Insurance rates up 100% in Florida over last 3 years. Citizens is doing ANOTHER insurance hike of 14%. The crisis will only get worse. Inventory will keep hitting the market. The question is: will it be enough to bring down prices in a market like Miami? Track the data for your city and ZIP code in Florida on Reventure App: www.reventure.app
Big problem is that when buyers go to the closing table they need to have homeowners hazard insurance to close with most mortgage lenders. So this crisis is hitting home owners and home buyers from both sides.
53% insurance increase for some homeowners in the FL Keys. Thanks Ron Disantis for making Florida unaffordable. He removed the 30 % rules too on insurance roof replacement so more money spent on litigation after a hurricane
Florida was doomed after we voted for a $15 minimum wage in 2020. The amount of people moving in from areas like New York, Illinois and California only made the problem a lot worse.
@@Ent13111 $15 an hour people never had been able to afford a home and never will. $15 an hour wasn't enough to own a home back in 1984, even. So those people are 100% not a factor as they don't participate in the market at all.
To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I've remained in touch with a financial analyst since the start of my business. Amid today's dynamic market, the key difficulty is pinpointing the right time to buy or sell when dealing with trending stocks - a seemingly simple task but challenging in reality. My portfolio has grown by more than 5 figures within just a year, and i have entrusted my advisor with the task of determining entry and exit points.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call.
There are always buyers. They need to lower the price significantly to bring buyers back. Until then, people like myself will wait, and wait, and wait, and wait. Until true value is realized.
Of course it's a red states wich might as well be anti worker like south Carolina wich governor brags about being anti union. Like most red states right to work for less laws
For a piece of junk property, people in California are willing to pay close to $1 million. California is losing people and businesses, yet the cost of homes there hasn't decreased. Here, nothing makes sense.
Yes, I completely agree! That's why in August 2022, I paid 685k with a 4.375 interest rate to purchase my second property in San Diego. The property is currently worth $895k. I've already increased my ownership by over 30% in less than two years. There's no need for me to sell because I'm making over 90k in rental income from my two ADU studios, which pays my mortgage each month. Not to mention that I view my ridiculously low rate as a benefit.
I'm sorry for first-time homebuyers who could never afford to buy one in the first place. I have no sympathy for first-time homebuyers who could afford it but decided to hold off because they believed the market was collapsing and was now priced out.
I don't panic because I have an excellent professional analyst in *Leah* *Foster* *Alderman* who helps me adopt an investor mindset and only purchases properties with strong cash flows in desirable neighborhoods.
I don't panic because my financial analyst is professional she helps me adopt an investor mindset and only purchases properties with strong cash flows in desirable neighborhoods.
Lived in FL for 34 years. What the primary causes are predatory roofers with assignment of benefits claims, shoddy roof jobs, the big ambulance chasing legal firms, shoddy house construction. Auto insurance is the same.
My friend basically got his entire roof replaced for “free” or so he thought he did. The money he saved he’s now paying back and then some, his home insurance tripled.
Also, the fraud is rampant. I am a contractor in Sarasota. After the last hurricane, I'd estimate 30% of all new roofs were not needed. 50% of all fences were already dilpidated before the storm but the insurance companies, and payees, got to buy people a new fence. It's a problem.
I cancelled all 8 of my policies on my rental homes in 2023. I'm now among the self-insured. My houses are in a relatively safe county (Marion) yet the premiums went up between 80-130%. Screw the insurance companies!!!😡
Finding a way to Get money out of politics is the way to get things more stabilized. Politicians will do where ever the money comes which by default isn't going or looking out for the peoples interests at all.
So its desantis fault? Not big insurance for jacking up prices or joe biden/fed reserve money printer for inflation or all the millions of people moving here creating insane demand bcuz desantis looked after us and kept us open during covid when their states didnt?
@@jdog22c34 WOW your soo smart! You really think him saying that implies that he thinks greed doesnt exsist outside this country? Does he really need to be that specific? Besides, he can really only speak for his own country...
But lots of things have come down as well… subscription cable, security cameras, home improvements (diy and handyman apps), electricity with more efficient electrics …..
Also in Jax, in a bunch of open houses I've gone in it seems a lot of young professionals who moved here over the pandemic moving back to Midwest or Northeast home areas.
@@lerar28 100%, I was in Gainesville for almost 10 years before I moved here so it’s a little bit different for me but most people that move from other states they don’t realize the lifestyle and the culture of Florida so it makes perfect sense that they want to move out of here. Florida is not for everybody. I grew up inGreece, but I have been in the south for 20 years so it’s a little bit different. I’m used to the way of life.
_"Just met a guy today selling his house here in Jacksonville..moved from DC 2yrs ago & going back WOW.. Video on POINT"_ You wouldn't happen to be a CNN reporter???
I live in Miami in a town house which I own and it’s 1200 square feet. My HOA insurance covers my roof and walls. So I have to just get dwelling insurance. I went from 1100 to 1200 to 1800 to 3900 and my renewed is in July and it went to 4100. I only qualify for citizen. So this is very true about the insurance.
I sold my condo on the beach in Naples back in 2021. I was paying $1,150 a year for homeowners insurance policy. The present owners are now paying $6,100 in 2024.
Wow! That is a scam. The risk of hurricane damage has not increased to such a degree. And the value of the house is the not the basis of what premiums ought to be. It is the risk of having to pay out.
@@geocam2 'conservative' doesn't mean low numbers of welfare recipients, indeed the red states tend to have the most people on welfare for lots of reasons I won't get into. As far as quantity, there are more than enough Federal programs, subsidies, etc. that can be tapped into but Florida also has additional ones that are local.
_"but now both are becoming unlivable."_ California is becoming unlivable due to Gavin Nuisance. The only place becoming unlivable in Florida is Miami and everyone there votes blue no matter who... Both California and Miami got what they voted for... They get to live with it. I was born in Pensacola. My mom lives there my older brother has lived there most of his life. Florida panhandle is one of the best places in the world to live.
@@nathanwoodruff9422lol Yes, Florida insurance is through the roof because of Miami. The GOP runs Florida, no one wants to hear you trying to avoid holding REPUBLICANS accountable.
@@ReventureConsulting yeah it's one of the least stable real estate markets in the nation, next to the Southwest. I attribute that to increasing influx populations, lots of buildable and undeveloped land, etc. It's like a night and day difference with, say, the real estate market in Northeast which is stable.
My aunt and uncle are two of those people. They live in Orlando, and they're not leaving. As far as I'm concerned the state could do without you and your family and their bigotry. Most of those out of state homeowners are probably richer than you, and smarter than you. Florida is nothing without out of state investment in real estate, and tourism.
Yep ,Yankee go home! Before they do any more damage to Florida. I used to love going down there in the old school Wild west ( key west)Florida hey day of the 1970s . Southern Ocean Racing Conference( SORC big time sailboat racing working on rich peoples yachts)inexpensive cottages to rent,lots of fun ,crazy 70s parties , little substance enforcement. I guess the pretty party girls from back then are all the " Golden Girls" now shacked up together trying to make rent after their diborces or they nagged their husbands to death.😮Oh I'm getting old, but good for one more wild adventure.
The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that or generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 48.
I don't think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor like Azul to ensure appropriate retirement planning.
I’m closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years. Maybe you should consider this too
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Not that Im defending insurance companies but its kind of hard to insure a property that jumped "70% in value" in 2 years. What did these dummy homeowners think was going to happen with the biggest residential real estate bubble in world history for such ridiculous home prices. This is in addition to rising property taxes. Wake up America, YOU ARE GETTING PLAYED!
That's not how insurance is supposed work. Insurance is based on the increased risk of an event happening not that the value of your home is worth. Otherwise insurance rates in NYC and coastal California would have increased the most.
@@vmoses1979 But that's the thing - what's the point of insurance if it will only pay for a fraction of what it takes to replace the home? And what makes Florida more problematic is the need to build stronger than the previous structure to satisfy building codes that have to account for hurricanes.
@@juliuscheng5788 Insurance have companies have banked billions over decades. Their business is to figure out the risk and be prepared to pay out clients in full. This is not a non profit service. The reality is that the premium increase over the last 5 years cannot be justified by the increase in home values. Ultimately this Insurance shoukd be taken over by the state since private companies will just abuse the little people.
