Affording a Home is Near IMPOSSIBLE
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- เผยแพร่เมื่อ 29 มิ.ย. 2024
- First time buyers are struggling more and more with finding an affordable home. Home prices have risen 5% while mortgage interest rates have reached over 7%. Will people ever have a chance to own a home? This week I'll discuss this topic.
The Housing Affordability CRISIS Continues th-cam.com/users/liveRYWtBP4gp7s
The Feds Continue to DESTROY the Housing Market th-cam.com/users/liveY4dsg0Gl038
The Housing Market will Never Be the Same th-cam.com/users/liveJLlOw19icH8
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Homes have unfortunately been converted into investment commodities. We need homes just to live in.
...I see that too. If I see the house that we may be able to afford it in the liveable condition just THE WAY IT IS (without the renovations and luxury updates), sometimes within hours the listing is "PENDING"....
I think that was the beginning of the end with housing affordability. Homes are a human right and should be assessable to all those that want to buy. They shouldn’t be investments to make money off them
Well, that's finance capitalism for you.
Everybody is trying to get somebody on a payment plan so they can get rich. 😳
This is why we are starting to see laws unfavorable to AirBnBs. If single family homes become hotels affordability becomes harder. But AirBnB is how many people can afford the home they live in. It's not all corporate or other investment only owners.
Making AirBnBs more like month to month rentals makes sense to me. Areas not zoned for hotels should be held to monthly rentals only or longer term.
@@divermike8943 house flipping over and over is driving prices up and up
Jackie, we need more truthful agents like you and your guest.
3% rates for 1st time home buyers Institutional & mom & pop investors need to be heavily taxed to stop them from buying up all the SFHs realtors are also to blame
Yeah, the way I see getting "affording a Home" is to suck it up, work two jobs, buy a house and let inflation do the rest. My current payment is just over $2110/m for a 2ba 3bd. The closest 2ba 3bd apartments to my house cost $1800/m... ridiculous. But in 5~7 years, my monthly payment will roughly stay the same. Those apartments however will cost more a month than my house.
We bought a double wide about 13 years ago for dirt cheap, and about $400 a month lot rent.
They've been raising that so much the last few years that we see the same issue with it being as high as a house payment in the next half a dozen years.
Renting the land for as much as we could get a home for and have set payments?
We are definitely looking at buying now.
When I bought my first house in 1989, the interest rate was 10%. I lost that house in a foreclosure. It took 10 years to dig out of that. Then my new husband & I bought a house in 1998 @ 8% interest rate! We refinanced right b4 the bubble burst & were upside down for 10 years, when we sold & broke even. In 2015, we bought another home for 3.5%. We made double payments & paid that house off. We are selling, broke even on this house & now we are going down another rabbit hole. Let the Millenials know that they aren't the only generation that's gad to ride the economic Rollercoaster.
...I'm from the Eastern Europe and one thing I didn't get to understand is why are Americans moving so much. I'd understand if you have to move because your job requires you to, but it seems that you guys can't stay in one place and be happy. I am NOT bashing you, understand that where I come from, in many cases 2 generations live together (well at lease 30 years they did) and house is passed down to the next of kin. Kids also stay within the same town, village (more than town) as their parents and grandparents. Also, another factor can be many and multiple divorces throughout one's life....I wish you all the best ❤🙏 May you be blessed with an abundant life.
@@mahwahazet4133Americans tend to always move where the $$$ is. I think a lot of people would prefer not to live that way, but it is forced upon us with economic forces.
I'm a single 67-year-old retired male living in a 2-bedroom condo in Englewood Colorado, just south of Denver. I have 9 years remaining on my mortgage. After watching several of your informative videos I consider myself to be somewhat fortunate living where I do. We just had an emergency $70/month increase in HOA fees due to rising insurance rates in our state as well as some of the states you have mentioned in previous videos. One concern around here is the presence of what I call the invisible walking backpacker group. Some our homeless and some are those coming up from the southern border. They seem to be everywhere around here, and we just carry on with our daily activities as if nothing has changed. It's quite sad and unsettling at the same time because you can't help but wonder if one or more of these people might attack you.
