Florida is collapsing. Insurance premiums spike 100%. Properties going into default. 

Insurance rates up 100% in Florida over last 3 years. Citizens is doing ANOTHER insurance hike of 14%. The crisis will only get worse. Inventory will keep hitting the market. The question is: will it be enough to bring down prices in a market like Miami? Track the data for your city and ZIP code in Florida on Reventure App: www.reventure.app

Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.

To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.

Back in the day, when I purchased my first home to live-in; that was Florida in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

Big problem is that when buyers go to the closing table they need to have homeowners with most mortgage lenders. So this crisis is hitting home owners and home buyers from both sides.

Forced to sell a home is bad but what's worse is when your forced to sell and no one is buying.

Florida- New York prices, West Virginia wages.

Born and raised in Miami. Make 70k annually and I had to leave because it was too expensive. Very depressing

I cancelled all 8 of my policies on my rental homes in 2023. I'm now among the self-insured. My houses are in a relatively safe county (Marion) yet the premiums went up between 80-130%. Screw the insurance companies!!!😡

Lived in FL for 34 years. What the primary causes are predatory roofers with assignment of benefits claims, shoddy roof jobs, the big ambulance chasing legal firms, shoddy house construction. Auto insurance is the same.

Crushed by: home insurance, property tax, HOA FEES and assessments.

Bought my house in The Netherlands in 1990 for 60.000 Dollars (converted currency). I sold my house in 2010 for 200.000 Dollars. In 2020 the house was listed for 300.000 Dollars. In 2024 that same house is sold for 450.000 Dollars. It's just mental.

The economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth

Just met a guy today selling his house here in Jacksonville..moved from DC 2yrs ago & going back WOW.. Video on POINT 👉🏾

I sold my condo on the beach in Naples back in 2021. I was paying $1,150 a year for homeowners insurance policy. The present owners are now paying $6,100 in 2024.

I moved to Tampa back in 2021. The prices are insane throughout most of Florida. My rent went up $400 in one year. I am so ready to move.

Why would you build an apartment building with an apartment cost of $3K when the medium household income is $70K? Who were they catering to?

For a piece of junk property, people in California are willing to pay close to $1 million. California is losing people and businesses, yet the cost of homes there hasn't decreased. Here, nothing makes sense.

I lived in SW Fla for 25 yrs. Wages are terrible.

It comes down to simple math. In my case, I own properties in FLA and MA. Auto and homeowners insurance FLA vs MA, FLA cost about 5k year more than MA. Which means that I can have an income of 110k in MA and break even paying MA state tax. Which in MA, we have better schools and services than FLA. Now in Miami Dade, the median income is 72k. In my MA zip code, the median income is 105k. I hate to break it to you that MA is cheaper than FLA if you can find a place to leave. If Miami and Boston have the same real estate prices, Boston wins. So in FLA condo fees and HOA fees are now being funding at the correct rate. The dog has it's day. Now you have northeast replacement costs in FLA with high weather risk so that bill is huge. Then you have roofing fraud, and Morgan and Morgan telling you to get an attorney for everything, We not only pay for the insurance premiums but surcharge for the attorneys of shore yachts. Then there is property tax. FLA counties love these high real estate prices for there tax revenue. The new guy pays, the long term residents homestead their homes and pay next to nothing compared to the new guy that just bought. At least in MA, the guy that just bought his house across the street from you pays the same for the same home and lot size as the new guy. So the FLA property tax base is uneven to fund the schools and services. So FLA counties live on the new development drug from the developers to keep the money coming. If it was not for the weather, FLA would be just another poor, struggling, and unsophisticated state like AR and MS with no real reason to move there.

I am a bus driver in New York City and I see more and more cars with Florida plates every day.

Realtors are still blowing smoke up owners butts with what their house value just to get the listing too. You said it all in one word…..GREED.

I live in Miami in a town house which I own and it’s 1200 square feet. My HOA insurance covers my roof and walls. So I have to just get dwelling insurance. I went from 1100 to 1200 to 1800 to 3900 and my renewed is in July and it went to 4100. I only qualify for citizen. So this is very true about the insurance.

One more thing: If you're going to live in Florida, DO NOT LIVE ON THE COAST! Not only is it incredibly expensive, but your hurricane risk means you could lose everything. Stay inland where it is much hotter AND safer. The chance of Orlando getting hit by a Cat 5 hurricane is near ZERO. A Cat 5 on the coast will be a Cat 3 by the time it moves inland and even a direct hit will be around 115mph Max winds. Your home will survive! You might need new shingles, but that's it. Location is critical in a hurricane state. I've been here over 30 years and know what I am talking about.