I think its moreso due to FL being so vulnerable to climate change impacts coupled with high cost to replace/repair when homes are damaged or destroyed. so the value is a factor but the main issue is actually risk of natural disasters.
@@marylander3798 But risk of natural disaster hasn't doubled as premiums have. These insurance companies are making sh*t up to justify higher revenues.
Nick I live and work close to this area... NO JOKE I think more than 1/2 the population is on welfare, collecting "disability" checks, on section 8, medicaid, food stamps and on Medicare early. It wound be interesting to see the data on what percentage of the population is "disabled" or on Welfare.... I couldn't image buying a home for over 1m and all my neighbors are on welfare and there are chickens running around. This is literally the story for MOST of Miami Dade.
Disability must pay more than a decent job because I see people that I know who have quit their jobs and now have MORE money than before and they are not disabled! They just choose not to work and contribute. It turns my stomach.
If you don't like FL. ....... GTFO us locals can't stand and never will tolerate Tommy Bahama Hey dude wearing Kyles and Kevin's.......stay out so you don't keep on whining about the problems you caused.......us locals will be just fine
I love my neighbors chickens! The rooster crows in the morning and it makes me feel like I'm in the countryside. My ex girlfriend couldn't handle them though and would flip out cursing at them.
Last fall, my son accepted a public school teaching job in Doral that paid $48K per year. He struggled to find housing he could afford on that scrawny salary, eventually commuting daily 45 minutes and living in a dump. He is leaving for Ventura CA where he'll make 50% more and rents are about the same. The Miami housing market is truly awful.
48 K is plenty for a teacher don't kid yourself he's not a brain surgeon and with hoilidays and summer vacation teachers work 6 months a year and have good pensions that no one should get. Many of these teachers lifeguard for 3 months in the summer as they have off at least 3 straight months while I work 50 weeks per year with no time off and am way more highly educated
@@edmundmcgrath213 by your own logic you are not very smart. if a teacher has it better than you do then who is the smarter & more educated one? That said you are wrong, take on a teaching position, try that on for size, but na you would rather work 50 weeks per year because you are so highly educated... dunning kruger much?
@@edmundmcgrath213 You miss the point. At $4K/month, $1500 for rent would be the absolute maximum a young professional could afford. Miami rents are $3000/month and up. The ratio simply doesn't work for most of the people living there, no matter the occupation.
People are greedy and ridiculous. Those houses in Florida are not worth a fraction of what they're asking and they put these houses on the market after they maybe painted a door and they want like you said $400,000 more for it. It's insanity!! I live here and I sold my farm for so cheap the end of 2020 and I can't even buy a home now and I'm retired . It's so sad and I've had five homes here I just can't wait for it to become another 2008 to tell you the truth!!
For sale signs and open house signs popping up all over Sarasota, NorthPort and Venice areas. Also, new Single Family Homes and Condo new builds are grinding to a halt. It;s happening fast!
Miami has a democrat majority, and democrats are far more likely to abuse capitalism to the point of fraud. Just look at California, New York, and Chicago.
@@garymuhlenforth7251Floridians didn’t do sh*t us to us NATIVE, BORN N RAISED here Floridians, it’s the foreigners and northerners that’s fuckin shit up and ruining our paradise
Lmfao you couldn’t give me a free mansion in Miami with the only strings attached were I had to pay for the insurance and property taxes on it.Still not worth it.
What sucks about this next recession is the crime is going to be 100x worse. Broward was mostly working class people so in 2009 the only thing that happened was shuttered commercial spaces and empty parking lots. These luxury high rises are a breeding ground to turn into slums, the gentrifier:homeless ration is 1:1. The homeless population has skyrocketed, I was born here and have never seen anything close to this. Junkies throwing up on the side of the road. And a hurricane? Forget it. We don't have the infrastructure to handle this many people here any way you cut it. Developers and politicians have RUINED south florida.
Poor global control of assets, little production in-country any more, stagflation, ruler flat wages while the 1% parties... this is going to be a depression for sure. 10-15 "lost years" are about to happen to us because of greed and a lack of planning by our leaders.
If so many people are predicting it, you will see how government will step in again before the prices will actually start going down. US is a quiet communistic system
@@TCJC7296I bought early 2011. It was a very good time to buy. I just added a standing seam aluminum roof, impact windows and doors, and renovated the kitchen. Best investment in my life.
Everyone with a second home in Florida will be forced to dump that 2nd home. Nobody is going to pay those new insurance premiums and new high HOA and/or Condo Fees to meet all the new regulations, if they don't absolutely have to do so. Only those that need their home to live in will struggle to keep up with all the new higher costs, and only if they can find a way to do so. But, if that home is an "option", just a vacation home, or something they rent or lease out, it's going on the market.
3:45 Quite the contrast talking about wages not going up enough while a Lambo Urus drives by. Miami is definitely an example of economic extremes existing side by side.
That's always been Miami though. All those folks that moved down looking for an escape act like the Lambo Life is a new thing. Miami has always been a bifurcated economy
I closed on selling our second home in Charlotte County last week. The intent was to carry it for 5 years until we retire......but with everything going up (insurance, HOA, property taxes, energy) and the threat of our equity going down, the calculus to hold didn't make sense anymore. We didn't take a loss thankfully. Wishing all prospective sellers and buyers the best of luck.
I live in Charlotte county. We were hit hard by Ian and that definitely scared a lot of folks. I’m glad you were able to not lose money on the transaction.
Unfortunately, as a tourist based economy, its reliant on vacationers. Squeeze disposable income, and there goes the state economy. Florida agriculture used to cover part of the dependency on tourism, but when we import from other countries in larger and larger basis (Florida citrus processing plants began using concentrated juice from Mexico and Brazil) the growers lost about 40% of business - source: Citrus Industry 2020 titled: Florida Citrus Season Soured By Imports
@@JT-bs8wz its not horrible advice, just watched a guy that paid 4 million in cash for a home in miami, he paid cash to avoid a $60k year insurance bill & only citizens will cover him if he wanted insurance. Go 3-5 years without a problem & you saved $180k to $300k, takes a lot of damage from a storm or whatever to make a 60k per year bill worth it. $180k to $300k goes kind of far when you take crooked insurance out of the picture.
Great advice. Put that insurance money into something that makes at least 5% per year in case you need a roof replacement due to hail or hurricane damage. You WILL come out ahead.
I bought my house in Florida five years ago. It's a 1979 fixer upper in a fabulous location. I didn't want to buy a shoddy flip. I wanted to slowly renocate it with quality materials. My big mistake was assuming that prices for materials wouldn't skyrocket. Of course, insurance prices will increase because everything costs twice what it did before c0vid. Everything in life is a choice. I have no plans to move. Every location has its issues. I live in an area where people travel long distances just to vacation for a week or two. I wake up every morning to beautiful sunrises over the ocean and dolphins swimming by. Can't get that in Omaha or Spokane.
It's definitely alarming to hear about a default cycle, especially in the context of the housing market. Defaults can lead to foreclosures, and that has a cascading effect on the overall real estate landscape.
While it's concerning, it's important to look at the broader economic context. A default cycle doesn't necessarily mean the housing market is completely finished; it might signal challenges, but markets are dynamic, and they can recover.
Yes, that's a possibility. An increase in foreclosures can lead to an oversupply of homes in the market, putting downward pressure on prices. It's the basic principle of supply and demand.
Now might be an ideal moment to reevaluate your financial status. If you're worried about your home's value, consulting a real estate professional or financial advisor could be beneficial.
The property where he is is the worst in Florida.. You do not want to live off of the Treasure Coast more than a mile.. It is so hot and humid.. That was the point you could live in Florida for $500 a month because of the hurricanes and terrible weather Heat
Outsider looking in here, California has many of the same problems as Florida with unaffordable housing, home/ car insurance more than doubling and California’s problems are blamed on Newsome who are they blaming for the same problems in Florida?
