EXCEL COST SPREADSHEET WORKSHEET: mailchi.mp/f961f225affc/cost-of-living-excel-spreadsheet

@jacktyler7599

Жыл бұрын

What a useful, thoughtful gift to your viewers, Katrin.

@VictoriaGates

Жыл бұрын

I wish I could copy this and edit it, but it is valuable at a glance thank you.

I knew as soon as you said, what really bugs you about homeownership in Florida you were going to mention insurance. It’s definitely a problem. I’m a demolition contractor and I can’t tell you how many people homes I’ve demoed, because insurance removed their coverage right after they paid off their house. Then something happened during a storm and damaged their house, If you asked me, I would say that the insurance companies are only covering houses to protect the banks. Because they certainly aren’t protecting the people.

Living in The state Florida is no longer affordable everything went up to the roof from cost of living to finding place to reside !! Rethink million times !!! No longer American dreams it’s becoming a nightmare…

As a Florida homeowner I can tell you that this video is right on point, my insurance is now $5,723 which is triple what it was three years ago. In addition, my home taxes have increased although not as crazy and my home is just a 2/2 1172sqf.

One point that needs to be made for people that are moving to Florida and not retiring and will be working. Coming from the Northeast, expect to make up to 40% less. This aside from the ridiculous insurance, property tax issues should be considered. I myself is in the construction management field and see this 1st hand. The only cost I see less overall are the tolls on the roads. ALL other cost are more than the northeast.

@DaveCastine

Жыл бұрын

Good to know - thanks Joe. We're looking to snowbird to FLA from Boston, but may have to consider other areas now.

@BrisLS1

Жыл бұрын

Yes, I think that is great advice. It's not just the dollar amount, but the job market in general. You could find yourself with a lot less job security, longer hours, competition for the work, inability to make even a lateral move,. I have dismissed the state income tax thing decades ago, because that money is tax deductible to your federal, so it's a negligible amount to pay and certainly, not having it, does not make up for a material loss of wage and a tripling of your home owner's insurance. My take would be, coming from having tried the move, if your career is guaranteed to pay you to be in Florida ( i.e. your company is moving there or the boss orders you to move there) , go there. Things will find a way to get paid for. People will step up to help you figure out the economics of it. Problems vary by person, and life is not fair. Go with an army. I would not carry the burden of re-marketing myself alone in that job market. If you are retired and it's all expenses paid, or your just have "f u" money, for sure it could be a blast.

@joseph87328

Жыл бұрын

@dblock8829 that would certainly qualify for a 400k loan , we are soo out of here....

@BrisLS1

Жыл бұрын

@@dblock8829 Teacher/nurse could be pretty standard; I have seen some extreme variations in those other jobs. But definitely, those numbers seem possible. Don’t move without a contract, lol.

Also watch out for skyrocketing HOA fees because a lot of HOA's in Florida haven't built up their reserves and they're now being required to do that. I understand 41% of residential real estate in Florida is subject to an HOA. I'm in California and have thought of moving to Florida, but the combination of high insurance premiums, high HOA fees, and an uncapped property tax (unlike what we have in California) has convinced me that this would be a mistake.

@pmscalisi

Жыл бұрын

HOAs are an abomination

Good evening. This was another honest and informative video. I really appreciate your efforts to get realistic costs of home ownership out to us. I can tell you really do not want to sugarcoat the costs involved, then have people forced to move away. You have a deep sense of morality. ❤️❤️❤️

@katrinreal

Жыл бұрын

I am so happy you got value out of it :)

@vintage396

Жыл бұрын

I agree with your assessments on homeowners and building cost in Florida.. in my opinion there is going to be a larger problem with the cost of buying an existing condo in Florida.. The laws are rapidly changing in Florida to take HOA boards out of the decision process to make repairs on existing condos.. the responsibilities will be on architects and engineers to make needed repairs..this will cause many existing condo buildings to be sold and demolished by land developers..many prople on fixed incomes will be forced to sell and leave Florida for good.. The Florida housing market will become seriously unaffordable .

I used to want to move back to Florida, but I will never move back. The cost is just too much. I love where I live now and have the money to vacation anywhere in the world I want.

@1969bones69

Жыл бұрын

Same were out of here next month. Heading out. It's not the Florida of even a few years ago. I grew up here. I watched my g/f house ON the beach in Reddington shores get purchased and turned in to condos back in the 90s The community is gone, the traffic is terrible. The people kinda suck now. All northerners that "KNOW" how to "FIX" everything throwing money everywhere at nothing. It's like living in Hackensack with a beach you can't get to. All for the low low price of a billion dollars a sq ft. HARD PASS. Cant wait to gtfo. If I wanted to live in SF , Jersey or New Yawk I'd just self terminate and go to hell. Like living with a parasite infestation here.

@RamTrucks590

Жыл бұрын

Yeah, I live in Michigan and thought the same, but now staying in Michigan is more affordable, and we have the great lakes water that other states will envy in the future.

