Newsweek - Gen Z homeowners have been zapped by a shock in the form of high property taxes, as a recent study from Insurify found that almost 90 percent of them said they had underestimated the costs of ownership.
Property taxes have risen consistently over the past five years, with property tax bills rising in nearly every U.S. metropolitan area, according to a recent report from real estate brokerage Redfin. In this five-year period, property taxes increased by almost 30 percent, reaching a monthly median of $250.
Insurify's study found that more than one in three (35 percent) Gen Zers said that they regretted buying their home. Central to this was unexpected costs, as 89 percent said they had been surprised by the high costs of ownership, either after or during the purchase process.
Property taxes topped the list of underestimated expenses, with 40 percent saying they'd underestimated them, while 35 percent said the same for the cost of home insurance and 32 percent said the same for the price tag of home mortgage interest.
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