Right in the heart of downtown Orlando, on the main popular drag Orange Avenue, a remodeled office building that was appraised at 22 million sold for 9 million just a few weeks ago
I literally just saw on the news that here in California, state farm insurance will go up as high as 30% because they lost a lot of money due to the fires over the years. 😲 😱
As a Florida resident of many years, I can tell you that I've seen this ebb and flow in home prices for decades. If you look at history, it has occurred since Florida was founded. I really don’t feel sorry for the current crop of people who bought high and now are forced to sell low. Most of them were outstaters speculating on the market because their own markets (New York, LA, Chicago, etc.) are even more overpriced. As far as insurance is concerned, this is a nationwide issue. I know, I owned houses in Texas and Maryland. It is very simple, the more a house costs, the more it will cost to replace it in case of major damage to the home.
The remote workers came to Florida with their NY salaries to a state’s salaries are much lower creating hyperinflation which became the norm in South Florida
Everyone knows that home prices are absurdly inflated. It's not accidental either. Blackrock and Vangard are driving this by offering 120% of asking price, and then suddenly stopping in certain areas, then prices tank back to normal levels, then they move in and buy up more.
@@trentp151 There has always been a difference between residential and commercial property areas. Airbnb is a commercial enterprise that should not be allowed in a residential zoned area.
You are correct. “They” want us “to own nothing and be happy.” Even cars. In 20 years not many will be able to afford cars. They will just call a self driving car whenever they want to go anywhere losing all freedom in an emergency to evacuate. Very scary times ahead. Save our money and live within our means is the best advice.
Thats crazy, those wynwood homes sold for like 25k in the 90s… Selling for a mill these days and still run down not even renovated looking like they were in the 70s when they were built
Saw a condo listed for $550K. The estimated financing is $4,600 + HOA of $1,100. That's crazy no matter the view. And it's sitting empty. I can only guess at the insurance cost as it's on the water.
Here in Miami, what I’m seeing is families moving in with other families to sustain their mortgage payments. Drive by the homes and you’ll see about 5-8 cars parked there. And groups of people hanging out on their yards. That’s on a daily basis. People in Miami dade, Broward and Palm beach counties which basically is south Florida. They claim they live in a bullet proof economy and that houses will still rise. They will be in for a rude awakening if there is a housing crash in south Florida. Boots on the ground in Miami is awesome keep up the good work!
same in the Phoenix AZ area. Several families renting one home just so they all can afford a roof over their heads. I've even seen people living in the attached garage, just turned it into a studio. But the gov says the economy is great, right?
Fantastic reporting on the topic he is exactly on point. I know someone listing 1.6M and was offered with a 1.3M offer and took it off the market because they were insulted lol
One more thing: If you're going to live in Florida, DO NOT LIVE ON THE COAST! Not only is it incredibly expensive, but your hurricane risk means you could lose everything. Stay inland where it is much hotter AND safer. The chance of Orlando getting hit by a Cat 5 hurricane is near ZERO. A Cat 5 on the coast will be a Cat 3 by the time it moves inland and even a direct hit will be around 115mph Max winds. Your home will survive! You might need new shingles, but that's it. Location is critical in a hurricane state. I've been here over 30 years and know what I am talking about.
@@infoguy1978 I'm originally from Long Island. Lived in AZ for 18 years. Moved back to NY, then NC. Charlotte is just a mish mosh of everyone moving in the area. CMS is not a viable place to teach, although they pay decently. I just did not care for the culture. Didn't feel safe there either.
It is not a human right to have low cost homeowner's insurance. The market determines the rates. Can't afford it sell and move. Have no sympathy for owners who took on more than they can handle and are now unhappy. You made the choice so you must live with it.
I was forced to leave an a nice apartment in Miami( Little Havana) because I could not afford the renter insurance required by the landlord...this was in 1998. It's hella worse today
Makes sense people would be moving back to their original states. So many people moved during the pandemic when there was absolutely no guarantee from their employers that they’d be allowed to work from home forever
I think this was a plan within the government to jack up home prices. Start a pandemic, make people believe that they will work from home forever and that they can live wherever they want, wait and when that changes causing prices to plummet so corporations can come in and buy a whole bunch more
Cheers Nick, I like that you had an on the street interview with a tenant and hopefully you will do this more in the future with homeowners, potential buyers, sellers.
Yes!! The proof is in the pudding. I sold a house in Fort Lauderdale for 1.8M in 2021 that I paid 300 for (plus 250 reno) in 2012. It was the last foreclosure I bought. I scraped together the money. The buyer in 2021 was from NYC and turned it into an airbnb. It went bust in 2.5 years as every other house became one. It’s about to close to a new buyer for 1.2M next week. How do I know? I did seller financing for both deals and no the new sale isn’t a short sale.
Good. The owners of those unlicensed hotels are also looking for the quick buck. Let them all go under as well and lose their investments in foreclosure or tax delinquency.
What goes up must come down, subscribed to his channel because he definitely called it. Banker for 20 yrs I agree with everything he is saying. When incomes don't keep up with prices something breaks.
Dude, I know you’re not from here and don’t know but welcome to Miami. The chickens are part of the scene and the culture here. One of the things I love about this area actually. A little taste (pun intended) of Latin America here in the continental US. Got nothing to do with the cost of a house. Go to some of the most expensive neighborhoods like Coconut Grove and you’ll see chickens. The chickens are residents as much as the people that live here.
Not even to mention on street parking, noisy traffic, cheap fences, bad to no landscaping ….. and airplanes overhead. The area is not worth that kind of money.
Miami rentals you quoted were “base” price. Then there’s recycle, pets, parking, rental insurance…. All those tack-ons and the rental price skyrocketed.
Sun and sauna heat are good for testosterone, vitamin d and the list goes on. Way healthier to live here than the northeast. I just feel better. I also a stay trimmer with year round outdoor activities. I hated leaving the gym up north in 10 degree weather.
If insurance rates go up, landlords are forced to raise the rent to pass on the costs. Even renters will be priced out and have to move out of state along with the homeowners who sell.
You are absolutely right. Florida's economy is mainly based on tourism, and rich retirees. New York has the financial market that's nothing but money. Los Angeles has the Hollywood and movie stars. Median household income in Miami is $54K, NYC is $74K, Los Angeles' is $82K. Ideally, homes should cost 4x their annual income. That would be $216K for Miami, but you are seeing 3x that.
I live in Orange County so have a good glimpse of LA and spend a little time up there for work. The people living in LA are generally paycheck to paycheck with a 6 figure (inflated wage) job and no family, kids, or marriage. Many are transplants from other areas and get help from mommy and daddy well into their 30's. Almost no one living there is truly "making it" for themselves. If you go tour anywhere fun in LA like Hollywood or Santa Monica, you will see the streets filled with people and no one actually working. I think the only place to build yourself up at this point is to work a remote job with modest income and take it to the midwest.
@@drewmorg. I know a family that moved from north of orlando / south of gainesville, very right leaning politically & they moved to Carlsbad ca during the early part of the pandemic. They love it there, they don't like the politics of course but they love the weather & the mountains/hills & the lack of humidity. They don't complain about much of anything there.
@@taterkaze9428when rates are 10-20k a year, it’s not worth it. Historically rates were fine but the last 2-3 years have pushed them into unsustainable, and this is because so many people abused and defrauded insurance for new roofing and other damages for storms that didn’t do damage that they claimed.
We are in Kissimmee, have a 3,600sq ft home. When we bought it in 2012 it was 2,200 per year. Last year after being dropped we were slapped with Slide insurance and they said it was going up to 13,500 per year!! I shit you not. We said HELL no and picked up citizens and we dropped to 3,300 per year, down from 9,700 the previous year!! Now they tried to dump us this year but couldn't as all other quotes were over 20% more but now insist we buy flood insurance even though we aren't on a flood plain. I told my wife if this home had got to 15k we were dumping it and leaving. I want to move to the midwest Kentucky/Indiana area but she wants to stay in FL for the family. I told her there will be a point where we throw more money away each month than we can afford. If we move we can actually keep all of the money in our pocket. My car insurance for 4 cars is now 878 per month!!! Last year it was 577 and the year before that was 480s. Honestly I'm so ready to leave, I'd rather keep more money in my pocket for vacations than to just stay in Florida, I'm over the traffic and the influx anyways.
