this is a real problem this and the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, a lot won’t have a house to retire with either.
I believe Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 45% since Q2.
Melissa Jean Talingdan, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII
@@carolr7823 By the time you finish paying a 30 year loan you paid more than double the purchase price because of interest. Add on top expensive maintenance items like roof and HVAC system. You maybe lucky to break even if your house keeps up with appreciation. Is it really a good investment? I see my primary residence as an expense and rental properties as investments.
What did people expect when the govt printed a fuckload of money and gave everyone PPP loans back in 2020. I swear the average american has the attention span of a goldfish.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
I lost my housing twice during the pandemic, and then couldn't afford the skyrocketing rents anymore, so I ended up buying an old Toyota Sienna minivan to live in.
That's terrible, but on the bright side this led you down an adventurous path. Van life groups and forums make it seem like a really fun lifestyle. Hopefully you can enjoy it and will have a story to tell one day ❤
The only way to get out of that hole my freind is to work harder and make changes in your life that will be difficult at first but will help you progress. You have to realize if you stay blaming the cost of rent for your misfortunes, you will stay there.
@@karmasutra4774 Everyone isn't able to spend a small fortune to renovate a van into a living space and go driving around the country. There are levels to living in a vehicle. He did it out of necessity not as some type of fun, millennial adventure.
Stop building homes that are always "luxury." When's the last time you saw a large swath of real estate being developed into starter or entry level homes? How many decades ago?
@@ОгурецМолокоI know. I should’ve said they should be able to build both small and large homes. And in some areas you can, but I know a lot of areas have restrictions against small houses.
If we would let in some more skilled and unskilled immigrants we could bring down labor costs and maybe some of the builders would build more lower priced new homes. Labor makes up as much as 25-50% of the cost to build. These guys provided the low cost labor that built out better than half our inventory over the last 50 years.
Can't even afford a one bedroom apt working two jobs let alone worrying about a house it's insurance,high mortgage and repairs Most people I know are in the same boat and can't afford to eat Buying a house is the least thing in people's minds , barely surviving is!
🫂🫂🫂🫂🫂 I feel ya. I'm working two full time jobs as well. Barely holding onto my home and even renting out some space too. 😢 and I'm just so tired. My doctor yells at me to work less. And I'm like you got some spare home for me somewhere? Lol
Part of the biggest problem is your realtor and mortgage lender they don't care if they put you in a home you can't afford and eventually lose to foreclosure.
@salvadorbravo4187 this true and the overvaluation of the homes dont help. It's a 2003 built 728sqft starter home 140k brand new. Then it sold for 185k then it was sold to me for 275k and now it's appraised at 365k and my taxes have gone up 3x since I moved in due to voter levies for schools etc etc. It was made as cheaply and fast as possible in a cookoe.cutter community. Theese are not high value homes. Regardless of supply and demand certain things should only be worth so much money at some point. - I make almost 80k a year. I should be able to afford 728sqft of space. My whole lot driveway included is 2600sqft ppl have homes bigger than my whole lot all around me. 🤷♂️
Sometimes I don’t eat for a few days just to save money until my next check comes lmao this is crazy my mother didn’t have to live like this in her 20’s wtf!
Get corporations (edit: and foreign investors) out of single-family housing and increase property taxes on individuals who own >2 units. That should free up a good chunk of supply and help prices even out.
Price controls never fix the underlying problem, which is a currency that is based on fraud in which some must work for it while others can simply print/gamble/bribe themselves into a massive supply.
@@x-men69-96 No, since the 2008 housing meltdown, it's been opportunistic house flippers . . . dudes with paintbrushes who snap up properties, quickly doll up the cosmetics and then put the houses up for sale for tens of thousands more than they paid for them. Later, private equity firms have come into the large and medium sized cities. They buy up entire available neighborhoods, do their own version of the flipping scam and then typically make the houses available as rental-only properties . . . at a significant bump-up to what the house would have previously rented before.
Congress will never do that. They ALL own multiple houses. History tells us the wealthy elite members of Congress will not vote against their own self interests.
What. Not ten years ago it was $7.20/hr. Now it's $16-20 where I live, depending on the industry. At any rate, home ownership was never meant for those making the bare minimum. It's the reward for showing a little hustle.
@@petewilcox3354 Sure it does. Minimum effort and skills means minimum wage. Home ownership is not meant for everyone. Some people are destined to rent forever.
First-time home ownership is OVER. "Starter homes" are over 400k.. Average income is 60k. We're priced out due to price and mortgage rates. Wonder why Millenials and Gen Z are doom spending? Not getting married? Not starting families? Why is civil unrest growing while the wealth gap is larger than it ever has been in history? This economy priced us out and left us behind before we arrived. This doesn't end well for society at any socioeconomic level..
Marriage and child birth is down because young people have figured out that the divorce laws and child support laws are criminally unfair and brutal. Who wants half of their net worth taken from them and then have to pay 35%-50% of your net income for two decades? That said, I do believe there is a huge wealth gap that is fueling the lack of affordable housing.
It's not like that in the Midwest. I live in a rural part of Illinois and you can still find small 2 bedroom homes for well under $50k. There's no reason a Gen Z with no kids should be buying a 3 or 4 bedroom home, especially for their first place. Doom spending will only lead to a lifetime of regret, and for what? Some material junk you have to store in one of those extra bedrooms you wouldn't be using or afford. Get out of the cities, live small, and don't weigh yourself down with debt.
Weird. The millennials and Gen Zers I know (which isn’t every single one, I get it) are doing well. They’re actually pretty inspiring young hustlers - intellectually curious and able to adapt. Maybe it’s just the environment in which they were raised?
Another primary reason: Regular Americans making 40K a year cannot compete with billion dollar investment firms. In Florida metros alone the last few years have seen them snapping up something like 30-40% of the available market, which essentially means they start to dictate it.
