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When insurance/property taxes approaches your mortgage payment - do you own your home?
Posted on 9/5/26 at 9:02 am
Posted on 9/5/26 at 9:02 am
I was thinking about this the other day while talking to an older friend. I’ve met several retirees who said their original mortgage was, say, $800 a month, only for their property taxes and insurance to eventually match or even exceed that original payment over time.
How dumb is that? It’s a big con. You retired (if you can) and end up paying more to keep your home every month after your home is paid off.
The modern American dream is keeping a roof over your head and affording ribeyes on occasion.
How dumb is that? It’s a big con. You retired (if you can) and end up paying more to keep your home every month after your home is paid off.
The modern American dream is keeping a roof over your head and affording ribeyes on occasion.
This post was edited on 9/5/26 at 9:03 am
19
Posted on 9/5/26 at 9:04 am to theunknownknight
Yearly property taxes should be unconstitutional, along with income.
Sales should be enough.
Sales should be enough.
Posted on 9/5/26 at 9:06 am to forkedintheroad
Yes paying annual property taxes essentially implies you are just renting the land and the government actually owns it
Posted on 9/5/26 at 9:07 am to theunknownknight
You need to pay for those schools your grandkids would get stabbed at
Posted on 9/5/26 at 9:07 am to theunknownknight
I’m retired, owned my home many years, those taxes are hard to swallow every year
Posted on 9/5/26 at 9:13 am to theunknownknight
My house is paid for completely and I still pay about $9,000 a year in insurance and taxes.
Posted on 9/5/26 at 9:20 am to theunknownknight
I’m living in two places, so I’m thinking about dropping insurance on both. If something happens to one of them, I’ll just move to the other one for for good.
Posted on 9/5/26 at 9:22 am to VA LSU fan
quote:
My house is paid for completely and I still pay about $9,000 a year in insurance and taxes.
I’m at about 25k
By the time I retire wouldn’t be surprised if it’s 3k a month.
Posted on 9/5/26 at 9:23 am to theunknownknight
Most parishes and counties allow a tax freeze at a certain age to help with this. Insurance however….I remember my first insurance premium annually was $678. I pay more than that in car ins per month.
Get a good job kids. You’ll need $200,000 for a mediocre life
Get a good job kids. You’ll need $200,000 for a mediocre life
Posted on 9/5/26 at 9:26 am to theunknownknight
My mortgage is 1800/mo and my property taxes and insurance are 1100 on top of that.
fricking ridiculous.
fricking ridiculous.
This post was edited on 9/5/26 at 9:28 am
Posted on 9/5/26 at 9:30 am to Rize
You guys clearly aren't following the babytac insurance method.
Posted on 9/5/26 at 9:41 am to theunknownknight
It’s criminal
Posted on 9/5/26 at 9:49 am to theunknownknight
I’ve got an old roof on my primary residence (that I own outright). Five years ago my independent insurance agent found me a home policy that practically completely excludes roofing material replacement and associated labor; the policy is less than half of what it was with minimal prorated roof depreciation in it.
I’ve saved over those cheaper five policy years (with interest) about 2/3rds of a roof replacement. It’s something to investigate if you have an older roof.
Be zealous in monitoring any property tax hikes; you can appeal the amount and sometimes you can win an appeal. I seen it!
I’ve saved over those cheaper five policy years (with interest) about 2/3rds of a roof replacement. It’s something to investigate if you have an older roof.
Be zealous in monitoring any property tax hikes; you can appeal the amount and sometimes you can win an appeal. I seen it!
This post was edited on 9/5/26 at 9:51 am
Posted on 9/5/26 at 9:54 am to theunknownknight
Welcome to Texas, my taxes / insurance are half of my escrow.
Probably one reason there’s 450 homes for sale in our community
Probably one reason there’s 450 homes for sale in our community
Posted on 9/5/26 at 9:58 am to The Torch
House is paid off now and I dropped wind/hail insurance after getting a new fortified roof. I’m done with the crooks.
Posted on 9/5/26 at 10:14 am to Pepe Lepew
quote:
I’m retired, owned my home many years, those taxes are hard to swallow every year
How many times must it be explained to you baws that there is ZERO connection between paying off your mortgage and property taxes?
You continue to use the public infrastructure and maintaining a good school district is beneficial to you and your property value. That is what you are helping to fund.
There is plenty of waste and abuse in the system. I'm speaking about the general reason for property taxes.
The fact that you paid off the lien on your house is irrelevant when discussing property taxes.
Posted on 9/5/26 at 10:19 am to theunknownknight
I'm lucky enough to own my house. But my three biggest bills each year are Home Owners Insurance, Property Tax, and now Flood Insurance (which has increased 300% in the past 5 years)
Posted on 9/5/26 at 10:19 am to jclem11
quote:
You continue to use the public infrastructure and maintaining a good school district is beneficial to you and your property value. That is what you are helping to fund.
And your house is held hostage by the government in case you fail to pay for any reason.
So you never really own your house.
Posted on 9/5/26 at 10:19 am to theunknownknight
If you have a mortgage you don’t own it. And we just had a thread on here earlier where I argued because of property taxes, and the states ability to seize your home should you not pay them, that you never own it.
So, no
So, no
Posted on 9/5/26 at 10:19 am to theunknownknight
You don’t have to carry homeowners insurance if you own your home outright.
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