Harris County and Texas in general is no longer "affordable", It’s only going to get worse
In the past decade the cost of living for Harris County and Texas in general has exploded in cost.
Overall in Texas on average " Auto insurance rates in Texas soared an average of 23.8% in 2022, eight times higher than in 2021 and the highest annual increase in at least 20 years, according to the Texas Department of Insurance.
In addition, homeowners insurance rates in Texas rose an average of 10.8% last year, the highest annual gain since 2012."
Add in to that the fact that flood insurance increases every year at 18% until you reach the new rates due to the FEMA changes they implemented in the last couple years.
And if you don't already have an active policy, your flood insurance is about $1400~/yr even if you're not in a flood zone due to the rate changes. Overall a average house purchase price around $300k, would be paying around $4k in home insurance, and then an additional $500-1k in car insurance. Add to that the crazy amount of property taxes/county/mud Texas has and you're looking at paying around $8-15k in Taxes/insurance to own a car/house in Harris County/Texas. More if you have to also carry windstorm insurance if you live near the coast.
TLDR: It's bad now, and it's only going to get worse, since the rates never go down. Insurance companies in the future will be able to price you out of your own home.
Notes: Flood quote today for $220,000 building coverage, 50,000 contents is: $1396. Not currently in a flood zone.
Homeowners insurance $2200~ , 267,370 dwelling coverage. 2% wind 1% all other deductible.
Car Liability only 6mo premium $468.31 ($100 for uninsured motorist coverage for bodily injuries)
submitted by /u/Minionz
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