Too many landlords. I can pay rent forever but why should I send someone else's kids to college just because I can't afford a down payment on a small home?
Nobody's sending their kid to college off your rent money. That landlord has to pay the mortgage, taxes, insurance, upkeep, and maybe have a couple hundred left over each month. You are paying for a service, no different than staying at a hotel, and the house owner deserves to get paid.
the landlord has the right to do whatever they want with the money they earned by having and maintaining a decent livable home you can live in available. And if it's a private landlord, they're probably paying the mortgage with your rent money so they don't lose a home and you're not out on the street unexpectedly.
Greed is not new. It has always existed. The current amount of fraud is new, and none of it is accidental. Criminal gangs write the rules here, and it shows.
@@damnjustassignmeone These are not free markets. The currency itself is being rapidly counterfeited. To everyone who isn't close to a counterfeiter, life rapidly grows more difficult.
No, it’s supply and demand. Always check the data on building permits. In recent years the permits granted for single family home construction has decreased. When supply is low and demand is high, prices go up. This is economics 101…
There are so many better places to live than the United States, based on multiple factors including health care, insurance, climate dangers, cost of living, crime, etc. For those with a choice, the US is among the less desirable.
Other countries have gotten richer and some immigrants move to America with degrees and more money than ever. Some families are willing to live 10 in 1 house. Try outbidding that hardworking immigrant family. Americans can also find cheaper colleges in other countries that speak English.
@@DWilliam1 China is an awesome place to visit and live. I really enjoy my Chinese friends and colleagues. Though, admittedly, China is not a retirement Mecca nor does the government want it to be. For retirement, planning on Thailand. Excellent and affordable health care, safe, can easily make it on a minimal social security income though most bring income from 401k’s. The land of smiles.
Don't fall for it they're just trying to give you the run-around I can tell you right now it's because like I said all the Realtors got super greedy throughout all the past generations and hand it off most of the keys and the land land to foreign corporations such as Chinese corporations most specifically
What? Climate change and changes, in what used to be stable weather predictability, are causing unaffordable housing. This is because of the rising cost of available homes and raising insurance. And I know that's not the only factors but how is that portion of it confusing?
@@starbrite526 It’s the cost of the home the insurance has to cover. The median price is in the mid $400K range. Prior to Covid the median price was around $300K. The southeast has always been hurricane prone, as for the west when you start building homes in forested areas you increase the risk of out of control fires, plus California has horrible forest management. It ain’t the climate.
Climate change is the main reason house insurance prices have increased. The insurance companies are refusing to pay out for chronic storms and flooding. It’s costing them too much so they increase the deductible for the rest of us. That makes housing unaffordable. Not confusing at all……
Wages simply are not enough for most people to live and save money for a home (or any other thing). Car payments seem to be a bigger part of peoples budgets, and for longer too, these days.
This is not just a problem in the U.S. Canada has this problem as well. In British Columbia for example where in a recent survey 1/3 of people there are considering moving to Alberta to find cheaper housing. People can get college degrees, a job, & still not find afforable housing here in 2024.
Companies buying houses or manufacturing them for rent or lease only and the boomer generation never wanting to sell at a fair price. Additional shoutout to HOA's being corporate run now and extremely for profit using litigious behaviors to get what they want
I don’t think it has anything to do with global warming. The inflation has a lot to do with the housing market and people not making enough money to afford a home. The interest rate is through the roof. Insurance companies are the biggest money makers in the world. Let’s be honest here and start telling people the truth.
Is all about supply and demand, there arent enough house being built and government dont want to zoning law to be changed because they dont want price to drop. No one want to have affordable housing in their neighborhood.
In my area, they don't even build a house unless it's 2500+ Sq ft so the developers can make half a million on it. Then everyone setting their old houses, rent, etc based on all these new houses that are selling.
They’re building million dollar homes in my area they’re pushing out poor people to the ghettos. But businesses are also shutting down idk who they think will work these jobs.
Developers will also avoid building affordable housing in areas with too much eviction backlogs, rent control and other red tape. These areas can also change the laws overnight and pass more restrictions. High Risk and Low returns.
Ironically if you just lift the lower class into middle class with policies that help the poor it would also solve the racism issue since more afircan american families will be a part of the middle class. Sadly this will never happen because the richer people are, the more likely they will become conservatives (to pay less taxes)...dems would lose a majority of voters
when you say minorities you mean blacks and hispanics right? I dont think ive ever heard asians in any conversations. also how is the DEI leadership that is chicago and NYC treating you? thats the fundamental issue :)
Can you explain more about what you mean by red lining? I'm aware of what that means historically speaking but I haven't heard that term used to describe any current practices. Please educate me.
That’s what happens when you follow the masses belief that a crash is just around the corner while you rent indefinitely and your down payment disappears
Look at pheonix and texas they were safe tax havens in past years, but the migration to those cheaper areas is now hitting a plateau as now the increased population is starting to increase prices in the same area Edit: forgot to mentention Nashville Tennessee as of reports lately
There is a big push happening by wealthy folks buying up properties and raising to cost to buyers. It is practically a monoply on the real estate market! My sons are planning to buy in the next year or so. Luckily they earn good money. I dont know how people can afford the expenses involved in home ownership.
Housing was cheaper after the bubble burst Americans had 10 years to buy at good prices. Now prices are pushing up. Many people are also working remotely saving time and gas money. Many are saving for that big bidding war.
@@jeretsoyeah gen z was still in school when those housing prices were down and the bubble burst😂😂😂😂 but let’s act like it’s gen zs fault for being born when they were😂😂😂
@@jeretsoyou can’t tell me when 2008 happened that it’s gen z fault for not being able to get a house in those 10 years when housing was cheaper you do understand the majority of people that are gen z were 6 years old😂😂 so your telling me they had ten years to buy a house? Bro they would have been sixteen man, I don’t agree with that at all house ownership should be a moral right for all law abiding Americans
When I was in college I would've never guessed I would be making what I consider pretty good income. I also wouldn't have guessed that good income would be nowhere close to what I would need to buy a very basic starter home, unless I want over 40% of my income spent on just a house. It feels extremely defeating.
