The American Dream is Dead...And it's All YOUR Fault
ฝัง
- เผยแพร่เมื่อ 19 ต.ค. 2022
- 90% of Americans believe owning a home is part of the American dream… but 51% say it isn’t attainable. Additionally, 94% are not currently living in their ideal home, with the main reason being they can’t afford it.
Need a Realtor? homeandmoney.com/michael/
======
Like My Sunglasses? Get a Pair ebay.us/PhTVOG
======
I offer 1 on 1 calls, book one if you'd like!
michaelbordenaro.com/book-ser...
======
My Filming and Editing Equipment
michaelbordenaro.com/my-youtu...
======
Sign Up for My Email list and Get Weekly Video Updates in Your Inbox!
bit.ly/MBreminders
Articles Mentioned in the Video
apple.news/A5iwRZjwfRZSdN0LU9...
www.forbes.com/sites/brianbus...
apple.news/AURof-xGhRYGMnqN5_...
FTC Legal Disclaimer - Some links found in the description box of my videos may be affiliate links, meaning I will make commission on sales you make through my link. This is at no extra cost to you to use my links/codes, it's just one more way to support me and my channel! :) - บันเทิง
![[ไฮไลต์] แบดมินตันชาย วิว กุลวุฒิ(ไทย) vs Kenta Nishimoto(ญี่ปุ่น) รอบ 16 คน | โอลิมปิก 2024](http://i.ytimg.com/vi/kaQRLljJkSI/mqdefault.jpg)
![[TH] GEN vs SEN | FPX vs TH - VALORANT Champions 2024 DAY 1](http://i.ytimg.com/vi/VcyH-0LAlhs/mqdefault.jpg)
WARNING! Buyers Remorse HORROR Stories YOU NEED To Hear th-cam.com/video/6fOl-62ttWg/w-d-xo.html
You have to be asleep to live the American dream
So when China hits the area where the chips are made... this place can not even be called a country in wikipedia
What you say is true . Single older guy here and really thinking getting out of the country. People here are obsessed with houses as money makers . I believe differently. We do not have the village anymore as we did in the 70s when I grew up , now it’s about granite countertops. Hate it
So true
So tired of people using houses as an “investment” when more and more people are stuck paying 50% of their income and living paycheck to paycheck or worse.
@Crypto Monk I'm with you. I just want a modest place to live. Portugal is on my wish list.
Gotta keep up with the Jones.
@@CJ-mt6zd I agree, house poor and pretentious/ look at me I got a pot filler . Hello Costa Rica
“You have to work your way up to these things rather than just give up.” Wise wise words… I have a small condo, but hope to have my dream home one day. I’m going to focus on saving and increasing my salary etc… I’m grateful that even though it’s not my dream place I have a roof over my head
Dream House = PAID OFF
Lets not forget wages have not kept up with costs. A single blue collar job income was enough to afford a typical home 30 years ago. Good luck doing that now, there's dual income families that still cant achieve that.
Absolutely true
Great video. My husbands mom has been in her house since 1963 and she’s turning 90 in February. She’s an anomaly through.
They bought the place for $16,000.
Wow, that is an anomaly. Great story!
one of those types (one owner for decades) took 1 month in my nabe to sell. the owner passed away at 93. it was way overpriced by 100k, but it sold!
I was renting back through the mid 2000s in hope of buying a home. Lost my job in 2009 during the recession and struggled thinking it was all over. However, I persisted to pushed forward, got another job 6 months later and bought a house in 2010 when prices were at the bottom. Success in life for regular people takes hard work, patience, and resilience.
And luck apparently.
@@mr.centrist5789 Luck plays a big role in life, but preparation is key. If you're well prepared, even an unlucky life isn't horrible.
@@robertmckay5839 No, its still luck. You have the luck to be born with a personality like that.
Cold snap in Florida! Brrr! It's 74 freezing degrees in Tampa Bay. 😅
Haha I know right ! Feels like a 20° difference in just one day
I have my sweats on 🤣
Tampa Bay here as well! Loving these cooler temps.
The best feeling in the housing market is to have your house paid for 🎉
Apparently we dont have a paid for house. But I don't have any other bills. And no car payments. And going to KEEP IT that way
No ones house is ever "paid off" you pay property taxes, home owners insurance, sewer, HOAs, trash pickup, and on and on....
@@lilirobin7136 You don't have to have insurance on a paid for house. I know several people that don't have insurance on their house.
@@robertmckay5839 True, you can be self-insured.
