Its more sinister than that. The reason they are able to do it is because the FEDs loan them money at lower interest rates than me or you. Black Rock is the worst. The game is rigged.
The problem is greed. So called property tycoons raking in a fortune by leeching off of rent payments. While the regular working citizen who actually produces value, can't afford a single property while giving up their hard earned money to rent payments.
Two things I'd like to know: how many of those homes are being snatched up by big corporations and how many of those corporations aren't even domestic? I've heard too many stories of people putting in bids only to get outbid by a big corporation.
Yep, they wanna charge so much to get back what spent to buy so almost any they got is empty by chance now. so any u want im sure they gonna charge u twice what they paid for it like any reseller for anything
In my town, before the pandemic, the average price of a house was $180,000. This year, the same houses are valued at $400,000. And, people who have the income, offer more than the cost of the house. For instance, I know a business owner who sold his house for $65,000 above the asking price. So, if you find a house for, lets say $200,000, because that is your budget and someone else comes along and offers $265,000 for the same house, you are not going to get that house. There are bidding wars going on with houses that are raising the price. First time home buyers don't typically have the extra income to offer $65,000 more. Not only that, but, in my town, there are people who are losing their houses because property values skyrocketed to the point that they can no longer afford the taxes on their house. Some people's houses have more than doubled in value. It's a crazy market out there.
Im in TX, my dad died so i sold his house and am buying my own house. Taxes and insurance im going to be paying 900-1000 on a paid off house, i have a rent payment The house i currently live in the taxes went up 100 a month 😡
My wife and I are going through this exact thing. 25 years old, both work full-time jobs (I also work a part-time job), both have college education….. it’s ridiculous. We’ve done everything that we were told would help us buy a home. It’s discouraging.
@@UAkovalchuk house size doesnt even factor anymore. My husband and I were forced to move to DC due to his training and we bought a 2 BEDROOM CONDO, 1000SQRFT FOR 400K!!!!!!! 5 years ago, such a condo was in the 200s. Prices are just insane now. Houses in our area start at 800k and that for like a little 800-900sqft house.
@@carolyn4203 it's all good! We bought because his training lasts 5 years plus he wants to do 1 additional optional year. So we are gonna be here for awhile. We're in suburbs of DC, which is more recession proof than most of the country but even if home prices dropped greatly, we figured a condo isnt too hard to rent out until the market improves. We were just hoping to purchase something bigger because we're having kids now, but it just wasn't possible in this area
Gosh, being a young person in this time period is hard. Can't even get a small simple house because major corps and real estate folks buy up everything. Even going through govt programs is a pain. Just praying I can finally get my own home before 35. 🙏🏾🙏🏾🙏🏾
For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
@Craig Daniels Given current recession pressures, it is unlikely that the stock will yield substantial returns in the near term. However, it may be a suitable investment opportunity. I will monitor market conditions and consider purchasing when there is an improvement in the relevant economic indicators, any idea which stocks this may be?
@Craig Daniels You are right! I diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above 750k in net profit within 2 years across high dividend yield stocks, ETF and bonds.
@@richardhudson1243 Having a counselor is essential for portfolio diversification. My advisor is Melissa Scott Glazner who is easily searchable and has extensive knowledge of the financial markets.
NBC missed one of the biggest problems why homebuyers are getting outbid. Wall Street and Private Equity are purchasing single-family homes like candy, outbidding homebuyers by tens or hundreds of thousands of dollars.
Ahh people don't realize how tough it is for first time home owners out there... Yes, you can save for a down-payment but then imagine that goal post gets moved everytime you reach that amount. Plus, good luck finding a home once you can save up. The inventory has been crazy low. My husband and I are in a similar situation. We saved enough money for a down-payment for a $500k house ( we live up north in PA) but then prices rose $200-$250k in two years. We missed out on many homes during the pandemic because we were outbid with $20-120k cash offers over asking price. The inventory has been, and still is crazy low. Meanwhile the interest rate keeps going up along with rent, energy, food etc. means we are saving less each month despite our best efforts. The small amount we had in stocks took a nosedive as well... but in sum in order to get a house with the same budget means we have to save up a larger and larger down-payment... We will eventually get a house but having a place to live should not be such a burden. We've had to give up essentially living for 4 years to get where we are now.
My wife and I built our first house in 2021 after we couldnt find one we liked in our budget. $315k was the final price of construction including the lot, yard, 2800sq ft, 5 bed 3 bath, and massive garage. Granted the way this neighborhood was built is that utilites and street are setup over a city bond on 15 years that anyone else who builds or moves in also gets to pay on the bond. Its so nice to have a new house that was a farm outside city limits just 4 years ago with access to fiber internet, natural gas, electric, tap water, sewer, cable internet/tv, and access to the 80mph turnpike.
@@thedude5040 315k new in 2021 with bonds for utilities? Sounds like Houston TX or the far suburbs of pretty much their flagship cities. I shudder to ask what the lot size on that sprawled monstrosity is.
Um yeah, I’ve also been looking for around 2 years and I’ve lost 3/4 of the offers I’ve submitted to all cash buyers. Usually for a property management company who will turn around and use the homes as rental properties. It’s like Wall Street wants to keep us stuck as tenants forever
This is another manifestation of the income inequality problem in the U.S. We have concentration at the top not seen since the robber baron era, and a consequence of that is tons of idle capital seeking return. That's predictably led to bubbles in other places like stocks, crypto, art, etc. Now you've got firms like Opendoor gobbling up houses. That's crowding out and pricing out the firt-time homebuyers and causing artificial scarcity. It's another way the 1% is picking the pockets of the 99%.
funny how my two sons had no problem buying homes in their mid 20's. But hey, electricians dont have $100,000 in student debt!! They make great money. Maybe the idiots going to college for 5 years aren't so smart after all. lol!! #losers!!
If there is no consequence from "the people" .. than the barrons DON'T HAVE 2 STOP WINNING. (Not saying I agree with deepthroating the uppermiddle class & rich just pointing out the last thing needs to be done!)
@My Opinion They dont pay taxes so thats useless. The tax loopholes need to be closed which will permanently change capitalism for the 1%. They rule everything unless the people rebel with force. Since people dont like uprisings the financial slavery continues
i was born in 1991 and my generation has no future. when we turned 18 we were kept out of the job market. now entering our 30s we are being kept out of the housing market. food is now unaffordable and so are basic needs. HOW ARE WE SUPPOSED TO SURVIVE?
Survive? extended nuclear families. Adult children staying with parents (financially contributing and saving money). The concept of moving out at 18 was to make money. One household with 3 children became 1 home and 3 apartments. Divorce becomes 2 separate households. In some countries families live in compounds where they have a plot of land and build separate houses. And we are an advanced civilization? The system was never meant for us to get over but for them to get over on us. A working class of slaves. If children stay home to build their finances, get married , they can leave when they find that perfect home. If children stayed on to look after their parents they can inherit the home instead of letting the home go back to the bank in a reverse mortgage or foreclosure. The whole of society is geared to pull you away from your foundation: the home
They probably wont talk about it, as a multimillion dollar company themselves. I'm sure they have financial ties with institutions like Blackrock and benefit from what's happening.
MAGA!!!!!!!!!!!!!!!!!! YOU HATE AMERICA. LET ME GUESS BERNIE LOVER! SOROS! ONCE EVERY HEDGE FUND AND PRIVATE EQUITY OWNS ALL THE HOMES THE GOP WINS!!!!!
We should begin to fine corporations that hold onto empty homes as investment stock or ban them from holding more stock than necessary. Then charge them exorbitant fees that make it disadvantageous to hold property as investment. That way tens of thousands of homes will be placed back on the market so that first time buyers will at least have a chance.
Yep. We need to change the playing field. A whole generation is getting priced out and should use their VOTES to force reform to the system that's doing it. They'd be crazy NOT to. You get the most pressure for government involvement when something undeniably essential (and shelter is high up there on that) is being denied to large segments of the population. Also, housing is not and never will be a free market in the U.S. - too many artificial restraints already (zoning, NIMBYism, etc.) The markets also consistently have been unresponsive to where the demand is (simpler and affordable houses), so there goes THAT theory. As with health care, it's a dysfunctional and way too expensive system that just won't fix itself.
@A Smith You'd think with the revelations from the Dominion suit the FauxNews viewers would pull in the horns a little bit. Nobody but nobody has been willing to lie knowingly to THAT extent.
Reg buyers can come up wth ideas but then u get all these other buyers or investors crying it not fair anytime cause of greed. so i just rent from decent places and watch the rest run to same door or fight over places cause of greed to own a place they may never use or rent out cause of greed.
I remember the house buying nightmare of 2013. The market was bouncing back from the 2008 crash so people were fighting for every house that came onto the market. The house we ended up buying was only on the market for 10 hours. I told my realtor to put an offer the minute we saw it listed. I didn’t even really look inside. I loved the neighborhood and knew I wanted to live in that area.
@@SmokyOle buying a house in general is such a pain. I hated seeing a house floor plan that we loved in a neighborhood we loved just to find out on the drive home that it was already contingent. Then go through that process 20 times for months. So glad we aren’t buying anytime soon.
I’m going to be 33 this year. I related to all of this way too much. I’m praying we can get a house before 40. A lot of where I want to live in texas has even gotten too expensive and I’ve lived here my whole life.