I bought a mobile home on an acre in southern indiana in 2016, pretty private, 120 acres of forrest right out the back door, old limestone quarries across the street, quiet 1/3 mile dead end road with 4 homes/properties on it yet close to a gas station & dollar general, overall great location.. for get this I paid $10k, $115 year property taxes with no exemptions.. I can live on $600 per month there including food & with a $190 xfinity cable/internet bill, no sewer bill, $25 month water bill, $80 to $120 electric bill & a $35 cell phone bill. I work from home so not much of a gas cost for vehicle, maybe $10 a week in gas. talk about being able to save a lot of money!!! I didn't buy the place to live in when I bought it but it was 5 mins away from Indiana's biggest lake & it was so cheap but in 2020 I saw what was coming & moved there full time, best decision ever too! Now I look for ways to live even cheaper, or the same cost but on a beach in Thailand or Sri Lanka, just watched a video of a guy from australia who has his monthly cost down to $400 living in a closed down restaurant/hotel right on the beach not 20ft from the water in Sri Lanka & it has a restaurant grade kitchen with a good size dining room that he uses as a living room & a bedroom with bath/shower & he pays $150 month rent for it & he buys fresh yellow fin tuna for $3.12 a kilo, $6 per kilo for fresh prawns & so on. $400 a month total living costs & super duper cheap medical care, cheaper than just the co pay with insurance in Australia. Cell phone service is $6 month, $6 month water bill, $40-$50 month electric bill & so on & so on
Insurance rates up 100% in Florida over last 3 years. Citizens is doing ANOTHER insurance hike of 14%.
The crisis will only get worse. Inventory will keep hitting the market.
The question is: will it be enough to bring down prices in a market like Miami? Track the data for your city and ZIP code in Florida on Reventure App: www.reventure.app
Big problem is that when buyers go to the closing table they need to have homeowners hazard insurance to close with most mortgage lenders. So this crisis is hitting home owners and home buyers from both sides.
53% insurance increase for some homeowners in the FL Keys. Thanks Ron Disantis for making Florida unaffordable. He removed the 30 % rules too on insurance roof replacement so more money spent on litigation after a hurricane
Florida was doomed after we voted for a $15 minimum wage in 2020. The amount of people moving in from areas like New York, Illinois and California only made the problem a lot worse.
These houses are crap It you could afford 1.6 what are you buying a dump that is worth 22 000 The same thing happened in CA
@@Ent13111 $15 an hour people never had been able to afford a home and never will. $15 an hour wasn't enough to own a home back in 1984, even. So those people are 100% not a factor as they don't participate in the market at all.
To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I've remained in touch with a financial analyst since the start of my business. Amid today's dynamic market, the key difficulty is pinpointing the right time to buy or sell when dealing with trending stocks - a seemingly simple task but challenging in reality. My portfolio has grown by more than 5 figures within just a year, and i have entrusted my advisor with the task of determining entry and exit points.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call.
Forced to sell a home is bad but what's worse is when your forced to sell and no one is buying.
There are always buyers. They need to lower the price significantly to bring buyers back. Until then, people like myself will wait, and wait, and wait, and wait. Until true value is realized.
WHO THE HELL WILL BUY YOUR HOUSE WITH HUGE INSURANCE INCREASES?? NOBODY...
You go, girl!
@@justinsamuels3305 Some folks can't afford to take less. They're stuck.
Where is this happening right now?
Florida- New York prices, West Virginia wages.
Of course it's a red states wich might as well be anti worker like south Carolina wich governor brags about being anti union. Like most red states right to work for less laws
Well said.same with AZ. That's why they crash the hardest.
Unless you work for Grandpa Joe Biden. Im raking in the doe. Thanks Joe!
@@Thiago_TT_MIAhard choice between Grandpa Biden vs Inmate Trump.
😂😂so true
For a piece of junk property, people in California are willing to pay close to $1 million. California is losing people and businesses, yet the cost of homes there hasn't decreased. Here, nothing makes sense.
Yes, I completely agree! That's why in August 2022, I paid 685k with a 4.375 interest rate to purchase my second property in San Diego. The property is currently worth $895k. I've already increased my ownership by over 30% in less than two years. There's no need for me to sell because I'm making over 90k in rental income from my two ADU studios, which pays my mortgage each month. Not to mention that I view my ridiculously low rate as a benefit.
I'm sorry for first-time homebuyers who could never afford to buy one in the first place. I have no sympathy for first-time homebuyers who could afford it but decided to hold off because they believed the market was collapsing and was now priced out.
I don't panic because I have an excellent professional analyst in *Leah* *Foster* *Alderman* who helps me adopt an investor mindset and only purchases properties with strong cash flows in desirable neighborhoods.
*Leah* *Foster* *Alderman*
I don't panic because my financial analyst is professional she helps me adopt an investor mindset and only purchases properties with strong cash flows in desirable neighborhoods.
Lived in FL for 34 years. What the primary causes are predatory roofers with assignment of benefits claims, shoddy roof jobs, the big ambulance chasing legal firms, shoddy house construction. Auto insurance is the same.
My friend basically got his entire roof replaced for “free” or so he thought he did. The money he saved he’s now paying back and then some, his home insurance tripled.
Friend, did you forget outright fraud...?
Also, the fraud is rampant. I am a contractor in Sarasota. After the last hurricane, I'd estimate 30% of all new roofs were not needed. 50% of all fences were already dilpidated before the storm but the insurance companies, and payees, got to buy people a new fence. It's a problem.
Nothing is free especially
With insurance.
Insurance exists to make money 💰. And out the lowest they can 😅
Couldn't be, ya know.. hurricanes.
I cancelled all 8 of my policies on my rental homes in 2023. I'm now among the self-insured. My houses are in a relatively safe county (Marion) yet the premiums went up between 80-130%. Screw the insurance companies!!!😡
You do realize you have to pay based on your state, not based on your individual home
can you tie your homeowners liability policy to your rental homes.
@@neilkurzman4907?? he dont have to pay he only needs liability insurance l. renters have to have their personal property insurance
dont blame you. if tentant starts fire their insurance pays I WOULD DEMAMD YOU are on their policy
@@angie-xy5sf
Tenant policies only cover contents.
Greed rules our country.
Selfish politicians to be exact
Finding a way to Get money out of politics is the way to get things more stabilized. Politicians will do where ever the money comes which by default isn't going or looking out for the peoples interests at all.
So its desantis fault? Not big insurance for jacking up prices or joe biden/fed reserve money printer for inflation or all the millions of people moving here creating insane demand bcuz desantis looked after us and kept us open during covid when their states didnt?
Thank goodness that human trait stops at the border, lol
@@jdog22c34 WOW your soo smart!
You really think him saying that implies that he thinks greed doesnt exsist outside this country? Does he really need to be that specific? Besides, he can really only speak for his own country...
People in Florida are just like the people in Las Vegas and Phoenix. They can't get enough of the same thing. (Yes Master, May I Have Another)
🤔🤨🤨😅
Crushed by: home insurance, property tax, HOA FEES and assessments.
But lots of things have come down as well… subscription cable, security cameras, home improvements (diy and handyman apps), electricity with more efficient electrics …..
@@Yui789esssand I just got my insurance quote it’s 2k less than last year idk what they are talking about
Not to mention rising mortgage rates for anyone new buying into the market. Numbers don't make sense.
Just met a guy today selling his house here in Jacksonville..moved from DC 2yrs ago & going back WOW.. Video on POINT 👉🏾
I am in Jacksonville as well. This is a very common thing. It’s been happening all over Florida and that’s what happened in 2008 as well.
Thank God
Also in Jax, in a bunch of open houses I've gone in it seems a lot of young professionals who moved here over the pandemic moving back to Midwest or Northeast home areas.
@@lerar28 100%, I was in Gainesville for almost 10 years before I moved here so it’s a little bit different for me but most people that move from other states they don’t realize the lifestyle and the culture of Florida so it makes perfect sense that they want to move out of here. Florida is not for everybody. I grew up inGreece, but I have been in the south for 20 years so it’s a little bit different. I’m used to the way of life.
_"Just met a guy today selling his house here in Jacksonville..moved from DC 2yrs ago & going back WOW.. Video on POINT"_ You wouldn't happen to be a CNN reporter???
