A good friend’s sister is visiting from Florida. She was saying how insurance and HOA fees are eating her alive. She’s only owned her place for a few years and these higher expenses are a real hardship. Let’s see what happens after this coming hurricane season.
My wife’s church here is New Hampshire is facing much higher insurance costs. Apparently her church’s insurance is combined with all the other churches in the country. A big increase in one area, such as Florida, raises the rates across the board. The people in Northern New Hampshire aren’t too keen on paying for hurricane risks they’ve never experienced.
A newly married couple I’m friends with has been looking for a decent house for the last year and a half. Our real estate has taken a jump. It’s not as crazy as in other parts of the country but our wages tend to be lower too. What we have is a lot of people who are moving north from high cost areas. Our higher costs don’t see high to them.
Usually by this part of the economic cycle we start to see lower housing prices. That has started to happen in a few areas but just a few. Of course rents have also risen. Personally, I’m lucky I’ve been in my home for a long time. A decent apartment in town would cost twice what I’m paying each month to live here on the lake. That’s just crazy.
One thing about the housing market -things can turn on a dime so be aware.
-Sixbears
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