What state is less likely to raise their property taxes and Homeowners Insurance, Georgia or South Carolina? Anyone? We are trying to decide where to move.
BabyBoomerette here- have been in my first home since 1982, a 3 BR 2 bath ranch style home with a fireplace. It is exactly what I wanted in ‘82 and is still my favorite home style. If I’m lucky, I’ll drop dead here.
Good for you! I’ve been in newly built places.. homes and apartments (“smart” community .. not as smart as they claim) .. very shabbily constructed .. a 5 year old home I was in which was considered one of the most upscale areas of Wichita ks, I could hear the wind coming through the windows they were installed with scotch tape it seemed
@drwayne_carter9115Boomers will never acknowledge this. All you'll hear is muh 18% (while ignoring how cheap homes were and they could refinance later) and muh Vietnam (while ignoring Desert Storm and the last 20 years of war).
@drwayne_carter9115 congratularions on spewing the same brain dead gen z bullshit acting like you had nothing to do with it ❤ Jealousy is ugly,and your attitude is why you deserve it. Stop bein a fucking ass
A family member lives Upstate NY , rented a new apartment ( very nice place ) and they are paying $2,300.00 per month . To buy an New Home in this region ( Midwest ) , you can buy a home between $170K - $200K ( before Covid 2020 ) , now the new homes are going for $480K - $600K . The same design of homes 1700 sq ft , 4 bedrooms 2 bathrooms , living room, dining room. kitchen, 3 car garage and a big back yard . If you want more expensive home, they will cost you $600K - $2 million Dollars or more , they have on average 6 bathrooms , 6 1/2 bathrooms , kitchen, living room, dining room , 3 level of home , 3 or 4 car garage . Where before Covid , the home were selling between $450K - $800K . Property taxes between $8k - $12K . Alot of people buys land and have a custom home built $over a Million dollars .
Michael says rentals are cheap, but I have not experienced that since I sold my home a few years ago and have been renting. My rental payment is twice as much as my house payment was.
Given the high occupancy rates, and low vacancy rates for both purchases and rentals IN MY AREA seem to be affordable to a lot of people, otherwise they'd be empty, landlords and property owners would be slashing prices and sitting on lots of vacant inventory. That is not the case. If you are not homeless it means you, too, can afford wherever it is you live, though it might be tight depending on your or any individual's circumstances. You may not like it, but once you are on the homeownership train, your property appreciating will be appreciated. By you.
We bought our starter home in 1995. Always looked at upgrading to bigger house, more property. Never found something better. Raised our 3 kids here. House paid off. Kids have no student loans. Still considering something newer, one level but yet almost 29 years later-here we are.
Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
I know affluent retirees who have sold their homes and are renting upscale apartments. It is not a bad way to go. No property tax, no HOA, much lower insurance, little upkeep costs.
Michael the weather excuse doesn't work in the midwest this year. This has been the mildest winter i can ever remember. Haven't had snow on the ground in weeks.
I'm in the market but there's little inventory, however, renting is hardly an option. A decent two bedroom in a nice area is comparable to a mortgage payment. Once upon a time renting was an option. Once upon a time childen and dogs were not allowed.
In 2020 I was trying to buy any house in Gilbert AZ but it was out of my budget. I ended up moving to Arkansas and got a house for 130k with 2.7% interest. Sometimes taking a chance and moving to a cheaper area to buy a home might work for you.
I am definitely looking into out of the way less populated areas myself. I prefer the countryside anyway just hope when the time comes it’s still affordable.
Lol! do you remember that movie "Career Opportunities" where the guy was stuck in Target all night long with Jennifer Connelly? He had everything he needed. 😊
House for sale Lovell, Wyoming. $350,000 then $325,000, now $ 295,000. Built , 1930 Prices are dropping. It is just that people raised their prices way to high.
For awhile, I was thinking about buying a place or just upgrading my rental, but I am so glad I have stuck it out in my old place and avoided lifestyle inflation. Living the bachelor life with another roommate. We make 160k combined but split an $800 per month townhouse in the hood. I will only upgrade when I have enough to buy a place cash.
Don't actually buy cash though. Diversity is actually a benefit with investments. I dumped a lot of cash into my house over ~3 years to pay it off, but I'd have been better off making minimum mortgage payments and investing for the difference.
@@user-mo4xc1pb1m What if your interest rate was 4-4.5% and the equity is more than 160% of the standing remaining loan amount. Would you still do minimum payment in that case?
It may sound counterintuitive but when you buy a house, you pay more to gain more. You’ll never understand it unless you take the plunge and put in a decade of your life into a home. Hands down the best place to put your money outside of equities and gold. All of which you should never buy if you can’t afford to.
It is not just tax and insurance that can rise, houses and the support equipment goes south all the time. What if your AC goes out? How about needing a new roof? Hot water heaters, refrigerators, washers, dryers, plumbing, electrical, it just goes on and on. Got a piggy bank to pay for those things. You can plan on a major expense at least once a year. Then there is yard maintenance, etc. Personally I own my home. A large Travel Trailer pulled by a Ram Diesel Pickup. I travel full time. My trailer is much nicer than any one bedroom apartment I could rent. Customized by me for me. My rent can be as low as $300 per month or as high as it is this winter since I wanted to visit my best friend, $625 a month. If I chose, I have a travel membership which can make my rent less than $50 a month, but I have to move every three weeks. I have a lot in Michigan for the summers. Cost me $1200 a year. My biggest single expense is Federal Income Tax, Dadgum gubmint LOL. I see many families now that use an RV as a home.
Yep, still renting, because of how unreasonable the housing market is. And, in the area we are interested in, there are not many houses for sale. I wish things would change sooner than later. I am sick of living this way.
This is the new normal get used to it. Unless we get some of our politicians to feel our pain nothing is going to change. After WW2 we declared housing a national emergency. Why we can’t do something similar now I don’t understand. Probably because they’re all banking as things are.
Yes of course it’s cheaper to rent then own currently. But that certainly doesn’t mean rents are down because they have been steadily increasing. My two bedroom apartment when me and my brother moved in to it 8 years ago was 540 a month. Now the same pos dump is renting for 840. We’re talking built in the 60’s cinder block walls crappy single pane sliding doors no insulation 600 sf in Gainesville Florida. Most others larger in nicer units 1,200 to 1,800 a month. How the hell is anyone saving money today?
@@rolandthethompsongunner64 Our basic, no amenities, 3 bedroom apartment is $1700/mo. Yes, we also rent 2 garages with that but still…. It is outrageous rent for having no decent features. The reason it is so hard living here is because I am the caregiver of my disabled adult son. He has violent behavior issues. I also have an adult daughter living here and my youngest is almost an adult too. This is extremely difficult. If we could find a house that is set up (or one that we could set up) in a way that it was safer for my daughters, we wouldn’t have so much stress. We don’t need anything fancy, just better than how we are living now.
Awe thanks for the motivation and support to us to not give up. This is so stressful not being able to afford a mortgage in CA with a family of 6. It stinks. We will stay the course.😊
Yep - Boomer here and yes, I bought my current home in 2007 and it has more than doubled (over $500K) in value which would mean I would be hard pressed to afford my home now. My mortgage is less than half of the local rents now.
@@tobyk5149 He’s just feeling the satisfaction now. It’s relevant to me because he chose to buy in 2007 when many did not and missed out. Today this is what the non buyers have to deal with. Heck I remember after the housing crash back then many were saying it was better to rent and calling me stupid for buying with cash as well. But homes prices were dropping 50% or more with regular sales,quick sales,short sales,foreclosures,etc.. I paid $240k cash for a newly remodeled $560k short sale marina condo on Marco Island back then.
@@tobyk5149 just a boomer bragging lmfao. @BlueVette3832 hey boomer i'm in my early 30's. i own multiple acres of land which my house sits on and is paid off. i also have 100% property tax exemption. carefree millennial.
In my area and other areas I looked, but renting is much higher than buying. (Pennsylvania, Maryland, Virginia, and even Florida). People have essentially lost their minds! I negotiated a new down to where it should be before this insanity. Along with over $15k towards closing. and a 4% interest rate (fixed). It would cost $1800 more to rent the new build I am buying. I have owned several houses before and I am beyond overjoyed to have my space again. My standards have always been to live far below my means, especially after graduate school. If you don't need it. Don't buy it. Even if you do need it. Save up for it and always negotiate to get the best deal. Cash is 👑 king! Rentals I have seen and rented are terrible for the price. As far as I am concerned, most of these rentals are hazardous to your mental and physical health. I am looking forward to getting my mental and physical wellness back. I have never been so sick in my life renting these hazardous homes. A large majority of landlords are lazy and greedy. They want outrageous rent, but fail to upkeep them. No thank you!