I live in Miami in a town house which I own and it’s 1200 square feet. My HOA insurance covers my roof and walls. So I have to just get dwelling insurance. I went from 1100 to 1200 to 1800 to 3900 and my renewed is in July and it went to 4100. I only qualify for citizen. So this is very true about the insurance.
Im in Minnesota in a condo. I don't have any homeowners insurance.
Thanks for the comment. That's crazy. Quadrupling in insurance cost.
I sold my condo on the beach in Naples back in 2021. I was paying $1,150 a year for homeowners insurance policy. The present owners are now paying $6,100 in 2024.
In 3 yrs?!
Whoa!
Holy shit, I thought I was passing high insurance
Damn
Wow! That is a scam. The risk of hurricane damage has not increased to such a degree. And the value of the house is the not the basis of what premiums ought to be. It is the risk of having to pay out.
Florida has always been a Boom/Crash state. Thanks Nick!
Since when? lol…Florida is only 70 years old haaaaasas……what are you talking about? …..boomers ruined it
@@user-cv9cd4sq2nmeaning it’s always one of the first states to bust/boom like the bust in 2007 and the boom in 2020
5k mortgage
1.7k insurance
1.7k taxes
8.5k monthly payments?
You have to make 400k to live in Florida
Why 400k
nah. you just need to be on enough government assistance programs.
@@dancox3251the government assistance program aren’t helping people who’d qualify for a mortgage of 5k
Nah once you pay off housing then food and car at most like 20k a year. So like 150k would still be comfortable.
@@geocam2 'conservative' doesn't mean low numbers of welfare recipients, indeed the red states tend to have the most people on welfare for lots of reasons I won't get into. As far as quantity, there are more than enough Federal programs, subsidies, etc. that can be tapped into but Florida also has additional ones that are local.
It’s sad. California and Florida were the two states people dreamed of moving to, but now both are becoming unlivable.
_"but now both are becoming unlivable."_ California is becoming unlivable due to Gavin Nuisance. The only place becoming unlivable in Florida is Miami and everyone there votes blue no matter who... Both California and Miami got what they voted for... They get to live with it.
I was born in Pensacola. My mom lives there my older brother has lived there most of his life. Florida panhandle is one of the best places in the world to live.
@@nathanwoodruff9422 never ever a republican felt
@@nathanwoodruff9422lol Yes, Florida insurance is through the roof because of Miami. The GOP runs Florida, no one wants to hear you trying to avoid holding REPUBLICANS accountable.
@@MM-kf3gq _"never ever a republican felt"_ If that is what your feelings are teling you. Or maybe CNN told you how to feel.
Both beautiful states with beautiful weather ruined
As they say about Florida: when Florida isn't bubbling, it's crashing
Just have to weather the storm. Fitting metaphor.
It's funny how rarely Florida is priced at it's long-term average. It's usually above or below.
@@ReventureConsulting yeah it's one of the least stable real estate markets in the nation, next to the Southwest. I attribute that to increasing influx populations, lots of buildable and undeveloped land, etc. It's like a night and day difference with, say, the real estate market in Northeast which is stable.
Past 15 years ive waited for a crash - feminist losers lolll
Northerners moving back to where they came from and getting out of Florida is a great thing!!!! Thank y'all very much!!!👍👏🏻👏🏻👏🏻👏🏻
But who is going to act like an ass at restaurants now?
My aunt and uncle are two of those people. They live in Orlando, and they're not leaving. As far as I'm concerned the state could do without you and your family and their bigotry. Most of those out of state homeowners are probably richer than you, and smarter than you. Florida is nothing without out of state investment in real estate, and tourism.
@@christaylor8337 Right!
Yep ,Yankee go home! Before they do any more damage to Florida. I used to love going down there in the old school Wild west ( key west)Florida hey day of the 1970s . Southern Ocean Racing Conference( SORC big time sailboat racing working on rich peoples yachts)inexpensive cottages to rent,lots of fun ,crazy 70s parties , little substance enforcement. I guess the pretty party girls from back then are all the " Golden Girls" now shacked up together trying to make rent after their diborces or they nagged their husbands to death.😮Oh I'm getting old, but good for one more wild adventure.
Tell them to stop by Georgia and pick up a couple more of their other selfish douches that took our kids' inheritances away.
The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that or generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 48.
I don't think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor like Azul to ensure appropriate retirement planning.
I’m closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years. Maybe you should consider this too
I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
'Kristin Amber Landis' is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Not that Im defending insurance companies but its kind of hard to insure a property that jumped "70% in value" in 2 years. What did these dummy homeowners think was going to happen with the biggest residential real estate bubble in world history for such ridiculous home prices. This is in addition to rising property taxes. Wake up America, YOU ARE GETTING PLAYED!
That's not how insurance is supposed work. Insurance is based on the increased risk of an event happening not that the value of your home is worth. Otherwise insurance rates in NYC and coastal California would have increased the most.
@@vmoses1979 But that's the thing - what's the point of insurance if it will only pay for a fraction of what it takes to replace the home? And what makes Florida more problematic is the need to build stronger than the previous structure to satisfy building codes that have to account for hurricanes.
@@juliuscheng5788 Insurance have companies have banked billions over decades. Their business is to figure out the risk and be prepared to pay out clients in full. This is not a non profit service. The reality is that the premium increase over the last 5 years cannot be justified by the increase in home values. Ultimately this Insurance shoukd be taken over by the state since private companies will just abuse the little people.
I think its moreso due to FL being so vulnerable to climate change impacts coupled with high cost to replace/repair when homes are damaged or destroyed. so the value is a factor but the main issue is actually risk of natural disasters.
@@marylander3798 But risk of natural disaster hasn't doubled as premiums have. These insurance companies are making sh*t up to justify higher revenues.
Nick I live and work close to this area... NO JOKE I think more than 1/2 the population is on welfare, collecting "disability" checks, on section 8, medicaid, food stamps and on Medicare early. It wound be interesting to see the data on what percentage of the population is "disabled" or on Welfare.... I couldn't image buying a home for over 1m and all my neighbors are on welfare and there are chickens running around. This is literally the story for MOST of Miami Dade.
Disability must pay more than a decent job because I see people that I know who have quit their jobs and now have MORE money than before and they are not disabled! They just choose not to work and contribute. It turns my stomach.
This is why the Social Security program is FAILING in the country.
I live in Boulder Colorado and the rent here is the same. No ocean no hot chicks no anything just homeless people everywhere.
Florida is worse, the chicks are all plastic and ran through 🤮. Plus we have hurricane weather 🌀. Nothing nice about Florida
No hot chicks.
aint no hot girls in Florida
You don't go out enough
The chicks are athletic and educated maybe go for a hike or a beer instead of right handing all night long
It use to be nice
Sounds like a correction in price is coming. That’s good for Florida.
I lived in SW Fla for 25 yrs. Wages are terrible.
I really dislike what these investors done to my home state. Ignorant greed
Desantis allowed it. He’s a bum
Nope......it's more than that...........
If you don't like FL. ....... GTFO us locals can't stand and never will tolerate Tommy Bahama Hey dude wearing Kyles and Kevin's.......stay out so you don't keep on whining about the problems you caused.......us locals will be just fine
@@Whats.thissa enlighten me what?
@@thefpvlife7785
Oh, it’s not just DeSantis. It’s your previous governor too. And the one before that I believe.
Never overpay for a house in a neighborhood swarming with chickens 😂
I love my neighbors chickens! The rooster crows in the morning and it makes me feel like I'm in the countryside. My ex girlfriend couldn't handle them though and would flip out cursing at them.
I got chickens in the city and a few others closeby have them too, of course our homes are priced less than a third of the national average
@@benjaminolsen2381 Yeah not everybody wants to put up with that. My neighbor did the same S# but he had about 15 roosters.
Yeah, saw a few of those houses with bars on the windows to keep the chicken swarms out da' house!!! 🤪
Clearly you've never lived in Hawaii or Guam
Last fall, my son accepted a public school teaching job in Doral that paid $48K per year. He struggled to find housing he could afford on that scrawny salary, eventually commuting daily 45 minutes and living in a dump. He is leaving for Ventura CA where he'll make 50% more and rents are about the same. The Miami housing market is truly awful.
Florida doesn’t value education.