"Sometimes, it's not about having a talent, skill, or passion. But what if I told you that with the right investment, you can still achieve your goals? No talent, no skill, no passion, but good investment can bring you financial freedom. Don't underestimate the power of smart financial decisions!"
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or bitcoin and stocks..
@@face2lune Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances...
I’m Glad i stumbled on this. Please, if its not too much of a hassle for you, can you drop the details of the CFP that assisted you and how to get in touch….
That’s objectively false dude lol😂 I don’t know what rock you’re living in😂 but that unfortunately is not a fact according to the statistics. Have you seen the avg yearly salary of Americans and the rent prices? You sir need to educate yourself
Let random people flood the border and you wonder why the lower priced homes are gone. There are a lot of hard working immigrants bidding up prices too.
They say “we have a supply issue, not enough homes” but then let in thousands upon thousands through the border….. in 2023 more migrants came through the border illegally then the number of homes/apartments built. This is disgusting. Prices will never come down.
The problem is the wages have not caught up with the hyper inflation of many areas and not sustainable to raise wages so high under current conditions.
I lost my housing twice during the pandemic, and then couldn't afford the skyrocketing rents anymore, so I ended up buying an old Toyota Sienna minivan to live in.
That is not hyperinflation. Yes it is really bad losing about 10-15% purchasing power (deping if you high ot lower income) over two years due to higher food and energy prices. Still it seems that even outside those core areas insurances or housing and cars have become insanely high. It is outrages greed but this inflation is decreasing from nearly 10% (9.4% in 2022) to about 3% today) Hyperinflation is what had happend in Germany in the 1920s you need inflation of 60% or more each month. Prices for Potatos went up by 10 times within two months. From Late Dezember 2022 10 cent to 1 Mark.
We’ve had some inflation but certainly not “hyper inflation.” This isn’t Venezuela or post-WWI Germany. And general inflation isn’t really related to the rise in housing prices. It’s mainly lack of supply.
Minimum wages are super low. That's why 30% of people can't afford anything. Because they getting paid minimum wage or less then 12 Dollars an hour before taxes and insurances.
I don't believe the "economy," as the average American defines it, has ever been good. It's not like there was ever a time when every citizen was rich and satisfied with life. It's just that nowadays, uneducated poor people have access to social media. They just get on there and whine about how bad things are as if there's no path to climb out of poverty. If you want to afford a rich lifestyle, then do the work to make yourself marketable. If not, be prepared to live in poverty forever. There's no secret, you just have to make it happen for yourself.
Investors are (have been) buying up SFH properties as a hedge against inflation. A sizable portion of those properties sit empty. The small percentage that are rented out, are largely unaffordable for the 99%. The owner holds the property, hoping it increases in value so that it can be sold and profit can be made.
Corporations are given tax write offs for expenses and write down value of property, not available to home owners. Congress could pass a law tomorrow allowing tax write offs only for owner occupied homes of 3 units or less. Without tax write offs, corporations and other entities would be forced to sell their investments and housing prices would come down quickly.
Unchecked immigration has everything to do with it. More people looking for places to live means increased demand, and increased prices across the board.
@user-dw1ls3rp1l Need to look up the facts because it's very hard to immigrate here. We let in a very small number of immigrants... if they're getting in illegally, hold the border patrol responsible and change the system.
So if insurance companies are pulling out of these locations, shouldnt the premiums for the rest of us (outside of CA and FL) go down instead of sky rocketing?
I would rather be under water for a week in SW Florida than somewhere like Alabama, Arkansas, Georgia, West Virginia, Mississippi. Florida for winter and Iceland for summer is my vibe.
My biggest hurdle for keeping my home is insurance. The demands are unreasonable. If your home is antibellum most insurers don't want to cover it. If you don't have central heat anx air forget it! If you roof is 25+ years old forget it! If your property around your home ( yard, treea,etc.) Is not perfect forget it. They either cover for 2 months then cancel or they raise your rate until you are forced to drop it then you can forget about finding other coverage. One went so far as to cancel me because it was tired of dealing with my Father and I wouldn't put him in the nursing home or throw him out on the street.
The nation was lifted out of poverty, with affordable energy, and inexpensive vehicles. Our war on carbon, is why we have this inflation. The climate doesn't change by what we drive.
Simple. High inflation! High interest rates. Bidenomics right? Increase of gas prices and food so increase of costs for raw materials and shipping. There’s no need to question this.
It is compound it's a compound fracture we're dealing with right now as a nation we sold off most of the land to greedy corporations and we also are experiencing the massive migration of people running out of places to run to when all of their homes and most of the lands they lived on beforehand have flooded or now remain underwater or are just too hostile because of the resources in those areas becoming nonexistent are rarely available. Play better slap a test on having more kids because it's going to get pretty crazy real soon
This is a really big problem, sweeping cross country. People are finding themselves priced out of their homes, because they have mortgages, that require insurance, which must be paid, according to the lien holder. Can’t ou the insurance, because there’s a sudden 40% rise in the insurance rate and, unless you can figure something out, you don’t live there anymore. I also suspect this will become so, with renters. I’ve lived in my apartment for many years and it wasn’t until a new company took over the complex, that they started requiring insurance. That goes up and maybe some can’t afford their apartment anymore. I’m a bit fortunate, in that I just inherited a mortgage free home. I have it insured. But, if I needed to drop insurance or if my insurer raised my rate or decided to drop me, there’s no lender saying I have to sell. Still, the home has problems. I don’t see it as the American Dream. I see it as a means by which to escape the American Nightmare.
