Saylor Warns Against Buying Houses Due to High Property Taxes

Billionaire Michael Saylor is warning against buying houses, citing high property taxes and maintenance costs. In an interview published on August 6, he stated that in Florida, there's a 2% property tax on houses, meaning you pay 2% of the value every year.

This adds up to paying the cost of the house in taxes within 36 years, according to Saylor. However, this calculation relies on an assumption that the assessed value climbs about 2.2% a year, which is not explicitly stated.

Saylor's views are not without controversy, and some have pointed out that Florida's effective property tax rate is actually closer to 0.7-0.9%, not 2%. Additionally, Saylor has previously advised investors to mortgage their homes to buy Bitcoin, now warning against buying houses in general.

The co-founder of MicroStrategy (MSTR) ranked various assets by six-year return in the interview, stating that gold is up 12% per year over this period, compared to the S&P 500's 15%, Nasdaq's 18%, and Bitcoin's 33%.