And, the weather is much nicer there. I wouldn't mind Ventura.
48 K is plenty for a teacher don't kid yourself he's not a brain surgeon and with hoilidays and summer vacation teachers work 6 months a year and have good pensions that no one should get. Many of these teachers lifeguard for 3 months in the summer as they have off at least 3 straight months while I work 50 weeks per year with no time off and am way more highly educated
@@edmundmcgrath213 by your own logic you are not very smart. if a teacher has it better than you do then who is the smarter & more educated one? That said you are wrong, take on a teaching position, try that on for size, but na you would rather work 50 weeks per year because you are so highly educated... dunning kruger much?
@@edmundmcgrath213 You miss the point. At $4K/month, $1500 for rent would be the absolute maximum a young professional could afford. Miami rents are $3000/month and up. The ratio simply doesn't work for most of the people living there, no matter the occupation.
Realtors are still blowing smoke up owners butts with what their house value just to get the listing too. You said it all in one word…..GREED.
People are greedy and ridiculous. Those houses in Florida are not worth a fraction of what they're asking and they put these houses on the market after they maybe painted a door and they want like you said $400,000 more for it. It's insanity!! I live here and I sold my farm for so cheap the end of 2020 and I can't even buy a home now and I'm retired . It's so sad and I've had five homes here I just can't wait for it to become another 2008 to tell you the truth!!
For sale signs and open house signs popping up all over Sarasota, NorthPort and Venice areas. Also, new Single Family Homes and Condo new builds are grinding to a halt. It;s happening fast!
We sold NP, leaving pc/florida asap. NP is in for a WILDDDD RIDE
Miami sucks. Hope it drops 90% and no one comes back to buy it up. Garbage!
Bit of a chip on your shoulder wouldn't you say. What did floridians do to u ?
Miami has a democrat majority, and democrats are far more likely to abuse capitalism to the point of fraud. Just look at California, New York, and Chicago.
@@garymuhlenforth7251Floridians didn’t do sh*t us to us NATIVE, BORN N RAISED here Floridians, it’s the foreigners and northerners that’s fuckin shit up and ruining our paradise
@@geocam2 Does California and New York? nope
Lmfao you couldn’t give me a free mansion in Miami with the only strings attached were I had to pay for the insurance and property taxes on it.Still not worth it.
The balls that owner has for asking 1.6M for a home that was bought for 350k just 4 years ago. 🤯🤯
I’ll take $1.5m write a formal offer and send it over
Why not? The seller still has to buy a place to live and pay the same high rate
Balls of Yellen telling us inflation is transitory.
Kudos to the owner if they find somebody stupid enough to buy it.
@@AndyB718 you know it’s 2024 right?
My insurance for my light industrial warehouses 1000 square-foot each doubled.
What sucks about this next recession is the crime is going to be 100x worse. Broward was mostly working class people so in 2009 the only thing that happened was shuttered commercial spaces and empty parking lots. These luxury high rises are a breeding ground to turn into slums, the gentrifier:homeless ration is 1:1. The homeless population has skyrocketed, I was born here and have never seen anything close to this. Junkies throwing up on the side of the road. And a hurricane? Forget it. We don't have the infrastructure to handle this many people here any way you cut it. Developers and politicians have RUINED south florida.
They have ruined central Florida too!!!!!!!!
Poor global control of assets, little production in-country any more, stagflation, ruler flat wages while the 1% parties... this is going to be a depression for sure. 10-15 "lost years" are about to happen to us because of greed and a lack of planning by our leaders.
They ruined Broward county many years ago. I grew up there . I escaped when I was 35 years old. That was in 1997.
Democrats ruined South Florida, especially Broward County.
Fl 2008 all over again in 2025 baby. Been waiting for 3 years for this crash 😮😮😮😮
This one might last for 10 years, everything is in a bubble.
I’m praying you are correct. I’ve been holding onto cash. I Sold everything I bought in the last crash. Waiting for this crash since 2022!!
If so many people are predicting it, you will see how government will step in again before the prices will actually start going down.
US is a quiet communistic system
@@TCJC7296I bought early 2011. It was a very good time to buy. I just added a standing seam aluminum roof, impact windows and doors, and renovated the kitchen. Best investment in my life.
@@TCJC7296Don't worry prices are coming down, you will have to wait longer that 2025 to get to a bottom though.
Everyone with a second home in Florida will be forced to dump that 2nd home. Nobody is going to pay those new insurance premiums and new high HOA and/or Condo Fees to meet all the new regulations, if they don't absolutely have to do so. Only those that need their home to live in will struggle to keep up with all the new higher costs, and only if they can find a way to do so. But, if that home is an "option", just a vacation home, or something they rent or lease out, it's going on the market.
3:45 Quite the contrast talking about wages not going up enough while a Lambo Urus drives by. Miami is definitely an example of economic extremes existing side by side.
That's always been Miami though. All those folks that moved down looking for an escape act like the Lambo Life is a new thing.
Miami has always been a bifurcated economy
I closed on selling our second home in Charlotte County last week. The intent was to carry it for 5 years until we retire......but with everything going up (insurance, HOA, property taxes, energy) and the threat of our equity going down, the calculus to hold didn't make sense anymore. We didn't take a loss thankfully. Wishing all prospective sellers and buyers the best of luck.
I live in Charlotte county. We were hit hard by Ian and that definitely scared a lot of folks. I’m glad you were able to not lose money on the transaction.
Lived in Miami in 2021. Rent for a 1/1 went from 2k/mo to 3.2k/mo in one year. I left.
I’m curious to know how they thought this was sustainable in a state with low wages.
Rich outsiders would never stop coming to FL and paying ANYTHING for EVERYTHING!!!
🤣Exactly
Unfortunately, as a tourist based economy, its reliant on vacationers. Squeeze disposable income, and there goes the state economy.
Florida agriculture used to cover part of the dependency on tourism, but when we import from other countries in larger and larger basis (Florida citrus processing plants began using concentrated juice from Mexico and Brazil) the growers lost about 40% of business - source: Citrus Industry 2020 titled: Florida Citrus Season Soured By Imports
That house is going back to 350k, most aren't smart enough to sell and not be greedy.
It's not. The house isn't worth more today than it was 4 years ago, the dollar is just worth less
They key is to pay off the home and self-insure, improve your homes construction and then you don't have to buy any insurance.
Would about property taxes?
Florida has the save our homes tax. If you’re homesteaded you can’t go up more than 3 %. (Used to live in Coral Springs )
That is horrid advice.
Save $5k a year to have $700k in risk?
@@JT-bs8wz its not horrible advice, just watched a guy that paid 4 million in cash for a home in miami, he paid cash to avoid a $60k year insurance bill & only citizens will cover him if he wanted insurance. Go 3-5 years without a problem & you saved $180k to $300k, takes a lot of damage from a storm or whatever to make a 60k per year bill worth it. $180k to $300k goes kind of far when you take crooked insurance out of the picture.
Great advice. Put that insurance money into something that makes at least 5% per year in case you need a roof replacement due to hail or hurricane damage. You WILL come out ahead.
Great information and great channel Nick
I bought my house in Florida five years ago. It's a 1979 fixer upper in a fabulous location. I didn't want to buy a shoddy flip. I wanted to slowly renocate it with quality materials. My big mistake was assuming that prices for materials wouldn't skyrocket. Of course, insurance prices will increase because everything costs twice what it did before c0vid. Everything in life is a choice. I have no plans to move. Every location has its issues. I live in an area where people travel long distances just to vacation for a week or two. I wake up every morning to beautiful sunrises over the ocean and dolphins swimming by. Can't get that in Omaha or Spokane.
Florida is basically rocking on the edge.
It's definitely alarming to hear about a default cycle, especially in the context of the housing market. Defaults can lead to foreclosures, and that has a cascading effect on the overall real estate landscape.
While it's concerning, it's important to look at the broader economic context. A default cycle doesn't necessarily mean the housing market is completely finished; it might signal challenges, but markets are dynamic, and they can recover.
But if more people are defaulting on their mortgages, doesn't that mean home values could plummet?
Yes, that's a possibility. An increase in foreclosures can lead to an oversupply of homes in the market, putting downward pressure on prices. It's the basic principle of supply and demand.