We can afford a down payment but spending 1000 a month on mortgage interest doesn’t make sense. Also putting 500k of your savings if you have it into a home means you are not investing that. Homes are now 500k-1 mill or more in a lot of neighborhoods. People earning even six figures still cannot save enough to buy a million dollar home unless inheritance or some amazing investments or you are earning 300k or something. Also property taxes are crazy for apartments HOA is almost same as rent.
@@joefiola3763 Everybody loves capitalism...when it serves them. A big reason we have the standards of living we do in this country, and a reason the dollar is the world's reserve currency even now, is that we don't put up a lot of barriers or uncertainty for investment. Bubbles are a thing in real estate and elsewhere. Foreign investment can be a factor but really the last huge bubble had much more to do with disastrously poor lending policies which overextended risk and concealed it coupled with the belief that values would keep accelerating at mad paces forever. There has to be a balance. People want low home prices when they first buy in, but they sure don't want prices to stay low when it's time to cash out and live off that investment in retirement. We have places where home values don't appreciate or fall. We call them ghettos and it's usually considered a catastrophic failure of public policy. We are where we are in part because local government is all about maintaining and increasing property values. If you look at zoning laws, code enforcement etc. you see that most of it is aimed at keeping up property values. I was a journalist for many years and saw how local politics interfaced with this issue. People in areas with nice homes had fits if a developer wanted to put in anything they felt might lower their property values. One of the things they hated most was affordable housing. Not public ghetto projects mind you, just smaller homes for working class people. Zoning favors single family homes, which is the most expensive home ownership option. They favor isolating neighborhoods from retail and other uses, so only people with cars can afford to live there. They favor large lots over small ones and large house footprints over smaller ones. That adds up to expensive. The people who own homes want prices to double, and they'll politically destroy anyone or anything that threatens that. I don't know what the ultimate answer to home prices is, but I'm certain that simply banning foreign buyers will not get us there.
I'm in Illinois and I live in a rural community of about 2000 people. My neighbor passed a few months ago and her one bedroom cottage home sold for $7500.00. A retiree from Florida bought it for a vacation home. Affordable homes are out there if you're willing to get out of the big blue cities.
to me it’s crazy that says you CAN NOT LIVE IN A HOME WITHOUT INSURANCE, but you CAN move out of the place you were born and raised. Plenty of us would do the former before the latter. I know plenty of working class ppl here in Florida now who are foregoing insurance. They’re paid off and saving cash
We would have affordable housing if we increased cash/equity requirements for buyers. Now, it's standard to make a small downpayment on a property and finance the rest (80-95%) with a mortgage. If lenders flipped their loan/value offerings and were limited to financing only 20% of the value of the property, most buyers would not be able to come up with 80% of the property's value in cash. This would drastically drive housing prices down. Too many bankers and investors and politicians would lose money, though.
The government should've let the population shrink naturally, by heavily limiting immigration. Smaller population will make life competition less intense and lower property prices as happened in Japan, which will eventually make the citizens happier
My grandmother had a small apartment above her home using the four upstairs bedrooms to make a nice apartment, and made an outside entrance. Small town, and safe. This was back in the 60’s, if not late 50’s. I always thought it odd, but I now know it allowed her to stay in her own home, and afford the cost. I guess my thoughts being, that sometimes not everyone can afford to buy, but should be able to find places like my grandmother had. I’m glad she could share and stay in her home.
Duh, we've been telling you for sevearal years. Yet you (the govt) overspend, recklessly spend money we don't have which drives up inflation. Sold our jobs overseas. WE could afford houses if the Govt would stop maxxing out t he country's credit cards
lol how is $2,110 35% of pay? More like 2/3 of pay. Who tf makes 6k a month take home? I’m doing great! making the most I ever made in my whole life and I’m barely bringing in 4K 🤦🏻♀️ apartments out there for 2k a month but are only actually worth paying 850 a month. And those of us who used to pay 750 for that ish aren’t even willing to pay that much for anything. I’ll go live in a motel instead. This is ridiculous.
This is NOT an accident. Corporations / equity firms are buying up all the properties and Americans voted for this. They would rather let the big corporations buy up all the homes because it's better than the Chinese buying it! 🤣
Unfortunately this guest knows little about the ramifications of the loss of home insurance. The point at 3:10 about "reconcile yourself to pay a lot of money just to be insured" is trivial. Insurers are not insuring at all due to the high risks. That's only the beginning. Furthermore: 1. Traditional banks won't lend to a potential homebuyer if the house cannot be insured - therefore the homebuyer will have to pay practically the whole amount in cash for the property at sale. 2. Affected properties will lose their current value because the property is exposed to a lot of risks, banks are not willing to lend, and someone with cash is able to negotiate the price down 3. Homeowners without insurance must account for natural disasters - break piggy bank in case of emergency. It can happen the first year or the 20th year, but the cash needs to be there. And then who knows about the impact all of this will have in the affected communities. Btw, the NYTimes had a report on this topic.
When an area is declared a Disaster , the Federal Government offers Federal Loans at very Low interest rates , called FEMA , a built-in Insurance policy to help rebuild. whether it's an Earthquake , Fire or Hurricane , Tornado etc .
My insurance was dropped. The lowest I could find is 325% higher with a high deductible. The highest which is the average is 800% with a low deductible.
Owning a home was never and will never be affordable for everyone. This is all bulldinky. Most people don’t want to work hard enough or long enough to 1. Save up a decent down payment. If you can’t afford $40,000 to purchase a $200,000 house (if you can even find something that cheap!) then you can’t afford to own a house. 2. They don’t do the required math to figure out how much the overhead be will into the future and that includes taxes increases , increased HOA fees, upkeep and repairs etc - you’ll need an account with ~$10,000 to cover these expenses and you’ll need to continuously add to that because houses are like people - they get older everyday and start falling apart if not CONTINUOUSLY cared for. Home ownership is not affordable for most people.