@@roolyfe I’m here in SA too! Even San Antonio is getting too expensive! We tried for 2 or so years to get a house in the Hutto/ Georgetown area but that’s now completely out of our price range. Even apartments here in San Antonio are getting too expensive
How bout 10 years from now ur 43 and still nowhere close to being able to buy, I’m talking $100-200k still above ur range in every neighborhood/market. Welcome to the renter nation of the world for the future. All that added wealth equity going to corporations/investors who already own several SFH’s into perpetuity
I've seen more condos and apartments being built within San Antonio and outside the city limits. If you drive from San Antonio to Austin, you can see more duplexes and apartments being built in abundance on both sides of the interstate highway. It's like we're being cornered to settle for rental existence instead of owning our own homes and land properties. This is insane! Look at how people in China are being cramped into coffin-sized structures. I'm really fearful for our future. Yeah, property tycoons, corporations, and elites are to blame for this home-buying crisis we're experiencing. So what are we going to do about this mess???
I'm not gonna specify where I'm from, but I noticed the same thing in Denver, Omaha and Des Moines. You phrased it quite well, "it's like we're being cornered to settle for rental existence." Denver, I might understand building dense areas because of its limited water supply, maybe. But Des Moines and Omaha have ample room to expand, it's dumb. Those cities want as many taxpayers in one area as possible, and I'm sure their landlord friends will help in building more coffin pods ⚰️.... I mean "luxury lifestyle pads." Complete corruption and collusion. They must think we're all stupid.
I live in San Antonio & I noticed 👀 also more people from California are coming here as well. My friend is from California she said rent is a lot cheaper here in SA she was living with 4 other people in California as roommates. 👀 just chaos, now it’s just her & her boyfriend now which can afford an apartment together which is a one bedroom 1200 a month which I think is insane for a one bedroom .
China is moving into America and slowly taking over. Won’t be long before we look identical to their failed society. Never understood running from ur home to other lands just to try to change those lands to be identical to the place I flee!
It took me a while but I was finally able to buy a home just 45 mins from Orlando last October. My rent was off the charts and kept going up with ridiculous add ons. I rented for 16mths after moving from PA to Fl and don't regret it. For a while it seemed impossible to buy a home in Centra Florida but I kept looking. All I had to do was wait and keep credit score high. It is so much harder owning a home being single. Also, I had a really good realtor . I am so blessed to find a home and being able to afford it as a single buyer. I am happy to finally own a home I love and could afford. It is not impossible.
what do you do for a living and what did you pay for the house? I'm curious bc I'm more or less in the same boat but i haven't been able to find a condo within my budget in a community that isn't riddled with constant gunfire.
interest is almost 7%..if u do the math, it is not good to buy a house right now. It is better to rent than buying a house... if u buy it right now, all you do is paying interest ... also, it takes 3-4 yrs to refinance ..also, if u refiance, u pay a lot of fees ... stupid people cant do math and they only want to buy a house :)
@@ctgal9698 yes, if you live in Florida you need it. But the last hurricane that came through, the house I bought got no flood or wind damage otherwise I would have backed out of the sale. So glad I didn't buy in Kissimmee as I wanted to, they got a lot of flood.
I bought my house in 2007, it was 3x my salary at the time and was a bit of a stretch. I took out a fixed rate 30 year mortgage and refinanced a few years later when interest rates cratered. I was able to pay it off this year. It’s now worth almost double what it was. Based on its current valuation and what a “starting” salary in my industry is currently, I would not be able to have purchased it, a simple 1300 square foot 3 bedroom 2 bath starter home. Homes have become less of a staple and more like some kind of cash cow for owners. It’s beginning to smell like a combination of the early 2000’s housing bubble and 1970’s-1980’s stagflation. That combination concerns me…
My 900 square foot townhome about 45 minutes outside of Toronto cost $330,000 in 2017. A couple ago they were selling for $600,000. The price has softened a little bit since then but still I would not be able to afford this place if I was looking to buy right now.
It's crazy how this has been going on for decades now and just keeps spreading. Companies buy up tons of property with investment loans, overextend themselves, and the banks they owe money to get bailed out. That leaves foreclosures as the only option for many people who just want to buy a home and start a family once the collapse happens.
I bought my house at 22 in 2012 for $190k by myself. My house has just about doubled in value. I don’t think I would be able to buy a home with how things are now.
@@nextlevelbjj3083 I definitely didn’t have rich parents and I was living in a high crime area until I bought my home. I even had to loan my parents money while I was in college just to help them keep their house because their tenants would trash the house and not pay rent. I was lucky to get a full scholarship and have a few extra ones to get some money back every semester and help them and still save some for myself. I then let them rent my 1st floor at less than half the market rent I could have gotten to make sure they could retire comfortably. So no one handed me anything I worked hard for it. But my point is, if I did all the same things again I wouldn’t be able to afford a house right out of college in this market.
@@rickyayy Thanks, I feel bad for renters today. If you’re renting the upside over not building equity in property should be a lower cost of living. These rent increases have already made a few people in my family homeless.
After selling a couple homes in 2022, I'm anticipating a housing crisis in order to buy inexpensively. As a backup plan, I've been thinking about purchasing stocks. What recommendations do you have for the best time to buy? On the one hand, I keep reading and seeing trader earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Most people are unable to handle a fall since they are accustomed to bull markets, but if you know where to look and how to get around, you can profit handsomely. It depends on your entry and exit strategy.
The fact that the US stock market had been on its longest bull run ever makes the widespread worry and enthusiasm understandable given that we are not used to such unstable markets. As you pointed out, it wasn't tough for me to earn over $780k in the last 10 months, so there are chances if you know where to go. I hired a portfolio advisor since I was aware that I needed a solid and trusted plan to survive these trying times.
@@mattandersen2458 I tried looking into new strategies to profit in the current market because my portfolio has been in the dumps for the entire year, but everything I tried just seemed to miss the point. Please let us know who your financial advisor is by name.
@@patrickperez7387 With Ruth Loralann Brennan’s guidance, I've been investing for a while, and I couldn't be happier. Her company offers the broadest financial guidance currently accessible, has given me the best ROI while safeguarding my capital. It never squanders my money on dangerous speculation or poor risk-management techniques.
@@mattandersen2458 She is a fiduciary, i believe she will act in my best interests. She appears to be very knowledgeable. I discovered her online profile and read through her resume, educational background, and qualifications, which were all very impressive. So I scheduled a session with her.
I still remember when my wife and I bought our first home in 2010, during the housing market crash. We were bidding $10,000 over asking price, along with all closing costs and we still lost every single bid. Remember, this was when foreclosures were everywhere. The only reason we finally got our house was because 2 other buyers loan fell through. Before we put a bid, another loan fell through as well. So, our house had a total of 3 loans that fell through before they finally accepted our bid.
We’ve been trying to buy a house in PA for a year now. There are 8-10 offers every single time, many times they are sold 40-50k above the asking price and often with all or almost all cash. Being a first time buyer, I certainly cannot compete. The increase in interest rate from last year didn’t do a thing to this madness, at least in PA area where we’re looking
If they make 200k they must have a lot of other debt because that is certainly enough to buy a 400k house. There is more to their story. Her being a wedding coordinator I wonder of she is an independent contractor who has a ton of writeoffs and isn't actually making as much as stated.
Real Estate provides cashflow, tax benefits, equity building, competitive risk-adjusted returns, and inflation protection on its own. Whether you invest in physical properties or REITs, real estate may help you diversify your portfolio and reduce volatility. Dividends are what got me into investing in REITs, great way to secure the accumulate wealth, I hold AMT, CCI & PSA. $290k in profits made in 2022.
Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.
Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.
@@martingiavarini My advisor is ‘’Christine Jane Mclean’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
Intl buyers makes a tiny percentage of buyers and more likely buy at major city areas with many ethnic groups, like Los Angeles and Seattle. If there is someone buying in your smaller town, more likely either someone priced out of the metro area or "American" investment groups / multihome owners buying another property to rent put or AirBnb. It is the game of Monopoly in real life, except there's over couple million players.
Not enough ppl mentioning this below and the US gov knows about it! These ppl r given advantages to perform business in this manner! So much so governments use their ppl to make investments in America! ( they pay their citizens fees to obtain businesses in america Bc of the pathway it opens for immediate immigration! America is being hijacked from the inside but many r too busy watching blk ppl to see what immigrants of all colors are doing right under ur nose!
It's always gonna be a cycle of different issues. Right now the interest rates are high, when they become low it's gonna be too competitive which drives up the housing prices, when they're just right the corporations dive in. The bottom line is you just gotta save and play the hand you're dealt with. It's just never gonna be a "good" time to buy unless the laws change to cap the rents and prevent corporations from buying properties; that's the only way prices will ever stabilize and housing will be affordable/available for real people.
Who are they competing against? It is investors, banks, and corporations who are buying older and affordable homes outside of hot market areas. About 90% of these homes had offers by the time listings were published online. This left new builds on the market. In the DFW area alone, I personally witnessed newly built home prices increase in hot market areas by $200k -$300k.
Something has to give, including banning financial firms from owning SFHs, because working hard and saving aggressively only to be almost wiped out by one recession after the next is wearing thin. Currently living in southern WA where newly developed homes in 2021 were priced under $300k, which I was ultimately outbid for by +$60k. Now those homes are almost $600k in
They have a $200k income but can't afford a $400k home. Their numbers aren't adding up. They must be deeply in debt from their wedding, student loans, etc.
It sounds like they keep getting outbid whenever they put an offer in for a house. I've seen this happening a lot in my area. Corporations are outbidding people and paying in cash. Regular folks can't compete.