Just say no way to HOA 😳
@@alphaomega1351 Once an HOA is in place, theyre hard to get rid of. A good idea in principle, ut almost always turns into a corrupted union. Wont be long before HOA fees are thousands per month. Best bet is to get on the board and ty to control the policies that way.
I live in Austin. I have several real estate apps I peruse. I see a lot of homes priced at nearly 2022 prices and then 30 days later, seeing lots of price drops up to 100k. That tells me these homes were overpriced to begin with.
I have friends who are at 7% here in North Jersey, and I'm not sure how they are able to afford the mortgage. Compared to where it was last year, what we got 5.75%
inflation is robbing all of us blind. No wonder we're all getting poorer. How can someone plan for retirement at this rate? The gravy train of being off the gold standard has already come to an end. Now we're in the aftermath, and its gonna get alot worse.
25k a year just in taxes..........holy hell. what do you people do for a living? I thought 4k was bad.
Oh you'd be surprised.
I can't afford a home. I am single. I hope I can get a forclosure home in maybe 2-3 years. This market is horrible.
kids born in the 90s ended up getting the short stick. When my parents moved to Vegas in 1998, owning a home wasn't an impossible task. They bough their home for 120K, mortgage at $980 a month That means that prices have quadrupled in 25 years. Now, your average mortgage cost for a entry level home is around 2,500 and that includes the 90K you have to put down, (20%). You slave away saving up for years and years, all to still have to pay 2,500 (I'm 99% sure much more than that) a month! Oh joy, huge savings in your corner.
I moved to Dallas 5 years ago. Thank goodness. It wasn’t easy even then but it was much more affordable. Now it is way more expensive with no inventory and high mortgage rates. I am in actual Dallas to be close to family so we definitely had to downsize to stay in budget. Still I love it here.
Dallas seems really nice. And Ft. Worth. There aren’t many places like that any more.
..darn I missed you by a minute for you to be able to answer...
We rent an old victorian in Sussex County NJ. The landlord increased the rent in March 24' and house was on the market in April and was sold. We can stay as renters but I am afraid that a new landlord will increase the rent again as a new owner. Am I to understand that Sussex county IS NOT affected by the rent control? We can't buy a house right now (already talked to the lender) to afford $1700 max mortgage...as we know there's NOTHING in a price range we can afford and we are waiting out for the next year....when we can save as much as we can.
YOU ARE RIGHT about NYC folks grabbing houses as if shopping in a grocery store!
I don’t believe there is rent control there but I think there is a max a landlord can increase the rent. You can check the state website to see. Thanks for being on the livestream! Appreciate you being here!
@@JackieBaker ...Thank you Jakie for taking time to answer. First I was told by my real estate agent that the landlord can't increase that much, 3-6%max. The next day she texted me that the laws have changed in NJ and our county is NOT one of those rent controlled areas, Union, Newark yes (big cities). I like the fact that here in Sussex county we still have that protected farm land and glad that farmers still keep it that way...I was even thinking buying a land, throw in an RV and wait out for time when we can build a house. At least the land is "ours" (we know NOBODY owns the land/house as long as we have to pay property tax, we are RENTERS of "our" land. Sand but hard cold truth.
Ha! I love the northeast vibe, your channel is very informative. Thank you!