I've got a friend that's renting a room for $1,400 in Santa Barbara, CA and it's not the master bedroom. That's about the least expensive place he could find. There is really nothing that he can do besides live out of his truck to save money or find someone that is willing to let him park a cheep travel trailer in their driveway that he could rent space for. CA is way over priced right now.
That is nuts, Life is cheap n people should have the right to live, have a home n enjoy love life. Instead of feeling horrible about whyyyyy should I be alive.....n DIE to exist
Nice to hear a young guy say that today's interest rates are actually right in line with historical rates. My parent bought a house in 1967 on a 6.5% loan and thought it was a good deal. When I bought my first house in 1985 the rate was 10.5%. even at that rate, my payments for the house, which included taxes and insurance, were less than what I was paying to rent a two bedroom apartment. I did put 25% down to avoid having to pay mortgage insurance. I also paid the house off in three years, so I didn't end up paying all that much interest. As Michael said, the 10.5% interest rate was more than compensated for by the cost of the house. Back then I paid $84K for a new build, three bedroom, two bath home on two acres. I bought the house during construction so we got to choose the interior finish details (flooring, paint colors, cabinets, etc.).
Well...in california..my dad bought a home for 19000 in 1975....making 10 bucks an hour....then 1984 a house for 119 in evergreen. Area of California making less than 20 an hour...rates were highhhh but houses were not 1mil..as the norm in california...
I know a millionaire that is renting after he sold his home and is happy. He was paying 16,000 dollars home taxes, 6,000 home insurance plus HOA, and mortgage 15,000 dollars a month.
If he was paying 16k in taxes while living in a luxury home, while not ideal, 16k is kind of low. And so was his homeowners insurance. I'm currently paying 4.5k insurance while living in a 1300 sq ft shack.
Not sure why people are blaming the cold winter on housing and the retail sales? It had been a very mild winter compared to past winters. Just look at the crashing natural gas use and its toll on that commodities' price plunge.
I'm on lake michigan and it has been a very mild winter, we had one quick polar vortex dip that gave us zero degree weather and lots of snow but, quickly passed. Now in the 30's and 40's.
So heating food by baking, boiling, frying, whatever to make the water molecules move faster, is different than heating food by vibrating the water molecules? Splain' me Lucy.
In some cases like in mine since my house is paid for I make money just by not having to pay any rent or mortgage at all. In my town that equates to about two grand a month in rent or 3000 a month for a mortgage payment.
If I were to buy the typical 2000sf, 3 bed, 2 bath house where I live (northwest WI) at current interest rates with 20% down, it would be well over twice what I'm paying for rent right now. Because the market has been so screwed up for so long, I could actually put 40% down with all my savings. Even in that case, my total monthly housing payment would still almost be twice my current rent. What a freaking joke. **see clarifying comment below
@@ordinaryhuman5645 Yes that is true and good point. My intent was not to compare apples to apples so more context would have been helpful. I'm in a 900sf 2 bed 1 bath, so definitely not the same, but even so, the math just isn't screaming "buy now!" at the moment by any means. I certainly would expect to pay more with such an upgrade obviously but not well over a 100% increase in monthly cost even with 20% down.
My husband and I are “in between.” Our mortgage (including HOA) is less than what our increase in rent was going to be. We have bought a condo. We are in Texas and I hate yard work. HOA takes good care of the outside and it’s a good neighborhood. We are in our mid 50’s. We bought before interest rates skyrocketed. 3.6 %. The only thing that worries me is property tax.
Rediscovered frozen pizza, have not had it in close to 40 years as I just moved on from it and forgot it. But really for $4.95 it is a great replacement for $20.00 pizza at the restaurant. IF I am plucky I can get 2 for under $8. Live, adjust, and save $
@@CarlArriaza I started on Red Baron Supremes' then got Surfer Boy (Stranger Things) Multimeat buy one get one free and they are better.... Will try Homerun now. Still trying to figure out the best bang for the buck.
I agree! The only thing I worry about is property taxes going up. Right now mine are under $400 a year for a house on 1/2 an acre. I will get the homestead exemption next year and they will drop to $220. But lots of people are moving here and they could go up in the coming years.
This channel is a must watch for everyone who is interested in the housing market or economy. And even if youre not interested in the housing market this channel is a big plus for your wallet!
I'm a single guy who makes six figures and until rates are 100 BPS lower, I get more for renting at these prices. With a 30% drop in values and rates in the five percent range I'm good.
I'm a retired boomer I watch everyday to hear the horror stories. My first house mortgage payment $152.00 a month the second $352.00. Globalization put the screws to American dream.
I got lucky this year my rent didn’t go up for the first time ever. I’m paying $1981 base rent for 686 sq ft in a high rise in downtown Austin. After all the bells and whistles I pay $2400 (all bills except wifi). I moved in 2020 and it was $1270. I could never afford $3900 a month in Austin even though I make about $150k. I am looking to buy an investment rental condo near the campus but they’re in awful condition, old and interest is still insane. I’m holding out until 2025
You almost need to do a "per square foot" comparison on house purchase versus rental rates. Where I live in Canada 2500sq ft house $3100 mortgage, taxes, insurance so $1.24/sq foot versus rent at $1900 rent for 800 sq ft 2 bedroom so $2.37/ sq ft, and that doesnt include the house having 2 acres of land. So house still a better option so far! And don't forget to add "renters insurance" for your contents property!
When looking at these options, it is vital to calculate the total cost of ownership. Yes you have equity when you own, BUT don’t forget to add in property taxes, interest and non predictable costs. Sometimes these costs far outstrip what you are accumulating in equity. Home values can and will go up and down thus changing the equity.
So I have a friend that's an appraiser in Knoxville, TN, and he was appraising a property so the homeowner could refi, knowing it would appraise for much higher than what he bought it for, but ONLY for the purpose of dropping PMI ...NOT for a cashout, which I found interesting, and something I haven't heard anyone mention before.
There is an IRS tax issue when people let their underwater home go and they suck money out with refinancing before they go belly up. I seem to recollect this was happening in California some years ago. The IRS was sending letters to those homeowners telling them that they had some hefty taxes and penalties to pay for their scheme.
"where is this inventory gonna come from?" Great question, but why does it keep being asked like the onus is on owners to sell, rather than on builders to build? Why aren't they capitalizing on the enormous demand in markets like Florida and building houses like crazy?
I rent in daytona beach florida for $1,866. If i bought a place for 350,000 with a VA Loan it was about 2,350 which was fine, but here is the kicker with HOA $70, HOME INSURANCE 150 AND PROPERTY TAX 450 TOTAL 3,020 MORGAGE PAYMENT WITH UTILITIES OF 500 BUCKS TOTAL 3520, RENTING IT COST 2,650 WITH UTILITIES. THEY SAY RENTING GOES UP EVERY YEAR WHICH IS TRUE BUT HOME INSURANCE AND PROPERTY TAX GOES UP EVEN MORE PLUS HOA. SO RENTING IS CHEAPER.
@@ihave35cents95 Renting is not a lower quality of life. It a lower quality of life when you live where you can’t afford to live and have to work all the time. Heck I can rent a condo in Daytona beach for $3k/mo. easily without needing to work at all and just enjoy life.
Thank you to our host for these daily presentations. I know there is “pride in ownership, “ but I now rent in SE Broward beach. I’m contented as a renter.
Refi's are also higher as people who took out initially low interest variable rate HELOC's have seen the rates and payments skyrocket and are looking to dump HELOC. My wife and I are 71. In 2020 we bought one more time and purchased our so-called forever home. We're in a highly desirable area in the foothills of Idaho that is much sought after from people fleeing the left coast. And there is an unlimited supply of those. Realtors are constantly telling us they have a client (who is miserable in a rental) for a quick cash sale. Blah blah blah. When working in our yard or just putzing in the garage, we've had people cruising the neighborhood who stop and ask if we want to sell or know anyone who does. And the answer is always the same. No and no. But check back in about 20 years when our daughter owns it. Bottom line is you can blame whomever you'd like for your situation or misfortune. But it's not our job to make your dreams come true. Ours came through 50+ years of hard work and sacrifice. So now, we unapologetically sit back and enjoy the fruits of our labor.