How can people address concerns about their property values?❤❤❤
Now might be an ideal moment to reevaluate your financial status. If you're worried about your home's value, consulting a real estate professional or financial advisor could be beneficial.
Fort Lauderdale used be a great option if miami was too expensive…but they are just as bad in terms of rent and cost of living 😢
Unfortunately, all the poor and less desirable people are being pushed away.
I used to live there.
@@jeffersonjohns6397 wrong
Rich people are leaving
At least in Broward Cnty 50% speak English.
@edmundmcgrath213 but none grew up in Florida and all out of towners
The property where he is is the worst in Florida.. You do not want to live off of the Treasure Coast more than a mile.. It is so hot and humid.. That was the point you could live in Florida for $500 a month because of the hurricanes and terrible weather Heat
Outsider looking in here, California has many of the same problems as Florida with unaffordable housing, home/ car insurance more than doubling and California’s problems are blamed on Newsome who are they blaming for the same problems in Florida?
Both newsome and Desantis are the same. Corruption rules us all.
Right in the heart of downtown Orlando, on the main popular drag Orange Avenue, a remodeled office building that was appraised at 22 million sold for 9 million just a few weeks ago
Good, hope it was private equity!!
Florida is dying
Some commercial real estate is going for pennies on the dollar.
@@SA-hz1rs- Florida is dying? Lol.. compared to where?
@@rubicon3416 to anywhere
I literally just saw on the news that here in California, state farm insurance will go up as high as 30% because they lost a lot of money due to the fires over the years.
😲 😱
Nope
As a Florida resident of many years, I can tell you that I've seen this ebb and flow in home prices for decades. If you look at history, it has occurred since Florida was founded.
I really don’t feel sorry for the current crop of people who bought high and now are forced to sell low. Most of them were outstaters speculating on the market because their own markets (New York, LA, Chicago, etc.) are even more overpriced.
As far as insurance is concerned, this is a nationwide issue. I know, I owned houses in Texas and Maryland. It is very simple, the more a house costs, the more it will cost to replace it in case of major damage to the home.
It's not the chickens that make that neighborhood look poor and lower class. Its the chain-linked fences.
I also love how he ignored all the graffiti he walked by😣
Wow, snob much?
@@lauriekerze3461 Well yeah, actually in this instance. If the houses cost a million dollars, shouldn't the neighborhood look like it?
People are actually dropping insurance as risky as that is.
The remote workers came to Florida with their NY salaries to a state’s salaries are much lower creating hyperinflation which became the norm in South Florida
They all.left
I did that exact thing back in 2018. Me and wife with Boston salaries in FL. Love it
@@rampletero13 they all went back to ca
They hated fl
Great stuff Nick!
Everyone knows that home prices are absurdly inflated. It's not accidental either. Blackrock and Vangard are driving this by offering 120% of asking price, and then suddenly stopping in certain areas, then prices tank back to normal levels, then they move in and buy up more.
Vanguard does not buy homes.
So true but also airbnb people. Make it illegal
@@ralphpal Hm, that's interesting. You think government should tell people what they can and can't do with their property?
@@trentp151 There has always been a difference between residential and commercial property areas. Airbnb is a commercial enterprise that should not be allowed in a residential zoned area.
@@Automedon2 So you do want government to tell people what they can and can't do with their property.
Plus, HOA dues are also going through the roof. All part of the plan to squeeze more and more people out of home ownership.
It really is evil.
@@suburbankaren5137 It's even worse than that. The HOA's went through the roof and the insurance company won't pay to fix it.
Yes, all the poor and less desirables are being forced out. It’s not fair.
HOA dues and condo fees aren't part of some sinister plot by the rich to screw over the working class. Inflation does exist.
You are correct. “They” want us “to own nothing and be happy.”
Even cars. In 20 years not many will be able to afford cars. They will just call a self driving car whenever they want to go anywhere losing all freedom in an emergency to evacuate. Very scary times ahead. Save our money and live within our means is the best advice.
Thats crazy, those wynwood homes sold for like 25k in the 90s… Selling for a mill these days and still run down not even renovated looking like they were in the 70s when they were built
Saw a condo listed for $550K. The estimated financing is $4,600 + HOA of $1,100. That's crazy no matter the view. And it's sitting empty. I can only guess at the insurance cost as it's on the water.
Here in Miami, what I’m seeing is families moving in with other families to sustain their mortgage payments. Drive by the homes and you’ll see about 5-8 cars parked there. And groups of people hanging out on their yards. That’s on a daily basis. People in Miami dade, Broward and Palm beach counties which basically is south Florida. They claim they live in a bullet proof economy and that houses will still rise. They will be in for a rude awakening if there is a housing crash in south Florida. Boots on the ground in Miami is awesome keep up the good work!
Same here in tampa some people have like 6-8 cars on their driveway
You're wrong.
Men can get pregnant.
same in fort myers and nales
I predicted the emergence of the "roommate society." Looks like I was right.
same in the Phoenix AZ area. Several families renting one home just so they all can afford a roof over their heads. I've even seen people living in the attached garage, just turned it into a studio. But the gov says the economy is great, right?
I vacationed in Florida once, caught a cruise ship once and Super Bowl in the 70’s. I thought Floridas weather was horrible.
You do an awesome job with your info,, thanks..
Fantastic reporting on the topic he is exactly on point. I know someone listing 1.6M and was offered with a 1.3M offer and took it off the market because they were insulted lol
One more thing: If you're going to live in Florida, DO NOT LIVE ON THE COAST! Not only is it incredibly expensive, but your hurricane risk means you could lose everything. Stay inland where it is much hotter AND safer. The chance of Orlando getting hit by a Cat 5 hurricane is near ZERO. A Cat 5 on the coast will be a Cat 3 by the time it moves inland and even a direct hit will be around 115mph Max winds. Your home will survive! You might need new shingles, but that's it. Location is critical in a hurricane state. I've been here over 30 years and know what I am talking about.
I know people who own their homes outright in Florida either drop homeowners insurance altogether or just carrying liability
I got the heck out of Dodge / Florida in 2021. Sold and moved to South Carolina.
Smart move
If you don't mind me asking what area in SC?
I lived near Charlotte NC/SC border. I hated it there.
@@dawnturitto8442 why did you hate the Charlotte area? what state are you originally from?
@@infoguy1978 I'm originally from Long Island. Lived in AZ for 18 years. Moved back to NY, then NC. Charlotte is just a mish mosh of everyone moving in the area. CMS is not a viable place to teach, although they pay decently. I just did not care for the culture. Didn't feel safe there either.
The hurricanes are going to be intense this year.
What makes you think 🤔 so?
We hear that every year.
@@rubicon3416keeps getting worse every year too
Buying a house in Miami is like buying in Cuba😂😂😂 Cuban Realty 😂😂😂🐓🐓🐓🐔
Little Havana.
Chickens... Florida Keys: "Hold my beer"
Greetings from Jacksonville. I agree with your advice I follow you! great work.
It is not a human right to have low cost homeowner's insurance. The market determines the rates. Can't afford it sell and move. Have no sympathy for owners who took on more than they can handle and are now unhappy. You made the choice so you must live with it.
Must include the guy who paid off his house after 30 yrs and the retirement money not enough
The system is a facking scam. Insurance is a scam also
Hey Nick, always enjoy your videos, you have been spot on, thanks
I was forced to leave an a nice apartment in Miami( Little Havana) because I could not afford the renter insurance required by the landlord...this was in 1998. It's hella worse today
Makes sense people would be moving back to their original states. So many people moved during the pandemic when there was absolutely no guarantee from their employers that they’d be allowed to work from home forever
I think this was a plan within the government to jack up home prices. Start a pandemic, make people believe that they will work from home forever and that they can live wherever they want, wait and when that changes causing prices to plummet so corporations can come in and buy a whole bunch more
Cheers Nick,
I like that you had an on the street interview with a tenant and hopefully you will do this more in the future with homeowners, potential buyers, sellers.
Thanks for the great Miami report. You are the first to do it in a long time.
