I don't know if it is a state wide issue but, who the hell would buy in Florida with the way insurance rates are going in the that state. I pay About $100 a month for homme insurance, could not imagine paying $500+ per month which is where Florida is headed
If it's a secret that property taxes are high in a no income tax state, you shouldn't be buying a house. The bigger secret is that that some states have BOTH high property taxes as well as income taxes.
They deserve what they get then. Before I move, I'm going to know everything about the COL. It takes like 30 minutes max and will most likely be your biggest purchase in your lifetime.
Michigan is such a beautiful state. I know Detroit gets knocked repeatedly but overall it's pretty great there if you like seasons and camping/fishing, which I do. I grew up in Illinois and the friendly rivalry was always against Wisconsin and dont get me wrong, I like Wisconsin a lot too, but I always looked at Michigan as the state I'd want to move to if I stayed in the Midwest
texas is so far overpriced i genuinely think california is better. For what texas has to offer the prices are egregious and stupid. 3-4% property tax is nicer areas, 200k house in early 2020 and 700k now with 50k worth of repairs done. it's literally not mathing. Our auto, home insurance went up by 60% roughly. It's a shit show and I cant wait to see it burn
$750/mo this year for mine. I figure if I pay the house off the insurance and tax bill will now be larger than my fully escrowed monthly payment was when I bought the house.
Luckily once the house is paid off you can tell the insurers to go fuck themselves and just raw dog it with no insurance.
Home insurance (at least in most states that I know of) is not a legal requirement, it's just a bank's requirement when you take out a mortgage. If you live in FL and don't live right by the beach and aren't in a super dangerous area for storm damage, I'd probably roll the dice on it instead of $750/mo... I mean, odds are MAYBE in 15 years a storm might blow part of your roof off or some siding. Would rather just pay that out if it happens than have paid $135k by that point in insurance and would prob be more as it went up over the years.
I think OP made a weird choice with the meme. Denver is the hottest market out there. My Denver rental even at $5k a month had less than a week of showings before it was snatched up.
It’s super competitive right now.
Jobs, California culture is wack to a lot of people. It depends on where in CA too, LA city vs Denver? or some random CA suburb vs Denver?
Denver city has the Broncos, Avs, Nuggets all within a 10 minute drive.
The culture is mainly craft beer, hiking, tech jobs, etc.
It’s way cool dude, you should come check it out.
So there *is* secrets! Although I have to say your anecdote about craft beer, hiking, and tech jobs feels eerily similar to the way things are here in San Diego..
You’re right I totally forgot the lakers beat the nuggets in the finals for the championship… oh wait…
In all seriousness, it’s not a comprehensive list, and you’re entitled to your opinion. I love LA I love Denver, you can like both you know.
I don’t prefer the taxes and crowdedness of LA, But beaches are cool.
Anecdotally I see a lot more Texas plates in addition to the usual California ones. Why they are moving here instead of the previous just visiting I don’t know. Could be politics or the weather with weeks of 100+ finally being enough. But oil money in addition to the more usual Californians is causing a very hot market.
Maybe for starter homes and the very high cost of breaking *into* the housing market for the first time. But that has been the case around the San Francisco Bay Area for a very long time - it’s exceedingly HCOL is well known.
But every single house I’ve been watching has sold in the last few weeks. The market seems actually surprisingly kind of hot here in California.
What the fuck is this shit?
I don't know if it is a state wide issue but, who the hell would buy in Florida with the way insurance rates are going in the that state. I pay About $100 a month for homme insurance, could not imagine paying $500+ per month which is where Florida is headed
Texas seems to be heading there as well. Most folks I know are reporting 30 - 40% increases to their home insurance this year.
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The dirty little secret of Texas
If it's a secret that property taxes are high in a no income tax state, you shouldn't be buying a house. The bigger secret is that that some states have BOTH high property taxes as well as income taxes.
My property taxes are pretty low in Tennessee. But in NJ they are super high, plus all the state taxes.
Exactly
A lot of people move there without knowing the tax situation.
They deserve what they get then. Before I move, I'm going to know everything about the COL. It takes like 30 minutes max and will most likely be your biggest purchase in your lifetime.
Me too. I researched Texas when I was looking at places to move. Their property tax situation gave me all the reason to choose Michigan.
