Hidden costs of owning a home are rising

Homeowners are paying around $15,000 per year on top of their mortgage, according to data from Bankrate. Greg McBride, the chief financial analyst for Bankrate, joins CBS News with a look at the rising costs of owning a home.

[MrScottie]

Bought my house in 2006 and real estate taxes were $3180 and in 2023 they were $8300. That’s a 161% increase. Only wish my salary increased that much over the same period.

[DistrustHumanz]

Need a news story 'Hidden costs of living in your vehicle' so more Americans can relate.

[EM-rexq]

taxes and insurance are not hidden costs.

[trevorsutherland]

Where I live things have completely flipped in 20 years. When i first moved here I bought a 3000 s f. house for $225K. For a decade the neighborhood had people with cars like Escalade, Navigatior, E-Class, etc. Now, a 3000 s.f. house costs $800K, and the neighborhood is full of CR-V, Highlander, Accord, Camry etc.

[cnpm]

Why aren't we talking about contractors? I feel like I've had several contractors try to rip me off for certain tasks. Like one guy tried to charge me 24k to side a house that was 1500sq Ft. Another person said 5k for a new front door and it could be done in a couple hours. For reference, I had a door replaced for 600 which was a little less complicated. I heard something on youtube about a landlord who was charged 18k for a new roof on a house that definitely did not seem to need an 18k for a roof and didn't seem like it was more than a days labor. I do think contractors need to be well compensated fairly but it's a little out there these days.

[SkankHuntForty]

This doesn't really matter to most people, because most people can't afford a home. Ever.

[josiemchannel]

We only get one life. Our 30s and 40s most would say is our prime. But most of us will not be able to fully take advantage of our energy and youth and be able to travel and own a home and live the basic dream we were told we would have if we just worked hard and went to college. That being said, we still have it a lot better than the old days. My car is probably more comforable than a hut in the cold

[rainacherienne]

I just bought and knew there will be be extra costs but wasn’t expecting I need a subscription for termites service and subscription for the AC filter that has been installed in the attic.

[BIGBUBBAAAAA]

How to buy a house.
1. Be a silver spoon baby
2. Win the lottery which you wont
3. ...

[Madamchief]

I am moving out of my house because I can't afford my mortgage anymore 😢 home insurance tripled after the wild fires in southern Oregon

[snotbubbles]

Bought a home in 2010 but only because of the 1st time home buyers $8k tax rebate. Wish i would have sold after 3 years and used that money to buy a small piece of 1 acre land to place a tiny home on that land. My home has equity now but crunching the numbers all of the money i would have saved by owning land and a smaller home i could have maxed both my 401K and a Roth IRA and that would have set me up for a more beneficial retirement. My plan now is to buy land and the tiny home and use my house as a rental to pay for that venture. Mortgage is not that bad, but upkeep. The Property taxes, the insurance, the HOA all drain you. god forbid if your AC unit or the Air Handler go out. And dont even start with needing a roof replacement. Be ready to spend $15k minimum

[Delfontes]

Don't let this scare you, working full time there are years my house made more than me just sitting there. Try to get a low HOA and don't buy in a flood zone etc. You'll be fine.

[stellatong]

Our monthly mortgage payments can eat up our entire paycheque of the month

[stephenoden]

The cost of home insurance going up disproportionately to the entire market is a large % of owning.

[homedoghappiness]

I guess it's time to go back to building our own homes and fixing our own plumbing and electrical needs.

[savannahm.laurentian]

Great, I'll save up to have half an Airbnb -- the "air" half.🙄

[joanndavis]

With all the reasons the people in charge of raising their prices everywhere, they always leave out they're also making alot of profit off of it! They blame it on inflation. But never on themselves. They need to remember the old saying You can fool some of the people some of the time. But you can't fool all of the people all of the time. Though I guess in reality they don't need to remember that because they know they can just keep raising prices whenever their own personal bank accounts needs adjusting. Not just yearly, but monthly, weekly, even daily.

[jcoolmusic]

I’m just a maintenance man and my wife is a dental assistant. We got approved for a 350, 000 home we are going to buy in San Tan Arizona. I may have to work late or on weekends to make ends meet but last time I checked, my father did the same for me and so did his father. So really there’s nothing new here people. Just get out there, see what you can afford and buy it. Don’t let these videos get you down. Believe

[alpines]

Actually they aren't rising. INFLATION and government spending is sending all commodities sky high.

[SgtJoeSmith]

i made $3000 this week changing oil on lawn mowers