I agree! No need to have a brand new dream home right off the bat. My first home was a fixer upper condo for 130K, my second home was a fairly new single family home with no yard for 380K. Now, I am under contract for our dream home with 2 acres of land. Patience is key! Build that equity!
you are a very smart cookie Mitna
Thanks for sharing your story!
@@sandblast5636 I try to be! Being practical should be more important now than ever!
I bought my starter home in 1990. I was 21 years old.Low prices high interest rates. Fast forward 32 years I’m still here. 😄 I’m so glad I signed my life away at the time and stayed. I’m so grateful to have a home in these crazy times. Good luck to you all out there it’s insane
Thanks for sharing that story!
A lot of people are also moving back in with parents in this economy.
Oh no! The poor parents 😄
@@yvette968 great reply LOL
@badinstinctsTH-cam 🤣🤣 you’re right
In Miami right now $500.000 will get you a small, ugly house in a not so nice neighborhood. You need more like $650k and on top of that the salaries in Miami are way below the cost of living.
I wondered that myself.i worked in transportation for many years and always herd truckers say the freight rates comeing out of there are so bad they rather go empty to another state. . So how does 43.000 average income support half a million dollar homes.
@@brianmatthews4149 it's no surprise to me. $43k a year in Miami..... You are screwed. You are basically broke if you make that much and live there. Miami is an expensive city with low wages. Most companies there prey on migrants and low ball all the jobs. Even the government jobs that should pay based on the cost of living in the area are behind the curve.
Miami is a city in high demand, it has been for a while. But politicians have failed to protect the working class. Basically politicians in Miami have been selling the city to the wealthy. They have NO concern for the working class.
@@JC.LC. I herd locales just up and leaving for states like Oklahoma the wages and cost of living are more balanced. If I had a choice Arkansas would be for me Tennessee is nice but same crap going on there
@@brianmatthews4149 I'm sure there are many locals leaving Miami because the crazy cost of living and low wages. I'm in north Florida and when I first moved here there were not as many Latinos as there are now. I'm sure many of them are coming up from South Florida.
Said it before,your channel is really good. Really interesting subjects and content and your stories that have a lot of meaning.
Thank you very much. I really appreciate that!
100% agree I bought a 3 bedroom 2.5 bathroom townhouse in 1988 for 99k in the Maryland suburbs of Washington DC and rented out the 2 bedrooms. Next house will be a moderate size single family house.
Have been 100% Debt Free since July 1st. Saving as much as possible.
Hey JR what’s it’s like being debt free for so long?
Congrats on being debt-free and your story from buying that starter home in the past is what got you to where you are today. I hope people read your comment.
Hi someone is using your name Michael Bordenaro to scam me, they are leaving their number n stating to text them...
We came to Miami in 2014. We had opportunities to buy a house back in the day but because our family that lived here before did not give us the right advice, we never made the move. Now we are stuck in this market in a one bedroom rental with my 4yo son. We are soo tired of waiting for the right time to buy.
That’s sad to hear was still a pretty great time to buy then compared to now. Be patient though median sale prices are falling in miami
You got a 18-24 month window, get your finances in order, NO DEBT, BUILD UP SAVINGS, GET CREDIT SCORE UP, opportunity is coming and you have to be prepared to move quickly. 2008 = 2022
It’s always Someone else’s fault.
@@njerseydavid only for small minded people
They did. They just didn’t want you to buy. Now they’re happy.
Thanks for all your sound advice! It gives me more confidence about buying a home in the near future. Keep it up!
My pleasure, Brenda!
renting an apartment you're stuck with 30+ year old appliances that barely do their job and windows with drafts. They only band aid fix the problem and if they have to replace a fridge or appliance, you get a used one just about as old as the one being replaced. renting sucks unless you're monthly payments are as high or higher than a mortgage which means you're renting a newer place, no tax deductions and no equity being built up, renting is for suckers since the owners with their "but muh market rates" attitudes these days, just a bunch of scum bags.
I hear you, but that’s a subjective experience. That was never my experience as a renter. I always paid a fair price and for pretty nice places actually and it was always like that here until everything got turned upside down.
@@MichaelBordenaro well so current it’s turned upside down and your rent probably went way up at the rental right? Becoming less subjective and more objective. And probably more rentals are apartments than houses so it’s even more truer of a statement
Very true! Buying a house takes time, due diligence, research and saving. People FOMOing to buy a house the past 2 years. Crazy unstable price increase will result in crazy price drops since the demand was never sustainable. It’s just basic economics.
