These HIDDEN COSTS Are BANKRUPTING HOMEOWNERS!

For a very long time, there has been a popular myth perpetuated in the housing market and it goes something like this. It's better to own your own home that way you can have a fixed monthly payment versus when you rent your rent can go up every year. That might've been true 30 years ago but as of recent history it no longer is. In fact the yearly increases that homeowners are seeing versus renters are quite staggering. These are the hidden costs of homeownership that people don't want to admit that can bankrupt people if they aren't paying attention.

======
======
I offer 1 on 1 calls, book one if you'd like!
======
My Filming and Editing Equipment
======
Sign Up for My Email list and Get Weekly Video Updates in Your Inbox!
======
Get Cash Back on ALL your Internet Purchases!
======
My Microphone (Lot of People Have Asked)

Articles Mentioned in the Video

#realestate #housingmarket #homeprices #housingmarketcrash

FTC Legal Disclaimer - Some links found in the description box of my videos may be affiliate links, meaning I will make commission on purchases you make through my link. This is at no extra cost to you to use my links/codes, it's just one more way to support the channel! :)

DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Michael Bordenaro is not a registered financial advisor. Your use of Michael Bordenaro’s YouTube channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, YouTube, E-Mail, and Instagram) for communications with Michael Bordenaro does not establish a formal business relationship.

[ryanwilliams]

In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.

[larkatmic]

I noticed the last few years shingles coming off my roof. Its about 27 years old. I paid 6k for it then.There are no leaks yet, but I figured now would be a good time to replace it. I just got quoted yesterday for a new roof on my 1100 sq. ft. house. 41k. The second bid came in today at 36k. My homeowners insurance doubled from last year. I’m a one incomer and in no way can afford these high prices. I’ve always had the money to keep up my property, pay taxes and insurance. I’m gonna have to put away double what I usually do for home savings. Government printing of money has destroyed the economy and my ability to pay for services, what once was doable. How am I going to retire now knowing I won’t be able afford the upkeep of my house. What a mess.

[ammasophia]

I'm "boomer age" and have owned a house for 3 decades.
It used to be that people weren't required to be clever to survive.
We saved and I watched my parents retire and live nicely.
I have no idea what will happen now.

[RickJamesFPV]

You never really OWN your house in the U.S.. We are all basically renting.

[rogertoth]

You’re 100% correct. But if you listen to the government clowns, the economy is great!

[paulacomstock]

2 years ago I needed a new roof, $11, 000 last year I needed new furnace and I added a new air conditioner, $13, 500 now I am replacing my broken drain field and with that I have to bring my sewer up to code and replace water tanks from 2 500 gallon tanks to 3 1000 tanks all for $30, 000 I have to forgo the siding I need which was bid at $40, 000 4 years ago….i can pay these bills but nothing will be saved for 2 years. I can’t imagine how people on fixed incomes are coping if they own a home. And my steady business for the last few years is now suffering. God, or somebody, help us all…..

[royburnopp]

It's so sad what this country has become

[DeadDave]

It feels as if you need to be a billionaire to survive the American economy these days.

[roxannecowlesrosado]

It never ceases to amaze me how many people still believe the only cost they have to be concerned about when it comes to owning a house is the mortgage payment.

[lawrencebritt]

I paid off my home and have no debt. It still cost about $60k to cover our living expenses. Taxes, insurance healthcare, food, repairs are ridiculously. Nothing has gone down. I wish people would stop saying how lazy young people are today. Life is expensive and good paying jobs are hard to come by.

[maryellenp]

The time and effort expended to maintain a home takes away from your free time and quality of life.

[viryhqj]

When property taxes get to these levels it's time to revolt.

[ThePerfectSeason]

Great Program, I wish our politicians would represent the people they’re supposed to serve, instead of themselves.

[Corkfish]

Same in CT. Property taxes and insurance are like having a second mortgage

[CeeTee-]

I'm already planning ahead to move out into a rural area away from big cities and get a single wide to retire in. I don't need much, most people buy too much house..

[emilo]

To review, in your video a house was purchased in 2016 for three million dollars, now the owners want 15 million, that's the problem with the housing market.

[bryanspayde]

I’m odd. The only home I rented was in Florida to check it out for a year !! I did the same job in Florida as I do in Ohio .. they pay in Florida was 45 percent less. Rent was triple .. buying a home was not in site .. I moved back to Ohio . Bought in 30 days got a raise ! Car insurance house insurance dropped 65 percent…. Now I’m banking 5k a month …. Florida is nice . But it’s already californicated…. In costs ..

[StancyInTheCity]

I’m in Toronto Canada. I rent a very large two bedroom apartment in a rent stabilized building for $2040 per month. The cheapest home in my neighbourhood is $4 million. I walk the same street as them, I go to all the same grocery stores same schools. My rent is cheaper than their property tax. I’m a financial advisor and live off of passive income at the stage of my career. I would never buy another house.

[brianwilliams]

And when you think you've caught up. . .you discover you need to call pest control!

[calvinmcdowell]

One of my neighbors posted a question on our local subdivision website that she called a plumber to fix her toilet that the flapper valve was leaking If you don’t know what a flapper valve is you need to research and learn how to replace it because a flapper valve is only $5 but by the time the plumber was done her bill was $250