In the DC suburbs Northern VA area, you can see panhandlers in most of the major intersections. I have noticed too many of them in recent years. The top 5 richest counties are in the DC suburb only. I don't know what's going on in this country nowadays. I bet things must be too bad in the other states.
I lived in nova for 15 years. Seen the money and power that area has… but you could not PAY me to live there again. Crazy, soulless area IMO. Yes some areas and beautiful and I love downtown DC but I could not find any peace in that area, it’s got a bad energy…
In Louisville Kentucky, rentals at the low end are $700. Nicer apartments are $900 to $1200 a month. Upscale apartments here can go over $2000. Ranch Homes rent $1500 and up. New homes here now are over 300k.
This is just been a train wreck for 3 years now. Something has to give!! We can’t continue like this. Homes overpriced and little inventory and everyone just waiting and waiting to buy, move or sell. Crazy….
For decades we moved into, fixed up and sold houses, always on the move. We finally gave up chasing our tail and settled down. We've been in the same house now for 27 yrs. We're debt free watching the chaos unfold. No one is immune from what's coming. Best advice, clear the decks and batten the hatches.
A few things. Great presentation on the meals, a will be trying them. This decision is based on your reply’s to some commenters. We are baby boomers, we have been in this home 21 years. We did buy it as our dream home and did always plan on staying here to the end.. Replying to some of your videos regarding costs to own, well we just had replaced two 3 ton HVAC systems. ($24,000) a double oven $2000, Stove top ($1000). Bought the cooking appliances from Lowe’s they had a GE special with discounts total ($1700) the posted prices are after the discount. I installed my self( I am a licensed electrical contractor) so was easy and saved labor charges. The HVAC was thru a licensed contractor and is the complete installed price. Paid cash for everything. Now still to fail after 21 years are dish washer, refrigerators, and washer/dryer. We have kept the house in good condition out side too. But has cost much money over the years. Cost to own is expensive. As you have said taxes go up fairly often also. 2800 ft single story, 1/3 acre lot.. Purchased new in 2003. Thanks for your channel..
My brother and sister-in-law are selling their house in Atlanta, and were gonna buy one in Alpharetta. They close on the 29th of Feb. they have decided to rent, though they had found a house that they wanted to buy. My guess is that they want to wait for the market and interest rate, to drop further.
I USE TO LIVE NORTH MIAMI. EVEN THOUGH THIS VIDEO IS NOT NORTH MIAMI, I RECONIZE THE BLACK SLICK DOWN THE STREETS. TO DAY WAS TRASH TRUCK DAY ( THE SLICK IS SPECIAL SAUCE )
I just checked two-bedroom apartments near where I live and they range from $3,260 - $4,723. Rent prices have been rising here as they were about $2,700 two years ago. Rental prices are getting driven up by people working in Boston willing to commute from out of state.
You'd have to have a screw loose to house hack here in King County. Getting rid of a bad tenant is horrifyingly difficult and slow. The worst of the dregs get the most effort from the free services of the local bar free lawyers and the rules get changed every few months. Ridiculous.
Not as bad as Ontario. Over 8 months just to get a hearing to try to evict someone. A new concept called cash for keys has started. Paying renter large amounts to ensure the renter leaves. Totally messed up by leftie laws.
My rent is going up to 1100/mth in June 2023. I know bigger places have more rentals, but where I live we are actually having a rental issue because the majore university keeps upping there acceptance rate but won't build anymore housing or it is a long way out, they now require all freshmen to live on or around campus. So prices have shot up like a rocket in the past two years. Our rent it just has much has a house payment would be and when our "new lease" starts, we will be getting the fees if anything needs fixed or brokes because indiana has ZERO tenets rights and a so many slumlord and monopoly companies. It is really annoying.
How many working people can afford to rent at $4000 a month? In Canada owning a house is out of reach for most. Renting is the same thing now. A 2 bedroom basement apartment is going for $2000+ Outrageous.
Renters out West are being kicked out in favour of migrants who get a $2500/mo housing allowance from our ridiculous federal govt. A surer thing for landlords than people who can lose their jobs. Now those renters are out on the street! No country is as generous to immigrants and screw over their own citizens like Canada!
We’ve built our own home. It’s cheaper than renting. And with rent… you’ll always owe money to somebody else. Same with leasing cars too. Or time shares. No thank you
When I bought my house, mortgage was 2.875 and the spread between owning and renting was barely 200. And the apartments at that rate weren't that great. I saw that spread then found a remodeled house that wasn't a pig with fresh lipstick.
@@MichaelBordenaro mICHAEL, truth is the best value any human being can have, but it’s the ones that embrace it and put it in the forefront of their soul and express it. That truly is courage.❤️🩹
Yep, and if they find out they will cancel your insurance, . IF you get lucky and they don't cancel you, you are on their radar, 1 slip, and you are cancelled, or non-renewable
I rent a room to a lady who anticipated needing 3-4 months to find a home to buy. She has been with me since September. She has not mentioned house hunting in a while. It works for me since my insurance caused my mortgage payments to go up by $500. Win win for the both of us.
Yeah, but you should still sit down and talk with her about what her plans are and refresh the lease agreement if needed so that BOTH of you will be on the same page. What if you needed her out at the end of the original term? I understand she may be worried about getting kicked out, but when it comes to living arrangements, clear communication is a necessity. And make sure you have a lease (either month to month or annual) with rules attached, if you don't already have one.
@@inwiththenew oh I absolutely have a month to month lease. She's the ideal tenant. Pays on time, clean, rarely uses the kitchen, quiet, minds her business. I have a rental home also. Unicorn tenants! I'm very fortunate. In both situations, I charge less than the going rate. I figure, why have someone struggling to pay me.
@@junnellebeauzier552 I'm in St Pete Florida. I rent a room for $900 to my current tenant. $100 less than the tenant before. If someone is living with me I want them to be very comfortable. I'm sure I could get more but I rarely have to see or interact with her especially in the kitchen. Now that is worth the extra $100-200 I could get. At my other rental my tenant was so happy to pay $1850 for a 3/2/1 with privacy fence and corner lot. Nice neighborhood. He is a handy guy so he said he'll probably never need to call me for anything. It's been a year and he hasn't called me for anything. Pays rent on time! Unicorns!!!! I am so blessed 😇
The Cheapest 2 bedroom , 1 bath cost $700.00 simple apartment . The Most 3 bedrooms / 2 bathrooms APARTMENT which is one of the newest in this region cost $1,300 a month gym, inground/outdoor pools, shopping center below your apartment , Movie Theater one mile away, tons of restaurant all over the place . University half of mile (very close ) .
That's not too bad compared to Ontario Canada. Small town like 4000 people. Developer build a new rental bldg. $1900.00 for a one bedroom, for a two bedroom $2100.00 per month. Anything biuilt after Nov 15, 2018 has no rent control. Perfectly legal to raise rent by the thousands in a year. I thiink rent control is 2.5% increase per year.
@@surfboard396 In the Midwest , not in the Big Cities, just small towns , Less than 25,000 citizens in the town. I check the real estate market this morning and that's what the prices said on the apartments. 100% true story.
Yeah. Renting is much cheaper in the Boise area. Just renewed my lease for a 3rd time, and the rent has stayed the same for the 3rd straight year. There's no way I'm buying anytime soon.
@@danman1287It's amazing how people automatically assume that just because a long term renter decided to buy that they must have had the fear of missing out. What was he supposed to do, rent forever? 😂
Glad we moved out of expensive suburbia Chicago area and bought 5 acres in Kentucky and built our own home. No loans ! No debt. We’re staying put. We love it here !
For most places... All costs in ... Renting is cheaper than Buying. But only for about 10-20 years. Then the rest of your life it's cheaper. You should buy if the cost is within $1000 of renting.
I always think that I rather lose some of the money in rent than lose all my money if I have to go into foreclosure. Jobs aren't guaranteed and home upkeep also adds to the costs.
@@ignazs.5816 You simply do not over leverage. And you have the same contingencies that you would have as a renter. Being a homeless renter is no different than being a homeless owner. Have 6 MOs income in the bank and put at least 20% down so that at the very minimum if you have to sell at a discount in an emergency, you won’t have to scrape up 10% of the selling cost to pay your realtors. Total fees add up to about 10%.