THE AIR B & B CRASH IS HAPPENING ALSO
Yes!! The proof is in the pudding. I sold a house in Fort Lauderdale for 1.8M in 2021 that I paid 300 for (plus 250 reno) in 2012. It was the last foreclosure I bought. I scraped together the money. The buyer in 2021 was from NYC and turned it into an airbnb. It went bust in 2.5 years as every other house became one. It’s about to close to a new buyer for 1.2M next week. How do I know? I did seller financing for both deals and no the new sale isn’t a short sale.
@@TCJC7296 sounds like you’re “pretending” to sell it and are just a bank.
Good. The owners of those unlicensed hotels are also looking for the quick buck. Let them all go under as well and lose their investments in foreclosure or tax delinquency.
What??! Those prices are crazy!
What goes up must come down, subscribed to his channel because he definitely called it. Banker for 20 yrs I agree with everything he is saying. When incomes don't keep up with prices something breaks.
Miami is not for the middle class or lower. It hasn’t been for a very long time. It’s now just getting worse.
Dude that camera is amazing
Dude, I know you’re not from here and don’t know but welcome to Miami. The chickens are part of the scene and the culture here. One of the things I love about this area actually. A little taste (pun intended) of Latin America here in the continental US. Got nothing to do with the cost of a house. Go to some of the most expensive neighborhoods like Coconut Grove and you’ll see chickens. The chickens are residents as much as the people that live here.
Yes and gorgeous peacocks roam neighborhoods.
We have roaming turkeys where I live, part of the community, pleasantly surprised to see them when I first got here
Why would you build an apartment building with an apartment cost of $3K when the medium household income is $70K? Who were they catering to?
It warms my heart to see New Yorkers leaving…
I like that you walk the neighbiorhoods you talk about. Respect!!
Yo the chicken is worth $250k alone. Matter of fact it’s probably part owner of some building. I’m not even kidding.
Not even to mention on street parking, noisy traffic, cheap fences, bad to no landscaping ….. and airplanes overhead. The area is not worth that kind of money.
Miami rentals you quoted were “base” price. Then there’s recycle, pets, parking, rental insurance…. All those tack-ons and the rental price skyrocketed.
Those chickens think they are in Key West 😂😂
Nowadays property tax, Insurance plus HOA are like Rent if it is bought cash or is paid off!!!
We are leaving and taking our business out of Florida ASAP
I already did in 2022. Desantis scared us.
@@thefpvlife7785he used concealed carry as bait for reelection. Meanwhile, half the nation already had it. He’s not going to fix the insurance.
I live in Miami and a Construction Contractor and you are absolutely RIGHT
Horrible weather. I have no idea why people think that living in a sauna is a good thing.
Sun and sauna heat are good for testosterone, vitamin d and the list goes on.
Way healthier to live here than the northeast. I just feel better. I also a stay trimmer with year round outdoor activities. I hated leaving the gym up north in 10 degree weather.
Nov to April - amazing. I'm from the snow. I'd rather deal with the heat. It's healthier.
What’s better? Living in shithole northeast and going to Dunkin Donuts 5x’s a day?
6 months of nice weather, 6 months of hell. Really need another home on the other coast for this to work.
because its a good thing to live in Florida, and Florida is not the same as a sauna.
*"I see canceled policies everywhere OHHHH NOOOOOO!"*
Amazing video super duper proud of you making this video great job!!! 👏👏👏👏👏
If insurance rates go up, landlords are forced to raise the rent to pass on the costs. Even renters will be priced out and have to move out of state along with the homeowners who sell.
You are absolutely right. Florida's economy is mainly based on tourism, and rich retirees. New York has the financial market that's nothing but money. Los Angeles has the Hollywood and movie stars. Median household income in Miami is $54K, NYC is $74K, Los Angeles' is $82K. Ideally, homes should cost 4x their annual income. That would be $216K for Miami, but you are seeing 3x that.
I live in Orange County so have a good glimpse of LA and spend a little time up there for work. The people living in LA are generally paycheck to paycheck with a 6 figure (inflated wage) job and no family, kids, or marriage. Many are transplants from other areas and get help from mommy and daddy well into their 30's. Almost no one living there is truly "making it" for themselves. If you go tour anywhere fun in LA like Hollywood or Santa Monica, you will see the streets filled with people and no one actually working. I think the only place to build yourself up at this point is to work a remote job with modest income and take it to the midwest.
@@drewmorg. still doing better than fl
No jobs in fl
@@drewmorg. I know a family that moved from north of orlando / south of gainesville, very right leaning politically & they moved to Carlsbad ca during the early part of the pandemic. They love it there, they don't like the politics of course but they love the weather & the mountains/hills & the lack of humidity. They don't complain about much of anything there.
@@robertpierpont2262 Carlsbad is super nice.
Miami does have wealthy foreigners owning some of that real estate.
Im in South East Palm Beach County and havent had homeowners insurance for 10 years. Doesnt make sense.
Plan for life after your home is destroyed, it's only a matter of time.
@@taterkaze9428if he saved and invested all that money for the last 10 yrs. He can buy 3 of those. If not, he is efed.
@@taterkaze9428when rates are 10-20k a year, it’s not worth it. Historically rates were fine but the last 2-3 years have pushed them into unsustainable, and this is because so many people abused and defrauded insurance for new roofing and other damages for storms that didn’t do damage that they claimed.
@@taterkaze9428 nah, been here 45 years... Im good....dont live where it floods either. all the new folks who just moved here should leave though.
Funky Biscuit!
We are in Kissimmee, have a 3,600sq ft home. When we bought it in 2012 it was 2,200 per year. Last year after being dropped we were slapped with Slide insurance and they said it was going up to 13,500 per year!! I shit you not. We said HELL no and picked up citizens and we dropped to 3,300 per year, down from 9,700 the previous year!! Now they tried to dump us this year but couldn't as all other quotes were over 20% more but now insist we buy flood insurance even though we aren't on a flood plain. I told my wife if this home had got to 15k we were dumping it and leaving. I want to move to the midwest Kentucky/Indiana area but she wants to stay in FL for the family. I told her there will be a point where we throw more money away each month than we can afford. If we move we can actually keep all of the money in our pocket. My car insurance for 4 cars is now 878 per month!!! Last year it was 577 and the year before that was 480s. Honestly I'm so ready to leave, I'd rather keep more money in my pocket for vacations than to just stay in Florida, I'm over the traffic and the influx anyways.
I bought a mobile home on an acre in southern indiana in 2016, pretty private, 120 acres of forrest right out the back door, old limestone quarries across the street, quiet 1/3 mile dead end road with 4 homes/properties on it yet close to a gas station & dollar general, overall great location.. for get this I paid $10k, $115 year property taxes with no exemptions.. I can live on $600 per month there including food & with a $190 xfinity cable/internet bill, no sewer bill, $25 month water bill, $80 to $120 electric bill & a $35 cell phone bill. I work from home so not much of a gas cost for vehicle, maybe $10 a week in gas. talk about being able to save a lot of money!!! I didn't buy the place to live in when I bought it but it was 5 mins away from Indiana's biggest lake & it was so cheap but in 2020 I saw what was coming & moved there full time, best decision ever too! Now I look for ways to live even cheaper, or the same cost but on a beach in Thailand or Sri Lanka, just watched a video of a guy from australia who has his monthly cost down to $400 living in a closed down restaurant/hotel right on the beach not 20ft from the water in Sri Lanka & it has a restaurant grade kitchen with a good size dining room that he uses as a living room & a bedroom with bath/shower & he pays $150 month rent for it & he buys fresh yellow fin tuna for $3.12 a kilo, $6 per kilo for fresh prawns & so on. $400 a month total living costs & super duper cheap medical care, cheaper than just the co pay with insurance in Australia. Cell phone service is $6 month, $6 month water bill, $40-$50 month electric bill & so on & so on
A new wife would be even cheaper. I'm serious 😒.
If you can pay it off asap and go without. Lots of folks doing this now.
@@robertpierpont2262 - only a rare few would or could live a life that in the third world. Not for everyone.
So proud of your 3,600 sq ft. It's greed and not admirable.
The wages to the cost of living in Florida is crazy skewed. We need a MAJOR correction
Yes vote desantis out
@@thefpvlife7785Agreed, but we need someone who actually cares to run against him, we don’t have that right now
Chickens on the street is a new indicator. 😂