The guy being interviewed didn’t even touch on the real issue. Foreign investors and corporations are buying up single-family homes a home is meant for a family. It shouldn’t be an investment property for a hedge fund. Also interest rates and property taxes skyrocketed leaving a lot of houses out of reach for first time buyers why don’t you actually address the real reasons?
this is a real problem this and the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, a lot won’t have a house to retire with either.
I believe Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 45% since Q2.
Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
Melissa Jean Talingdan, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII
A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably.
Homes are meant to shelter your family. They were not meant to be investments.
Yes let get back to the basics. Food, clothing and shelter. Not an investment.💁🏽💯
No homes are investments. Probably the biggest investment that most people have.
@@carolr7823 By the time you finish paying a 30 year loan you paid more than double the purchase price because of interest. Add on top expensive maintenance items like roof and HVAC system. You maybe lucky to break even if your house keeps up with appreciation. Is it really a good investment? I see my primary residence as an expense and rental properties as investments.
What did people expect when the govt printed a fuckload of money and gave everyone PPP loans back in 2020. I swear the average american has the attention span of a goldfish.
I agree. A basic need shouldn't be a commodity.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I lost my housing twice during the pandemic, and then couldn't afford the skyrocketing rents anymore, so I ended up buying an old Toyota Sienna minivan to live in.
That's terrible, but on the bright side this led you down an adventurous path. Van life groups and forums make it seem like a really fun lifestyle. Hopefully you can enjoy it and will have a story to tell one day ❤
@@karmasutra4774 I'm just going crazy out here and falling behind on bills and barely even have any gas in my van.
where do you put the litter box?
The only way to get out of that hole my freind is to work harder and make changes in your life that will be difficult at first but will help you progress. You have to realize if you stay blaming the cost of rent for your misfortunes, you will stay there.
@@karmasutra4774 Everyone isn't able to spend a small fortune to renovate a van into a living space and go driving around the country. There are levels to living in a vehicle. He did it out of necessity not as some type of fun, millennial adventure.
Stop building homes that are always "luxury." When's the last time you saw a large swath of real estate being developed into starter or entry level homes? How many decades ago?
You can build both large and small homes.
@@TheRealEdStonerNo you can't, zoning laws, and regulations that prevent it.
@@ОгурецМолокоI know. I should’ve said they should be able to build both small and large homes. And in some areas you can, but I know a lot of areas have restrictions against small houses.
Same with cars. Everything is High Line - nothing in the basic transportation segment. Capitalizm is proving to be a complete failure.
If we would let in some more skilled and unskilled immigrants we could bring down labor costs and maybe some of the builders would build more lower priced new homes. Labor makes up as much as 25-50% of the cost to build. These guys provided the low cost labor that built out better than half our inventory over the last 50 years.
Can't even afford a one bedroom apt working two jobs let alone worrying about a house it's insurance,high mortgage and repairs Most people I know are in the same boat and can't afford to eat Buying a house is the least thing in people's minds , barely surviving is!
🫂🫂🫂🫂🫂 I feel ya. I'm working two full time jobs as well. Barely holding onto my home and even renting out some space too. 😢 and I'm just so tired. My doctor yells at me to work less. And I'm like you got some spare home for me somewhere? Lol
Part of the biggest problem is your realtor and mortgage lender they don't care if they put you in a home you can't afford and eventually lose to foreclosure.
@salvadorbravo4187 this true and the overvaluation of the homes dont help. It's a 2003 built 728sqft starter home 140k brand new. Then it sold for 185k then it was sold to me for 275k and now it's appraised at 365k and my taxes have gone up 3x since I moved in due to voter levies for schools etc etc. It was made as cheaply and fast as possible in a cookoe.cutter community. Theese are not high value homes. Regardless of supply and demand certain things should only be worth so much money at some point. - I make almost 80k a year. I should be able to afford 728sqft of space. My whole lot driveway included is 2600sqft ppl have homes bigger than my whole lot all around me. 🤷♂️
Welcome to Bidenomics
Sometimes I don’t eat for a few days just to save money until my next check comes lmao this is crazy my mother didn’t have to live like this in her 20’s wtf!
Get corporations (edit: and foreign investors) out of single-family housing and increase property taxes on individuals who own >2 units. That should free up a good chunk of supply and help prices even out.
Price controls never fix the underlying problem, which is a currency that is based on fraud in which some must work for it while others can simply print/gamble/bribe themselves into a massive supply.
Then rent will be x2 expensive. U know what the real problem is? It's the property tax. The gov is the ultimate landlord
@@x-men69-96 No, since the 2008 housing meltdown, it's been opportunistic house flippers . . . dudes with paintbrushes who snap up properties, quickly doll up the cosmetics and then put the houses up for sale for tens of thousands more than they paid for them. Later, private equity firms have come into the large and medium sized cities. They buy up entire available neighborhoods, do their own version of the flipping scam and then typically make the houses available as rental-only properties . . . at a significant bump-up to what the house would have previously rented before.
Congress will never do that. They ALL own multiple houses. History tells us the wealthy elite members of Congress will not vote against their own self interests.
@@x-men69-96 that's our local gov tho. Most property taxes do not go to the fed unless your homes on fed land. They go to your county or state.
Minimum wages have stayed stagnate while everything else has become more expensive
What. Not ten years ago it was $7.20/hr. Now it's $16-20 where I live, depending on the industry. At any rate, home ownership was never meant for those making the bare minimum. It's the reward for showing a little hustle.
$20/hour dont do much when a starter home is half a million. Has nothing to do with hustle.
@@petewilcox3354 Sure it does. Minimum effort and skills means minimum wage. Home ownership is not meant for everyone. Some people are destined to rent forever.
This is why we need $120 dollar an hour living minimum wage.
@@lelandgaunt9985 Why not 200? Why not 500?
First-time home ownership is OVER. "Starter homes" are over 400k.. Average income is 60k.