Every homeowner in Florida was promised a new roof by attorneys by way of lawsuits against the insurance carriers if they failed to pay and contractors working with these same attorneys charged obscene roof replacements costs. Congratulations Floridians. You dug your own grave.

Sounds like a correction in price is coming. That’s good for Florida.

Florida has always been a Boom/Crash state. Thanks Nick!

Vacant commercial properties , local & regional banks collapsing , tons of restaurants closing & people with 3 jobs to just get by. South Florida’s bubble is going to bust and it wont be pretty. Venture capital boosted the price of all the homes by purchasing large swaths of properties and inflated prices ; nothing is what it seems down here. It’s unsustainable

Understand your points, and agree with most of them but one correction: We have a local program called “Save Our Homes” where people who homestead are capped at a max of 3% increase per year in property taxes. This would effectively make it impossible for peoples property taxes to double in 4 years. This is obviously limited to those who make their primary residences in Florida, but they do make up a majority of situations.

Northerners moving back to where they came from and getting out of Florida is a great thing!!!! Thank y'all very much!!!👍👏🏻👏🏻👏🏻👏🏻

Right in the heart of downtown Orlando, on the main popular drag Orange Avenue, a remodeled office building that was appraised at 22 million sold for 9 million just a few weeks ago

I took advantage of housing bubble in 2010 and bought a condo for $110K in upper mid east. 5 yrs later, I sold it for $330K. Today, it's worth $550K! All I will say is that this condo is part of an old 3 story house built back in 1910!

I bought my house in Florida five years ago. It's a 1979 fixer upper in a fabulous location. I didn't want to buy a shoddy flip. I wanted to slowly renocate it with quality materials. My big mistake was assuming that prices for materials wouldn't skyrocket. Of course, insurance prices will increase because everything costs twice what it did before c0vid. Everything in life is a choice. I have no plans to move. Every location has its issues. I live in an area where people travel long distances just to vacation for a week or two. I wake up every morning to beautiful sunrises over the ocean and dolphins swimming by. Can't get that in Omaha or Spokane.

They key is to pay off the home and self-insure, improve your homes construction and then you don't have to buy any insurance.

Not that Im defending insurance companies but its kind of hard to insure a property that jumped "70% in value" in 2 years. What did these dummy homeowners think was going to happen with the biggest residential real estate bubble in world history for such ridiculous home prices. This is in addition to rising property taxes. Wake up America, YOU ARE GETTING PLAYED!

I'm a native New Yorker and grew up in Brooklyn the first part of my childhood. My parents moved to Florida in the late 70's to escape the cold winters of NY. Back then it was super affordable to live in Miami. They bought a modest 3 bedroom, 2 bath home for $55,000 in a community where the homes were built in the 1950's. Those homes were built like tanks. Property taxes were low, homeowners insurance was very affordable and the cost of living was much lower. I returned to NY in the mid 80's to go to college in NYC and I've been living here ever since. I had planned on going back to Miami at some point since my family was still living there. But I met my husband and I remained in NY and built my career here. My parents have since passed away and my brother and I inherited their home. My brother wants to stay with the house since there is no mortgage and he needs a place to live. Unfortunately, he can only afford fire and liability insurance because hurricane insurance is too expensive. And even without hurricane insurance, the other policies are still expensive. Also, property taxes have gone up but it's cheaper for my brother to stay in our parent's home than to pay rent. I love Florida and go down often because of my brother and I still have a lot of relatives and friends down there. But it's becoming increasingly difficult for them to live there with the high cost of living especially since a lot of my family have lived there for 40 plus years. A lot of them are now headed to their retirement years and will be forced to sell their homes they've had for decades and move out of state. I already have relatives that have moved to other states where the cost of living is a lot less expensive. I know that the cost of living is going up everywhere but it's sad that Florida has come to this. I have many special memories of growing up there during the latter part of my childhood. Unfortunately, south Florida, like many other large cities in the country are becoming places only the wealthy can afford to live. It's hard for those on a fixed income. Florida is a beautiful state. But my heart goes out to those that will no longer be able to afford to live there and will have to sell their homes after years of ownership.