I need to move in Florida and after researching I concluded that the only viable approach is: - Forget about buying anywhere near a major established city. Choose a place in a more isolated area. - Forget about buying anywhere that requires flood or hurricane insurance. Yes, those places exist but they are few, and usually it means buying a home currently under construction. - And... you have to hope that the laws change for the better before your home reaches 10-15 years old, because that is when your insurance costs and/or problems will start under current law, even if your home and roof are in perfect condition. Still, the best solution is to avoid Florida altogether, and absolutely forget about buying here as an investment.

@nospamallowed4890

Жыл бұрын

@@minimalist0000 I found an area in FL with all pretty recent construction where you are not required to have flood or hurricane insurance (and it survived a cat 5 hurricane with virtually no damage) and home insurance is cheap. I now plan to move there.

The increases are never going to stop. It's just going to get worse not only in florida

@seawallbreeze9616

Жыл бұрын

Regulation is coming

@landmark22

Жыл бұрын

Agreed

@pmscalisi

Жыл бұрын

Californication

You are such an honest youtuber. Thanks for these videos.

@katrinreal

Жыл бұрын

Thank you!

I can imagine, someone like me, making the move from Connecticut to Florida a few years ago and then the inflation hits and the cost of my insurance then doubles. I would be more than crushed, I would be ruined at 67 years old. The best case would be if I could sell the house and move again, probably back north, maybe Pennsylvania or Ohio. To me that is failure.

@JohnJohn-wr1jo

Жыл бұрын

Rodney your scenario happens on a daily basis. Insurance is the tip of the iceberg as far as these residents leaving Florida

The other variable impacting home insurance within FL is one’s previous insurance history, as it relates to past claims, within a given period of time.

For perspective, let's remember these trends exist in many parts of the country. In the last 7 years we have lived in FL (Jax), Montana, Arizona and now back to FL (near Ft. Myers). Prices in all those markets have risen substantially. Getting trade work done on an existing home was difficult & expensive in each of these places due to labor supply shortages & a fractured supply chain. What seems to distinguish these issues in FL moreso than other places is the insurance market. The emphasis you are placing on "knowing your numbers", Katrin, is paramount and wise counsel. Beyond that, my recommendation for shopping in the FL market right now is to ratchet down what you are shopping for so your budget can support a NEW home purchase. This reduces your insurance cost substantially (our new home policy will be $1200/yr), allows you to shop for a policy from a more secure insurance carrier, reduces the uncertainty of future premium increases, and eliminates your need to find trades skills for home improvements. And let's be frank: Americans tend to buy more house than they need, whereas a modest but quality built home purchase will typically hold its value well. If moving to FL is your goal (and why not?!), for a few years give up on the idea of the caged pool, or opt for a comfortable new condo rather than the single family home. If you like it here, as Katrin and I do, you can 'move up' later, when or even if you feel the need. (Sorry for the long comment).

@katrinreal

Жыл бұрын

Love your perspective. Right on. Things are getting more expensive everywhere, including in FL.

We need to stop with all the lawsuits, if lawyers didn't make so much they wouldn't sue so often.

@paulbrungardt9823

Жыл бұрын

Here in USA, we have 3 blood sucking attorneys for every 1 medical doctor---receipt for disaster.

Home insurance car insurance it's all a big scam.

@criticalthinker8953

Жыл бұрын

Lots of fraudulent claims by Maga Trash. That's why so many insurance companies have left the state. You are left with assigned risk and state run insurance. It will only get worse. Hahahaha

@janc8199

Жыл бұрын

@@IGottaSay What happens if God forbid your home goes on fire..How will you get the money to rebuild? You do need insurance on your home.

@seriejohnson698

Жыл бұрын

Ponzi scheme

@JBoy340a

Жыл бұрын

If you own both outright you don't need either beyond basic liability which is quite reasonable. If you have payments on each you need to cover your lender in case you don't have the cash to pay you mortgage and/or pay off the car.

Good information, thank you! Would love a video describing past real estate crashes, what caused them, how it turned around and length of time it took to do so.

Another great video thanks Katrin

@katrinreal

Жыл бұрын

Thank you so much!

When considering cost of living in a state with income tax like South Carolina vs a state like Florida where this is no income tax, you need to also look at property tax rates. Property tax in SC is much less than property tax in Florida and for retired folks, many states with income tax that do not tax retirement income may be quite the bargain for retirees.

@radboston

Жыл бұрын

Bottom line is there are drawbacks everywhere. We used to think we were screwed here in Massachusetts with high taxes. But upon further analysis, Southerners have far lower wages that simply don’t justify the supposed lower cost of living. Most Southern states rank in the bottom ten in public education quality and income. Florida’s state sales tax and property taxes are GREATER than in alleged ‘Taxachusetts’. 😛 We even have a reasonably priced grocery store chain so even Publix is more costly for groceries. Florida’s drivers are worse than here (we used to have the worst, guess too many from here and New Jersey moved down there). Finally, our worst storms tend to be harmless snowstorms. Bad hurricanes and tornadoes are rare. Thanks to global warming and climate change, our winters have been trending milder with considerably lower snowfall over the past 5 years.

