Challenges of Homeownership Amid Record Inflation and Rising Costs

Record inflation raises questions about the viability of homeownership as an investment due to rising home prices outpacing incomes. Homeowners face increasing costs in property taxes and insurance, with some struggling to meet monthly payments. Tips include understanding all associated costs, leaving room in the budget for unexpected expenses, and exploring options such as government programs, loan modifications, and changing insurance providers.

Property Taxes in the U.S.

High property taxes are a significant expense for homeowners in the U.S. as mortgage rates remain around 7%. Property tax rates vary by state and county, with some states having higher rates than others.

Rising Foreclosures in Texas and Florida Cities

Foreclosures are rising in some Texas and Florida cities due to increasing property taxes, insurance premiums, and interest rates, making it difficult for struggling homeowners to sell or refinance their properties.