I love all of the subjects you cover. It is fascinating how they all intertwine. I would have missed many of these connections if you had not brought them to our attention. I wished they had taught these things in school. Thanks
Divine connection wisdom God is using him for such a time like today
Thanks for saying that Crystal! That’s what I’m trying to do Here is make the connections and help everyone get smarter, including myself.
When I was selling real estate years ago, I had several clients with that All or nothing attitude. Many missed out on the optportunity to build equity and gain their dream home later on.t
Absolutely I’ve let go several clients in the past two that wouldn’t make any compromises and could’ve gotten a great deal
Ur helping alot of people in this bad times . Keep it up brother
I really appreciate you saying that Steven, and honestly makes me feel good knowing the content is helping people
Stumbled onto your channel about a month ago. The more I watch, the more I like the way you break down the real estate market holistically. All aspects of the economy lead to real estate price fluctuations and visa versa. The folks on CNBC have nothing on you.
I think I'm living the American Dream but I'm retired and have no debt. I get up at 6am everyday raring to go.
What I like about you is that you are more interested in talking the truth rather than selling us something. Im a new subscriber and I’m out in CA and do not plan to go to Florida. I find you extremely interesting and insightful. Thank you!🎉😊 I forgot to mention I’m 70 and have been around the block and applaud you n
Thank you very much Kim that’s very nice of you!
Love you're economic and global issues within the content, its all related to real estate, loving the more widespread and detailed videos, keep it going mate.
Thanks Edward!
So I've mentioned the before, and this isn't a personal attack given you yourself are a real estate investor, but real estate investing from small time buyers to the rich to hedge funds is why the American Dream is dead.
The reason you could afford a reasonably priced home even on the beach is only one family owned it. There wasn't this massive let me buy for the future, let me take assets off the market to enrich myself, let me own 5-7 properties to collect rent.
There's several countries NZ being one that have laws in place to prevent this, or increase taxes for each investment so exponentially it becomes a diminishing return which keeps the market regulated.
Until we put the needs of the many over the needs of the few this is just going to get worse and continue to repeat itself.
Additionally in reference to Intel, they're cutting 20k jobs right after getting a sweetheart deal on semiconductor plants in the US to the tune of 80+billion dollars. Guaranteed that windfall will go right into the executives bonuses....
I hear what you’re saying, but I don’t think small time investors like myself are the problem. Especially when we give opportunity for people to rent at a fair price rather than gouge. The big corporate investors on the other hand I think is a huge problem. Corporations don’t work with people they don’t care about anyone they only care about producing higher and higher returns for their shareholders. i’m not surprised about Intel either or any of these other companies letting everyone go.
Excellent point. This paints a whole new different perspective on owning real estate. This is all up to everyone's mindset though. Great video as always, Michael!
Been a renter and an owner. Rent was ok until my last apartment. Bunch of thieves as I lived there and the charges billed to me on my exit. What a crap experience. I was fortunate to have my current home as a rental at the time years before the madness. Yeah I pay $3k for property taxes and insurance for just over 1200 sq ft but I was paying nearly $1400 for 758 sq ft. Now that same apartment is renting for $1800. Sure I spent a bit improving this former rental into what I want but its all mine until Clause takes it away
….und den you vill be happy!
So true Michael working up from starter homes to present day we have built and traded 8 homes over the years. Since the 90s when interest rates were 10% fixed and now we hold a2.5% fixed with 70% equity. Patience is key and making sacrifices will get you that American dream - no free lunches!! Thanks for your awesome work, we are new subscribers , you bring up excellent advice for the people that need it most right now while the housing markets rediscover their true price!
Thank you for sharing that story Michael. I hope other people who feel hopeless or like they can’t get their perfect home Read your comment. I appreciate you subscribing and it’s always nice to hear people saying that my Content is helping others.
It is 100% a lifestyle choice. Never say never, because I’m moving to Aspen, CO with 33% lower rent, and 33% higher household income. You just have to be creative and know what’s most important for your life.
For sure I hear Aspen is nice! I was in Breckenridge for a day last year
@@MichaelBordenaro I’ll be sure to keep commenting with my two cents, but you should definitely make another trip out to the Rockies when you can. I think our markets have a lot of similarities and our outlook is the same regarding the economy etc. Originally from Chicago, have watched Durango, CO completely blow up in recent years.
Food and water are more important than gold
selling all my gold and silver
I think we can all agree on that
Greetings from Costa Rica and Panama.🏖 The new and improved "American Dream," is owning a reasonably priced beachfront home in Costa Rica, Panama, or both!
Belize baby.