My wife and i were lucky, we sold our house in Bonita Springs FL in July 24,for a solid price, we have boomeranged ( I’m an Aussie), back to California, our cost of living is approx $20K per year less than in FL. Other benefits, mountains, quality of food and groceries, restaurants are more affordable, golf is more affordable, health club is more affordable, house insurance is approx 70% less, no HOA fees, no hurricanes. And we are happy as we are not stressing about our cost of living rising at a rate that is not manageable on our fixed income. Cheers get out while you can

5k mortgage 1.7k insurance 1.7k taxes 8.5k monthly payments? You have to make 400k to live in Florida

Never overpay for a house in a neighborhood swarming with chickens 😂

You are amazing! Everyone needs to follow you. This is the exact things I’ve been telling all my friends and fam!

I would always drive past that office building in Wynwood and wonder for long how could they keep that place vacant. Not surprised that they have gone into foreclosure . Several more new office buildings in Wynwood will follow suit as they are mostly all vacant.

Greed rules our country.

The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that or generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 48.

I live in Miami and a Construction Contractor and you are absolutely RIGHT

Nick, been binging on your videos. Excellent work. Although not in Florida, it does help me understand what is going on in my area, and what to look for. Thank you. A fan

Fl 2008 all over again in 2025 baby. Been waiting for 3 years for this crash 😮😮😮😮

I closed on selling our second home in Charlotte County last week. The intent was to carry it for 5 years until we retire......but with everything going up (insurance, HOA, property taxes, energy) and the threat of our equity going down, the calculus to hold didn't make sense anymore. We didn't take a loss thankfully. Wishing all prospective sellers and buyers the best of luck.

Excellent and well executed in factual stats. I. am a retired fellow from the UK, living in the Caribbean and I am always shocked when I hear the tax people have to pay for owning a property, EVERY YEAR. I appreciate that tax is a local tax for town hall services, police, streets, education and so on, but in the UK an average tax (Housing Rates) for homes is £2,161. The average buildings only policy was £284 annual charge for 2024. A lot of areas struggle with flooding, but we do not get the same extreme weather as the southern region of the USA. Your housing taxation is robbery by another name and I am suspicious the insurance actuaries who make the calculations for their risks need investigating. Alternatively, if your house is not made from cement blocks or bricks, as in the UK, perhaps this is the real reason for extreme insurance rates, and you are carrying for the poor fabrication of home construction across the state. (My background was providing automation for banking, finance and insurance sectors).

And (1) there is really no reason for these high (corporate) insurance premiums other than greed, and (2) when tragedy strikes, they don't pay out or off. After the last big storm in my area, a woman came to my home asking if my insurance company had refused to pay out for any storm damage. A group of home owners were getting their facts and figures together to start a class action against this/these insurance companies who were doing a Rainmaker scam on their subscribers. This only goes to show (1) insurance companies are predatory scammers in the habit of selling the ILLUSION of protection, because when the time comes, they have no intentions of holding up their end of things, and (2) that this scenario is a complete failure of the governor's office that is doing nothing to stop these predatory practices because he is in on it by being on their side and giving them safe harbor. He, like all (R) in the state need to go, and be replaced by impartial Independents who will use their office to give more than lip-service to protecting the people from all of these predatory practices. This includes the real estate industry, the insurance industry, and the banking industry. But this is being done intentionally. The market manipulations up and down are causing people to be evicted and the banks to end up with the land, the house, and the home owner's equity. The plan is to convert all housing across the whole country to renters only, effectively making We, the People, slaves; debt slaves in petpetuity to the corporate New World Order. That's the plan.

Last fall, my son accepted a public school teaching job in Doral that paid $48K per year. He struggled to find housing he could afford on that scrawny salary, eventually commuting daily 45 minutes and living in a dump. He is leaving for Ventura CA where he'll make 50% more and rents are about the same. The Miami housing market is truly awful.

If they built the homes there like they do in Okinawa, insurance could be less. Over there the whole thing is concrete. Roof, floor, walls, all of it.

I’ve been saying this for over a year now. The condo crisis is already affecting tons of people. You’re spot on every topic, from affordability to the insurance crisis. God help us!

People in Florida are just like the people in Las Vegas and Phoenix. They can't get enough of the same thing. (Yes Master, May I Have Another)

As they say about Florida: when Florida isn't bubbling, it's crashing

That's not a million dollar home it's worth what they paid for it in 2019. Just ridiculous, the greed is killing our country 😢

Saw a condo listed for $550K. The estimated financing is $4,600 + HOA of $1,100. That's crazy no matter the view. And it's sitting empty. I can only guess at the insurance cost as it's on the water.