I bought in 2017 and am grateful I did I did a 40% down payment (20% mine, 20% dad matched) And my mortgage was only $850 a month on a $175k house in Texas If your credit isn’t in the 700s don’t even bother getting a house yet and do atleast 20% down to avoid PMI
It's definitely much more difficult to purchase your 1st home now. I was house looking in 2016 and I finally got a house built in 2017. The prices were slowly rising then and I was trying to tell as many people as I could. Some listened but most didn't. When covid came things went through the roof and they've been high ever since... Some of those very same people that didn't listen, tell me now that they wish that they did... They're priced out of the market.... The housing market is absolutely ridiculous. Prices are high and interest rates are high.
Bought my first house last year. We were only on the market for 2 weeks before we put in a bid because of the lack of properties and stiff competition. The house we ended up buying was on the market for a total of 3 days before they accepted our offer of 10k over asking. We only went 10k over to cover the closing costs to entice the seller. Glad that we did, in the long run 10k is nothing compared the the future equity. It wasn’t easy and we unfortunately got a higher interest rate as they went up almost 2% from our initial offer to closing day. But in the end I count my blessings of finally having my own home and I couldn’t be happier!
unfortunately your house value will only go down from here. anyone who bought a home the past 3 years paid significantly over the "REAL" value. im a Mortgage loan originator and almost everyone has little to 0 equity.
@@Jay12Dizzle I would say that’s true for most areas but where I purchased my home that is not the case. House prices went up a little but not to the crazy amounts compared to larger popular areas. Also my home was listed under retail value for the neighborhood I’m in as it was a trust and the family left with the house wanted a quick sell. I’m currently a little above breakeven as far as equity and home values are not dropping at all due to lack of available real estate.
I had a similar situation this March when I purchased my first home. I paid 5k over asking after the house being on the market for about 3 days. The sellers were quick to say yes, and so I worry slightly that what the other commenter said is true about the value being inflated, but still I am happy to be living somewhere that is my own.
Why would you interview a family making 200k a year for this story? Of course they can afford to buy a home, maybe it's not the type of home that they want, but it's certainly possible.
What a surprise. When international investment corporations, and they all are international, are allowed to come in and buy up properties, the sole plan is to drive up value - that's it. These corporations are very powerful and pay the people you elect - it's really that simple.
I was just talking to a relative about this yesterday. Until people band together and say "no more", this will not change, unfortunately, we live in a world with selfish people who only look out for themselves and totally submit to big corporations and evil government regimes no matter what they do or say.
Not a single mention of Companies/Corporations and international buyers swooping up the inventory. Horrible reporting to please their corporate overlords. Both should be illegal. Ban companies from buying residential real estate and make it illegal for international investors that do not live in this country to buy land here. This country's people should have first dibs on the homes.
I swear we millennials got the worst end of the stick. Every couple of years we get shafted by these 'once in a generation' events. Now this year the banking sector is collapsing smh
I’m so tired of fighting every little crumb I have comes from fighting for life!!!! I just want to be mediocre and still propel like most of my coworkers. I’m literally exhausted from the back to back attacks!
Also investors ( usually people with 2 homes or more ) can write off interest rate along with a handful of other things as a business owner that a primary first time cannot
Wait. So they have a 180K income and can't afford a 400K house? I hate how these news programs never sit down and go through the numbers with these people. Something doesn't pass the smell test.
Why doesn’t the government create a saving vehicle for people to save for their first home for example a tax free savings account for first time home buyers lowers their taxable income with the stipulation that the money must go towards their first home and can only be used once per-person. Also why can’t renters get a tax deduction for rent just like home owners can deduct mortgage interest?
Because developers want to charge you rent and it be the same price as a mortgage. That way they get to keep their property and profit. The government doesn't want you to save, we have a consumer economy. We've shipped every job oversees except retail, you saving slows the economy. You living check to check going to Walmart everyday is exactly how they want it.
@Sitcom Clips what are you talking about all of the rich people over a couple of million have lots of options for avoiding taxes. Why can’t average people get a break for buying something as basic as a house. You don’t think the government already runs your life who do you think pays for all of the bailouts corporations get? YOU do. Who do you think pays for all of the covid relief loans YOU DO. Do you think the CEOs are working OT to pay off the bailouts their companies get ha!
They never mention the corporations that are buying up 100s of homes or individuals doing the same. Its not just about lack of money, its about a greedy few.
To all first-time buyers, wait for an actual recession (lowest time to buy), and then purchase using an FHA loan which only requires 3.5% down. We did this in 2009 and have been equity positive ever since. Well, it dipped slightly more around 2010/11ish but then jumped way up and we sold in Oct 2019 (10 years later) with 300K in equity. We moved up just before the pandemic using the equity gained as a downpayment for a $600K home, leaving us with another 320K mortgage. Our value now is hovering around $900k-1M all from a $14k downpayment in 2009. That means we now have roughly $600-700k in equity.
We are second time home buyers and even still it’s been an uphill battle. I’m just not competitive enough to buy a house I haven’t seen like the competition 😩
I am so glad I got my house in 2011 for $24,000 its 3 bedroom 2 bathrooms patio in the back and front porch, of course it needed some work done but that was only a few thousand and my husband did a lot of the labor himself.. now we own it and life is possible because we own our home, if not we'd definitely be on the streets because after the pandemic our income lowered to $10,000 a year.. Kentucky still has a few very cheap places, but I think some want pretty dreamhomes (I do too) but that's not always possible, sometimes you must take a bit of an ugly house and turn it into your dream home little by little.. it'll be worth it
@@debrajohnson9728 show off the laughing faces? not sure how to do that.. but if you're saying you doubt I paid $24,000 for my home, I guess just ask people who live in South Central Kentucky, how much a small modular home cost around 2011, and if its possible to have gotten one PAST TENSE for $24,000.. now you won't find anything for $24,000 but you can still find houses and modular homes for $50,000.. sometimes less depending.. and I also stated it needed some work, I invested about $3,000 on 1 bathroom that had a floor that had fell through, then another $4,000 roughly on my kitchen to have new floors, new walls, new insolation, cabinets and a fancy new fridge I got at Lowe's for $3,700 regular priced $4,200ish, I don't live to convince you, just trying to show people other states are much cheaper than California or New York, and just like my friend said today she moved her from Mass, because even though she made $20 an hour before pandemic she could live easier on $8.50 an hour in Kentucky.. her rent was $2,000 before and smaller apartment, now she has a place for $700 electric included but in my opinion $700 is SO EXPENSIVE for an apartment, when before the pandemic they were only $300-$400.. now they've nearly doubled and for no real reason at all.. but maybe its because I keep seeing cars from other states here maybe people are finding out about the cost of living in other states 🤣🤣🤣
@@Shaun-Vargas no no omg🤣🤣 I was being sarcastic 🤣🤣 I had a typo that's why I was like what i said🤣🤣 I meant like stop showing off with the smile not being mean 🤣🤣 I don't no were the The came from I gotta get a new phone.🤣🤣but I took it out.🤣
Bought my house for 55 thousand 11 years ago. Best purchase I made. It needed a lot of work but hey we have a roof over our heads. I went to vacation in Ruidoso NM this last week and I ran into my cousin at the K bob's restaurant. Turns out he sold his cabin to an investment firm. I asked why he sold out and he said after four years they gave he an offer he couldn't refuse and the threw in a brand new Jeep. He is heading back to El Paso after he left 16 years ago.
It’s ok, younglings. I’ve bought 2 houses in my life. There’s the parts where things break and it’s on you to fix them. What I got out of my adventures in homeownership was a shattered heart and a stellar credit score. Now that I’ve cut down on my expenses and pared back on my belongings, (who needs furniture when it’s just you?) I’ve taken to spur of the moment travel and it’s much better than worrying about caring for a house and yard.
I consider myself lucky to have bought my first home in Southern California for $0 down (Veteran) 30 year fixed at 2.75%. There wasn't much competition then and interest rates were low.
College debt, low wages and little financial options for first time homebuyers makes it very difficult. Rent isn’t cheaper making it harder to save if you can get out on your own.
Took me well over 2 years and more than 20 offers to finally get a home. Literally only happened because the selling homeowners got a soft spot for my pregnant gf and I. They informed us after the sale that they received about 50 other offers, some being more lucrative for them.
Many people do not want to buy a starter home, because they feel that it is demeaning to them, but if they truly want a home, that is the way to go. They make enough as a couple to accomplish that task, but they may have to look in a different area, and not try to buy the most expensive home that they see which has been a big problem for many people. They want it all, but sometimes and many times you just can't have it 'all.' Ms. B. Churchill
These people make almost $200,000 a year and somehow can’t afford a down payment on a cheap home? What are they spending their money on? It’s called money mismanagement.
Problem is buyers are not getting homes appraised and inspected before purchase. They do not counter offer with a appraisal to show the owner look you're asking way too much. It is a reality check!
If a seller sees several appraisals from different buyers that are about the same. Then they realize they are asking too much. Also a inspection goes on record. So if a buyers inspector finds a problem they will show all future buyers the problem if they contact them also wanting a inspection on the same property.
@@sleepwalker29this is true. But depending on the area. People are even waiving appraisal to a certain degree ! It’s insane. I’ve put offers for 50k over asking and 30k appraisal waive and still haven’t had offers accepted. (NJ)
I just became a first time homebuyer. The interest rate was insanely high. Not my ideal home or a place I would want to raise a family long term but it’s cheaper than rent. I’ll rent it out in a few years.