I agree totally with your advice. My Real Estate business Wave Realty located in Brisbane Australia has seen other agents houses not selling if the agent isn't advising them correctly on what is happening. Buyers are holding back unless they get an offer accepted that is following the market down. Unfortunately alot of sellers are still not being unrealistic and their house will be on the market alot more months. Thanks for your channel. It reinforces how i feel.
Great insight!
Thank you, Anya and I appreciate you sharing that story all the way from Australia! It’s about time everyone’s going to have to face reality when it comes to the housing market, and probably many other things in life as we know it
Michael you should do a poll of if people would sell their home right now since you did that poll asking if people would buy right now
Good idea!
Unfortunately, nowadays 1/2 a million only buys a basic home.
Yep
@@MichaelBordenaro Overall, on average, seems to be ~$100K p/BDRM, for a basic home. Any house you can get for $250K needs $2K renovation...just to function.
Buy a home or condo(depending on where you live, preferably a home), and buy below your means and below perceived market value. Buy gold and silver.
Michael, you're almost as good-looking as me without your sunglasses! Take us for a tour of Babcock Ranch in Florida and tell us a bit more about their success against Hurricane Ian. You're a great extemporaneous speaker which is a gift that very few people have. Keep up the great work you are doing. The information you are giving is invaluable.
Ha ha that is a good one😆 yes maybe I will make it over there at some point and give a tour if they would let me. I know it’s a gated community sometimes places like that won’t let you in unless you’re supposed to be there for some reason, but I might look into it, and you never know maybe you’ll see me there at some point
Tech sector is getting hit hard! Those are high-paying jobs. I am a Tech so see the tidal waves are coming.
Buying may increase your housing cost compared to renting in the beginning, but over time as rent increases, your monthly housing costs can become lower and eventually end (except for taxes, insurance, and maintenance) once the debt is paid in full.
Unless you embrace the true flexibility of renting and just constantly move to a cheaper area😄
This was a good one Michael . If you are close to retirement then you have to be properly allocated. I have a ways to go yet but still increasing my bond positions and thinking about getting more gold /silver. Thanks!
Renting is a good choice for people with certain circumstances. Buying is a good choice for some people with very specific circumstances. I find a lot of value in renting, honestly even though I'm a condo owner now. I think if you aren't gonna stay in a place for 5 or more years...(or maybe even 7) then buying is a bad idea.
Renting is a luxury imo
30-40% drop is nothing considering home prices have gone up 100-200% in the last few years.
It is important we all remember the world's biggest bubble is the United States. Yet other debt bubbles exist. Today the UK 🇬🇧 prime Minister stepped down. Less than 50 days in service.
Great Britain is not so great right now.
Michael, I agree with you. Just curious what your thoughts are though since owning rental estate has provided way more returns than the stock market. Again. Love your walking tours and commentaries! ❤️
Late watching this and to comment. Crazy day for me. Great video with many good points made. I move often and have rented my entire life and learned that the “renting” vs “buying” argument will never be settled. People on both sides have good points to make from their individual perspective. I’m certainly on the “renting is better” side and have never agreed that renting is throwing money away. For me the American dream is being debt-free and living the way I want, where I want. Simple I know but I’m a simple man. - I feel a song coming on with that comment.
Whenever you have time to watch, one of my videos is good enough for me, Steve. I agree everyone’s perspective is going to be different on this depending on the life you want to live. Simple. Man it’s such a great song I play it on the guitar.
You nailed it Michael this generation expects to have everything now. They don’t want to build and take the time to build up to to your dream home or job or whatever. You have to work hard in life and so much of the younger generation is just lazy I’m sorry to say.
Yep it’s really sad and I think we can all blame Instagram and TikTok for rotting their minds into thinking that everything is supposed to just come right now
Younger generation is left with a bad deal. Railroad is the perfect example. The pay went down and the amount of rules increased. Older people “Miss the good old days” for a reason.
I’m a Millennial who worked hard on the railroad, rarely called out and came to work only to hear people who are working past their retirement joking about their retirement buyout they were waiting for. Retirement age for the railroad is 60 years after working 30 years. 6 years later, and I was still at the bottom of the seniority list with the worst days off. Didn’t even move up. People have to retire for everyone to move up. A week later I was laid off and was in the middle of a contract for a new home. I had to work in the next city. I don’t work for the railroad anymore and they are having trouble keeping young Conductors.
I work hard for what I got but some of my peers have been hustled into huge amounts of student debt. Previous generations who were getting paid in higher education, definitely had their hands in it.
Hopefully Millennials won’t do the same things to the next generation and then call them lazy.
@@trainsandlocomotives 👏👏 best comment yet.