To save while renting, you need to be very disciplined (and lucky) and sock that money away. Don’t fritter it away on electronics, expensive clothes etc.
@@steveareeno65You failed to mention where your house is located, how much your down payment was, the condition of your home. In SWFL it is $800 to 1k cheaper to rent the same 2100 sq ft home then to buy that same home with 10% down.
I paid off my 30yr in nine years and didn’t care how low the interest was.. People thought I was crazy but since I have no mortgage my total household living expenses are $1200/mo. while my neighbors are paying $3k-$5k a month with mortgage alone. My paid off condo in Florida is very affordable without a mortgage and living expenses are around $1800/mo. instead of $5k/mo. or more. One of the reason I retired so early with very few expenses.
Maybe an analogy is company car versus private car. When the red light comes on the message center, it is someone’s problem other than mine. Same with rent versus own.
@dsj9831 perhaps. perhaps not. depends on the hassle. u got a leaky roof and they don't fix it quickly you got a big AND costly hassle. U can't really generalize.
I’m very different than the rest of my generation; millennial here. I’ve already lived in my house over average in my 30s and only house I’ve ever lived in after parents. Never moved around and not looking.bought house in early 20s and mortgage is like 1970s home prices ratios.
As for the question of buying or renting in Miami, or anywhere that is geologically "South Florida" - i.e., the bedrock is limestone, formed from eons of dead marine life - there are the problems of potential sinkholes, and if close to the coast, tidal intrusion through the microholes that inherent in limestone (this causes the "sunny day" flooding that comes out of nowhere miles inland). Obviously, this is a problem that will continue to get worse as the sea levels rise, and oh, there are still the hurricanes, which are getting worse, and whose storm surge cannot be stopped by even a theoretically strong levee system (because the water will just go through those microholes). Will Miami be able to keep its super-high demand as Mother Nature comes for her due? I would not buy in South Florida now.
It’s ridiculous. I would suggest cohabitating or renting a room from a home owner. I did that for many years in Chicago where rents were always high unless you wanted to live in a war zone. Just do your research.
@@rolandthethompsongunner64 Rents definitely HAVE dropped back in CO (Springs) were I was living until very recently...but who know what they will be when I plan to move back (late 2025)? Hope I "get lucky" as I'll be renting at first while looking for something to buy...that is, if the housing market AND mortgage interest rates are WAY more affordable then. I really DO believe it will be a Buyer's Market in 2 years' time. If not, I rent until it is... -- BR
I live in Lawton OK (in the army) and my rent is $860 for my 1BR apt and that’s honestly the higher end for this town. Compared to what I’m used to paying, I’m trying to get ahead financially as much as possible
Use code BORDENARO50 to get 50% OFF First Box and free wellness shots for life with any active subscription at bit.ly/3UZADSj!
What state is less likely to raise their property taxes and Homeowners Insurance, Georgia or South Carolina? Anyone? We are trying to decide where to move.
BabyBoomerette here- have been in my first home since 1982, a 3 BR 2 bath ranch style home with a fireplace. It is exactly what I wanted in ‘82 and is still my favorite home style. If I’m lucky, I’ll drop dead here.
That’s awesome And really cool you found a house you love so long ago
Lots of upside since '82!
Good for you! I’ve been in newly built places.. homes and apartments (“smart” community .. not as smart as they claim) .. very shabbily constructed .. a 5 year old home I was in which was considered one of the most upscale areas of Wichita ks, I could hear the wind coming through the windows they were installed with scotch tape it seemed
@drwayne_carter9115Boomers will never acknowledge this. All you'll hear is muh 18% (while ignoring how cheap homes were and they could refinance later) and muh Vietnam (while ignoring Desert Storm and the last 20 years of war).
@drwayne_carter9115 congratularions on spewing the same brain dead gen z bullshit acting like you had nothing to do with it ❤ Jealousy is ugly,and your attitude is why you deserve it. Stop bein a fucking ass
Who can afford to rent at these prices? Maybe that is why so may people are now homeless, the working homeless.
A family member lives Upstate NY , rented a new apartment ( very nice place ) and they are paying $2,300.00 per month . To buy an New Home in this region ( Midwest ) , you can buy a home between $170K - $200K ( before Covid 2020 ) , now the new homes are going for $480K - $600K . The same design of homes 1700 sq ft ,
4 bedrooms 2 bathrooms , living room, dining room. kitchen, 3 car garage and a big back yard .
If you want more expensive home, they will cost you $600K - $2 million Dollars or more , they have on average
6 bathrooms , 6 1/2 bathrooms , kitchen, living room, dining room , 3 level of home , 3 or 4 car garage .
Where before Covid , the home were selling between $450K - $800K . Property taxes between $8k - $12K .
Alot of people buys land and have a custom home built $over a Million dollars .
Michael says rentals are cheap, but I have not experienced that since I sold my home a few years ago and have been renting. My rental payment is twice as much as my house payment was.
rent seems to be different in a lot of states,some cheaper,some more expensive
Given the high occupancy rates, and low vacancy rates for both purchases and rentals IN MY AREA seem to be affordable to a lot of people, otherwise they'd be empty, landlords and property owners would be slashing prices and sitting on lots of vacant inventory. That is not the case. If you are not homeless it means you, too, can afford wherever it is you live, though it might be tight depending on your or any individual's circumstances. You may not like it, but once you are on the homeownership train, your property appreciating will be appreciated. By you.
@@annaburns5382 ??? Try buying a house now. Your payments will be double the rent.
That's right. This is the future and not by accident but by design.
We bought our starter home in 1995. Always looked at upgrading to bigger house, more property. Never found something better. Raised our 3 kids here. House paid off. Kids have no student loans. Still considering something newer, one level but yet almost 29 years later-here we are.
Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.
I moved from SoCal to the midwest last year. My rent went from $3000 per month to $980 per month.
I know affluent retirees who have sold their homes and are renting upscale apartments.
It is not a bad way to go. No property tax, no HOA, much lower insurance, little upkeep costs.
That's the goal here in Florida from the development side. They know who the most popular demographic is
Your paying all the property tax for the owner .
No tax write off as well.
Cheaper to rent
@@DimythiosLifestyle choice.
Binge watching all your videos I’ve missed. Home owner from Northern California. Thank You Michael.
We called those prepared meals, 'TV diners' in the past. 😂
And every bodies favorite...That fudge brownie between the veggies!
Factor are still fresh and not frozen like “TV dinners” are.
They are still TV dinners, and they are overpriced junk. They chose the wrong guy to market. His viewers ain't going to pay for that crap 😂
I'm a big fan of Factor. My sister gave me one and now I'm hooked and they're a good value too.
Swanson
Michael the weather excuse doesn't work in the midwest this year. This has been the mildest winter i can ever remember. Haven't had snow on the ground in weeks.
Same with southern New England. Raising our rates because they can.
I'm in the market but there's little inventory, however, renting is hardly an option. A decent two bedroom in a nice area is comparable to a mortgage payment. Once upon a time renting was an option. Once upon a time childen and dogs were not allowed.
In 2020 I was trying to buy any house in Gilbert AZ but it was out of my budget. I ended up moving to Arkansas and got a house for 130k with 2.7% interest. Sometimes taking a chance and moving to a cheaper area to buy a home might work for you.
That’s awesome congrats
I am definitely looking into out of the way less populated areas myself. I prefer the countryside anyway just hope when the time comes it’s still affordable.
Way to go, Great move, Thanks for the tip
Owning a house has one drawback you are responsible for all repairs, either learn to do house repair yourself or pay outrageous repairman bills.
I'm gonna buy the old Kmart in town if the price is right and make it my Man Cave!
There you go!
Lol! do you remember that movie "Career Opportunities" where the guy was stuck in Target all night long with Jennifer Connelly? He had everything he needed. 😊
House for sale Lovell, Wyoming.
$350,000 then $325,000, now $ 295,000.
Built , 1930
Prices are dropping.
It is just that people raised their prices way to high.
For awhile, I was thinking about buying a place or just upgrading my rental, but I am so glad I have stuck it out in my old place and avoided lifestyle inflation. Living the bachelor life with another roommate. We make 160k combined but split an $800 per month townhouse in the hood. I will only upgrade when I have enough to buy a place cash.
that's very smart , save to payoff in cash .
800 a month in the hood sounds about right. Just don’t own anything you don’t mind losing and you’ll do fine.
Don't actually buy cash though. Diversity is actually a benefit with investments.