@@BabyBugBug I’m just a product of the market. Their forcing me to do this by the insane rent prices and interest rates. I was happy renting but I’m not gonna keep paying these crazy prices
I had to sacrifice for 6 years in order to save for a down payment I was a first-time homebuyer and I could not qualify for FHA because my salary during my 6 years search the homes that were $200k jumped to $445k. I did not have the luxury of living with my parents either to save or have generational wealth. I was completely solo on my own, saving every penny while paying off my financial debt.
Here in MA, a 400k house went up for 650k and its already under contract within 6 days, in my area there appears to be no slow. Only saving grace for me at this point is the foreclosures that I hope so very much for. But even then, I'll need 100k cash to even stand a chance.
Most probably want a new or updated home; open concept, 4 br, 3 br, laundry room, an office, a kids play room, a mud room, a huge garage, big yard, in a specific neighborhood, etc.
THIS NEEDS TO BE AN URGENT MATTER it gets over looked all the time me and my fiance have been trying to buy a home for 3 years now in Arizona it's insane
There should be a federal law that states whatever entity places a value on a property, especially if that value is used to determine property taxes and insurance premiums, that entity should be willing to purchase the property they valuated at the price they valued it at if owner decides to sell. That might slow these insane valuations that prevent many from owning, and owners from seeing ridiculous property tax and insurance increases.
First time I bought a house I paid $65K cash for a 3/2 in Hawaii on 2 acres, got the acre next door for $9,500. So 3 acres, house, guest house. $75K. Now it's worth half a mil to $600K
$200K and can’t buy a house? I’d love to look at their numbers and their searches. There is way more to their story….student debt? Other consumer debt? Looking at higher tier houses/neighborhoods?
Housing prices are never coming down especially when rates being to decline which will create more competition for houses. If you want a home you can afford then you’ll have to move to less populated areas. Higher prices all around are here to stay.
Got my home in June 2021, single 26 year old female, when the competition was high. Would book to see homes that would then accept offers before they even open for viewing. Was told to just give up for the time being and put about 15 offers that were denied. Didn’t give up and Finnaly got lucky with the amazing home I now have. It is possible for someone young, single & not rich - wouldn’t have it any other way. Paying what I would pay in rent for a two bed apartment (each) for my home
@@rainacherienne1010 195k original wood floors, updated appliances/house, etc. No water damage and a garage and parking spot - don’t regret it one day!
@@misssydkid881 Sounds wonderful, 200k is still so much, my salary is 80k and according to my calculations I cannot afford that much. I’d be more comfortable with a 130k but hard to find a livable house at that price that wouldn’t get snagged by someone else within 5 min.
Bought in July 2021 in WNY area...bought a 3 bedroom 1 bathroom ranch in a great school district on 2 acres of land for 267,000.. I thought I was crazy going 67K over at the time...thank god I did I was at least able to lock in a 3% interest rate on a 30 year!
The American dream was dead when the federal reserve decided to lower interest rates to zero, endless QE and bank bailouts, government took the dollar out gold standard, printing money into existence out of thin air. We are now all in debt we can never pay back getting worse and worse. We’re all paying these enormous government debt through inflation (hidden taxation) and higher taxes. Even when people say they own zero debt, not really. We are all paying debt through inflation.
In 2014 my family faced the same thing. We got outbid on several homes. We adjusted and bought what our new reality would allow us. We made it work and benefited from the growth and gained a lot of equity.
My wife is a doctor, and we can’t afford a house in Columbus, Ohio because the prices are twice what they were 4 years ago. Student loans, health insurance, medical bills, car payments-it’s all too much.
@G it’s not that we can’t afford a house at all, it’s that we would be getting less than half of our money’s worth what we could have had just 4 years ago. “Can’t afford a house,” was more figure of speech than a literal financial claim.
A lot of bigger cities are physically running out of land to build houses, causing houses to increase in price. BTW it is possible to raise kids without owning an enormous lawn, it's not prohibited by law or anything.
I Just sold my studio apt in Downtown Miami that I bought at 25 years old early 2021 for $176,000 for $300,000. HOA and insurance/taxes had doubled from 2021 along with general inflation, causing stress in this uncertain times and I feel it's gonna get worse. Moving back to roomate with my dad and brother lol and save $500 in the process. Puting the $150k revenue on a High-yield savings account to ride this out.
Nice but don’t take advantage too long I bought a house at 21 lived in it alone for 2.5 years (it got depressing) then rented it out and moved back with parents I’m 26 now and live half the time in an RV and half the time with my parents (My parents are toxic so I can’t be here all the time + work is 1/2 in one area 1/2 in another area by my RV) Gonna get my second house roughly in 6-7 months when the market dips (it will dip) I’ve already got $45k saved up
It should be illegal for investment firms to buy residential real estate
Investors wont stop till they are blocked or limited any.
@@cable30 thats exactly what i said needs to happen
Exactly 😢
Should be illegal for ALL, except first/single home owner!
Its more sinister than that. The reason they are able to do it is because the FEDs loan them money at lower interest rates than me or you. Black Rock is the worst. The game is rigged.
The problem is greed. So called property tycoons raking in a fortune by leeching off of rent payments. While the regular working citizen who actually produces value, can't afford a single property while giving up their hard earned money to rent payments.
You’re not wrong
Boomers
Rent control not cause it's good for renters (which it is) but because it's bad for landlords
Yes greed, but the government does nothing to control home pricing. Everyone should have access.
Y’all sound like communists. Maybe the government shouldn’t give away free money causing hyper inflation. Trump 2024!
Two things I'd like to know: how many of those homes are being snatched up by big corporations and how many of those corporations aren't even domestic? I've heard too many stories of people putting in bids only to get outbid by a big corporation.
Most are empty held by big corporations
Yep, they wanna charge so much to get back what spent to buy so almost any they got is empty by chance now. so any u want im sure they gonna charge u twice what they paid for it like any reseller for anything
When we went house shopping we found a whole block bought up and the houses looked like they were just sitting unoccupied
Chinese investment firms own so much property you’d be surprised
I would be shocked if anyne ever owned a home again and not be stuck with a rental cause of greed of investors.
In my town, before the pandemic, the average price of a house was $180,000. This year, the same houses are valued at $400,000. And, people who have the income, offer more than the cost of the house. For instance, I know a business owner who sold his house for $65,000 above the asking price. So, if you find a house for, lets say $200,000, because that is your budget and someone else comes along and offers $265,000 for the same house, you are not going to get that house. There are bidding wars going on with houses that are raising the price. First time home buyers don't typically have the extra income to offer $65,000 more. Not only that, but, in my town, there are people who are losing their houses because property values skyrocketed to the point that they can no longer afford the taxes on their house. Some people's houses have more than doubled in value. It's a crazy market out there.
Im in TX, my dad died so i sold his house and am buying my own house. Taxes and insurance im going to be paying 900-1000 on a paid off house, i have a rent payment
The house i currently live in the taxes went up 100 a month 😡
Same. I'm almost priced out of barely surviving. It's intentional.
Disrespectful
Wow that's very crazy
Time to buy a trailer before they go for 200k
My wife and I are going through this exact thing. 25 years old, both work full-time jobs (I also work a part-time job), both have college education….. it’s ridiculous. We’ve done everything that we were told would help us buy a home. It’s discouraging.
How big of a house u looking for!?
Start with a Condo
@@UAkovalchuk house size doesnt even factor anymore. My husband and I were forced to move to DC due to his training and we bought a 2 BEDROOM CONDO, 1000SQRFT FOR 400K!!!!!!! 5 years ago, such a condo was in the 200s. Prices are just insane now. Houses in our area start at 800k and that for like a little 800-900sqft house.
@@carolyn4203 it's all good! We bought because his training lasts 5 years plus he wants to do 1 additional optional year. So we are gonna be here for awhile. We're in suburbs of DC, which is more recession proof than most of the country but even if home prices dropped greatly, we figured a condo isnt too hard to rent out until the market improves. We were just hoping to purchase something bigger because we're having kids now, but it just wasn't possible in this area
mm maybe try to "sToP buYinG cOfFEe & avOcaDo ToaSt"
Gosh, being a young person in this time period is hard. Can't even get a small simple house because major corps and real estate folks buy up everything. Even going through govt programs is a pain. Just praying I can finally get my own home before 35. 🙏🏾🙏🏾🙏🏾
Don't give up! Best wishes.
For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
@Craig Daniels Given current recession pressures, it is unlikely that the stock will yield substantial returns in the near term. However, it may be a suitable investment opportunity. I will monitor market conditions and consider purchasing when there is an improvement in the relevant economic indicators, any idea which stocks this may be?
@Craig Daniels You are right! I diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above 750k in net profit within 2 years across high dividend yield stocks, ETF and bonds.
@@maiadazz that's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well.
@@richardhudson1243 Having a counselor is essential for portfolio diversification. My advisor is Melissa Scott Glazner who is easily searchable and has extensive knowledge of the financial markets.
The fed can't bring down inflation until Congress stop setting trillions of dollars we don't have, on fire, for fun.
NBC missed one of the biggest problems why homebuyers are getting outbid. Wall Street and Private Equity are purchasing single-family homes like candy, outbidding homebuyers by tens or hundreds of thousands of dollars.
Yep 👍😢😢😢😢
Private equity is one of their biggest investors. They won't dare speak bad about any of them.
The media loves to talk about problems without providing solutions
Yeah I wonder why that was left out? 🙄
Chase Bank itself just invested billions…..
