Also property tax increases. Florida has an annual 3% cap on assessment increases for as long as you own your home. Buying a new home causes you to reset and lose much of that savings.
Indeed. I was trying to allude to that. California has a max of about 1.5% increase per year but it also resets however there are some exemptions if you sell and purchase a new home in a certain period of time you can keep your original cost basis. I am not 100% on the details or intricacies of that but I don’t know if you can take a $200k cost basis and move it over to a $3 million home. Which if you owned a home for 30-40 years is entirely plausible in California.