@s99614

Жыл бұрын

I didn't even have to break out the snow shovel last winter.

@rack9458

Жыл бұрын

​@@radbostonYet Florida has 10x the number of people moving in vs Mass.

@Gardis72

Жыл бұрын

@@radboston How many people are moving to MA do you suppose, compared to the hundreds of thousands that have moved to FL precisely to get away from the liberal policies forced upon the population especially during COVID. Just now, NYC is going to ban wood burning stoves in pizza parlors! Gas stoves are outlawed! CT and MA are next as they are Blue states. FL is for the FREE. You will never be forced into an electric car in FL!!

@JohnJohn-wr1jo

Жыл бұрын

Rad, your analysis is spot on. At least in Mass and the northern states you get something in return for your taxes. Not so in Florida. Floridas infrastructure is 20 years behind the times and failing. The corruption and mismanagement in state, county, and municipal government is the root of most of the states woes. For a state that collects astronomical taxes and fees from residents and visitors it's baffling to me where they spend it. Most corrupt state in the US.

I really don't see things like this in Florida to last very long. It's all gonna come crashing down.

@1969bones69

Жыл бұрын

And it will be filled with people that can't cope with living here. No safe spaces for you. Gonna be glorious watching the stress out and the eventual exodus.

@carochio8639

Жыл бұрын

Already started. Bankruptcy filings have started to increase drastically.

@naturelover2292

Жыл бұрын

@@carochio8639unbelievable the money some of these people are paying for these homes. This will not end well

@naturelover2292

Жыл бұрын

@@newday3363 all states you mentioned has higher wages than Florida , Florida has very low pay wages.

The government needs to investigate the insurance companies.

@katrinreal

Жыл бұрын

👍

@loanokaharbor8303

Жыл бұрын

Perhaps, but previous Stare regulations mandates certain processes and procedures for insurers to follow. The real problem is the reality of recurring hurricanes in Florida that has caused hundreds of millions of dollars damage again and again. That money was paid to homeowners in Florida. Companies must recoup those losses. Everybody pays insurance increases regardless of you were paid for a loss or not.

@kal7049

Жыл бұрын

@@loanokaharbor8303 So the folks in Ohio have a premium increase because the developers in FL thought it was a great idea to build in flood zones. I still think insurance companies should be audited yearly. The banking industry has lots of rules to follow, yet they are folding and no one was made aware they were locking the doors and walking away.

@lrod312

Жыл бұрын

Florida has been hit with 125 major hurricanes since 1850. Why are insurance premiums only shooting up now? What was different this time from the previous 125 category 3 or 4 hurricanes? I think the combination of labor and lumber shortages from last year plus inflation is the driving force here.

@dave-uu4no

Жыл бұрын

First the government needs to stop taking bribes from the industry then you can investigate the insurance industry.

Another real video. You never lie or use click bait titles. Thanks

@katrinreal

Жыл бұрын

Thank you Alex!

As someone getting ready to move to south Florida this coming winter, I appreciate your honesty and information.

@katrinreal

Жыл бұрын

Glad to help

If you find a nice place to live or retire the worst thing you can do is to tell everybody. They will come and ruin the place. Happens all the time.

@bobblacka918

Жыл бұрын

Yes, unless you are a Real Estate agent. Then you want everyone to know !!!

@danacaro-herman3530

Жыл бұрын

That's because it doesn't belong to you to begin with

@Joeainthere73

Жыл бұрын

Call someplace paradise...kiss it goodbye. The Eagles

@naturelover2292

Жыл бұрын

Yep! And never follow the crowd, why move where everyone else is fleeing too and think things will stay the same. 🙄

@pmscalisi

Жыл бұрын

@@danacaro-herman3530or you, either

Great video, but I want to point out that there is a fine line between emotion and gut feeling. Most people confused them. I have been waiting 2 years to buy in Florida. We finally pulled the trigger because we found what we believe is a perfect house for us. Prices have to go down, and interest rates are going to continue going up through the rest of the year. We paid cash but if I had to finance, I would wait until early next year. Thanks for your hard work, very informative

@commonsense6967

Жыл бұрын

And you can also choose to self-insure, if you want!

@juandorta-duque6028

Жыл бұрын

@@commonsense6967 You are absolutely right, if you break down the biggest payoffs per incident of an insurance company; 1-Fire and lightning and 2-Liability (someone getting hurt on your property) I am trying to get insurance on those two items now and self insure everything else. We are obviously lucky and blessed to be in the position of being able to do it. Thanks for your reply

How much do snowbirds spend in Florida? Average Rents in Snowbird Hot Spots Texas: $900-$2,000 (condo); $1,400-$2,500 (single family). Florida (Central): $1,500-$6,000 (condo); $2,500-$10,000 (single family). Florida (East Central Coast): $2,800-$6,000 (condo); $3,200-$9,000 (single family).Oct 8, 2018. You have to have a nice pension to afford this kind of price, especially if you come there with Canadian dollars!!