Ahh people don't realize how tough it is for first time home owners out there... Yes, you can save for a down-payment but then imagine that goal post gets moved everytime you reach that amount. Plus, good luck finding a home once you can save up. The inventory has been crazy low. My husband and I are in a similar situation. We saved enough money for a down-payment for a $500k house ( we live up north in PA) but then prices rose $200-$250k in two years. We missed out on many homes during the pandemic because we were outbid with $20-120k cash offers over asking price. The inventory has been, and still is crazy low. Meanwhile the interest rate keeps going up along with rent, energy, food etc. means we are saving less each month despite our best efforts. The small amount we had in stocks took a nosedive as well... but in sum in order to get a house with the same budget means we have to save up a larger and larger down-payment... We will eventually get a house but having a place to live should not be such a burden. We've had to give up essentially living for 4 years to get where we are now.
Buy land
My wife and I built our first house in 2021 after we couldnt find one we liked in our budget. $315k was the final price of construction including the lot, yard, 2800sq ft, 5 bed 3 bath, and massive garage. Granted the way this neighborhood was built is that utilites and street are setup over a city bond on 15 years that anyone else who builds or moves in also gets to pay on the bond. Its so nice to have a new house that was a farm outside city limits just 4 years ago with access to fiber internet, natural gas, electric, tap water, sewer, cable internet/tv, and access to the 80mph turnpike.
@@thedude5040 315k new in 2021 with bonds for utilities? Sounds like Houston TX or the far suburbs of pretty much their flagship cities. I shudder to ask what the lot size on that sprawled monstrosity is.
@@GonzoT38 0.33 acres
There are plenty of homes in PA in the 300k range and below. Why look for a 500k house?
Um yeah, I’ve also been looking for around 2 years and I’ve lost 3/4 of the offers I’ve submitted to all cash buyers. Usually for a property management company who will turn around and use the homes as rental properties. It’s like Wall Street wants to keep us stuck as tenants forever
This is another manifestation of the income inequality problem in the U.S. We have concentration at the top not seen since the robber baron era, and a consequence of that is tons of idle capital seeking return. That's predictably led to bubbles in other places like stocks, crypto, art, etc. Now you've got firms like Opendoor gobbling up houses. That's crowding out and pricing out the firt-time homebuyers and causing artificial scarcity. It's another way the 1% is picking the pockets of the 99%.
funny how my two sons had no problem buying homes in their mid 20's. But hey, electricians dont have $100,000 in student debt!! They make great money. Maybe the idiots going to college for 5 years aren't so smart after all. lol!! #losers!!
If there is no consequence from "the people" .. than the barrons DON'T HAVE 2 STOP WINNING. (Not saying I agree with deepthroating the uppermiddle class & rich just pointing out the last thing needs to be done!)
Lol inequality is earned. If u are dumb and didn’t work hard in high school and beyond, that’s your own fault why your life sucks
@My Opinion They dont pay taxes so thats useless. The tax loopholes need to be closed which will permanently change capitalism for the 1%. They rule everything unless the people rebel with force. Since people dont like uprisings the financial slavery continues
Just wait for the $5 million in reparations to San Fran slaves coming soon, at least they will be taken care of!!!!
i was born in 1991 and my generation has no future. when we turned 18 we were kept out of the job market. now entering our 30s we are being kept out of the housing market. food is now unaffordable and so are basic needs. HOW ARE WE SUPPOSED TO SURVIVE?
Boomers enslaved the youth. It's by design.
@@rickyayy it is true
Survive? extended nuclear families. Adult children staying with parents (financially contributing and saving money).
The concept of moving out at 18 was to make money.
One household with 3 children became 1 home and 3 apartments.
Divorce becomes 2 separate households.
In some countries families live in compounds where they have a plot of land and build separate houses.
And we are an advanced civilization?
The system was never meant for us to get over but for them to get over on us.
A working class of slaves.
If children stay home to build their finances, get married , they can leave when they find that perfect home. If children stayed on to look after their parents they can inherit the home instead of letting the home go back to the bank in a reverse mortgage or foreclosure.
The whole of society is geared to pull you away from your foundation: the home
Your president did that Biden
Grab your rifle and boots…. Let’s destroy wallstreet and the banks
Wait, so they make just under 200k a year and he’s saying he can’t afford a house in the 400k range? Can someone explain what I’m missing here?
It’s the all cash offers man….you could make $400k/ yr but if you don’t have 50- 100% cash for the home….you aren’t getting it
That’s BS
Can we also talk about the market being monopolized! How can we compete with multi-million dollar companies in the mix as well !?
They probably wont talk about it, as a multimillion dollar company themselves. I'm sure they have financial ties with institutions like Blackrock and benefit from what's happening.
MAGA!!!!!!!!!!!!!!!!!!
YOU HATE AMERICA. LET ME GUESS BERNIE LOVER! SOROS! ONCE EVERY HEDGE FUND AND PRIVATE EQUITY OWNS ALL THE HOMES THE GOP WINS!!!!!
We should begin to fine corporations that hold onto empty homes as investment stock or ban them from holding more stock than necessary. Then charge them exorbitant fees that make it disadvantageous to hold property as investment. That way tens of thousands of homes will be placed back on the market so that first time buyers will at least have a chance.
Yep. We need to change the playing field. A whole generation is getting priced out and should use their VOTES to force reform to the system that's doing it. They'd be crazy NOT to. You get the most pressure for government involvement when something undeniably essential (and shelter is high up there on that) is being denied to large segments of the population. Also, housing is not and never will be a free market in the U.S. - too many artificial restraints already (zoning, NIMBYism, etc.) The markets also consistently have been unresponsive to where the demand is (simpler and affordable houses), so there goes THAT theory. As with health care, it's a dysfunctional and way too expensive system that just won't fix itself.
@A Smith You'd think with the revelations from the Dominion suit the FauxNews viewers would pull in the horns a little bit. Nobody but nobody has been willing to lie knowingly to THAT extent.
No
The HOAs will have to decide investment houses aren't allowed
Reg buyers can come up wth ideas but then u get all these other buyers or investors crying it not fair anytime cause of greed. so i just rent from decent places and watch the rest run to same door or fight over places cause of greed to own a place they may never use or rent out cause of greed.
I remember the house buying nightmare of 2013. The market was bouncing back from the 2008 crash so people were fighting for every house that came onto the market. The house we ended up buying was only on the market for 10 hours. I told my realtor to put an offer the minute we saw it listed. I didn’t even really look inside. I loved the neighborhood and knew I wanted to live in that area.
Same here man. Had to do it that way but it paid off. So glad we were able to get the place.
Good for you. Today's market is 100x worse than 2013. Not even remotely comparable. Things were actually affordable in 2013.
@@SmokyOle buying a house in general is such a pain. I hated seeing a house floor plan that we loved in a neighborhood we loved just to find out on the drive home that it was already contingent.
Then go through that process 20 times for months.
So glad we aren’t buying anytime soon.
Lucky you. 2012 was the bottom.
I’m going to be 33 this year. I related to all of this way too much. I’m praying we can get a house before 40. A lot of where I want to live in texas has even gotten too expensive and I’ve lived here my whole life.
Better vote carefully if you don't want tenants to live at your house for free!
I live in San Antonio, Texas! It’s outrageous! Where do you live?
@@roolyfe I’m here in SA too! Even San Antonio is getting too expensive! We tried for 2 or so years to get a house in the Hutto/ Georgetown area but that’s now completely out of our price range. Even apartments here in San Antonio are getting too expensive
How bout 10 years from now ur 43 and still nowhere close to being able to buy, I’m talking $100-200k still above ur range in every neighborhood/market. Welcome to the renter nation of the world for the future. All that added wealth equity going to corporations/investors who already own several SFH’s into perpetuity
I’m a FL native and I feel your pain. It sucks being priced out of where you live.
200k combined and can’t afford a home? How bad are they with money jeez
They can afford a home, he's just complaining that it's not the home he thinks they deserve
With only one kid it should be easier to get into a house. I have 3 kids and spent 4 years out of debt just to save for a house.
Paycheck to paycheck lifestyle
@@timpac17 Exactly, they probably want to live in Lake Nona.
Yeah on that type of combined salary in less then 3yrs they could easily save 200k+ and with a fairly comfortable lifestyle
I've seen more condos and apartments being built within San Antonio and outside the city limits. If you drive from San Antonio to Austin, you can see more duplexes and apartments being built in abundance on both sides of the interstate highway. It's like we're being cornered to settle for rental existence instead of owning our own homes and land properties. This is insane! Look at how people in China are being cramped into coffin-sized structures. I'm really fearful for our future. Yeah, property tycoons, corporations, and elites are to blame for this home-buying crisis we're experiencing. So what are we going to do about this mess???
I'm not gonna specify where I'm from, but I noticed the same thing in Denver, Omaha and Des Moines. You phrased it quite well, "it's like we're being cornered to settle for rental existence." Denver, I might understand building dense areas because of its limited water supply, maybe. But Des Moines and Omaha have ample room to expand, it's dumb. Those cities want as many taxpayers in one area as possible, and I'm sure their landlord friends will help in building more coffin pods ⚰️.... I mean "luxury lifestyle pads." Complete corruption and collusion. They must think we're all stupid.
At least with a condominium you own the inside. That you can buy and sell.
I live in San Antonio & I noticed 👀 also more people from California are coming here as well. My friend is from California she said rent is a lot cheaper here in SA she was living with 4 other people in California as roommates. 👀 just chaos, now it’s just her & her boyfriend now which can afford an apartment together which is a one bedroom 1200 a month which I think is insane for a one bedroom .
