Insurance and Taxes Now Cost More Than Mortgages for Many Homeowners
 

It is not uncommon for insurance and property taxes to count for 50% of home ownership costs. This is contributing to sales of existing home at the lowest level since 1995.

Except for a few cases it seems most of the homes are in relatively modest areas.

The Wall Street Journal article on the Drudge Report was not behind a paywall (at least for me).

wsj.com

I wish I could say that's not normal. But my folks paid insurance and taxes for 50 years on their dream home they built in 1967 for under $20K, with a $100/mo mortgage. When Dad died, we bulldozed the house and sold the LAND for $450K. They'd been paying five times their mortgage for that house, 20 years past the end of that mortgage. If we're lucky, that $450K might cover Mom's assisted living apartment for the next five. And only because the gooberment can no longer steal their monthly ransom from her on a house she paid $20K for.

There is no more evil, corrupt, and regressive tax than property tax. It's the only tax that taxes you -- over and over -- on money you haven't even yet received. And it's decided entirely by some un-elected bureaucrat, the same as the Roman tax collectors did it 2000 years ago in the Bible.

The Drudge Report is not all that credible.

It would certainly be true in the villages I would think as more than half of homeowners pay cash for their homes and have no mortgage.

Taxes. We really don't own our home. Just stop paying your taxes and they will take it for pennies on the dollar.