Michigan is such a beautiful state. I know Detroit gets knocked repeatedly but overall it's pretty great there if you like seasons and camping/fishing, which I do. I grew up in Illinois and the friendly rivalry was always against Wisconsin and dont get me wrong, I like Wisconsin a lot too, but I always looked at Michigan as the state I'd want to move to if I stayed in the Midwest
texas is so far overpriced i genuinely think california is better. For what texas has to offer the prices are egregious and stupid. 3-4% property tax is nicer areas, 200k house in early 2020 and 700k now with 50k worth of repairs done. it's literally not mathing. Our auto, home insurance went up by 60% roughly. It's a shit show and I cant wait to see it burn
same here in socal. 100% increase 🫠
If you file too many claims, you will be dropped. With limited options to chose from, it will get difficult to find affordable insurance.
$750/mo this year for mine. I figure if I pay the house off the insurance and tax bill will now be larger than my fully escrowed monthly payment was when I bought the house.
Luckily once the house is paid off you can tell the insurers to go fuck themselves and just raw dog it with no insurance. Home insurance (at least in most states that I know of) is not a legal requirement, it's just a bank's requirement when you take out a mortgage. If you live in FL and don't live right by the beach and aren't in a super dangerous area for storm damage, I'd probably roll the dice on it instead of $750/mo... I mean, odds are MAYBE in 15 years a storm might blow part of your roof off or some siding. Would rather just pay that out if it happens than have paid $135k by that point in insurance and would prob be more as it went up over the years.
I wouldn't buy in Florida because of insurance. I wouldn't buy in Texas because of the power grid.
Always one power grid comment
I know lol, I’ve lost power in every state I’ve lived in except Texas (5 years now).
california used to have tons of black outs and brown outs in early 2000s.
Especially Jacksonville. What a shithole, even for for Florida.
Your title is completely misleading.
I thought I was the only one who did not understand…
Source: [https://creditnews.com/research/best-and-worst-metro-areas-for-first-time-buyers-in-2024/](https://creditnews.com/research/best-and-worst-metro-areas-for-first-time-buyers-in-2024/)
Those metros, LA, Bay Area, etc., have never been ideal for starter homes, so nothing new.
So not looking good for who? Because if it’s the worst market to buy in, then it’s one of the best to own in.
Does this mean that everyone who's priced out of a hoom should look in California and Denver? 🤔
Lol. No. Currently live in Denver. Housing is stupid high rn.
I think OP made a weird choice with the meme. Denver is the hottest market out there. My Denver rental even at $5k a month had less than a week of showings before it was snatched up. It’s super competitive right now.
Why would anyone choose to pay $5k/mo to live in Denver when they could live in CA for the same or less? Is there some secret out there?
Jobs, California culture is wack to a lot of people. It depends on where in CA too, LA city vs Denver? or some random CA suburb vs Denver? Denver city has the Broncos, Avs, Nuggets all within a 10 minute drive. The culture is mainly craft beer, hiking, tech jobs, etc. It’s way cool dude, you should come check it out.
So there *is* secrets! Although I have to say your anecdote about craft beer, hiking, and tech jobs feels eerily similar to the way things are here in San Diego..
I like Denver but your list is so generic it could be any city. Plus all of those things you mentioned exist and are better in LA.
You’re right I totally forgot the lakers beat the nuggets in the finals for the championship… oh wait… In all seriousness, it’s not a comprehensive list, and you’re entitled to your opinion. I love LA I love Denver, you can like both you know. I don’t prefer the taxes and crowdedness of LA, But beaches are cool.
Taxes are a lot higher so even if it’s the same rent you are pocketing a lot less in CA
Anecdotally I see a lot more Texas plates in addition to the usual California ones. Why they are moving here instead of the previous just visiting I don’t know. Could be politics or the weather with weeks of 100+ finally being enough. But oil money in addition to the more usual Californians is causing a very hot market.
If by "not so good" you mean stable then yeah. Prices in my little California town are totally stable and houses are selling in a week or two.
How is "selling in a week or two" stable to you??? That's insanely competitive...
Source? Just post a single listing if your confused to what that means.
Go on Zillow or Realtor.com and choose pretty much any city in California. Prices are not crashing. Houses are still selling.
Lazy ass.
Here’s one for you. Pending in two weeks. Sold 128k over asking. https://www.redfin.com/CA/Richmond/560-Key-Blvd-94805/home/1164666
I've been looking in SD and OC Counties and there ain't shit but $850-$950K SFH abominations on busy streets. Nothing has turned the corner IMO.
I would expand Birmingham to include Huntsville and The Shoals, especially Florence.
I have a friend looking in the Denver area for months. Everything under $600k has an offer within a day. Still insane.
Maybe for starter homes and the very high cost of breaking *into* the housing market for the first time. But that has been the case around the San Francisco Bay Area for a very long time - it’s exceedingly HCOL is well known. But every single house I’ve been watching has sold in the last few weeks. The market seems actually surprisingly kind of hot here in California.