People are greedy and ridiculous. Those houses in Florida are not worth a fraction of what they're asking and they put these houses on the market after they maybe painted a door and they want like you said $400,000 more for it. It's insanity!! I live here and I sold my farm for so cheap the end of 2020 and I can't even buy a home now and I'm retired . It's so sad and I've had five homes here I just can't wait for it to become another 2008 to tell you the truth!!

Fort Lauderdale used be a great option if miami was too expensive…but they are just as bad in terms of rent and cost of living 😢

In the late 80’s I lived in a West Kendall rental community (3br, 2bth), with plenty of amenities, where I paid 850 usd a month. It was a long time ago, of course, but it does give a idea of how crazy prices have grown in Miami.

Thank you so much for doing this ,really really appreciate it ,you rock, huge fan of your channel ,you are 1000% right people here are struggling to pay their rent/ mortgage because they can not afford it and they are being displaced

Cheers Nick, I like that you had an on the street interview with a tenant and hopefully you will do this more in the future with homeowners, potential buyers, sellers.

You are absolutely right. Florida's economy is mainly based on tourism, and rich retirees. New York has the financial market that's nothing but money. Los Angeles has the Hollywood and movie stars. Median household income in Miami is $54K, NYC is $74K, Los Angeles' is $82K. Ideally, homes should cost 4x their annual income. That would be $216K for Miami, but you are seeing 3x that.

Thanks for the video. You should have gone to wynwood during a night or the weekend. Noise and crowd is insane (always asked myself how those new condos renters could live with that less right under their windows)

Miami rentals you quoted were “base” price. Then there’s recycle, pets, parking, rental insurance…. All those tack-ons and the rental price skyrocketed.

It’s sad. California and Florida were the two states people dreamed of moving to, but now both are becoming unlivable.

A friend purchased a condo in a high end golf community close to the beach, around 2019. I moved out shortly after 2020. He just let me know that special assessments, insurance, and maintenance have gone sky high, causing numerous residents, who used to be comfortable.....to put their units up for sale. But...there's been no interest in the units. Buyers are paying close attentions to the real costs of owning there.

HOLY CRAP. Insurance rates of $1000 PER MONTH??? That is outrageous!

I was forced to leave an a nice apartment in Miami( Little Havana) because I could not afford the renter insurance required by the landlord...this was in 1998. It's hella worse today

Thats crazy, those wynwood homes sold for like 25k in the 90s… Selling for a mill these days and still run down not even renovated looking like they were in the 70s when they were built

Makes sense people would be moving back to their original states. So many people moved during the pandemic when there was absolutely no guarantee from their employers that they’d be allowed to work from home forever

On point. We are in central Florida and not near the coast and our insurance went up 70% just this year. What good is a 2.625% mortgage when your other costs go up substantially each year? Our total monthly payment has increased 40% in 3 years.

Spot on. I live in Miami for the last week this is exactly what we have discussed.

The wages to the cost of living in Florida is crazy skewed. We need a MAJOR correction

Everyone knows that home prices are absurdly inflated. It's not accidental either. Blackrock and Vangard are driving this by offering 120% of asking price, and then suddenly stopping in certain areas, then prices tank back to normal levels, then they move in and buy up more.

I agree, my property taxes went up to $8900 a year. So I sold it last year and started renting instead I'm glad I did. Now I'm able to wait until prices go down and buy on the downturn.

I watched that Gateway office building be built. It just finished completion not too long ago. I lived at Gio Midtown. When I first moved in, my rent was $1585 in 2020. By the time I moved out December of 2022, they were asking $2650 for the same apartment. I was so confused. The thing is, Miami is unaffordable and super hot but the housing and rental prices haven’t adjusted. I expect home prices to drop… but nothing.

What sucks about this next recession is the crime is going to be 100x worse. Broward was mostly working class people so in 2009 the only thing that happened was shuttered commercial spaces and empty parking lots. These luxury high rises are a breeding ground to turn into slums, the gentrifier:homeless ration is 1:1. The homeless population has skyrocketed, I was born here and have never seen anything close to this. Junkies throwing up on the side of the road. And a hurricane? Forget it. We don't have the infrastructure to handle this many people here any way you cut it. Developers and politicians have RUINED south florida.