@@Shazzyhtown Thanks! Older generations, CEOs and presidents don’t realize what is being done to the younger generations economically. Some of us graduated high school into the 2008 mess.
Don’t lump me in with CEOs and presidents.
I'm living through the American nightmare. Sad, so many will never have the opportunities that our boomer parents experienced.
OK "Sir Whines a lot" keep blaming others for your sad lot in life, no one really cares...
@@jamesbecker3420 Biden Voter doesn't like the fact his vote screwed over America.
For me. Two main reasons we want to ""own"" a home. 1) FREEDOM. No landlords telling us how to keep their place. No rules 2) The BENEFIT of tax write off and other things like that..
For other people. A common reason is all about STATUS.
Those are definitely solid reasons to be a homeowner
What's really discouraging is that I can save up $30k per year while renting, which is a lot compared to most people. The problem is that a modest house that I would like to live in increases in price by $30k per year.
Hopefully the era of overinflated bubble prices is close to over. I believe you will be rewarded soon for saving and you'll be able to buy what you want where you want it. That rubber band always snaps back even if it takes years/decades. Good luck.
That was exactly my situation as well. But if you keep saving prices are starting to come down, so it will pay off.
the first house is unchecked greed, nothing more and nothing less.
I tend to agree with you about the greed, but with the caveat that a house is only worth what someone will pay for it. The market will either teach the owner a lesson, or reward them for their boldness.
Michael you are so right! When banks are starved for cash and high COL prices go up! Worst is real estate! When there is a cash flow banks lend more easily which tend to lower real estate prices! This is where Congress and Feds must act to induce more cash into the market! What we have is low business investments and shortages of capital!
We are in a recession and it will only get worse under current administration. Those that supported mister potato 🥔 just give yourself a pat on the back for a job well done. I am still looking for all that job growth.
PANTS?! Good for you, getting to enjoy a cool and cloudy day in Miami! Yeah, the stock market is bouncing around right now. I check it everyday. Not a pretty sight at the moment! Great video!
I know right I could hardly believe it myself😆 it’s times like this that makes me happy. I don’t have any money in the stock market, but I feel bad for people that are going to be retiring in the next few months or within a year or two and have invested for decades, and could be facing a bleak retirement
Prices around here will fall close to the 36% you mentioned. They went up faster than the national average and are down 9% June-Sept. Nobody's buying suddenly, with the worst September in a decade or more.
Sad for some people. they will probably sell their homes within 10 years and sell for less than they bought it for.
Statistically, you’re probably right
My house is paid for. I plan on retiring to South Florida in 2 years. What is the best plan. Should I rent for a couple of years. Trying to get some straight advice. Thanks. We enjoy your videos!
Buying a house in my early 20's was the best decision. I am now in my early fifties house paid off and building more and more wealth! I can't imagine paying rent for years without building equity. I feel very fortunate that I made that move years ago. I bought and sold several homes continuing to role the profit into the new home which helped me to be debt free.
Must be nice
My parents bought our cute home I grew up in for 4,500k and had like 100$ payment ..and now it’s in the 400k range and south calif …..omgggghgg
I've been following you regularly for over a year and half, before moving to FL and you were one of the people I learned a lot from before buying my house last year in St. Pete. I think you are spot on with all that you're talking about, we live in a very shitty time and it's scary. However, I cannot even start to express how glad I am to be facing all this from here and from my own home. I was so sick of renting and of listening in on all my neighbors up north, all the things I could do or not do. Finally... freedom. Yes! I don't want to believe the American Dream is dead. I'm super glad I bought my home when I did. I was able to put a large portion upfront and only took $100k in mortgage and was able to pay that off in 1 year. So now I'm living rent free and I don't worry much about my investment in this Real Estate. Although sales have slowed down, here in St. Pete home prices continue to rise and my house has already appreciated. Plus, as you were saying, it's the lifestyle. This is where I live. And one day (Thanks to the Ladybird Deed) it will be my daughter's. What's better than to leave behind a fully paid off house? I wouldn't go back for anything. Fingers crossed our Governor wins and for the rest of the BS all around, bring it on. Its a lot easier to be a prepper when you can grow food and collect rain water in your backyard and just in general get the f*** away from the crowds and insane restrictions all over the country. One reason why I did not pick Miami as a place to buy. .
Keep it up, but be a bit more optimistic :) Florida is still pretty free as compared to many other places. One reason to be greateful.
as far as being single and moving around.... not a problem. Rents are sky high. I can find tenants for my house any day and move to Mexico if I want to.