If you are referring to Ben Grieco, then please know that HE DID NOT SAY THAT EVERYONE NEEDED TO BUY FLOOD INSURANCE. He actually said that you should consider Florida one big flood zone but that certain areas do not require flood insurance.

@katrinreal

Жыл бұрын

He is not the person 😄

Katrin,thank you for this video,it seems the waters in florida are full of sharks and the grass is full of snakes lately. Be careful here,you may get bitten, You look beautiful and healthy,you are a point of light,thanks again😊

@katrinreal

Жыл бұрын

Thank you, John. We learn to navigate this beautiful yet sometimes challenging terrain :)

I agree the cost has gone up. With that said, I think Florida real estate was undervalued for a long time. Do your numbers before you get your heart set on Florida, once a bargain that I enjoyed. I still enjoy it, but the cost of paradise and the ancillary cost are high. Great video the truth needs to be known.

@naturelover2292

Жыл бұрын

No it wasn’t, Florida has very low wages and the prices people are over paying for these homes are unsustainable. They better hope another northerner comes and purchase them when or if they have to resell.

I am a FL resident. However, my job is in one of the many US states requiring out of state residents to pay into their state income tax system. Just because one is a FL resident, it does not guarantee no state income taxes, especially with many work from home jobs being based out of high income tax states.

@katrinreal

Жыл бұрын

That's right. Convenience rule.

People in FL are either too poor or too stupid to move. The insurance companies are trying to tell you something, premiums are a risk indicator. Insurance companies profit from managing risk

@johnlibonati7807

Жыл бұрын

Yes. We’re stupid and poor down here in Florida. Don’t come here. Duh. Duh. Duh. 🤡😂

@pmscalisi

Жыл бұрын

Moving to anyplace with a high concentration of people is a bad idea now. Look how most of the US major cities are sewers now.

Very fair and honest assessment. Thank you

You forgot to talk about CAR insurance in FL....it has doubled for very good drivers from $1200 (for two cars new) five years ago, to $5000 today. It is outrageous, you have to consider ALL costs and by FAR FLORIDA is the most expensive in the USA.

@hejiranyc

Жыл бұрын

I split my time between FL and NYC. I keep my car registered/insured in NY for a reason!

@rack9458

Жыл бұрын

​@@hejiranycNY car insurance rates are the 3rd highest in the US. FL is number 8. Sounds like a driver record issue than where you car is registered.

@bamh1re318

Жыл бұрын

In a state loaded with drivers of 70~90yr old what insurance rate do you expect

@jimshoe402

Жыл бұрын

2 New $1500 per year ORD but I'm OLD !!!😁😁😁😁

@Gardis72

Жыл бұрын

I am in CT, and my car insunace on a brand new 2022 Japoanese top model, clean driving record, is just about $2K per year. What you are paying for 2 cars is not unreasonable at all.

Excellent analysis and thanks for the info. I think the prices are not sustainable in the long run at this rate comparing the median salary in Florida & the cost of home ownership. Market will see correction at some point. Thanks.

The interest rate is way too high to buy now. I have a $30K HELOC loan & just found out that since the Fed’s rate increase in May, I’m paying $11 + per day! It used to be so small it wasn’t important. Today with price increase of houses, the rise of insurance rates PLUS THE HIGH INTEREST RATES FOR A MORTAGE

Great information, thanks for clarifying the flood insurance requirements in Florida.

@katrinreal

Жыл бұрын

👍

Yea, we'll how long these prices hold up. I am figuring a 30% price drop just to move homes.

great sharing tips thanks!

@katrinreal

Жыл бұрын

Hurricane Insurance is in Major Crisis here Florida. Friend just got renewal for $9500.00, I'm lucky "only paying" $4800.00, adjacent property at $8000.00. If you are moving here bring lots ,lots $$$. Maybe reconsider if you are middle class or just starting out, its highest cost of living VS Wages in Country. Also Auto Insurance is among the highest , think due to high amount of uninsured drivers

@katrinreal

Жыл бұрын

👍

It's nice to see the comparison charts. On the value of insurance.... If a small house in SE FL costs $4500 to insure, and the deductible is $15000, then the first $19,500 is on the homeowner. Better to rent?

I am hearing a lot of youth moving out of Florida just so they can afford a home to raise a family in.

I was going to buy a duplex in Florida to spend winters there, but not anymore. Looking at South Carolina and Alabama now.

Just ten years ago it was dirt cheap

The Home Improvement costs are REDICULOUS!!! 3-4X $ for anything done here... Plumbing and HVAC are the Worst! Gouging is RAMPID! Had to pay $350 to have a simple bathroom faucet replaced (I bought the faucet). Young independant business owners are trying to CASH IN on all the Boomers and Snow Birds moving here.... I feel sorry for the Locals.