I dumped a lot of cash into my house over ~3 years to pay it off, but I'd have been better off making minimum mortgage payments and investing for the difference.
use other people's money, my gdad always said
@@user-mo4xc1pb1m What if your interest rate was 4-4.5% and the equity is more than 160% of the standing remaining loan amount. Would you still do minimum payment in that case?
It may sound counterintuitive but when you buy a house, you pay more to gain more. You’ll never understand it unless you take the plunge and put in a decade of your life into a home. Hands down the best place to put your money outside of equities and gold. All of which you should never buy if you can’t afford to.
We actually brought in 2016 because it was cheaper then renting. Now we are renting because its cheaper then buying.
Smart!
It is not just tax and insurance that can rise, houses and the support equipment goes south all the time. What if your AC goes out? How about needing a new roof? Hot water heaters, refrigerators, washers, dryers, plumbing, electrical, it just goes on and on. Got a piggy bank to pay for those things. You can plan on a major expense at least once a year. Then there is yard maintenance, etc. Personally I own my home. A large Travel Trailer pulled by a Ram Diesel Pickup. I travel full time. My trailer is much nicer than any one bedroom apartment I could rent. Customized by me for me. My rent can be as low as $300 per month or as high as it is this winter since I wanted to visit my best friend, $625 a month. If I chose, I have a travel membership which can make my rent less than $50 a month, but I have to move every three weeks. I have a lot in Michigan for the summers. Cost me $1200 a year. My biggest single expense is Federal Income Tax, Dadgum gubmint LOL. I see many families now that use an RV as a home.
Yep, still renting, because of how unreasonable the housing market is. And, in the area we are interested in, there are not many houses for sale. I wish things would change sooner than later. I am sick of living this way.
Where r u located
@@powermaxima I’m in Minnesota
This is the new normal get used to it. Unless we get some of our politicians to feel our pain nothing is going to change. After WW2 we declared housing a national emergency. Why we can’t do something similar now I don’t understand. Probably because they’re all banking as things are.
Yes of course it’s cheaper to rent then own currently. But that certainly doesn’t mean rents are down because they have been steadily increasing. My two bedroom apartment when me and my brother moved in to it 8 years ago was 540 a month. Now the same pos dump is renting for 840. We’re talking built in the 60’s cinder block walls crappy single pane sliding doors no insulation 600 sf in Gainesville Florida. Most others larger in nicer units 1,200 to 1,800 a month. How the hell is anyone saving money today?
@@rolandthethompsongunner64 Our basic, no amenities, 3 bedroom apartment is $1700/mo. Yes, we also rent 2 garages with that but still…. It is outrageous rent for having no decent features. The reason it is so hard living here is because I am the caregiver of my disabled adult son. He has violent behavior issues. I also have an adult daughter living here and my youngest is almost an adult too. This is extremely difficult. If we could find a house that is set up (or one that we could set up) in a way that it was safer for my daughters, we wouldn’t have so much stress. We don’t need anything fancy, just better than how we are living now.
These videos make me so glad I got my house in 2020 before it all hit the fan. My home would cost 50% more to buy now in todays market.
Awe thanks for the motivation and support to us to not give up. This is so stressful not being able to afford a mortgage in CA with a family of 6. It stinks. We will stay the course.😊
You got this!
Family of 6? You won’t be able to ever buy a house.
Be patient. Prices will drop. A lot of us still waiting
@@Avtr44with the population increasing there is no reason homes will drop in price.
@@MichaelBordenarohow long would your best guess be that we have to wait for a significant drop?
Yep - Boomer here and yes, I bought my current home in 2007 and it has more than doubled (over $500K) in value which would mean I would be hard pressed to afford my home now. My mortgage is less than half of the local rents now.
the theme is rent vs. buy in 2023/2024 not purchase in 2007 vs current rents because not relevant unless you have a time-machine
@@tobyk5149
He’s just feeling the satisfaction now.
It’s relevant to me because he chose to buy in 2007 when many did not and missed out. Today this is what the non buyers have to deal with.
Heck I remember after the housing crash back then many were saying it was better to rent and calling me stupid for buying with cash as well. But homes prices were dropping 50% or more with regular sales,quick sales,short sales,foreclosures,etc.. I paid $240k cash for a newly remodeled $560k short sale marina condo on Marco Island back then.
@@tobyk5149 just a boomer bragging lmfao.
@BlueVette3832 hey boomer i'm in my early 30's. i own multiple acres of land which my house sits on and is paid off. i also have 100% property tax exemption. carefree millennial.
In my area and other areas I looked, but renting is much higher than buying. (Pennsylvania, Maryland, Virginia, and even Florida).
People have essentially lost their minds! I negotiated a new down to where it should be before this insanity. Along with over $15k towards closing. and a 4% interest rate (fixed).
It would cost $1800 more to rent the new build I am buying. I have owned several houses before and I am beyond overjoyed to have my space again. My standards have always been to live far below my means, especially after graduate school. If you don't need it. Don't buy it. Even if you do need it. Save up for it and always negotiate to get the best deal. Cash is 👑 king!
Rentals I have seen and rented are terrible for the price. As far as I am concerned, most of these rentals are hazardous to your mental and physical health. I am looking forward to getting my mental and physical wellness back. I have never been so sick in my life renting these hazardous homes. A large majority of landlords are lazy and greedy. They want outrageous rent, but fail to upkeep them. No thank you!
I've got a friend that's renting a room for $1,400 in Santa Barbara, CA and it's not the master bedroom. That's about the least expensive place he could find. There is really nothing that he can do besides live out of his truck to save money or find someone that is willing to let him park a cheep travel trailer in their driveway that he could rent space for. CA is way over priced right now.
This is America folks all brought on by an over extended shut down based on a over exaggerated form of the flu.
In order to get a place in Santa Barbara, you have to stand in line with 100 other people trying to get that same place. It's crazy.
That is nuts, Life is cheap n people should have the right to live, have a home n enjoy love life. Instead of feeling horrible about whyyyyy should I be alive.....n DIE to exist
Nice to hear a young guy say that today's interest rates are actually right in line with historical rates. My parent bought a house in 1967 on a 6.5% loan and thought it was a good deal. When I bought my first house in 1985 the rate was 10.5%. even at that rate, my payments for the house, which included taxes and insurance, were less than what I was paying to rent a two bedroom apartment. I did put 25% down to avoid having to pay mortgage insurance. I also paid the house off in three years, so I didn't end up paying all that much interest. As Michael said, the 10.5% interest rate was more than compensated for by the cost of the house. Back then I paid $84K for a new build, three bedroom, two bath home on two acres. I bought the house during construction so we got to choose the interior finish details (flooring, paint colors, cabinets, etc.).
Well...in california..my dad bought a home for 19000 in 1975....making 10 bucks an hour....then 1984 a house for 119 in evergreen. Area of California making less than 20 an hour...rates were highhhh but houses were not 1mil..as the norm in california...
Cool now that same build cost like $1mil….
Now the average new home build is 5 times that, 400k. Do you think wages have increased that exponentially since the 80s?
even just as recent as 20 years ago rates were similar . My first home was like 125K with 6.5 apr lol
Tell us the amount of debt you had in 1967 including your student debt and your car loan?
I know a millionaire that is renting after he sold his home and is happy.
He was paying 16,000 dollars home taxes, 6,000 home insurance plus HOA,
and mortgage 15,000 dollars a month.
Taxes were cheap I was paying 22k back in 2004
If he was paying 16k in taxes while living in a luxury home, while not ideal, 16k is kind of low. And so was his homeowners insurance. I'm currently paying 4.5k insurance while living in a 1300 sq ft shack.
@@inwiththenew I was paying that in 2008 on a 1500sf shack in the Hamptons
@@frederickmuhlbauer9477 did you stay put or move somewhere cheaper?
Over living his budget
Not sure why people are blaming the cold winter on housing and the retail sales? It had been a very mild winter compared to past winters. Just look at the crashing natural gas use and its toll on that commodities' price plunge.
Exactly
Yeah, been trying to snowboard in the northeast and there is barely any snow on the floor. Very mild winter.
I'm on lake michigan and it has been a very mild winter, we had one quick polar vortex dip that gave us zero degree weather and lots of snow but, quickly passed. Now in the 30's and 40's.
Rent is only going up in NYC. It has become so unbearable.
Microwaved food is not good for you.
