Inflation here? gas/grocery prices just continue to climb (1 Viewer)

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B4YOU said:
A 450k loan with 4K property tax, 500 insurance, and PMI at 5.5% is $3100/mo vs 3.25 is $2500/mo. That’s $600 more on housing.

The average American household is spending $300 more than last year due to inflation per Moody’s.

Rates plus inflation would mean anyone buying a home should expect $900 more per month in expenses than a year ago. These combined factors are going grind the market to a halt.
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If you are in South Louisiana, add a 2 or 3 in front of the "500 insurance".

If you are lucky enough to find a carrier at this point.

its. that. bad.
 
BooBirdSaint said:
Went to the movies with my son this past weekend. 2 small cokes and 2 small popcorns, $31!!! Nope. Sorry not doing that again, ever.
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Thats not inflation, thats just an old fashion ripoff...lol. And they wonder why the bootleg streaming movie market is so big..lol Oh, don't forget the ones who stop at WalGreens before the movie and buy the same boxes of $6 candy for a $1.50..
 
Read an article today that JP Morgan is expecting gas to top out at $6.20 this summer. I fear what food will cost by the end of the year.
 
B4YOU said:
A 450k loan with 4K property tax, 500 insurance, and PMI at 5.5% is $3100/mo vs 3.25 is $2500/mo. That’s $600 more on housing.

The average American household is spending $300 more than last year due to inflation per Moody’s.

www.cnbc.com

Inflation is costing U.S. households nearly $300 more a month. Here’s how to adjust your budget

As prices continue to rise, you'll likely have to make adjustments to your lifestyle and budget. Here's what the experts say to do.
www.cnbc.com www.cnbc.com

Rates plus inflation would mean anyone buying a home should expect $900 more per month in expenses than a year ago. These combined factors are going grind the market to a halt.
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Yeah, now imagine you live in Fairfax Country where the housing costs for the same home is more than double that. :covri:
 
efil4stnias said:
If you are in South Louisiana, add a 2 or 3 in front of the "500 insurance".

If you are lucky enough to find a carrier at this point.

its. that. bad.
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It's not quite that bad here in Virginia in terms of insurance. Most are probably in the $1k to $1250/year range.
 
DaveXA said:
It's not quite that bad here in Virginia in terms of insurance. Most are probably in the $1k to $1250/year range.
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Well i should clarify, this has NOTHING to do with inflation.

This has everything to do with Ida.

Im just mentioning because for folks here, when you couple THAT with inflationary pressures of mortgage rates, cost of goods etc etc. it makes home ownership that much more less achievable.

I was just notified this morning that our agency, right now, has THREE - THREE viable homeowner markets. We had over 14 just a year ago.

The fourth is State run program whose rates are, by charter, usually 10-15% higher than market rates.
 
buzd said:
2 or 3, lol.
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yeah i was averaging that cost on $250,000 home.

you get to $400,000 and toss a 4 or 5 in front.

i dont know how this plays out.

And as i noted earlier, the home behind me sold for $660,000. Meaning someone is about to spend $500/mo just on insurance for that home. Add tax at a millage of about 1.6, that is around $9k taxes ( WITH the $75k homestead exemption - so $800 a mo in tax )

so $1300~ roughly added to mortgage note.

oof.
 
efil4stnias said:
yeah i was averaging that cost on $250,000 home.

you get to $400,000 and toss a 4 or 5 in front.

i dont know how this plays out.

And as i noted earlier, the home behind me sold for $660,000. Meaning someone is about to spend $500/mo just on insurance for that home. Add tax at a millage of about 1.6, that is around $9k taxes ( WITH the $75k homestead exemption - so $800 a mo in tax )

so $1300~ roughly added to mortgage note.

oof.
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Insanity.
 
efil4stnias said:
yeah i was averaging that cost on $250,000 home.

you get to $400,000 and toss a 4 or 5 in front.

i dont know how this plays out.

And as i noted earlier, the home behind me sold for $660,000. Meaning someone is about to spend $500/mo just on insurance for that home. Add tax at a millage of about 1.6, that is around $9k taxes ( WITH the $75k homestead exemption - so $800 a mo in tax )

so $1300~ roughly added to mortgage note.

oof.
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DC homeowners insurance for 500k home is $600. Property tax is $850/100k or $4250 before 75k homestead. A 5k/yr payment for T&I is reasonable on 500k, that’s 1%. DC also caps tax increases at 10%. So when its reassessed at 580k next year you only pay on 550k.

I don’t know how SELA residents afford the $3600+ insurance rates. I think my mom pays $4200 in Kenner for a home that has never flooded in 45yrs. They even made her put a new roof on before they would insure her.
 
B4YOU said:
I think my mom pays $4200 in Kenner for a home that has never flooded in 45yrs.
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Flood is a completely separate policy subsidized by the federal government and not even covered by homeowner's. It has no effect on homeowner rates.
 
B4YOU said:
DC homeowners insurance for 500k home is $600. Property tax is $850/100k or $4250 before 75k homestead. A 5k/yr payment for T&I is reasonable on 500k, that’s 1%. DC also caps tax increases at 10%. So when its reassessed at 580k next year you only pay on 550k.

I don’t know how SELA residents afford the $3600+ insurance rates. I think my mom pays $4200 in Kenner for a home that has never flooded in 45yrs. They even made her put a new roof on before they would insure her.
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i have a rental dwelling in Mandeville.

3 years ago was paying $1800/yr for insurance.

It renewed 4/1 with a company that is NOW IN RECIEVERSHIP ( aka out of biz ) . - $4400 - they billed my escrow KNOWING they were on cusp of liquidation.

NM just got word as im typing - Lighthouse is liquidated.

Meaning if ANYONE here is with Lighthouse insurance, you have 30 days to find new carrier. And refund? yeah that will take months- to come.

holy cow.
 
Great news because I was getting tired of paying over 4 and a quarter. :rolleyes:

www.yahoo.com

Gasoline Prices Are Set To Spike This Week

Gasoline prices are set to spike this week as inventories continue to fall and U.S. drivers add to demand as they prepare for Memorial Day weekend
www.yahoo.com www.yahoo.com
 

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