YOU HATE AMERICA. LET ME GUESS BERNIE LOVER! SOROS! ONCE EVERY HEDGE FUND AND PRIVATE EQUITY OWNS ALL THE HOMES THE GOP WINS!!!!!
China is moving into America and slowly taking over. Won’t be long before we look identical to their failed society. Never understood running from ur home to other lands just to try to change those lands to be identical to the place I flee!
It took me a while but I was finally able to buy a home just 45 mins from Orlando last October. My rent was off the charts and kept going up with ridiculous add ons. I rented for 16mths after moving from PA to Fl and don't regret it. For a while it seemed impossible to buy a home in Centra Florida but I kept looking. All I had to do was wait and keep credit score high. It is so much harder owning a home being single. Also, I had a really good realtor . I am so blessed to find a home and being able to afford it as a single buyer. I am happy to finally own a home I love and could afford. It is not impossible.
Must make some good money.
what do you do for a living and what did you pay for the house? I'm curious bc I'm more or less in the same boat but i haven't been able to find a condo within my budget in a community that isn't riddled with constant gunfire.
interest is almost 7%..if u do the math, it is not good to buy a house right now. It is better to rent than buying a house... if u buy it right now, all you do is paying interest ... also, it takes 3-4 yrs to refinance ..also, if u refiance, u pay a lot of fees ... stupid people cant do math and they only want to buy a house :)
Hopefully you got flood insurance
@@ctgal9698 yes, if you live in Florida you need it. But the last hurricane that came through, the house I bought got no flood or wind damage otherwise I would have backed out of the sale. So glad I didn't buy in Kissimmee as I wanted to, they got a lot of flood.
I bought my house in 2007, it was 3x my salary at the time and was a bit of a stretch. I took out a fixed rate 30 year mortgage and refinanced a few years later when interest rates cratered. I was able to pay it off this year. It’s now worth almost double what it was. Based on its current valuation and what a “starting” salary in my industry is currently, I would not be able to have purchased it, a simple 1300 square foot 3 bedroom 2 bath starter home. Homes have become less of a staple and more like some kind of cash cow for owners. It’s beginning to smell like a combination of the early 2000’s housing bubble and 1970’s-1980’s stagflation. That combination concerns me…
Of course it’s a bubble. Fueled by speculation and the fact that it is one of the only ways for “regular” people to see their wealth increase.
I'm so glad I bought my house in 2016. I'd be so upset if I was trying to buy a house in this market.
Me too, it's now worth about 200K more than I paid!
2017 for me right after Harvey
@@bettysmith4527 so are your taxes
@@Hsjsjshshshs spoken like a jealous renter!! The joke is on you, my taxes have gone up 500.00 a YEAR in the past almost 7 years.
@@bettysmith4527 still gone up though😼
My 900 square foot townhome about 45 minutes outside of Toronto cost $330,000 in 2017. A couple ago they were selling for $600,000. The price has softened a little bit since then but still I would not be able to afford this place if I was looking to buy right now.
Geez. What year was that built?
@@elli0tbriggs Considering it's Toronto likely early 2000s Toronto doesn't have much legacy housing compared to other areas.
It's crazy how this has been going on for decades now and just keeps spreading. Companies buy up tons of property with investment loans, overextend themselves, and the banks they owe money to get bailed out.
That leaves foreclosures as the only option for many people who just want to buy a home and start a family once the collapse happens.
I bought my house at 22 in 2012 for $190k by myself. My house has just about doubled in value. I don’t think I would be able to buy a home with how things are now.
Congrats on your investment and doing it right! Renting is dumb.
Not everyone has rich parents
That’s awesome
@@nextlevelbjj3083 I definitely didn’t have rich parents and I was living in a high crime area until I bought my home.
I even had to loan my parents money while I was in college just to help them keep their house because their tenants would trash the house and not pay rent. I was lucky to get a full scholarship and have a few extra ones to get some money back every semester and help them and still save some for myself. I then let them rent my 1st floor at less than half the market rent I could have gotten to make sure they could retire comfortably.
So no one handed me anything I worked hard for it. But my point is, if I did all the same things again I wouldn’t be able to afford a house right out of college in this market.
@@rickyayy Thanks, I feel bad for renters today. If you’re renting the upside over not building equity in property should be a lower cost of living. These rent increases have already made a few people in my family homeless.
After selling a couple homes in 2022, I'm anticipating a housing crisis in order to buy inexpensively. As a backup plan, I've been thinking about purchasing stocks. What recommendations do you have for the best time to buy? On the one hand, I keep reading and seeing trader earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Most people are unable to handle a fall since they are accustomed to bull markets, but if you know where to look and how to get around, you can profit handsomely. It depends on your entry and exit strategy.
The fact that the US stock market had been on its longest bull run ever makes the widespread worry and enthusiasm understandable given that we are not used to such unstable markets. As you pointed out, it wasn't tough for me to earn over $780k in the last 10 months, so there are chances if you know where to go. I hired a portfolio advisor since I was aware that I needed a solid and trusted plan to survive these trying times.
@@mattandersen2458 I tried looking into new strategies to profit in the current market because my portfolio has been in the dumps for the entire year, but everything I tried just seemed to miss the point. Please let us know who your financial advisor is by name.
@@patrickperez7387 With Ruth Loralann Brennan’s guidance, I've been investing for a while, and I couldn't be happier. Her company offers the broadest financial guidance currently accessible, has given me the best ROI while safeguarding my capital. It never squanders my money on dangerous speculation or poor risk-management techniques.
@@mattandersen2458 She is a fiduciary, i believe she will act in my best interests. She appears to be very knowledgeable. I discovered her online profile and read through her resume, educational background, and qualifications, which were all very impressive. So I scheduled a session with her.
I still remember when my wife and I bought our first home in 2010, during the housing market crash. We were bidding $10,000 over asking price, along with all closing costs and we still lost every single bid. Remember, this was when foreclosures were everywhere. The only reason we finally got our house was because 2 other buyers loan fell through. Before we put a bid, another loan fell through as well. So, our house had a total of 3 loans that fell through before they finally accepted our bid.
That’s nuts!
We’ve been trying to buy a house in PA for a year now. There are 8-10 offers every single time, many times they are sold 40-50k above the asking price and often with all or almost all cash. Being a first time buyer, I certainly cannot compete. The increase in interest rate from last year didn’t do a thing to this madness, at least in PA area where we’re looking
If they make 200k they must have a lot of other debt because that is certainly enough to buy a 400k house. There is more to their story. Her being a wedding coordinator I wonder of she is an independent contractor who has a ton of writeoffs and isn't actually making as much as stated.
Yeah my thoughts as well. Buying a 400k home should be easy for a couple earning 200k
$200k gross is a lot different then net
There is no home for 400K I’m Bay Area. More like a million.
@@realnapster1522 definitely but they aren't in that area.
Real Estate provides cashflow, tax benefits, equity building, competitive risk-adjusted returns, and inflation protection on its own. Whether you invest in physical properties or REITs, real estate may help you diversify your portfolio and reduce volatility. Dividends are what got me into investing in REITs, great way to secure the accumulate wealth, I hold AMT, CCI & PSA. $290k in profits made in 2022.
Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.
There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.
Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.
@@hermanramos7092 Impressive can you share more info?
@@martingiavarini My advisor is ‘’Christine Jane Mclean’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
A lot of homebuyers searching for the American dream are being outbid by international buyers.
Intl buyers makes a tiny percentage of buyers and more likely buy at major city areas with many ethnic groups, like Los Angeles and Seattle. If there is someone buying in your smaller town, more likely either someone priced out of the metro area or "American" investment groups / multihome owners buying another property to rent put or AirBnb. It is the game of Monopoly in real life, except there's over couple million players.
Not enough ppl mentioning this below and the US gov knows about it! These ppl r given advantages to perform business in this manner! So much so governments use their ppl to make investments in America! ( they pay their citizens fees to obtain businesses in america Bc of the pathway it opens for immediate immigration! America is being hijacked from the inside but many r too busy watching blk ppl to see what immigrants of all colors are doing right under ur nose!
Here in Phoenix, a lot of the buyers are from Canada
It's always gonna be a cycle of different issues. Right now the interest rates are high, when they become low it's gonna be too competitive which drives up the housing prices, when they're just right the corporations dive in. The bottom line is you just gotta save and play the hand you're dealt with. It's just never gonna be a "good" time to buy unless the laws change to cap the rents and prevent corporations from buying properties; that's the only way prices will ever stabilize and housing will be affordable/available for real people.
Who are they competing against?
It is investors, banks, and corporations who are buying older and affordable homes outside of hot market areas. About 90% of these homes had offers by the time listings were published online. This left new builds on the market.
In the DFW area alone, I personally witnessed newly built home prices increase in hot market areas by $200k -$300k.
Something has to give, including banning financial firms from owning SFHs, because working hard and saving aggressively only to be almost wiped out by one recession after the next is wearing thin. Currently living in southern WA where newly developed homes in 2021 were priced under $300k, which I was ultimately outbid for by +$60k. Now those homes are almost $600k in
The BIGGEST ISSUE that no one seems to be talking about is corporate landlords buying up these properties with high rent payments!
They have a $200k income but can't afford a $400k home. Their numbers aren't adding up. They must be deeply in debt from their wedding, student loans, etc.
I agree, seems odd.
It sounds like they keep getting outbid whenever they put an offer in for a house. I've seen this happening a lot in my area. Corporations are outbidding people and paying in cash. Regular folks can't compete.