So heating food by baking, boiling, frying, whatever to make the water molecules move faster, is different than heating food by vibrating the water molecules? Splain' me Lucy.
You can use the oven too
Microwaving food IN PLASTIC is not good for you
My microwave broke 1 week ago , I rent and am still waiting for a repair ! Lol , it sucks ! I guess I'm lucky I don't own . Hate the broke stuff ....
In some cases like in mine since my house is paid for I make money just by not having to pay any rent or mortgage at all. In my town that equates to about two grand a month in rent or 3000 a month for a mortgage payment.
If I were to buy the typical 2000sf, 3 bed, 2 bath house where I live (northwest WI) at current interest rates with 20% down, it would be well over twice what I'm paying for rent right now. Because the market has been so screwed up for so long, I could actually put 40% down with all my savings. Even in that case, my total monthly housing payment would still almost be twice my current rent. What a freaking joke.
**see clarifying comment below
That is a joke
Same in WA. Drop a 35% down payment on a $450K house and the mortgage would still be like 40% more than renting as of today's rates. Why buy??
That is amazing
Are you renting a 2000sqft 3BR/2BA without shared walls though? I'm guessing that you're comparing two very different housing situations.
@@ordinaryhuman5645 Yes that is true and good point. My intent was not to compare apples to apples so more context would have been helpful. I'm in a 900sf 2 bed 1 bath, so definitely not the same, but even so, the math just isn't screaming "buy now!" at the moment by any means.
I certainly would expect to pay more with such an upgrade obviously but not well over a 100% increase in monthly cost even with 20% down.
My husband and I are “in between.” Our mortgage (including HOA) is less than what our increase in rent was going to be. We have bought a condo. We are in Texas and I hate yard work. HOA takes good care of the outside and it’s a good neighborhood. We are in our mid 50’s. We bought before interest rates skyrocketed. 3.6 %. The only thing that worries me is property tax.
And HOA fees could go up substantially.
Never buy into a bloodsucking HOA. Just look at what is happening in Florida now.
Rediscovered frozen pizza, have not had it in close to 40 years as I just moved on from it and forgot it. But really for $4.95 it is a great replacement for $20.00 pizza at the restaurant. IF I am plucky I can get 2 for under $8.
Live, adjust, and save $
I splurge sometimes getting homerun inn frozen pizza. They been costing me 10.59
Sometime I get the cheese pizza and add on with my favorite stuff.
@@CarlArriaza I started on Red Baron Supremes' then got Surfer Boy (Stranger Things) Multimeat buy one get one free and they are better.... Will try Homerun now. Still trying to figure out the best bang for the buck.
It is nice to have a paid off house. No more monthly payments.
I agree! The only thing I worry about is property taxes going up. Right now mine are under $400 a year for a house on 1/2 an acre. I will get the homestead exemption next year and they will drop to $220. But lots of people are moving here and they could go up in the coming years.
@@lindalewis8503property tax and premium insurance house going up crazy
$220.00 that's awesome 👌
This channel is a must watch for everyone who is interested in the housing market or economy.
And even if youre not interested in the housing market this channel is a big plus for your wallet!
I'm a single guy who makes six figures and until rates are 100 BPS lower, I get more for renting at these prices. With a 30% drop in values and rates in the five percent range I'm good.
@@sz5876 With your salary you can buy whatever you want. Why not buy and build equity and then down the road you have options to do what you want.
There are 2 sides to every story. So keep an open mind.
I'm a retired boomer I watch everyday to hear the horror stories. My first house mortgage payment $152.00 a month the second $352.00. Globalization put the screws to American dream.
Really appreciate that!
subbed. good stuff mike! as a renter, lack of maintenance costs, lawn mowing - that stuff is a bonus as well.
I got lucky this year my rent didn’t go up for the first time ever. I’m paying $1981 base rent for 686 sq ft in a high rise in downtown Austin. After all the bells and whistles I pay $2400 (all bills except wifi). I moved in 2020 and it was $1270. I could never afford $3900 a month in Austin even though I make about $150k. I am looking to buy an investment rental condo near the campus but they’re in awful condition, old and interest is still insane. I’m holding out until 2025
I remember when I payed 1800 in Venice Beach for about 800sqft. Just like 10 years ago. Holly molly
I was holding out for 2025, but now moved it out until 2026. WAIT !
@@JohnAppleseed-cy1rd yikes! At least you had the beach! I’m looking at a dried up creek and a sorry excuse for a lake lol
@@kookietherapy9398 I probably will end up waiting because I wanna put more than 20% down
I recall when rents wouldnt go up for a few years now it's every few months?
You almost need to do a "per square foot" comparison on house purchase versus rental rates. Where I live in Canada 2500sq ft house $3100 mortgage, taxes, insurance so $1.24/sq foot versus rent at $1900 rent for 800 sq ft 2 bedroom so $2.37/ sq ft, and that doesnt include the house having 2 acres of land. So house still a better option so far! And don't forget to add "renters insurance" for your contents property!
$800 to 1k cheaper to rent than buy for a 2100 sq ft home in SWFL.
When looking at these options, it is vital to calculate the total cost of ownership. Yes you have equity when you own, BUT don’t forget to add in property taxes, interest and non predictable costs. Sometimes these costs far outstrip what you are accumulating in equity. Home values can and will go up and down thus changing the equity.
Seems like a lot of people in favor of homeownership in the comment section forgot this crucial point you mentioned here
Equity doesn't do you any good until you cash out or hit 100% and no longer have mortgage payments.
One blessing of non-HOA home ownership is Control!
So I have a friend that's an appraiser in Knoxville, TN, and he was appraising a property so the homeowner could refi, knowing it would appraise for much higher than what he bought it for, but ONLY for the purpose of dropping PMI ...NOT for a cashout, which I found interesting, and something I haven't heard anyone mention before.
There is an IRS tax issue when people let their underwater home go and they suck money out with refinancing before they go belly up. I seem to recollect this was happening in California some years ago. The IRS was sending letters to those homeowners telling them that they had some hefty taxes and penalties to pay for their scheme.
"where is this inventory gonna come from?"
Great question, but why does it keep being asked like the onus is on owners to sell, rather than on builders to build? Why aren't they capitalizing on the enormous demand in markets like Florida and building houses like crazy?
Keep it up man! Thank you!
Will do!
I rent in daytona beach florida for $1,866. If i bought a place for 350,000 with a VA Loan it was about 2,350 which was fine, but here is the kicker with HOA $70, HOME INSURANCE 150 AND PROPERTY TAX 450 TOTAL 3,020 MORGAGE PAYMENT WITH UTILITIES OF 500 BUCKS TOTAL 3520, RENTING IT COST 2,650 WITH UTILITIES. THEY SAY RENTING GOES UP EVERY YEAR WHICH IS TRUE BUT HOME INSURANCE AND PROPERTY TAX GOES UP EVEN MORE PLUS HOA. SO RENTING IS CHEAPER.
Yeah, but renting is a lower quality of life
@@ihave35cents95
Renting is not a lower quality of life.
It a lower quality of life when you live where you can’t afford to live and have to work all the time.
Heck I can rent a condo in Daytona beach for $3k/mo. easily without needing to work at all and just enjoy life.
@@blackworldtraveler3711 yeah but you would be in a condo. That’s low quality of life.
@@blackworldtraveler3711
Don’t feed the troll.
It isn't worth it in Fla
Thank you to our host for these daily presentations. I know there is “pride in ownership, “ but I now rent in SE Broward beach. I’m contented as a renter.
Refi's are also higher as people who took out initially low interest variable rate HELOC's have seen the rates and payments skyrocket and are looking to dump HELOC. My wife and I are 71. In 2020 we bought one more time and purchased our so-called forever home. We're in a highly desirable area in the foothills of Idaho that is much sought after from people fleeing the left coast. And there is an unlimited supply of those. Realtors are constantly telling us they have a client (who is miserable in a rental) for a quick cash sale. Blah blah blah. When working in our yard or just putzing in the garage, we've had people cruising the neighborhood who stop and ask if we want to sell or know anyone who does. And the answer is always the same. No and no. But check back in about 20 years when our daughter owns it. Bottom line is you can blame whomever you'd like for your situation or misfortune. But it's not our job to make your dreams come true. Ours came through 50+ years of hard work and sacrifice. So now, we unapologetically sit back and enjoy the fruits of our labor.