We're priced out due to price and mortgage rates.
Wonder why Millenials and Gen Z are doom spending? Not getting married? Not starting families? Why is civil unrest growing while the wealth gap is larger than it ever has been in history?
This economy priced us out and left us behind before we arrived. This doesn't end well for society at any socioeconomic level..
Marriage and child birth is down because young people have figured out that the divorce laws and child support laws are criminally unfair and brutal. Who wants half of their net worth taken from them and then have to pay 35%-50% of your net income for two decades? That said, I do believe there is a huge wealth gap that is fueling the lack of affordable housing.
@@DWilliam1No, Dusty William. That isn't the reason 🙄
It's not like that in the Midwest. I live in a rural part of Illinois and you can still find small 2 bedroom homes for well under $50k. There's no reason a Gen Z with no kids should be buying a 3 or 4 bedroom home, especially for their first place. Doom spending will only lead to a lifetime of regret, and for what? Some material junk you have to store in one of those extra bedrooms you wouldn't be using or afford. Get out of the cities, live small, and don't weigh yourself down with debt.
Weird. The millennials and Gen Zers I know (which isn’t every single one, I get it) are doing well. They’re actually pretty inspiring young hustlers - intellectually curious and able to adapt. Maybe it’s just the environment in which they were raised?
@@DWilliam1 if both spouses work, why shouldn't assets be split in half , just curious
Another primary reason: Regular Americans making 40K a year cannot compete with billion dollar investment firms. In Florida metros alone the last few years have seen them snapping up something like 30-40% of the available market, which essentially means they start to dictate it.
It’s already starting to change in Florida. A lot of corporate homebuyers are having to sell their property at a loss.
Too many landlords. I can pay rent forever but why should I send someone else's kids to college just because I can't afford a down payment on a small home?
You need shelter at the end of the day💁🏽💯
Nobody's sending their kid to college off your rent money. That landlord has to pay the mortgage, taxes, insurance, upkeep, and maybe have a couple hundred left over each month. You are paying for a service, no different than staying at a hotel, and the house owner deserves to get paid.
I don't blame independent landlords. Blame large rental companies buying up everything.
the landlord has the right to do whatever they want with the money they earned by having and maintaining a decent livable home you can live in available. And if it's a private landlord, they're probably paying the mortgage with your rent money so they don't lose a home and you're not out on the street unexpectedly.
It's called GREED
Greed is not new. It has always existed. The current amount of fraud is new, and none of it is accidental. Criminal gangs write the rules here, and it shows.
It’s called supply and demand. Not enough supply. Too much demand. It’s not greed.
@@damnjustassignmeone These are not free markets. The currency itself is being rapidly counterfeited. To everyone who isn't close to a counterfeiter, life rapidly grows more difficult.
Capitalism
No, it’s supply and demand. Always check the data on building permits. In recent years the permits granted for single family home construction has decreased. When supply is low and demand is high, prices go up. This is economics 101…
There are so many better places to live than the United States, based on multiple factors including health care, insurance, climate dangers, cost of living, crime, etc. For those with a choice, the US is among the less desirable.
Yup, it can still be a great place to earn a good salary and accumulate wealth, which is what I’m doing before I retire early elsewhere 😁
Not sure if China is the place I’d go…
Other countries have gotten richer and some immigrants move to America with degrees and more money than ever. Some families are willing to live 10 in 1 house. Try outbidding that hardworking immigrant family. Americans can also find cheaper colleges in other countries that speak English.
@@DWilliam1 China is an awesome place to visit and live. I really enjoy my Chinese friends and colleagues. Though, admittedly, China is not a retirement Mecca nor does the government want it to be. For retirement, planning on Thailand. Excellent and affordable health care, safe, can easily make it on a minimal social security income though most bring income from 401k’s. The land of smiles.
The last time I checked there is no Earth 2 to flee to my friend, in the end no place on earth 1 will be unaffected by global warming.
Is this about unaffordable housing or climate change?
Exactly… very confusing
Don't fall for it they're just trying to give you the run-around I can tell you right now it's because like I said all the Realtors got super greedy throughout all the past generations and hand it off most of the keys and the land land to foreign corporations such as Chinese corporations most specifically
What? Climate change and changes, in what used to be stable weather predictability, are causing unaffordable housing. This is because of the rising cost of available homes and raising insurance. And I know that's not the only factors but how is that portion of it confusing?
@@starbrite526 It’s the cost of the home the insurance has to cover. The median price is in the mid $400K range. Prior to Covid the median price was around $300K. The southeast has always been hurricane prone, as for the west when you start building homes in forested areas you increase the risk of out of control fires, plus California has horrible forest management. It ain’t the climate.
Climate change is the main reason house insurance prices have increased. The insurance companies are refusing to pay out for chronic storms and flooding. It’s costing them too much so they increase the deductible for the rest of us. That makes housing unaffordable. Not confusing at all……
Don’t ya luv the effects of unchecked corporate investment and short term rentals?
This!
Wages simply are not enough for most people to live and save money for a home (or any other thing). Car payments seem to be a bigger part of peoples budgets, and for longer too, these days.
This is not just a problem in the U.S. Canada has this problem as well. In British Columbia for example where in a recent survey 1/3 of people there are considering moving to Alberta to find cheaper housing. People can get college degrees, a job, & still not find afforable housing here in 2024.
Alberta isn't much better, not if you want to live anywhere around Highway 2. Banff or Jasper? Fugetaboutit...
Companies buying houses or manufacturing them for rent or lease only and the boomer generation never wanting to sell at a fair price. Additional shoutout to HOA's being corporate run now and extremely for profit using litigious behaviors to get what they want
And the government wonders why nobody wants to have kids....
They don’t want us to
Marriage and kids are now in the past. It's over. Now it's individual survival in this evil capitalist world.
greed at if finest
How is it greed?