They are getting outbid.
Raise the offer
I bought 3 houses making around 60k a year in Los Angeles. Something is not right
wish I would've bought in 2018 when I was ready but I listened to advice to wait now it's ridiculous im on this same boat
I bought in 2017 and am grateful I did
I did a 40% down payment (20% mine, 20% dad matched)
And my mortgage was only $850 a month on a $175k house in Texas
If your credit isn’t in the 700s don’t even bother getting a house yet and do atleast 20% down to avoid PMI
It's definitely much more difficult to purchase your 1st home now. I was house looking in 2016 and I finally got a house built in 2017. The prices were slowly rising then and I was trying to tell as many people as I could. Some listened but most didn't. When covid came things went through the roof and they've been high ever since... Some of those very same people that didn't listen, tell me now that they wish that they did... They're priced out of the market.... The housing market is absolutely ridiculous. Prices are high and interest rates are high.
I have 3 kids and just bought a townhouse. If you make 200k you can buy a home unless you have serious debt or are in a super high market.
I bet they think they need a McMansion!
Bought my first house last year. We were only on the market for 2 weeks before we put in a bid because of the lack of properties and stiff competition. The house we ended up buying was on the market for a total of 3 days before they accepted our offer of 10k over asking. We only went 10k over to cover the closing costs to entice the seller. Glad that we did, in the long run 10k is nothing compared the the future equity. It wasn’t easy and we unfortunately got a higher interest rate as they went up almost 2% from our initial offer to closing day. But in the end I count my blessings of finally having my own home and I couldn’t be happier!
unfortunately your house value will only go down from here. anyone who bought a home the past 3 years paid significantly over the "REAL" value. im a Mortgage loan originator and almost everyone has little to 0 equity.
@@Jay12Dizzle I would say that’s true for most areas but where I purchased my home that is not the case. House prices went up a little but not to the crazy amounts compared to larger popular areas. Also my home was listed under retail value for the neighborhood I’m in as it was a trust and the family left with the house wanted a quick sell. I’m currently a little above breakeven as far as equity and home values are not dropping at all due to lack of available real estate.
I had a similar situation this March when I purchased my first home. I paid 5k over asking after the house being on the market for about 3 days. The sellers were quick to say yes, and so I worry slightly that what the other commenter said is true about the value being inflated, but still I am happy to be living somewhere that is my own.
Bought my house at 23. All depends on the market you are in, home are really overpriced but I got lucky when interest rates were low.
You must live in a low cost of living state.
@@adrianelias2365 he must be 62 years old
How is it like growing up with wealthy parents?
@@MrPolandball I wish I could tell you man. Saved my money in the military and using my VA loan for no down payment.
@@adrianelias2365 yeah, military duty stations have pretty cheap real estate
Why would you interview a family making 200k a year for this story? Of course they can afford to buy a home, maybe it's not the type of home that they want, but it's certainly possible.
They cannot. The story said so.
What a surprise. When international investment corporations, and they all are international, are allowed to come in and buy up properties, the sole plan is to drive up value - that's it. These corporations are very powerful and pay the people you elect - it's really that simple.
I was just talking to a relative about this yesterday. Until people band together and say "no more", this will not change, unfortunately, we live in a world with selfish people who only look out for themselves and totally submit to big corporations and evil government regimes no matter what they do or say.
Not a single mention of Companies/Corporations and international buyers swooping up the inventory. Horrible reporting to please their corporate overlords. Both should be illegal. Ban companies from buying residential real estate and make it illegal for international investors that do not live in this country to buy land here. This country's people should have first dibs on the homes.
I swear we millennials got the worst end of the stick. Every couple of years we get shafted by these 'once in a generation' events. Now this year the banking sector is collapsing smh
I’m so tired of fighting every little crumb I have comes from fighting for life!!!! I just want to be mediocre and still propel like most of my coworkers. I’m literally exhausted from the back to back attacks!
Boomers had it made. If you made 75K in 2000, you could buy a house, go on vacations and start a family. Today, 75k is nothing...
Also investors ( usually people with 2 homes or more ) can write off interest rate along with a handful of other things as a business owner that a primary first time cannot
The govt really approving a 40 year mortgage instead of addressing WHY PEOPLE NEED A 40 YEAR MORTGAGE
Government is on the game 😌
How should the government address people needing 40 year mortgages?
@@bettysmith4527 by banning 40 year mortgages. EZ.
Wait. So they have a 180K income and can't afford a 400K house? I hate how these news programs never sit down and go through the numbers with these people. Something doesn't pass the smell test.
Why doesn’t the government create a saving vehicle for people to save for their first home for example a tax free savings account for first time home buyers lowers their taxable income with the stipulation that the money must go towards their first home and can only be used once per-person.
Also why can’t renters get a tax deduction for rent just like home owners can deduct mortgage interest?
Because developers want to charge you rent and it be the same price as a mortgage. That way they get to keep their property and profit. The government doesn't want you to save, we have a consumer economy. We've shipped every job oversees except retail, you saving slows the economy. You living check to check going to Walmart everyday is exactly how they want it.
@A Smith male
So you want the government to give the landlords subsidies, because why would they do that?
You’ve got some great points.
@Sitcom Clips what are you talking about all of the rich people over a couple of million have lots of options for avoiding taxes.
Why can’t average people get a break for buying something as basic as a house.
You don’t think the government already runs your life who do you think pays for all of the bailouts corporations get? YOU do. Who do you think pays for all of the covid relief loans YOU DO.
Do you think the CEOs are working OT to pay off the bailouts their companies get ha!
They never mention the corporations that are buying up 100s of homes or individuals doing the same. Its not just about lack of money, its about a greedy few.
To all first-time buyers, wait for an actual recession (lowest time to buy), and then purchase using an FHA loan which only requires 3.5% down. We did this in 2009 and have been equity positive ever since. Well, it dipped slightly more around 2010/11ish but then jumped way up and we sold in Oct 2019 (10 years later) with 300K in equity. We moved up just before the pandemic using the equity gained as a downpayment for a $600K home, leaving us with another 320K mortgage. Our value now is hovering around $900k-1M all from a $14k downpayment in 2009. That means we now have roughly $600-700k in equity.
“Priced out of a home” more like priced out of life.
We are second time home buyers and even still it’s been an uphill battle. I’m just not competitive enough to buy a house I haven’t seen like the competition 😩
all these people and companies who buy "investment" properties take away the opportunities for first time home buyers too.
They’re making almost $200k a year and cant find an affordable place?! Yeah, its a wrap for me.
I am so glad I got my house in 2011 for $24,000 its 3 bedroom 2 bathrooms patio in the back and front porch, of course it needed some work done but that was only a few thousand and my husband did a lot of the labor himself.. now we own it and life is possible because we own our home, if not we'd definitely be on the streets because after the pandemic our income lowered to $10,000 a year.. Kentucky still has a few very cheap places, but I think some want pretty dreamhomes (I do too) but that's not always possible, sometimes you must take a bit of an ugly house and turn it into your dream home little by little.. it'll be worth it
Show off 🤣🤣🤣
@@debrajohnson9728 show off the laughing faces? not sure how to do that.. but if you're saying you doubt I paid $24,000 for my home, I guess just ask people who live in South Central Kentucky, how much a small modular home cost around 2011, and if its possible to have gotten one PAST TENSE for $24,000.. now you won't find anything for $24,000 but you can still find houses and modular homes for $50,000.. sometimes less depending.. and I also stated it needed some work, I invested about $3,000 on 1 bathroom that had a floor that had fell through, then another $4,000 roughly on my kitchen to have new floors, new walls, new insolation, cabinets and a fancy new fridge I got at Lowe's for $3,700 regular priced $4,200ish, I don't live to convince you, just trying to show people other states are much cheaper than California or New York, and just like my friend said today she moved her from Mass, because even though she made $20 an hour before pandemic she could live easier on $8.50 an hour in Kentucky.. her rent was $2,000 before and smaller apartment, now she has a place for $700 electric included but in my opinion $700 is SO EXPENSIVE for an apartment, when before the pandemic they were only $300-$400.. now they've nearly doubled and for no real reason at all.. but maybe its because I keep seeing cars from other states here maybe people are finding out about the cost of living in other states 🤣🤣🤣
@@Shaun-Vargas no no omg🤣🤣 I was being sarcastic 🤣🤣 I had a typo that's why I was like what i said🤣🤣 I meant like stop showing off with the smile not being mean 🤣🤣 I don't no were the The came from I gotta get a new phone.🤣🤣but I took it out.🤣
@@debrajohnson9728 alright, sorry I misunderstood then :)
@@Shaun-Vargas ok no worries 🙂
Bought my house for 55 thousand 11 years ago. Best purchase I made. It needed a lot of work but hey we have a roof over our heads. I went to vacation in Ruidoso NM this last week and I ran into my cousin at the K bob's restaurant. Turns out he sold his cabin to an investment firm. I asked why he sold out and he said after four years they gave he an offer he couldn't refuse and the threw in a brand new Jeep. He is heading back to El Paso after he left 16 years ago.
It’s ok, younglings. I’ve bought 2 houses in my life. There’s the parts where things break and it’s on you to fix them. What I got out of my adventures in homeownership was a shattered heart and a stellar credit score. Now that I’ve cut down on my expenses and pared back on my belongings, (who needs furniture when it’s just you?) I’ve taken to spur of the moment travel and it’s much better than worrying about caring for a house and yard.