As always Michael good content. On the housing length of ownership my parents have had the same house in Winter Park FL since 1972. I’m following suit at 60 been in our house for 24 years now so I guess it’s a matter of build wealth vs moving around unless you need to. On the stock market index funds are nothing more than a basket of stocks in which the fund manger selected for various reasons. They are so good in good times but terrible in times like these. I prefer utilities pipelines and solid divided payers with long histories of increasing payouts. I may have lost out on the highs of market euphoria but all of these are up in a bad market and paying dividends keeping up with inflation.
Thank you, Mike! I appreciate you sharing your story of being in the same home for so long. And honestly, I love your slow and steady approach to the dividends stock investing. If I do enter the market, I will probably take a similar approach to yourself. I don’t mind slow and steady as long as I come out ahead I’m not a gambler. If you don’t mind sharing your favorite dividends stocks here that would be appreciated
Real estate doesn't exist in a bubble. So I really appreciate you addressing other issues like the economy, layoffs, retirement etc. Love that gate on the $25M home!
That’s right Cindy! Glad you appreciate me touching on other subjects as well
Michael it’s Steve in New Mexico again. Question for you about the homeownership for people of renting versus home owning about peoples job these days. Do you know what peoples term at a decent paying job these days lasting as long, longer or not as long these days in the job field!? I’ve been here in New Mexico for 6 years now in the oilfield and even though I have been here this long for my job that at any moment I might have to chase the oilfield in a different state. So for me personally renting might always be the best thing just because of my occupation. I have a wife and four kids like I told you before and it is very hard to get back to the 1931 era of the American Dream. Thanks for the video sir I watch and like them all. I’ll see you in the next one!
You have it figured out and I agree especially about the fake money dumped into the stock market.
We could lose 2% per month for the next 18 months - not including inflation. 10% inflation for 18 months is 15% plus a 36% drop in housing values is over 50%. Think about that!
The AMERICAN dream is opportunity...at least for us.
The building blocks of what and why the market and housing interrelate are offered herein for those looking to capitalize accordingly. Sometimes I just go back and re-watch Michael's work to solidify my understanding. Everything's to gain here for the effort of careful listening.
Thank you very much Richard for your excellent comment
My mom and another friend. Had old houses and too much sheeit to fix. I told them sell now. They both sold in last year or two. Got really good money for em.
Owning property is the first step in the ladder to generational wealth. If your lifestyle does not include the necessity or desire to accumulate generational wealth, then perhaps you don't need to own your home. The idea of stability and putting down roots is just that. An idea. Nothing stops you from buying a home and then renting it out if you wish to move around.
Very true, however, other people can find ways to create wealth without ever owning a home. Even my self I became a landlord before I actually became a homeowner.
@@MichaelBordenaro There are many ways to generate wealth. Owning stocks long term is one of them. I have no children so I don't need to own real estate, but I still do because I like to know that my mortgage will be the same constant cost for 30 years. Getting rental income is also a good reason for owning rental property. But of course, I'm preaching to the choir since you know the benefits of owning real estate.
The Real estate market here in Phoenix is a dead cat on the road!!
What a headline Mikey!😂 Woke me up bright and early…
Wow, those house you are passing! Yaaaaassssss! 🤩
Most cannot save when renting…. So the wealth never comes and they retire in poverty. Buying forces equity and wealth growth generally. After 30 years the difference in net assets is clearly in favour of those who bought.
For me, it was actually was the opposite. If I would’ve been an owner 10 years ago, I wouldn’t have been able to save anything as for a long time it cost more to buy in Miami than it did to rent. Now it’s the opposite.
"The American dream, you have to be asleep to believe it!" George Carlin
LOL..I just wrote that quote and scrolled down to see yours...so true. His other one is.."There is a club.....and you aint' in it!"
@@bigbluecrab Yeah, "it's a big club", but we're not in it.
Just imagine what this nation would be like if Roosevelt's 2nd Bill of Rights was passed
You are a so sweet, love your videos....Thank You ❤️
I own a house but my dream is to have an apartment in the downtown area of where I live. That would be my life style choice. The only thing I don’t like about that is HOA’s are usually crazy and I don’t want to pay them. So I am just going to be content in a house. Although maybe I can get a house in that same area. It would be a similar vibe, at least I would be living in the historic, down town area.
87 in southern AZ. Wonderful.
Whoa! Michael’s wearing a shirt with SLEEVES! He must be enjoying our recent cooldown in Florida.
Oh yes, this is my favorite kind of weather here! I figured my look in this one would be a shocker for everyone. Lol. Wait till tomorrow’s video 😄
My parents freshly minted immigrants in the early 80s scrimped and saved to purchase a home in Los Angeles in the early 80s. The home is long since paid off and the equity is unbelievable. Yeah, it's a lifestyle choice but its the way to grant generational wealth for the majority of Americans.