In the DC suburbs Northern VA area, you can see panhandlers in most of the major intersections. I have noticed too many of them in recent years. The top 5 richest counties are in the DC suburb only. I don't know what's going on in this country nowadays. I bet things must be too bad in the other states.
I lived in nova for 15 years. Seen the money and power that area has… but you could not PAY me to live there again. Crazy, soulless area IMO. Yes some areas and beautiful and I love downtown DC but I could not find any peace in that area, it’s got a bad energy…
In Louisville Kentucky, rentals at the low end are $700. Nicer apartments are $900 to $1200 a month. Upscale apartments here can go over $2000. Ranch Homes rent $1500 and up. New homes here now are over 300k.
This is just been a train wreck for 3 years now. Something has to give!! We can’t continue like this. Homes overpriced and little inventory and everyone just waiting and waiting to buy, move or sell. Crazy….
We were doing ok before the Covid farce, and the fake election.
For decades we moved into, fixed up and sold houses, always on the move. We finally gave up chasing our tail and settled down. We've been in the same house now for 27 yrs. We're debt free watching the chaos unfold. No one is immune from what's coming. Best advice, clear the decks and batten the hatches.
It is the prices!
A few things.
Great presentation on the meals, a will be trying them. This decision is based on your reply’s to some commenters.
We are baby boomers, we have been in this home 21 years. We did buy it as our dream home and did always plan on staying here to the end..
Replying to some of your videos regarding costs to own, well we just had replaced two 3 ton HVAC systems. ($24,000) a double oven $2000, Stove top ($1000). Bought the cooking appliances from Lowe’s they had a GE special with discounts total ($1700) the posted prices are after the discount. I installed my self( I am a licensed electrical contractor) so was easy and saved labor charges. The HVAC was thru a licensed contractor and is the complete installed price. Paid cash for everything.
Now still to fail after 21 years are dish washer, refrigerators, and washer/dryer. We have kept the house in good condition out side too. But has cost much money over the years. Cost to own is expensive.
As you have said taxes go up fairly often also.
2800 ft single story, 1/3 acre lot.. Purchased new in 2003.
Thanks for your channel..
My brother and sister-in-law are selling their house in Atlanta, and were gonna buy one in Alpharetta. They close on the 29th of Feb. they have decided to rent, though they had found a house that they wanted to buy. My guess is that they want to wait for the market and interest rate, to drop further.
They might be waiting a while
True!@@novadhd
What about those who can't afford to rent ? Their only alternative is using the tents ⛺️ ⛺️ ⛺️ ⛺️ on sidewalks.
I USE TO LIVE NORTH MIAMI. EVEN THOUGH THIS VIDEO IS NOT NORTH MIAMI, I RECONIZE THE BLACK SLICK DOWN THE STREETS. TO DAY WAS TRASH TRUCK DAY ( THE SLICK IS SPECIAL SAUCE )
yup disgusting!
I was wondering what that was! I thought the street sweeper came through…guess not! LOL
They call that “Hopper Juice” in NYC! Named after the “hopper” that the garbage is thrown into in the back of the truck.
I just checked two-bedroom apartments near where I live and they range from $3,260 - $4,723. Rent prices have been rising here as they were about $2,700 two years ago. Rental prices are getting driven up by people working in Boston willing to commute from out of state.
If you rent out rooms in your house the Ins company wants to know, and they raise the rate way up as any of the tenants could get hurt somehow.
Guess we have to keep it on the down low and charge cash.
Banks want to stop cash withdrawals in May
We sold our home last March. We are waiting to buy and are renting.
You'd have to have a screw loose to house hack here in King County. Getting rid of a bad tenant is horrifyingly difficult and slow. The worst of the dregs get the most effort from the free services of the local bar free lawyers and the rules get changed every few months. Ridiculous.
You are in one of the most progressive areas in the country. I would not be a landlord there. Glad we moved from Wa a few months ago.
I used to live in King County for 8 years. Communist cesspool. Some of us want to split the state in half.
Not as bad as Ontario. Over 8 months just to get a hearing to try to evict someone. A new concept called cash for keys has started. Paying renter large amounts to ensure the renter leaves. Totally messed up by leftie laws.
Nancy pelosi, And most democrats think housing is a right. That's totally absurd.
My rent is going up to 1100/mth in June 2023.
I know bigger places have more rentals, but where I live we are actually having a rental issue because the majore university keeps upping there acceptance rate but won't build anymore housing or it is a long way out, they now require all freshmen to live on or around campus.
So prices have shot up like a rocket in the past two years.
Our rent it just has much has a house payment would be and when our "new lease" starts, we will be getting the fees if anything needs fixed or brokes because indiana has ZERO tenets rights and a so many slumlord and monopoly companies.
It is really annoying.
Only problem is if you have dogs and cats it’s hard to find people who want to rent to that person
Euthanasia rates are skyrocketing - in part due to non-pet friendly policies imposed by landlords.
That really sucks
How many videos does it take to pay for a condo in Florida ?
We've been in our house for over 20 years and I'm 43. I plan on being here for another 20. 😁.
if you dont tell us if you are renting or owning you add nothing to the conversation
How many working people can afford to rent at $4000 a month? In Canada owning a house is out of reach for most. Renting is the same thing now. A 2 bedroom basement apartment is going for $2000+ Outrageous.
Renters out West are being kicked out in favour of migrants who get a $2500/mo housing allowance from our ridiculous federal govt. A surer thing for landlords than people who can lose their jobs. Now those renters are out on the street! No country is as generous to immigrants and screw over their own citizens like Canada!
Yeah Canada is screwed. The US apparently isn’t too far behind now. Especially with the unsecured border 😥. Agenda 2030 MUST BE STOPPED.
Rent is going up but still cheaper than buying/maintaining a home. Im in Salt Lake City.
The market is insane in SLC. Half a million dollars for townhomes.
@highpriestessearth There is a ZERO bedroom home for 350,000!! The bed is in the living room! In West Valley!
@@FromG2eminor 😮
@@FromG2eminor I’m not surprised. How outrageous!
We’ve built our own home. It’s cheaper than renting. And with rent… you’ll always owe money to somebody else. Same with leasing cars too. Or time shares. No thank you
When I bought my house, mortgage was 2.875 and the spread between owning and renting was barely 200. And the apartments at that rate weren't that great. I saw that spread then found a remodeled house that wasn't a pig with fresh lipstick.
Great job Michael ❤
Thank you!
@@MichaelBordenaro mICHAEL, truth is the best value any human being can have, but it’s the ones that embrace it and put it in the forefront of their soul and express it. That truly is courage.❤️🩹
Yep, and if they find out they will cancel your insurance, . IF you get lucky and they don't cancel you, you are on their radar, 1 slip, and you are cancelled, or non-renewable
I rent a room to a lady who anticipated needing 3-4 months to find a home to buy.
She has been with me since September. She has not mentioned house hunting in a while.
It works for me since my insurance caused my mortgage payments to go up by $500.
Win win for the both of us.
Yeah, but you should still sit down and talk with her about what her plans are and refresh the lease agreement if needed so that BOTH of you will be on the same page. What if you needed her out at the end of the original term? I understand she may be worried about getting kicked out, but when it comes to living arrangements, clear communication is a necessity. And make sure you have a lease (either month to month or annual) with rules attached, if you don't already have one.
@@inwiththenew oh I absolutely have a month to month lease. She's the ideal tenant. Pays on time, clean, rarely uses the kitchen, quiet, minds her business.
I have a rental home also. Unicorn tenants! I'm very fortunate.
In both situations, I charge less than the going rate. I figure, why have someone struggling to pay me.
@HOOPS-N-LOCKS which state if you don't mind me asking
@HOOPS-N-LOCS which state you located if you don't mind me asking? And you are a blessing to those tenants! Love it! I hope to plan to do the same.
@@junnellebeauzier552 I'm in St Pete Florida.
I rent a room for $900 to my current tenant. $100 less than the tenant before. If someone is living with me I want them to be very comfortable. I'm sure I could get more but I rarely have to see or interact with her especially in the kitchen. Now that is worth the extra $100-200 I could get.
At my other rental my tenant was so happy to pay $1850 for a 3/2/1 with privacy fence and corner lot. Nice neighborhood. He is a handy guy so he said he'll probably never need to call me for anything. It's been a year and he hasn't called me for anything. Pays rent on time!
Unicorns!!!! I am so blessed 😇
The Cheapest 2 bedroom , 1 bath cost $700.00 simple apartment .
