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
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Who knew getting into bidding wars for a over valued home and waiving inspections would be a bad idea. Did people really think their taxes and insurance wouldn’t go up after a year? Did they really think repairs were cheap? The avg handyman wants to make 100+k a year now. But.. people have shown they will pay whatever. They want what they want.
They weren’t ready to buy and it’s showing. Ah well. Good luck.
I have an idea – use YouTube and repair your house yourself.
My time is worth more at home doing renovations than going to work.
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.
Lol, if you really made that much you could easy afford a home.
@Bigdoglittle You know you’d be right if you didn’t forget something. Taxes!
Not if they live in an expensive area like SF or NY
@@Bigdoglittle Yes if they live in middle America, no if they live in coastal areas like the West Coast, Northeast, or Florida.
Completely depends on where you live.
Cooperation own all homes,now u rent your whole life never own anything
Housing is the largest scam in USA history!!!
You can build a REAL HOUSE not made of paper for under $100k outside USA
You’ll own nothing and be happy
You need to ask if they voted for build back better, if they did, then zero sympathy.
Stay out of debt, stop buying things you don’t need. Learn to repair things yourself and reuse items as long as possible. This current market is the result of people losing those basic skills and participating in a throw away society! I’m doing just fine this is market because of these basic ideas! It can be done people!
If you think this is bad, wait until you see the shitshow us Canadians are facing.
The reality not mentioned, is the more you learn how to do stuff your self the better off you are. High price dose not equal quality anymore, and youtube is your best resource for a lot of stuff. I believe in finding solutions to the problems that are long term and real. If you play a game by somebody else’s rules, don’t be shocked that your losing. I need more money can be a big trap, if the prices are going up so fast that getting more money changes nothing. All that money could have been used for some training and the materials.
Who cares. These people are living beyond their means, that simple. Tons of people who can’t even get into a home and we get told to just “work harder.” If you can’t afford it, sell and downsize and stop bothering the majority who can’t even get a house. It’s called a budget.
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.
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.
You can try doing what trump did. Tell your county assessor office that your 2000 sq ft house is only 800 sq ft. Probably lower your property tax bill.
Americans homeowners should thanks Biden’s inflation rate?
The real American citizens must pay property taxes. The illegal immigrants receives lots of free gifts from Biden government.
the bubble is about to pop bois
$3000
We’ve all been fed the lie about house in the suburbs with 2 cars. Not worth it anymore.
As long as the billionaires get richer, it’s okay that the rest of us have nothing.
This seems more because of rising price of real estate. Housing prices rose 18% in 2022 alone. That impact property taxes and insurance. That was before inflation and high interest rates hit
The American Dream is out of reach for most Americans. Idk how immigrants come here thinking they’re gonna get something.
South Park did an episode on this about how handyman are going to be the new celebrity millionaires because no one knows how to fix their own home anymore 😂
Thank you Joe Biden 🎉🎉🎉
Renting becomes the best option.
She bought an “historic” house. In any circumstances costs and especially insurance would be higher than the norm. Her situation isn’t representative.
In order for the rich to get richer, we must all get poorer. This is what happens when you have a system where the rich are reward by not having to pay taxes because they make their money through capital gains, and where we bail out the rich while mom and pop companies pay high taxes and rarely get any bailouts. Again, 68% of PPP money went to the top 1%. Look it up.
It’s a cash grab for government right now!
Property taxes are getting out of hand!! Higher and higher! Stop this madness
Funny how all of this started when Biden took office. Elections have consequences. And mail ordering in the dumbest SOB in human history is now costing everyone. Good job liberals! Glad I bought my house during the Trump years.
Is that bidenomics???
~ I Wonder if the ( Puppy shooting ~ Kim Jung Un Liar ) is Going to be Donald Dumps ~ Choice for VP….. Mike pence wasn’t interested after the MAGA gallows came out …
The American dream is dead. Corporations won’t stop to destroy every single aspect of it to raise shareholder value. Even places like Rockford and Toledo have gone up over 110% in the past 8 years…
All homeowners are thrilled that their home values increased.
CA has prop 13. Other states should have a similar proposition passed to protect the homeowners against property taxes rising to ridiculous levels
The National average tax rate is .99% of the assessed value. California is at 1%.
@@rack9458 we purchased a house in 2021 for 600k. Our house is now worth $800k but our property tax is based on our purchase price NOT the market value. Even if our house doubles in value the tax will still be based off of the initial 600k purchase price. My coworker just inherited her parent’s house. It’s worth 1M in today’s market but her parents bought it in the early 80s for 200K. Their property tax was only based on the 200k purchase price. She inherited the house along with her parents property tax rate. That’s the beauty of Prop 13. In Texas and other states your property taxes are masked on the market value of the house. It might start out lower than CA but can increase quickly
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.
Oh dear, what’s an actual homeowner to do about high maintenance costs when others can’t even imagine affording a home with the certainty of monthly payments.
Immigration and Bidenomics is to blame
Looks like white people problem
It’s a problem across the entire color spectrum.
All while home values are declining, nationally.
It’s *NEVER* cheaper to rent than to buy – LandLeeches exist solely to make a profit on something they scalped in the hopes that someone else (who might want to, I dunno… LIVE IN THE PROPERTY THEY BOUGHT) might not be able to do so since they bought it, then rent it back to someone, let them pay their mortgage and have absolutely nothing to show at the end of it.
this is financial oppression / repression
Bidenomics is working. Hahaha. 81 million votes. 😂
It’s supply and demand, folks. Unlimited immigration, both legal and illegal, means millions of new people need somewhere to live and that’s driving up housing prices, and Biden’s inflation is doing the rest.
All part of the plan.
