong]

*I love the grounded reality of this channel!!!* Retirement took a toll on my finances, but with my involvement in the digital market, $27,000 weekly returns has been life changing. AWESOME GOD❤️🎉

[@MikelaMurga]

I'm in a similar situation where should I look to increase income? Do you have any advice? What did you do ? Thank you🙏

[@LaurentLeong]

Thanks to my co-worker (Alex) who suggested Ms Maria Luisa Abrams. God bless you.

[@LaurentLeong]

She's a licensed broker in the states 🇺🇸

[@Martincolby]

Wow...I know her too she is a licensed broker and a FINRA agent she is popular in US and Canada she is really amazing woman with good skills and experience.

[@Martincolby]

After I raised up to £228k trading with her I bought a new House and a car here in the United Kingdom 🇬🇧🇬🇧 also paid for my son's surgery (Oscar). Glory to God.shalom.

[@ayo9057]

Listen to Mike !

[@maciejwiater7463]

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]

when you rent you are still paying a mortgage. It's just somebody else's.