@@damnjustassignmeone How is it not greed.???
Wrong! You can live in a house without insurance, if you own it instead of the bank owning it......
Yeah but if that house is burnt to ashes you’re up a creek…..
Self insure- if you own your own home.
Sock away your money in a money market account that you’d pay each month for home owners insurance.
Not helpful information. What do we do about Greedy politicians and Greedy insurance companies.
Madame Defarge is knitting and watching and waiting
I don’t think it has anything to do with global warming. The inflation has a lot to do with the housing market and people not making enough money to afford a home. The interest rate is through the roof. Insurance companies are the biggest money makers in the world. Let’s be honest here and start telling people the truth.
Actually interest rates are still very low compared to history. The super low interest rates are what caused housing prices to skyrocket.
Because America allows private equity to buy up homes in bulk and rent them back out to low income earners with jacked up prices.
All housing should be owner occupied by law.
your data are just now showing this? Do you know how many Americans are living overseas because of this very problem????
Is all about supply and demand, there arent enough house being built and government dont want to zoning law to be changed because they dont want price to drop. No one want to have affordable housing in their neighborhood.
In my area, they don't even build a house unless it's 2500+ Sq ft so the developers can make half a million on it. Then everyone setting their old houses, rent, etc based on all these new houses that are selling.
Not true, it’s about corporations being able to write down the value of the house and all other expenses are tax write offs.
They’re building million dollar homes in my area they’re pushing out poor people to the ghettos. But businesses are also shutting down idk who they think will work these jobs.
Developers will also avoid building affordable housing in areas with too much eviction backlogs, rent control and other red tape. These areas can also change the laws overnight and pass more restrictions. High Risk and Low returns.
When small segments of the population can buy up large amounts of inventory for rentals that reduces supply.
Letting 9 million people in and giving them free housing has an impact don't ya think
Foreign cash buyers. American wage earners have no fighting chance.
Corporations and red lines and discrimination against minorities has become the fundamental issue
Ironically if you just lift the lower class into middle class with policies that help the poor it would also solve the racism issue since more afircan american families will be a part of the middle class. Sadly this will never happen because the richer people are, the more likely they will become conservatives (to pay less taxes)...dems would lose a majority of voters
when you say minorities you mean blacks and hispanics right? I dont think ive ever heard asians in any conversations. also how is the DEI leadership that is chicago and NYC treating you? thats the fundamental issue :)
@@jg274I think OP is just trolling
Actually it’s mostly the government getting in the way of builders
Can you explain more about what you mean by red lining? I'm aware of what that means historically speaking but I haven't heard that term used to describe any current practices. Please educate me.
Climate change? Serious question- Can you give examples of Americans moving from one state to another bc of climate change? Not aware of this trend.
That’s what happens when you follow the masses belief that a crash is just around the corner while you rent indefinitely and your down payment disappears
All these clickbait videos, they make me laugh: "What they are NOT telling you! Why the biggest crash in our lifetime is happening soon!"
Look at pheonix and texas they were safe tax havens in past years, but the migration to those cheaper areas is now hitting a plateau as now the increased population is starting to increase prices in the same area
Edit: forgot to mentention Nashville Tennessee as of reports lately
There is a big push happening by wealthy folks buying up properties and raising to cost to buyers. It is practically a monoply on the real estate market!
My sons are planning to buy in the next year or so. Luckily they earn good money. I dont know how people can afford the expenses involved in home ownership.
Housing was cheaper after the bubble burst Americans had 10 years to buy at good prices. Now prices are pushing up. Many people are also working remotely saving time and gas money. Many are saving for that big bidding war.
@@jeretsoyeah gen z was still in school when those housing prices were down and the bubble burst😂😂😂😂 but let’s act like it’s gen zs fault for being born when they were😂😂😂
@@jeretsoyou can’t tell me when 2008 happened that it’s gen z fault for not being able to get a house in those 10 years when housing was cheaper you do understand the majority of people that are gen z were 6 years old😂😂 so your telling me they had ten years to buy a house? Bro they would have been sixteen man, I don’t agree with that at all house ownership should be a moral right for all law abiding Americans
When I was in college I would've never guessed I would be making what I consider pretty good income. I also wouldn't have guessed that good income would be nowhere close to what I would need to buy a very basic starter home, unless I want over 40% of my income spent on just a house. It feels extremely defeating.
"Sometimes, it's not about having a talent, skill, or passion. But what if I told you that with the right investment, you can still achieve your goals? No talent, no skill, no passion, but good investment can bring you financial freedom. Don't underestimate the power of smart financial decisions!"
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or bitcoin and stocks..
I keep wondering how people earn money in financial markets, i tried trading on my own made a huge loss and now I'm scared of investing more…
@@face2lune Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances...
I’m Glad i stumbled on this. Please, if its not too much of a hassle for you, can you drop the details of the CFP that assisted you and how to get in touch….
@@face2lune I get guidance from *Susan Tori Davis* Most likely, the internet should have her basic info..
>Buy single family home
>Tranfer title to LLC
>mark up property for extreme profits
>destroy hosuing market
We do a little trolling here and there.
People can’t afford it because people overspend on everything else in their life! New cars, expensive weddings, vacations, cloths, eating out etc..
Huge phones too so you can watch more new product videos. I remember when we had 10 people in 1 house, home cooked meals and 1 phone.
That’s objectively false dude lol😂 I don’t know what rock you’re living in😂 but that unfortunately is not a fact according to the statistics. Have you seen the avg yearly salary of Americans and the rent prices? You sir need to educate yourself
Let random people flood the border and you wonder why the lower priced homes are gone. There are a lot of hard working immigrants bidding up prices too.
The dollar has lost all its purchasing power
There’s no other currencies available for us American citizens to use for purchasing consumer products!
They say “we have a supply issue, not enough homes” but then let in thousands upon thousands through the border….. in 2023 more migrants came through the border illegally then the number of homes/apartments built. This is disgusting. Prices will never come down.
