The Real Reason Homes Got So Expensive
About this episode
Mikey discusses the impact of home insurance on housing affordability and the factors contributing to rising home prices in California.
For two years, everyone's been watching interest rates. But there's a quieter number shaping home deals right now and many people aren't talking about it. In this episode, Mikey breaks down how home insurance went from a simple line item to a major factor in what can impact what you can actually afford. You'll learn why California got so expensive (it's not just the fires), how a 1988 law helped set this in motion, and the moves to consider that may help protect you before you remove a contingency. What we cover: Why insurance can be as high as ~9% of a typical housing payment — a record high The 1988 law that may have reshaped the market Why your roof's age matters What happened when 7 of 12 big insurers pulled back The 3 moves to consider before you fall in love with a house If you're buying in California or anywhere premiums are climbing, this one's worth your time.
More episodes of LIFE WITH MIKEY
- The Truth About Mortgage Rates
- The 5 common behavioral biases that can influence investment decision-making
- Can $100K Survive in California?
- The Government Loan Owners May Not Know About
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