@katrinreal

Жыл бұрын

They are very high

Katrin, I really appreciate your fair, no-nonse approach to you video presentations. The one metric that I possibly disagree with is the median sale price of homes in FL. Many Florida homes are small, and in the range of 1,000 to 1,500 SF. I suspect the Florida median price/SF is somewhat higher than the other locations shown on your bar chart. To me, it's seems more accurate to base median home prices on a sales price/SF, than simply using the median sales price alone. Your thoughts? 16:37

@katrinreal

Жыл бұрын

To gauge the overall market performance on cost per sqft isn't going to get you much of a read at all! Give it a try :). But I would definitely use it to get a better understanding of how the cost per sqft differ from cities, neighborhoods, streets and comps for example.

Another great video. Thanks, Katrin.

@katrinreal

Жыл бұрын

Thank you for your positive vibes.

Great video as always Katrin

During the past 5 years CA home insurance went up a lot, year after year. We have to cover fire losses of >20,000 homes! Hurricane is rough. In Fort Myers, Ian landfall, only ~8% of the houses are destroyed. But CA fire turned entire city, Paradise, into ash.

@JBoy340a

Жыл бұрын

Interesting. Our home in CA has pretty reasonable insurance. But we don't live in a wooded area like Paradise.

Katrin, thanks so much for your very informative videos. If you had to move today, where/which state-town would you move to?

@katrinreal

Жыл бұрын

I'd live half of the time in Sarasota, the other half in NYC 😉

I was quoted $30,000 for my home.

@katrinreal

Жыл бұрын

Can you provide more details on this.

if you own a condo, you better sell before it’s too late.

@Gardis72

Жыл бұрын

No, if you own an condo you should be OK except for increasing HOA fees. I am looking myself and I've spoke to an insurance agent, and gotten prices for a 2/2 in PBC, rates are about $200/month. Manageable. The folks in trouble are the ones in expensive homes, single family, etc. Don't get too crazy about this. There is no discernible movement away from FL at all.

@jbeav3902

Жыл бұрын

Insurance will kill the condo owners.

I moved from Florida to South Carolina in 2021. Being retired military my income tax in 2022 was 200 bucks, my property tax was 400 bucks and my insurance is 700 bucks. My car property tax was 200 bucks. Better for me. I go to my condo in Ecuador during the winter months. Florida was getting crazy in 2021.

@bigtime911

Жыл бұрын

Smart.where do you go in Ecuador?

@andredaedone5

Жыл бұрын

@@bigtime911 I own a condo in Cuenca so mainly there. I do go to the Galapagos for free diving every other year.

@bigtime911

Жыл бұрын

Have you ever been to Cotachaci equador? If so how is it?

@andredaedone5

Жыл бұрын

@@bigtime911 Never been there. Been to Otavalo which is not far from there. I visited Quito and North of Quito back when I first moved there in 2014. I traveled pretty much the whole country then and lived in Banos for about a year before moving.to Cuenca. Rented there for three years before buying my condo in a brand new building in 2018. I traveled back and forth since 2014 and now go to Cuenca in the winter. Cotacachi has a lot of expats but so does Cuenca and Cuenca is at 8500 feet in the mountains and a lot of people don't like that. I like it because it is 60 something degrees year around. It is a historic city, safe, and the views are tremendous.

Another great video. Thanks for this useful information.

@katrinreal

Жыл бұрын

Glad it was helpful!

Really good info for learning about an area before moving there.

Thank you for this valuable information . Appreciate it much.

I see a time in the not-too-distant future were homeowners will just stop having homeowners insurance if they don't have a mortgage anymore scary to think but if you can't afford it you can't afford it I have lived in Florida 35 years I've never seen it this bad and so the Last 5 Years my elderly parents just left Florida they could no longer afford to live here and they did not have a mortgage and no debt . . . . .Taxes AND Insurance was killing them on a FIXED incomes

You explain everything so clear and easy to understand. Thank you.

@katrinreal

Жыл бұрын

Thank you Denise :)

Appreciate your channel! The moment you said "this person" and "south Carolina " I knew exactly who you were talking about 🤣🤣🤣

@katrinreal

Жыл бұрын

😁

The situation has become intolerable for middle class retired. Without placing blame on remote workers, we have never been on the radar and yet we are also hammered. A few short years ago I could have bought beautiful homes on canals with boathouses in Punta Gorda. Could never afford now, and literally all that prevented me was too many choices. Now unaffordable, however the area also got hurricane damage. Dodged a bullet. Not feeling like I get value here as much as elsewhere. Carolina man has not accounted for the resentment of people in his state for all the influx of Florida “half back “ population. Thanks

good to clarify but regular insurance without flood breaks the bank, so the clarification does not fare very well!!!.

@katrinreal

Жыл бұрын

doesn't break the bank for everyone in FL. Lots of variables are involved. I know many people whose insurance is just $1k.

