Property taxes go up due to home value increase.
Home insurance goes up to replace said overvalued home + cost of materials due to inflation
Double whammy.
I’ve had several friends who are starting to get priced out of their own home.
Sorry if I’m late to the game on this information but this seems wild to me.
Even people with homes are getting priced out of their existing houses
byu/123amytriptalone inREBubble
I have a friend that bought ~11 years ago at 300k. This year his house appraised at 1.5 mil. His tax liability went from 4000 a year to 20,000. He wants to sell it but understands that if he leaves he’ll never have a house in the area he wants to be in again.
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