Here in Miami, what I’m seeing is families moving in with other families to sustain their mortgage payments. Drive by the homes and you’ll see about 5-8 cars parked there. And groups of people hanging out on their yards. That’s on a daily basis. People in Miami dade, Broward and Palm beach counties which basically is south Florida. They claim they live in a bullet proof economy and that houses will still rise. They will be in for a rude awakening if there is a housing crash in south Florida. Boots on the ground in Miami is awesome keep up the good work!

Nick I live and work close to this area... NO JOKE I think more than 1/2 the population is on welfare, collecting "disability" checks, on section 8, medicaid, food stamps and on Medicare early. It wound be interesting to see the data on what percentage of the population is "disabled" or on Welfare.... I couldn't image buying a home for over 1m and all my neighbors are on welfare and there are chickens running around. This is literally the story for MOST of Miami Dade.

Not even to mention on street parking, noisy traffic, cheap fences, bad to no landscaping ….. and airplanes overhead. The area is not worth that kind of money.

I recently talked to a retired couple who moved back to the northeast. They moved to Florida in 2017 and total expenses were less than 2500 a month. Then suddenly after Covid, car and home insurance, HOA fees and taxes all increased. They were over 2500 a month on just housing alone! They left in 2023 and moved back into their once rented home in CT.

Lived in Miami in 2021. Rent for a 1/1 went from 2k/mo to 3.2k/mo in one year. I left.

I have been watching you since the pandemic. Great information thk you.

my homeowners insurance on a 3,000 square ft house in Olympia WA is 1,550 and property taxes are 4,900

We are in Kissimmee, have a 3,600sq ft home. When we bought it in 2012 it was 2,200 per year. Last year after being dropped we were slapped with Slide insurance and they said it was going up to 13,500 per year!! I shit you not. We said HELL no and picked up citizens and we dropped to 3,300 per year, down from 9,700 the previous year!! Now they tried to dump us this year but couldn't as all other quotes were over 20% more but now insist we buy flood insurance even though we aren't on a flood plain. I told my wife if this home had got to 15k we were dumping it and leaving. I want to move to the midwest Kentucky/Indiana area but she wants to stay in FL for the family. I told her there will be a point where we throw more money away each month than we can afford. If we move we can actually keep all of the money in our pocket. My car insurance for 4 cars is now 878 per month!!! Last year it was 577 and the year before that was 480s. Honestly I'm so ready to leave, I'd rather keep more money in my pocket for vacations than to just stay in Florida, I'm over the traffic and the influx anyways.

The hurricanes are going to be intense this year.

I live in Omaha Nebraska and have a 5 bedroom, 4 bathroom , two kitchens, two dining rooms, two living rooms and a game room, house on a quarter acre. The house payment plus insurance plus taxes is less than your $11,000 insurance payment.

New Zealand is the same. I pay 50% of my income on rent. Plenty pay more From what I see on the real news, is that this major downturn is everywhere in USA. The Economy is going through the roof and people are really struggling.

I’m curious to know how they thought this was sustainable in a state with low wages.

I was happy that we sold our house in Cape Coral earlier this year. And moved to NC foothills

Your real estate knowledge is fascinating and your insight that you’re generously sharing is incredible! Thank you sir, I appreciate you and also your expertise!🙌🏻

I love Miami and i was considering moving there but its so EXPENSIVE and the traffic is beyond crazy and your auto insurance is 2 to 3 times higher than Orlando. I cannot believe the housing is that expensive especially a 1600 sq ft house with chickens for over a million!!! That is insane!😮😮😮

I really dislike what these investors done to my home state. Ignorant greed

Greetings from Jacksonville. I agree with your advice I follow you! great work.

Some sellers look around and see high prices and just put their house on the market to see if they get an offer. They aren't necessarily looking to move, but decide they will if they can get a high price.

When I moved to Orlando in 2015, I was paying a $1,000 monthly rent in a first year. Now I'm paying $2,380 for the same size condo. My income has not increased nearly as much.

THE AIR B & B CRASH IS HAPPENING ALSO

I got the heck out of Dodge / Florida in 2021. Sold and moved to South Carolina.

I live in CA and the rent in Miami and the cost of houses has my jaw on the floor. I make six figures and don’t want to pay the price to live in Miami…

Hey Nick, they got chickens running around the financial district in Coral Gables too, so I wouldn't use that as any kind of indicator. Love your channel.