The Most 3 bedrooms / 2 bathrooms APARTMENT which is one of the newest in this region cost $1,300 a month
gym, inground/outdoor pools, shopping center below your apartment , Movie Theater one mile away,
tons of restaurant all over the place . University half of mile (very close ) .
Try 2500- 5500 and up in Los Angeles.
That's not too bad compared to Ontario Canada. Small town like 4000 people. Developer build a new rental bldg. $1900.00 for a one bedroom, for a two bedroom $2100.00 per month. Anything biuilt after Nov 15, 2018 has no rent control. Perfectly legal to raise rent by the thousands in a year. I thiink rent control is 2.5% increase per year.
I find these prices hard to believe. Where is the location? I’m really curious. 👋🏽
@@surfboard396 Well I pay 900 in rent but it’s in a high crime city lol
@@surfboard396 In the Midwest , not in the Big Cities, just small towns , Less than 25,000 citizens in the town.
I check the real estate market this morning and that's what the prices said on the apartments. 100% true story.
Yeah. Renting is much cheaper in the Boise area. Just renewed my lease for a 3rd time, and the rent has stayed the same for the 3rd straight year. There's no way I'm buying anytime soon.
I rented a crappy apartment with a nice view for 9 years. We bought a house last year that we 💘.
Bought home Last year... Rented for 9 yrs? .. fomo lol
@@danman1287 thanks for your input. Have a great day
@@IanThecrackerstacker everyone is thinking the same. I just put it in words
Congratulations, nothing beats Home Sweet Home.
@@danman1287It's amazing how people automatically assume that just because a long term renter decided to buy that they must have had the fear of missing out. What was he supposed to do, rent forever? 😂
A thousand dollars a month for rent is a lot of money.
welcome to modern US economics
Owning is overrated, Social Security doesn't pay enough to maintain a house once your old and own it
I disagree, my fixed mortgage will be paid off in 12 months and then I owe nothing for rent/ mortgage. I am on SS. Live in Kentucky where it cheaper.
Literally what's happening to My mom who just retired..
Thats why u build a family fool!!!
Didnt he just tell u that home prices rose 42% since Covid.....😅...people dont listen
@@jimmyjay689 yeah burden other with your problem, genius
Glad we moved out of expensive suburbia Chicago area and bought 5 acres in Kentucky and built our own home. No loans ! No debt. We’re staying put. We love it here !
Good, I hope they keep putting regulations on AirBnB all over the country
For most places... All costs in ... Renting is cheaper than Buying. But only for about 10-20 years.
Then the rest of your life it's cheaper.
You should buy if the cost is within $1000 of renting.
😂😂😂😂
I've bought and sold three houses. At the age of 60, I will never buy again. It's become a fool's game.
Well, by now, you should’ve had the cash to buy one outright
You are right. It’s better to rent than buy. Just like it’s better to loose on leg rather than two.
I always think that I rather lose some of the money in rent than lose all my money if I have to go into foreclosure. Jobs aren't guaranteed and home upkeep also adds to the costs.
@@ignazs.5816 You simply do not over leverage. And you have the same contingencies that you would have as a renter. Being a homeless renter is no different than being a homeless owner. Have 6 MOs income in the bank and put at least 20% down so that at the very minimum if you have to sell at a discount in an emergency, you won’t have to scrape up 10% of the selling cost to pay your realtors. Total fees add up to about 10%.
Treadmill must be good with screen behind 😂👍🤣
Thanks Mitch!!
To save while renting, you need to be very disciplined (and lucky) and sock that money away. Don’t fritter it away on electronics, expensive clothes etc.
Agree, if you going to rent try to save, but if your rent is high you’re not going to be able to save as much.
I am in apartment hunting in New Port Richey/ Port Richey/ Hudson and the cost is $1,600/month for 2 bedrooms.🥵
I have friends in Arizona paying over $2500 to rent apartments... crazy.
Renting is not cheaper
Median rent in Massachusetts is $3100/month
@@Jack-pd4psLol . it's much cheaper to rent.
@@steveareeno65You failed to mention where your house is located, how much your down payment was, the condition of your home. In SWFL it is $800 to 1k cheaper to rent the same 2100 sq ft home then to buy that same home with 10% down.
@@dsj9831 how so?
Thanks, Michael!
I’m doing the opposite by paying more towards the principal on my home morgate especially on a 2.5% interest rate.
I’m surprised you wanna pay off your mortgage early if you have a 2 1/2% rate. That’s mortgage is essentially free with today’s inflation rate.
Just throwing some extra cash towards the principal
I paid off my 30yr in nine years and didn’t care how low the interest was.. People thought I was crazy but since I have no mortgage my total household living expenses are $1200/mo. while my neighbors are paying $3k-$5k a month with mortgage alone.
My paid off condo in Florida is very affordable without a mortgage and living expenses are around $1800/mo. instead of $5k/mo. or more.
One of the reason I retired so early with very few expenses.
The only time I rented in my life was the year I moved to Florida at age 34 .. I bought my first home at age 19 .
Maybe an analogy is company car versus private car. When the red light comes on the message center, it is someone’s problem other than mine. Same with rent versus own.
No it's still your problem but someone else's fix. If you have lousy maintenance, then it's your big problem.
@@esteban1487Big hassles are much better than costly hassles.
@dsj9831 perhaps. perhaps not. depends on the hassle. u got a leaky roof and they don't fix it quickly you got a big AND costly hassle. U can't really generalize.
Bought my house 4/1/81 at age 26. 43years later still here. 3 acre forest preserve free maple syrup, where am I going to go ?
Not buying until the market correction happens this price are outrageous…go back pre pandemic 😷 cause I didn’t see any raise
I wish I was your landlord, guaranteed income
@@Jack-pd4pssays the realtor
I’m very different than the rest of my generation; millennial here. I’ve already lived in my house over average in my 30s and only house I’ve ever lived in after parents. Never moved around and not looking.bought house in early 20s and mortgage is like 1970s home prices ratios.
Rents are still over 2k for small homes in Arizona, not seeing much of a decline out here. I am hoping it does decline fast soon
/ me too. I'm in the tri state of AZ .
The mortgage on the same small house would likely be much more per month.
As for the question of buying or renting in Miami, or anywhere that is geologically "South Florida" - i.e., the bedrock is limestone, formed from eons of dead marine life - there are the problems of potential sinkholes, and if close to the coast, tidal intrusion through the microholes that inherent in limestone (this causes the "sunny day" flooding that comes out of nowhere miles inland). Obviously, this is a problem that will continue to get worse as the sea levels rise, and oh, there are still the hurricanes, which are getting worse, and whose storm surge cannot be stopped by even a theoretically strong levee system (because the water will just go through those microholes). Will Miami be able to keep its super-high demand as Mother Nature comes for her due?
I would not buy in South Florida now.
The rent is too damn high!
100% replace the Economy is booming BS with the rent is too damn high!
The interest rate is too damn high!
@@billredding2000I bought my 1st home when rates finally dropped from 14-15% down to 7.5% in the 80's.
It’s ridiculous. I would suggest cohabitating or renting a room from a home owner. I did that for many years in Chicago where rents were always high unless you wanted to live in a war zone. Just do your research.
@@rolandthethompsongunner64 Rents definitely HAVE dropped back in CO (Springs) were I was living until very recently...but who know what they will be when I plan to move back (late 2025)? Hope I "get lucky" as I'll be renting at first while looking for something to buy...that is, if the housing market AND mortgage interest rates are WAY more affordable then. I really DO believe it will be a Buyer's Market in 2 years' time. If not, I rent until it is...
-- BR
My rent increased 10 percent last year and is going up 8 percent this year. $1600 per month in Oconomowoc Wisconsin for a one bedroom with den.
Go Packers!
I am from Waukesha county too. I am tired of hearing how the Midwest is cheaper, but in reality it isn’t unless you want to live in the north woods.
They need to ban short-term rentals everywhere
Landlords in Boston suburb where I live have just raised the rent, again!!!!!. And we have new apartment construction up the wazzoo.....
The news told me everything is going wonderfully with the economy though?
for them, yes
It sure is going great for the top 10%😄
Who’s economy? 😅
I’m assuming this is definitely sarcasm….
@@TM-173The news is there to protect the Biden administration, period.
I live in Lawton OK (in the army) and my rent is $860 for my 1BR apt and that’s honestly the higher end for this town. Compared to what I’m used to paying, I’m trying to get ahead financially as much as possible