I consider myself lucky to have bought my first home in Southern California for $0 down (Veteran) 30 year fixed at 2.75%. There wasn't much competition then and interest rates were low.
If they make around 200k a year, they can easily qualify for around $1 million dollar mortgage. This report is misleading.
College debt, low wages and little financial options for first time homebuyers makes it very difficult. Rent isn’t cheaper making it harder to save if you can get out on your own.
I wonder why there is no law on foreign investors buying homes as well as financial companies buying homes.
Took me well over 2 years and more than 20 offers to finally get a home. Literally only happened because the selling homeowners got a soft spot for my pregnant gf and I. They informed us after the sale that they received about 50 other offers, some being more lucrative for them.
Yep, I been trying to buy for 3 years. But keep getting out bid. And prices keep going up. And no there will not be any crash
Many people do not want to buy a starter home, because they feel that it is demeaning to them, but if they truly want a home, that is the way to go. They make enough as a couple to accomplish that task, but they may have to look in a different area, and not try to buy the most expensive home that they see which has been a big problem for many people.
They want it all, but sometimes and many times you just can't have it 'all.'
Ms. B. Churchill
Depending on where they live a so called starter home is not in a good neighborhood. Or there aren’t any available.
There are no "starter" homes. That term is outdated.
@@duancoviero9759 exactly being renovated by flippers as investment and sold for three times as much
These people make almost $200,000 a year and somehow can’t afford a down payment on a cheap home? What are they spending their money on? It’s called money mismanagement.
Most likely vehicles
Lol the ignorant live in bliss
200k should be able to afford a home. They want to live in an area that is above their means.
Kids are expensive. Looks like they have a kid. Perhaps that's it.
Ladies hair is expensive. She’s not a natural bleached blonde lol. It’s like 300-400 dollars a month to get that done.
Problem is buyers are not getting homes appraised and inspected before purchase. They do not counter offer with a appraisal to show the owner look you're asking way too much. It is a reality check!
If a seller sees several appraisals from different buyers that are about the same. Then they realize they are asking too much. Also a inspection goes on record. So if a buyers inspector finds a problem they will show all future buyers the problem if they contact them also wanting a inspection on the same property.
@@sleepwalker29this is true. But depending on the area. People are even waiving appraisal to a certain degree ! It’s insane. I’ve put offers for 50k over asking and 30k appraisal waive and still haven’t had offers accepted. (NJ)
They can find something with the income they have. They just can't find exactly what they want
A trailer park house, yes. But you shouldn't have to buy trailer park trash with 200k of income.
I moved overseas because of essentials like housing were too high and I've never looked back!
South America?
I just became a first time homebuyer. The interest rate was insanely high. Not my ideal home or a place I would want to raise a family long term but it’s cheaper than rent. I’ll rent it out in a few years.
Do you not realize that your actions contributed to the problem?
@@BabyBugBug I’m just a product of the market. Their forcing me to do this by the insane rent prices and interest rates. I was happy renting but I’m not gonna keep paying these crazy prices
Cheaper than rent? How high is rent where you are?
@@erickkisreal9398 $1,600 at the least for a 1 bedroom apartment. 2k for 2 bedroom
Yeah better vote carefully if you don't want renters to live for free!!!
Just bought my first home at 26. It was a nightmare. Was constantly outbid but I figured it out. Best of luck yo everyone looking
I had to sacrifice for 6 years in order to save for a down payment I was a first-time homebuyer and I could not qualify for FHA because my salary during my 6 years search the homes that were $200k jumped to $445k. I did not have the luxury of living with my parents either to save or have generational wealth. I was completely solo on my own, saving every penny while paying off my financial debt.
FHA has no income requirements, so not sure what you are talking about.
Stay strong and keep saving first timers! The bottom is gonna fall out soon.
I can tell you right now, if these people are making $ 200,000, and cannot buy a house, THEY are doing something wrong.
We got our house back in June 2022, so glad we did
If they make 200k a year and can't afford a house then they are doing something wrong.
Issue is not just income. Other debts (education, medical, parental) and varying costs by city also make a difference.
If interest rate drops price will.go up again. 😢
If you earn $200k and can’t buy a $400 home then you are not doing something right.
Here in MA, a 400k house went up for 650k and its already under contract within 6 days, in my area there appears to be no slow. Only saving grace for me at this point is the foreclosures that I hope so very much for. But even then, I'll need 100k cash to even stand a chance.
And the 225k+ Income on top to afford that mortgage with current interest rates.
If your making 200k and cant afford a house, you are living beyond your means
Truth!
Thanks to both Democrats and Republicans for this
People are paying 1500-2500 a month for rent... how tf do you save for a house??
Most probably want a new or updated home; open concept, 4 br, 3 br, laundry room, an office, a kids play room, a mud room, a huge garage, big yard, in a specific neighborhood, etc.
People think this market will hold? Give it time, give it time.
THIS NEEDS TO BE AN URGENT MATTER it gets over looked all the time me and my fiance have been trying to buy a home for 3 years now in Arizona it's insane
There should be a federal law that states whatever entity places a value on a property, especially if that value is used to determine property taxes and insurance premiums, that entity should be willing to purchase the property they valuated at the price they valued it at if owner decides to sell.
That might slow these insane valuations that prevent many from owning, and owners from seeing ridiculous property tax and insurance increases.
First time I bought a house I paid $65K cash for a 3/2 in Hawaii on 2 acres, got the acre next door for $9,500. So 3 acres, house, guest house. $75K.
Now it's worth half a mil to $600K
And your point is?
@@myfriendgoo2816 What's your problem?
@@punapeter colonizer
@@punapeter You didn't answer the question. What's your point? I won the lottery. Must mean the economic system is fair and hunky dory. Anecdotally.
@@DezaRay24 uneducated troll
Had we not purchased in 2020, I would still be living with my mother and my husband with his parents. The home prices are insane now.
$200K and can’t buy a house? I’d love to look at their numbers and their searches. There is way more to their story….student debt? Other consumer debt? Looking at higher tier houses/neighborhoods?
Housing prices are never coming down especially when rates being to decline which will create more competition for houses. If you want a home you can afford then you’ll have to move to less populated areas. Higher prices all around are here to stay.
Got my home in June 2021, single 26 year old female, when the competition was high. Would book to see homes that would then accept offers before they even open for viewing. Was told to just give up for the time being and put about 15 offers that were denied. Didn’t give up and Finnaly got lucky with the amazing home I now have. It is possible for someone young, single & not rich - wouldn’t have it any other way. Paying what I would pay in rent for a two bed apartment (each) for my home
Very good! Congratulations.😎✌💃
Congrats, curious how much was the house?
@G How ppl afford that 🥹
@@rainacherienne1010 195k original wood floors, updated appliances/house, etc. No water damage and a garage and parking spot - don’t regret it one day!
@@misssydkid881 Sounds wonderful, 200k is still so much, my salary is 80k and according to my calculations I cannot afford that much. I’d be more comfortable with a 130k but hard to find a livable house at that price that wouldn’t get snagged by someone else within 5 min.
Bought in July 2021 in WNY area...bought a 3 bedroom 1 bathroom ranch in a great school district on 2 acres of land for 267,000.. I thought I was crazy going 67K over at the time...thank god I did I was at least able to lock in a 3% interest rate on a 30 year!
The American dream was dead when the federal reserve decided to lower interest rates to zero, endless QE and bank bailouts, government took the dollar out gold standard, printing money into existence out of thin air. We are now all in debt we can never pay back getting worse and worse. We’re all paying these enormous government debt through inflation (hidden taxation) and higher taxes. Even when people say they own zero debt, not really. We are all paying debt through inflation.
@Nicholle Christine Edwards
They say elon musk doesn’t get paid by Tesla for any salary. So how did he become the richest person in the world. Lol 😂
This has been an issue the entirety of my lifetime. The US housing market was screwed in the early 2000s. Never got better after 2008.
I’m glad we bought our first house years ago in our early twenties instead of ever renting.
ooo la la
@@JustinLapekes 😮💨
In 2014 my family faced the same thing. We got outbid on several homes. We adjusted and bought what our new reality would allow us. We made it work and benefited from the growth and gained a lot of equity.
My wife is a doctor, and we can’t afford a house in Columbus, Ohio because the prices are twice what they were 4 years ago.
Student loans, health insurance, medical bills, car payments-it’s all too much.
@G it’s not that we can’t afford a house at all, it’s that we would be getting less than half of our money’s worth what we could have had just 4 years ago.
“Can’t afford a house,” was more figure of speech than a literal financial claim.
@@Aveeguides too bad, just get something cheaper
A lot of bigger cities are physically running out of land to build houses, causing houses to increase in price. BTW it is possible to raise kids without owning an enormous lawn, it's not prohibited by law or anything.
I Just sold my studio apt in Downtown Miami that I bought at 25 years old early 2021 for $176,000 for $300,000. HOA and insurance/taxes had doubled from 2021 along with general inflation, causing stress in this uncertain times and I feel it's gonna get worse. Moving back to roomate with my dad and brother lol and save $500 in the process. Puting the $150k revenue on a High-yield savings account to ride this out.
Nice but don’t take advantage too long
I bought a house at 21 lived in it alone for 2.5 years (it got depressing) then rented it out and moved back with parents
I’m 26 now and live half the time in an RV and half the time with my parents (My parents are toxic so I can’t be here all the time + work is 1/2 in one area 1/2 in another area by my RV)
Gonna get my second house roughly in 6-7 months when the market dips (it will dip) I’ve already got $45k saved up