If you can. Buy your home cash and just get liability insurance. Paying 6k to 8k on home insurance is ridiculous. A lot of people go years without a claim. After 12 years I replaced my roof which cost 14k in Virginia then my insurance went from $1013 per year to $1989. I canceled my policy and went with state farm. I have the same coverage for $1200 and we save $400 on auto insurance per year.

Thank you for video

@katrinreal

Жыл бұрын

Thank you for watching Julia!

Well, it's time to give wealthy home owners in Florida tax breaks and government subsidies to help them pay for flood insurance on their million-dollar beach houses. And we can pay for it by cutting Medicaid for the poor and reducing Social Security payments for seniors on a fixed-income. It's RIGHT because it's the Republican thing to do! March 15, 2023 NPR Radio: "In Florida, 1.7 million people will soon lose their Medicaid health coverage. As NPR's Greg Allen reports, Florida is one of 11 states that declined to accept the federal government's regular Medicaid coverage. In Florida, the administration of Governor Ron DeSantis says the first group of notifications will start going out in April. They call it Medicaid unwinding. Eventually, they say close to 2 million people may be disenrolled from Medicaid in Florida, leaving many of them without a health plan."

I am in a suburb of Orlando and home owners insurance has gone up substantially so the ave 2100 is not here. My bill is now at approx 4,000 and now it is going up again. If I could move out of Florida now I would it is not only home owners it is car insurance, property tax etc….

If you include property tax HOA fees , flood and homowners insurance FL is more expensive than SC. I live about 1 mile from the Island of Palms which has beautiful beaches (I recently moved from Bradenton)

@katrinreal

Жыл бұрын

I never said it wasn't cheaper...it certainly is. But the disconnect isn't that great...also we have warmer weather year-round.

Since you mentioned some people say their FL insurance is not bad, I’m one of them too. Home is new construction, $400k, 2 miles from coast, not in flood zone and no flood Ins. - 2023 annual insurance $550. Thank you for these videos, they are very helpful!

@archiedarcy4845

Жыл бұрын

Can you share the name of the insurance company? I'm considering a new build in Hernando County. Thanks

@katrinreal

Жыл бұрын

Hi Becca, thank you for sharing! Where are you located? :)

@johnlibonati7807

Жыл бұрын

Where are you? 2 miles from the beach and only $500? That’s amazing. I’m in Rotonda West, Florida.

@elian222

Жыл бұрын

LoL yeah sure you're two miles from the ocean and your home insurance is $550/yr and the moon is made of green cheese 😂🤣

@beccaatthebeach

Жыл бұрын

@@katrinreal Hi Katrin, I’m in New Smyrna beach, just west of intracoastal

If I can't afford Florida as a retiree then I will live someplace else and visit Florida or Costa Rica, Panama, Belize or other for a month or 2 in the winter.

@Gardis72

Жыл бұрын

You better be in perfect health for the rest of your life.

@duncan1234able

Жыл бұрын

I have seen equal to better Healthcare in Pennsylvania were I lived for 12 years

Appreciate your honesty

@katrinreal

Жыл бұрын

:)

First to like… I’m a Katrin OG, lol

@katrinreal

Жыл бұрын

😊 Thank you for your ever-positive vibes.

Your primary dwelling is NOT an Asset. It is an Expense.

Florida has no income tax, but government has to squeeze its expenses out of you somehow. How? Through property tax. Your property tax will be higher than property tax in South Carolina. Here is an example: A $500K home in Fremont California has property tax of $6294 a year. A $500K home in McAllen Texas (where there is no income tax) has property tax of $12,400. I would rather pay $3000 in income tax than $6000 more in property tax.

New home sales 763,000 EXPERTS said 675,000 will be the number sold, and that will be a decrease from the previous month. What are the experts thinking? New home sales have been crushing it, are crushing it, and will continue to crush it. Builders Stock prices soaring YTD on fundamentals and momentum. "Mr Expert exactly how did you arrive at your prediction? Transitory you say!

@katrinreal

Жыл бұрын

👍

Great video! I always appreciate your honesty. We are currently in Wyoming. Looking to move that way within the next couple of years.The panhandle ( Santa Rosa County) is our preferred choice prices seem to be about on par with where we live. How far inland off the coast before flood zones are less a factor? Thank you

@naturelover2292

Жыл бұрын

If you have to obtain insurance coverage from Citizens, it want matter where you live you would have to have flood insurance. With all the companies pulling out of Florida it’s a strong possibility that they would be your only option

@wyomikey65

Жыл бұрын

@@naturelover2292 Thank you for the info.

@pmscalisi

Жыл бұрын

The panhandle isn’t as frenetic as the peninsula. Much smaller population and the housing isn’t quite as nuts. My wife’s family and my daughter live in the peninsula. Don’t know about the insurance costs exactly, but it’s still high.

It's cheaper to pay income tax than insurance in Florida. Auto and car.

@katrinreal

7 ай бұрын

Depends on your income level and what state you come from. Lots of high earners from NY for example would disagree. Depends on situation.