The under 40 generations don't realize that historically, 6%-8% mtg. rates are normal, which cuts home price affordability, by about 40%! So those people that could afford $500K-$1mil, can now only afford $300K-$600K. And that's assuming NO property tax increases due to valuation increases.
My grandparents built their own home & lived in it till they died 50 yrs later. My parents lived in their one and only home till they died. Me? I buy them & rent them & I move about every 7 yrs. Florida is on my list but I think I like the Keys. I visit FLA a lot, just spent a few days in Miami & then Marathon. Its like SoCalif but more tropical. PS, another vlogger said 52% of American companies are laying off.
I like your strategy also!
Good channel thanks
So Cal native (L.A./Orange Co). To buy in 2003 our $265K at 6.25% home 15 miles north of downtown LA, I had to borrow 75K from dad, to put down $135K, so we could afford the payments. Couldn’t afford repairs. Refi’d to a 15-yr 4.5% in 2008. In summer of 2020, w/ 4 yrs left to payoff, hubby had to move to TX to save his job. We lived apart for 2 yrs. I refi’d out to a 30-yr again and used cash out to do repairs/renovations. Was lucky to buy a house in the 1st place. We could have moved to Texas and some of my husband’s coworkers sold their houses in LA and bought or rented 5BR houses for a lot less in TX. But no one is happy living there (culture, amenities and hot humid WEATHER). So you can go find an affordable state to move to, but can you stand to live there? That’s the issue.
If you are going to be in the stock market, you need to know how to use options. It's kind of like how when you drive a car, you need to have insurance. Options function just like auto insurance but for stocks. I can control a stock like Tesla, which is all over the map and dropping like a brick. I can own shares and if the price drops, not my problem.
I agree it’s important to be educated on the intricacies of the market if you’re going to invest in it
Heck yea. Love this weather.
Orlando FL in the house
I love it too. I wish it would stick around longer!
@@MichaelBordenaro dude I wish it would be like this year round.
20:00 I understand the Gold stability theory yet I’m not going to stash away that much $ into gold thinking it’s a revenue ‘investment’, more like an emergency reserve and definitely long term is needed.
I agree, and I wouldn’t tell anybody to stick all of your money into gold and silver or really any investment. Always good to have cash on hand gold silver real estate the stuff that is still worth something.
Here's the deal about home affordability from a first time home buyer's perspective - 3 years ago, going on 4 now, a friend of mine bought a home in the area (St Petetersburg FL) for 170K, and around 6-8 months go sold it for 360K. This is a 3 bedroom, two bathroom town house with a garage and about 1700sqft maybe even smaller. Right now with the interest rates this high a 250K house with 3.5 down I will be paying over 2K for likely a 1000sqft 2 bed, 1 bath "house" in a shitty area. These same homes were around 125K in 2019. Even with a household income of 120K we cannot afford those kind of price hikes without substantally cutting back on our spending habbits - which really aren't that lavish to begin with. Then we have to worry about the threat of a recession, possible layoffs, insurance hikes, tax hikes, etc. This is not right! That home my friend had WAS my dream home... and I really don't think that size of home at an affordable price is much to ask for. I guess I just forever get to live in guilt that I "missed the boat" while my fiancee and I were slaving away working full time jobs and getting multiple degrees... meanwhile people that work in warehouses that lived with their parents for 28 years are better off. Am I bitter - yes, yes I am.
I'm a single guy and my current rent is affordable - I would only buy a house if it was to rent out rooms or floors and have it pay for itself
Security is the one thing I worry about when I eventually get a home. Right now, my apartment complex is pretty much crime free and it's built to even lock people in if they do not belong there so it is a really safe place. A house where you have to worry about somebody breaking in because it's a stand alone structure does kinda have me worried already.
That is always going to be more of a concern when you have a single-family home. You could always buy a condo with security instead, it makes you feel better.
I’ve been a renter and now a home owner and there are huge differences in each. I always get into these debates with friends and many argue that there’s this idea that people HAVE to own homes which is not true. I’ve known of people who have rented their whole lives and have saved money and been fine. Don’t forget, those who have a dream vision of a home of half to a million dollars, unless you are buying that cash, you can add on a whole bunch more in interest to the bank if you get a mortgage (so basically money thrown into thin air that you will never get back).