I have a real-estate/financial question for you...here is my question/dilemma! We purchased a townhome in Pennsylvania last summer August 2023. My 3 grown children live around the state and we plan to move to the state when my husband retires. We are currently renting the townhome out and the rent covers the high mortgage (71/2 percent mortgage rate) on a 30 yr loan. The original plain was for my husband to work another 5 yrs then sell our home here in Indiana and then buy out the mortgage on the townhouse and we retire in the townhome mortgage free. I just got informed that my husband (do to circumstances) that he plans to retire by the end of this currant year (dec.2024). The lease on our townhome runs out in Feb of 2024. My question to you is...my thought was what if we keep the townhome and keep it as a rental and take the cash from this house we plan to sell that has no mortgage on it and buy something else. Would it be better to take over the townhome for ourselves and pay off the mortgage and live in retirement mortgage free and not be a property/landlord owner or use the cash to buy another home to live with no mortgage (paid with cash) and have a rental that has a high rate but basically covered by the rent? Which is more financially better? My husband is concerned if we loose the good renter to then have to find another renter which isn't always so easy and then we would have to cover the mortgage for awhile. I like the idea of a rental to build our retirement other than just putting all into the stock market...not sure what to do! Would love your advise or any of your followers... Thanks!
I just started looking as a first time homebuyer in the Central Pennsylvania area, and its rough out here. My budget of 150k apparently either gets me a manufactured home with expensive lot rent and a high interest chattel loan or an old run down pre war house that id have to spend thousands to fix up. I guess ill have to just keep renting
How does Texas think it's going to have enough water for all of this growth? When you buy here, you need to look at the long-term, and Texas, generally speaking, has a water supply problem.
You need to be a professional baseball player to afford a home in my area!
Have you seen the Ashton Martin 65 floor high-rise in Miami? All units sold before certificate of occupancy. 1 to 56 million per until and many unit came with a free Ashton Martin vehicle. 😅😅😅
I don't know how young people do it these days between student loans, high rental prices, and high housing prices and interest rates. Also, HOA dues are skyrocketing, due to so many natural disasters and fraudulent claims.
I live just outside Charleston SC. I bought late summer 2019 for $225,000. I could now list it for $350,000. That increase is insane for only 5 years. But I won't sell because I can't afford to buy anything else now unless I relocate to a rural area elsewhere. Sure, I could throw the money back into the other house, but that's not cool to me. I'd want to use must of that equity to pay off all my debt and put into retirement investment, not entirely in another house to be able to barely afford it. I'm a remote worker, but I have to consider what if I lost my remote job and had to get an in office job?
Bi-level... EWWW. I call a split foyer. I HATE THEM!
I’m so sad for the kids today looking for a house. The price and the interest rate is terrible not to mention the overbidding that owners expect to occur. Hopefully a change in Washington will help rates get to reasonable rates. Or the housing market will burst again sending prices lower.
economic collapses are inevitable. the smart are those who wait for them LOL
So. Where is all this going? Could home prices at present levels be sustainable? I'd guess no. Will interest rates go down? I'd think not muchin the near term. The fed raised rates to lower inflation. Housing costs are a big factor. So until home prices come down the Fed will likely keep interest rates higher. That's a simplification but in general that's true unless healthcare cost or oil prices drop.
Opening song by Pogo?
Also is it bad to say I have a crush on Jackie? Smart, pretty and tough. Love them like that!
This was my second ever video watching Jackie. I go to her channel and the first suggested video of hers says REASONS WHY YOU SHOULDN'T MOVE TO AUSTIN TEXAS. Ok well, the underlying message of this livestream is a lie then lol
Eventually if this isn't stopped, only the wealthy will be able to afford a home.
Bullshit. Homes come in all shapes and sizes in all locations. If you really want to own there’s a home for you. If you’re smart you will rent and invest your money vs wasting it on property tax and all sorts of miscellaneous expenses when things break.
By paying rent you're paying someone else's property tax.
Rent in NJ for a family home (3 bedrooms) is $4000+/ month.
:-D
Sleepy Joe need to go We need President Trump, the real leader. Amen.
@@ConfusedCobra-qt1nv Yup.
Both Biden and Obama need to go!! I'm not sure Trump is best, but I do know the country was doing a ton better under his administration.
😂
@@Emily_070 Thats kinda been my take. I dont like Trump much personally, but damn things were ALOT better before this bonehead got into office. Do I want a 2nd helpig of this? hell no, Id rather take the other guy with his mean tweets,
Lord critical thinking takes another hit. the ignorance of people and their inability to know how things actually work is mystifying.