“You will own nothing and be happy”
– Klaus Schwab
This is why i would only get a house rn if its a multi family so the tenants can take most of the hit. Currently looking at buying my first house as a duplex minimum.
3k>9k for insurance is absurd. Who tf can pay that. And extra 500-600 a month
Bidenomics. You voted for it. Votenfor trump and hope his kids run in 28
Created by Biden’s inflation reduction act. 😡
Nobody told Meg to buy that old house. Its always expensive to restore a home
Observing the widespread dissatisfaction with the rising cost of living, while those in power divert funds overseas to serve the interests of a select few, is disheartening. Come November, these same discontented individuals will queue up to vote for the very politicians they’ve criticized for years. Society remains fractured along lines of race, gender, sexuality, religion, immigration status, and political affiliation, blinding people to their own division.
Haven’t they realized that a house divided against itself cannot stand?
Regrettably, the trajectory seems unchanged; men’s hearts will continue to deteriorate. Distractions like advertisements, misinformation, “wokism,” and entertainment perpetuate this cycle, while taxes, crime, and inflation surge unchecked.
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.
100% the fault of the Biden admin and we all know it.
Does anyone consider the devaluation of the dollar? Anyone?
Awe, that poor, wealthy woman 😂
The media haven’t a clue
All to steal your homes
I pay around $50 property tax for my house, but….I’m in Europe.
You will own nothing and be happy. This is all the effect of liberal covid policy and lockdowns.
But don’t worry guys this is the best economy and American history. She’s just ungrateful and looking for something to complain about
just sell
I keep seeing more and more of these “it’s cheaper to rent than own” it’s like they want us to give up so the big corporations can buy up everything
Ownership is still better than renting. Why do you think those investment firms scooped up all those houses? It not because they lose money.
I bet she was happy whe. Her home went up 200k in value
Bidens dream coming true, keep voting for those democats 😂😂😂😂😂😂
Old people are holding this country hostage.
I don’t feel bad for these people. Some people weren’t really eligible for home ownership. But they did it anyways. The banks won’t care for them as long as they are willing to sign. The banks will get the house back anyways. FOMO is what we call it
So you buy dilapidated old home and somehow you’re surprised about the expenses of home ownership?
She feel for all the painted and fancy decorative aesthetics when the home was shown and was so enamored that rational thought was nowhere to be seen. The old “Lipstick on a pig” trick that worked wonders again.
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
Sorry but there is no reason for a company or an individual to own more than fifty homes and if they do then it should be illegal to do so. Also if you don’t live in this country you shouldn’t be able to invest in real estate here.
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.
Insurance costs are only going to get worse. Should have taken care of the climate when we had the chance, but it was “too expensive”
Let’s fight over books in school and other BS. Not what actually affects you. Smartest country my a$$!
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.
ANOTHER wealth transfer.
Don’t purchase a home you can barely afford, you will be house poor and any maintenance or remodeling with a home you are already financially tight with, well it’s going to go down hill if you can’t afford stuff. I live by my means and I make decent buck. Best advice I can give anyone. Be wise!
What can I do except point and laugh?
MORE MONEY FOR UKRAINE AND THE COUNTRY THAT CAN’T BE NAMED WITHOUT YOUTUBE REMOVING YOUR COMMENT! YAY!
SO now you know why homeowners raised the rent ….
Stop the dumb rent control laws nationwide.
Homeowners and Landlords are Not subsidizing the renters.
So stop using rent controls to subsidize renters.
We have a lot of expenses.
So its annoying, i use the same power, sewer, water, but each year its more and more
Abolish property tax
We need higher interest rates.
Well seems better to me than renting at an apartment near a bunch of randoms around who can have easier access to my vehicles and having to pay for a storage unit on top of that to keep all my stuff.
Or paying off someone else’s mortgage, living in their house for rent, bound by their rules.
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 .
Insurance companies are colluding with Wall street and private equity to push home owners out of
Something is off here: 9-12K for home insurance? The national average is around 2.5K.
Deal with it! Remember you had to have it! Financed the biggest one for the longest term you could. People caused this inflation problem buy buying stuff they could not afford.
I hate America
So, home costs are higher than ever, so waiting to buy means an even higher priced home, mortgage interest rates are high, but not the highest ever, and your grandparents paid higher rates (just saying), but again playing this game could mean buying a more expensive home, home insurance, it time to redo the whole insurance industry, but if you own a home in a high-risk weather area, then expect to pay more in premiums, as for property taxes increasing, all those city, county, and state workers want higher pay, where do you think a percentage of salary comes from, and finally maintenance cost, hopefully, you can do some of the work yourself that you can, if not, then owning a home will cost you more vs those who are willing to put in the sweat equity, so should you buy or rent, the financial experts will tell you to buy, but online people are telling you to rent, like anything in life, you need to run the number yourself, to see what is best for your situation, you forgot the rising cost of utilities
the average American thinks they should be able to live in a house that a factory owner/president would have lived in 80 years ago. wages just haven’t kept up with American’s lifestyle expectations.
Homes have ALWAYS been expensive. Tip, DON’T BUY AN OLD HOME!! Sure, they look charming, but they are money pits, every one of them. Stay far far away, don’t fall in love with one, unless you can fix things yourself.
I didn’t vote for Biden. You did.
The all mighty leader says everything is fine, shut up and enjoy it!
I wish poor people tasted better
We own our home but can’t afford repairs let alone any improvements.
Insurance companies rely on bank money so with higher rates mean higher premiums.
Welcome to America!
I remember when houses were 20,000 and land was cheap. That was years ago, ever since the government got greedy and spending our tax money along with throwing it away to foreign countries. Government has destroyed our way of life and owning a home! It all starts with big corrupt government!
Some might look into, who actually owns these insurance companies and who sits in the lobby to whisper into the ears of the politicians.
Real estate laws