Insurance and Taxes Now Cost More Than Mortgages for Many Homeowners

wsj.com

15 points·JumpCrisscross··7 comments

Two questions, related:

1. why is this article lumping insurance and property taxes as the problem but never actually specifying how much each contributes? From my experience, neither are particularly expensive and neither come even close to my mortgage. 2. if property taxes ARE high, where the hell are people living? I live in an area with among the highest property tax rates in BC which has relatively high property taxes in Canada and my NET property taxes, before the primary residence grant is $6k on a $1.3m home. My mortgage payments are $3k month. If your property tax is dwarfing your mortgage... Surely your mortgage amount is basically zero (you own most of your home, congrats).

On #2, you surely aren't familiar with a lot of locations in US! I live in New England. <$1M home. $18K property taxes. I don't live on coast or in hurricane area, so insurance is relatively cheap at $3k or so....

That's pretty wild but not obscene. Are your services OK, at least? Or is it like TX or FL where there are little if any state-level income taxes but made up for in property taxes?

Why are you directly comparing Canada and US? Taxes directly depend on jurisdiction, they are not some natural law. It is very possible to have wildly different taxes in different US states, let alone countries.

I recognize that. I figured my locale -- which is known for a high cost of living, property taxes included -- would be comparable. I am apparently wrong.

I think this is click-bait from the WSJ

https://archive.ph/n7Ol0

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