The bigger the house aswell, the more out of pocket you become too. I’ve got a paid off home but I’m still forking out for HOA Fees (rates and taxes), Homer insurance, more gas and electricity, garden and pool maintenance, and there is forever some type of breakage or maintenance required that costs a fortune once you have gotten maintenance personal in, appliances fixed/replaced and the list goes on and on. I almost miss my hassle free, smaller apartment rental where rent was my only issue. In most cases, these days with tough times (perhaps not in places like Miami) but some owners are happy to negotiate smaller yearly increases to keep the right tenants around, hopefully that can be the case for some of you. But I personally think that if you really want to buy, then get something economical and big enough to suit your requirements and needs. Anything too big or over the top is going to cost you (unless you’re a millionaire and have money to throw at just about anything).
If the Feds eliminate the interest tax deduction on your primary residence and appreciation wanes, primary home ownership will die.
By the way the term you are looking for is "Rent Ratio" in some markets it is in fact more affordable to rent such as Cali as you've mentioned. Detroit is the 'best' rent ratio for a landlord because... you have to deal with Detroit clientele lol
Yes, exactly and it certainly does make sense to be a renter in areas where it’s significantly cheaper
I believe what you say is true. Everything works in cycles though, and it may come back to a degree, but I don't believe it will ever be like it was because the middle class has been destroyed. The days where our parents worked simple jobs on the assembly line or at Kodak or a factory and could support the whole family and send the kids to school and buy a house and car, are pretty much done. Technology is a blessing and a curse and I believe it is mostly going to turn out to be a curse. I honestly think we might be destroying ourselves. After owning five homes over 35 years in South florida, we are more than seriously considering selling our present one and moving back up north. I hate winter, but I have lots of family and friends up there, I am afraid of the increasing threat of hurricanes in florida, and we will have a nice nest egg from the sale of our present place. No more buying for us, we can rent a two-bedroom fabulous apartment in my hometown of Rochester, New York with hardwood floors in a fabulous old building in a beautiful neighborhood with the planetarium and museums and art galleries and restaurants, for between $1200 and $1400 a month. And rents there do not increase like they do down here or other places like LA or san francisco. It will be a trade-off for sure, but we're no spring chickens and it's all about priorities. I think people need to change their thinking and not be pressured by societal so-called requirements like buying a home or a hot shot car, etc to consider themselves to be a "success."also when buying a home, people don't necessarily factor in the repairs and maintenance you're going to put in through the years. It can be astronomical and sometimes bank breaking. I have friends and family who have taken on gigantic mortgages and to me that is terrifying. What happens if they lose their job or their present gig where they're making so much money dries up? We have gutted the Earth, and in the future, if we survive, I believe people will be living differently, maybe even family style communes. Anyway, I'm rambling lol, but as usual you are spot on Michael.
I personally don't acknowledge super high priced homes when compared to how much they were sold prior to pandemic as these owners are truly making up "fictional" values of their homes, rather than follow the area's current market price range and economics. How can anyone stand by this? It screams of pure greed. Even if they reduce their price, it is still not a valid reduction in my book.
I keep thinking I should’ve bought in 2019 or prior. I get the feeling we’re never going to see that kind of affordability again. 😢
Gold has a 6.13% avg per year increase over 100 years compared to 7% for the stock market. I invest in both and believe like you that the stock market has a long way to fall. I'll be waiting until the market corrects before i put anything else in. Thx for all of your great advice
One of the problems of comparing the gain/loss of different asset classes (gold vs S&P500 for example) is choosing the time horizon.
While you are correct that gold has held up a lot better than the S&P500 YTD (year-to-date). Over 2 years gold is down 15% while the S&P is up 5.8%; over three years gold is up 9% vs 21% for the S&P and so forth.
If you had invested 10.000 dollars in gold 40 years ago it would be worth 38.400 dollars today, but if you had bought the S&P500 those 10.000 dollars would be worth 254.000 dollars ... In all of this we have not taken into account the cost of storage of gold AND the dividends paid out on stocks which makes the gap even wider.
That is really good point Nick. However the last 40 years the stock market has had a run up of a lifetime. Maybe it will continue, maybe not. Its out of our control of course. I like the safety aspect of gold. Although of course it would be wise to have many investments. Stocks, bonds, gold, silver, real estate etc. That is exactly what I plan to do. No all eggs in one basket for me.
So true!! Same can be said in San Antonio. Not as extreme in Miami......FOMO and LOW LOW rates, greed, and human nature got the better of us.
No NEW LISTINGS is because everything was bought in the last 2 years. It takes roughly 10+ years for people to resell. So we need to wait another 8 years before more houses get on the market.
Simple logic