Thank you for the video - very insightful. Aside from the usual suspects (inflation, labor, hurricanes, etc), do you think there is some sort of longer term plan to keep Florida real estate prices as high as possible? The increases in cost of ownership just do not seem organic...

@hejiranyc

Жыл бұрын

Of course it's organic. Hundreds of thousands of people are moving to Florida every year, primarily from expensive coastal cities. These people buy up homes with cash and renovate them, which constrains the supply of available building contractors. Add in a hurricane or two and the cost of contractors, materials and insurance skyrocket. There is nothing about this equation that is not due to some tangible reason.

@katrinreal

Жыл бұрын

Supply and demand. Most credible economists do not pointing towards a dramatic price decline any time soon.

Contractors suing insurance companies for roof damage. Easy 50K for them

Initially sounded about discouraging! My property taxes are 50% more than a friend that lives in Trinity, FL-insurance is obviously higher. I have high state taxes (nm) I think it's all relative and personal choice. Still so many people moving there. We're moving to New Port Richey/Palm Harbor within the next two years.

@katrinreal

Жыл бұрын

Nah, I love Sarasota FL. It's close to paradise..but of course every place has its pros and cons. This video was about the reality of homeownership, which isn't exclusive to FL. It's happening across the US. But I also believe that building home equity is a great way towards gaining wealth and stability. It just costs more these days.

@Raja08thirty

Жыл бұрын

@@katrinreal if Sarasota wasn’t so much MORE expensive, we absolutely would live there. We just returned from 3 weeks in Tampa and Sarasota.

What I don't understand is why are counties allowed to increase taxes on property based on the "unrealized faux" increase in the value of a home. If a home goes up in value homeowners don't benefit from the increased Faux value of their home unless they sell. Even if home owners successfully sell their home, there is no guarantee that they will get what the county predicted the value was three years ago. Imagine a bank applying that same Faux logic to your newly purchased car. Banks would insist that since the value of your car went up so should your monthly payment. There would be riots in the street.

@Gardis72

Жыл бұрын

It's like that here in CT also. We pay on the assessed value and ever 5 years they reassess. I can't wait for next year after the pandemic caused prices to rise. This is not just happening in FL folks.

Hurricane windows quote is way too much considering other parts of the home can fail. Learn how to install them yourself and save a bundle.

I live in Ocala and my insurance has not gone up.

@katrinreal

Жыл бұрын

Good for you 👍

South Kacky Lacky.. .I wonder if she's talking about Jerry Pinkas. He does some great videos here on South Carolina as a lower cost way to get into southern coastal living. Talk about brass tacks and facts, got to watch his stuff. If you blink, you'll miss something. I appreciate the reminder here, that not all of Florida is a flood nightmare zone. And I do think South Florida would decimate SC, if you had a choice to visit both in January. But, the crowding in Florida is just such a game changer for the negative, if you want some ability to get on top of your expenses over time. Thanks.

Over 65 there's no state income tax in SC. South Carolina has gigantic undeveloped beaches whereas Florida beaches are a wall of condos. South Carolina has mounatins and waterfalls for hiking and lower cost of living. There's also no red tide and the fisheries aren't devastated like sarasota and tampa bay. I'm 36 and just left Florida, I hope all the boomers keep moving to Florida though and keep south carolina from becoming like Florida.

@piedpiper7051

Жыл бұрын

Is it kick a boomer day again? So soon...seems like it was just yesterday.

@midlife_minimalist

Жыл бұрын

Where in SC did you land? I’m looking at Greenville. They don’t tax SS income but do tax pensions and I’m pretty sure you only get a $ exemption over 65

@Bradimoose

Жыл бұрын

@@piedpiper7051 hard to feel bad for them when the avg net worth of boomers in Florida is several million and they invade downtown st Pete, pass noise ordinances for live music venues and spend all day drinking and smoking cigars in tommy bahama shirts.

@rosemariepollock9050

Жыл бұрын

@piedpior7051. I am a boomer and do not have millions and don’t leave near St. Pete. So not everyone here is as you describe.

@Bradimoose

Жыл бұрын

@@rosemariepollock9050 I hope you aren’t planning to move to anywhere near Sarasota then because it’s even more expensive there than Tampa and st Pete area. There’s serious wealth moving there and they tend to be retirees with high net worths. Without a lot of disposable income I’m not sure how you could survive there.

Inaccurate, Senate bill 2-A will require home owners with Citizens insurance (so basically everyone getting insurance in Florida these days) to get flood insurance, regardless of whether or not they are in a flood zone starting March 2024 for $600,000 or more, March 2025 for $500,000 or more, March 2026 for $400,000 or more, and March 2027 for all other policies. "The bill provides that Citizens personal lines residential policyholders must secure and maintain flood insurance that meets certain requirements as a condition of eligibility for Citizens coverage. The bill provides the following timetable for which flood insurance coverage must be implemented for personal lines residential Citizens policyholders: For risks located in areas designated by the Federal Emergency Management Agency as special flood hazard areas, flood insurance must be secured for new Citizens policies with an effective date on or after April 1, 2023, and at renewal for Citizens policies that renew on or after July 1, 2023. For all other risks, the requirement to obtain flood insurance at policy issuance or renewal is effective: March 1, 2024, for policies insuring property to a limit of $600,000 or more. March 1, 2025, for policies insuring property to a limit of $500,000 or more. March 1, 2026, for policies insuring property to a limit of $400,000 or more. March 1, 2027, for all other policies."

@katrinreal

Жыл бұрын

Your info is inaccurate. Those that are in flood zone x do not need to get flood insurance via Citizen until 2027. Your above info is for those that ARE IN A FLOOD Zone (special flood hazard area).

Good Job mine $300k=$1400 5* ORD...😁😁😁 Always said Buy New or a couple of years old.Only buy OLD for location All Done Simple..🤑 Had 5 NEW no Trouble 15 to 25 years=🤑🤑🤑🤑🤑🤑🤑🤑🤑🤑🤑🤑

So glad we didn’t move. Way too many potential pitfalls. I just hope Floridians wake up and get rid of Duh Santis. They will suffer unless tighter regulations come soon.

@joshuagillego9486

Жыл бұрын

De Santis can’t even help Floriadians with this insurance and housing issues in their own state how the heck is he going to help the issues that is plaguing the country? Chump and de santis seriously? nah!

@rack9458

Жыл бұрын

​@@joshuagillego9486So you think the Govenor controls insurance rates?😂😂😂😂

@rack9458

Жыл бұрын

What additional regulations do you want?

@JK-ld8cd

Жыл бұрын

only a Biden voter would say this. Its the Blue state libs running from the states the voted to ruin moving to FL jacking up all the prices...

@3:04 You mean WHEN Florida gets another hurricane, right?

Half of the people I have out for a quote never even come or folllow up here!

@katrinreal

Жыл бұрын

Story of my life right now :). It is a shortage of labor issue across the US vs home improvement jobs,, which is ampliied here in FL.

The astronomical cost of home improvements is everywhere.

@katrinreal

Жыл бұрын

agree

Insane.......Prices...... Pretty much sums it up !!!!!!!

If they are counting Manhattan separately they should do the same to south florida

Rather than walking away from their houses and having banks foreclose it, why don't people try to put their houses up for sale at reasonable prices to get it sold?

@katrinreal

Жыл бұрын

supply and demand

Yeah gotten pretty expensive here . Need to live out in the boon docks now

What are you even talking about? I live in one of the best cities in Miami and to put a 3000 ft² home metal roof. It's only about 20,000 1,000 ft². Where do you get 120,000 your nuts?

@katrinreal

Жыл бұрын

Quotes that are coming through...maybe check quotes in your area yet again.

Katrin can you give details on your home that cost $5K to insure? Age of roof/ impact windows or shutters? Age of home? Just wondering! Thanks 😊

@katrinreal

Жыл бұрын

Close to 3k sqft, close to the coast, newer roof, not new construction, no impact windows YET (I did order them though), dwelling coverage I have is high. So naturally, my insurance will also be higher. Your scenario may be different from mine. Many folks are in the $2k range.

@KarenHernandez-rm6je

Жыл бұрын

@@katrinreal thank you!

@frankd3505

Жыл бұрын

Saw your post, I am several miles west of Intracoastal,currently paying $4800, Hip roof,40year shingles,CBS structure ,doors all Impact,have full shutters not in flood zone,sth FL ,don't know of anyone soutfl paying $ 2k,year, most around $7000

No community in Florida; just unfettered capitalism. You are on your own in Florida

What about shopping out of state for the hurricane improved windows? Texas anyone?

@katrinreal

Жыл бұрын

I already bought the windows but would love to know if that would be possible for others to consider!

@jimshoe402

Жыл бұрын

@@katrinreal Should it would the Roof parts came from there to ORD just 2.5 days. CHECK everything..😁😁

For average folk; Ya better be good at scrounging and DIY to own a home today.

I am dreaming of an apartment with a view of Sugar Loaf, copacabana,ipanema.. that would be nice but still expensive.. samba would be the bonus..

@katrinreal

Жыл бұрын

Ha, not that expensive with US $ 😆. I'm from Rio so I know.

@SanerKurbay

Жыл бұрын

@@katrinreal Portuguese is very difficult otherwise i am not afraid of anything else to live in Rio, looks like Istanbul where i have grown up..

Anyone who is getting a job in Florida will make less money than in the northeast. My friend is a tenured teacher in NY with 3 masters degrees making over 6 figures. In Florida he would make more than half that amount. Florida used to be low cost housing, now its astronomical. How can people that have to get paid FLorida wages afford to buy now? They cant, no matter the lack of income tax.

I pay $1620 per year total for (insurance + property tax) here in Vegas for a $350K house. We don't have state income tax. - WW