I'm pretty sure the Venezuelan refugees aren't out there competing to buy $400,000 homes. Most of them couldn't come up with $400 to save their lives.
The problem is the wages have not caught up with the hyper inflation of many areas and not sustainable to raise wages so high under current conditions.
What does that mean?
@@MrWolfchamp-xi3cuwhat part of “wages have not caught up” (ie kept up) is too abstract for you to comprehend?
I lost my housing twice during the pandemic, and then couldn't afford the skyrocketing rents anymore, so I ended up buying an old Toyota Sienna minivan to live in.
That is not hyperinflation.
Yes it is really bad losing about 10-15% purchasing power (deping if you high ot lower income) over two years due to higher food and energy prices. Still it seems that even outside those core areas insurances or housing and cars have become insanely high.
It is outrages greed but this inflation is decreasing from nearly 10% (9.4% in 2022) to about 3% today)
Hyperinflation is what had happend in Germany in the 1920s you need inflation of 60% or more each month.
Prices for Potatos went up by 10 times within two months.
From Late Dezember 2022 10 cent to 1 Mark.
We’ve had some inflation but certainly not “hyper inflation.” This isn’t Venezuela or post-WWI Germany. And general inflation isn’t really related to the rise in housing prices. It’s mainly lack of supply.
Finally some actually news that’s should be cover daily not the election or trump’s personal situations.
The economy is TERRIBLE if most Americans can't afford to buy a home.
Minimum wages are super low. That's why 30% of people can't afford anything. Because they getting paid minimum wage or less then 12 Dollars an hour before taxes and insurances.
@@paxundpeace9970so why continue doing minimum wage work? Isn't there something a person can do to earn more?
I don't believe the "economy," as the average American defines it, has ever been good. It's not like there was ever a time when every citizen was rich and satisfied with life. It's just that nowadays, uneducated poor people have access to social media. They just get on there and whine about how bad things are as if there's no path to climb out of poverty. If you want to afford a rich lifestyle, then do the work to make yourself marketable. If not, be prepared to live in poverty forever. There's no secret, you just have to make it happen for yourself.
Climate change is not why houses are unaffordable 🤣
I stubbed my toe this morning. It must be climate change's fault.
Not by itself, but it’s definitely part of the problem
@laylapreater7813 Comprehension is bliss.
They like to blame everything on the climate.
American greed
Greed
Investors are (have been) buying up SFH properties as a hedge against inflation. A sizable portion of those properties sit empty. The small percentage that are rented out, are largely unaffordable for the 99%.
The owner holds the property, hoping it increases in value so that it can be sold and profit can be made.
Snow is mostly safe..just annoying to shovel
Corporations are given tax write offs for expenses and write down value of property, not available to home owners. Congress could pass a law tomorrow allowing tax write offs only for owner occupied homes of 3 units or less. Without tax write offs, corporations and other entities would be forced to sell their investments and housing prices would come down quickly.
Problem is THEY have lobbyists that control the governments. Your vote means very little.
Overpopulation has nothing to do with it.
Who said we’re overpopulated?
Has nothing to do with it😅
@@damnjustassignmeone No one! Because it's obviously not an issue!
Unchecked immigration has everything to do with it. More people looking for places to live means increased demand, and increased prices across the board.
@user-dw1ls3rp1l Need to look up the facts because it's very hard to immigrate here. We let in a very small number of immigrants... if they're getting in illegally, hold the border patrol responsible and change the system.
I’m not even an expert on this and I know that you’re wrong
There was nothing of value here. Very, very repetitive of things we have known for years. No new information-and his voice is hard to listen to.👎🏻
The ridiculous high mortgage rates is my biggest problem.
Houses at their cheapest are like 5 or 6 digits in cost.
That's probably why
How many people can afford that?
If you live in a high-risk area and know this, you should have to pay more. That definitely sucks for the rest of us, though.
So if insurance companies are pulling out of these locations, shouldnt the premiums for the rest of us (outside of CA and FL) go down instead of sky rocketing?
No because of competition why would they charge less if they are one of the few that will insure you ?
@@Lord_drippus I was meaning for the rest of the people outside of CA and FL.
Not in the short term. Insurance companies are licking their wounds.
LOL. Do you actually think Insurance will lower any rates.??? That's like asking for taxes to go down.
I would rather be under water for a week in SW Florida than somewhere like Alabama, Arkansas, Georgia, West Virginia, Mississippi. Florida for winter and Iceland for summer is my vibe.
I guess they’ll have to leave their country for a new one in search of an affordable lifestyle, oh wait…..
My biggest hurdle for keeping my home is insurance. The demands are unreasonable. If your home is antibellum most insurers don't want to cover it. If you don't have central heat anx air forget it! If you roof is 25+ years old forget it! If your property around your home ( yard, treea,etc.) Is not perfect forget it. They either cover for 2 months then cancel or they raise your rate until you are forced to drop it then you can forget about finding other coverage. One went so far as to cancel me because it was tired of dealing with my Father and I wouldn't put him in the nursing home or throw him out on the street.
WTH are you talking about? Climate change?
They like to blame everything on the climate.
The nation was lifted out of poverty, with affordable energy, and inexpensive vehicles. Our war on carbon, is why we have this inflation. The climate doesn't change by what we drive.
People with money can buy wherever they want. Especially if wife works too
Simple. High inflation! High interest rates. Bidenomics right? Increase of gas prices and food so increase of costs for raw materials and shipping. There’s no need to question this.
When this happened in Europe, they came to the 'New World'. The difference this time is there's no place to go.
Just find another piece of land that you can steal from the original indigenous owners. I mean you got the guns and all…
@@robm6803 😂😂
The Global Warming propaganda got me to click off about 40% into the vid.
Give it a rest
It is compound it's a compound fracture we're dealing with right now as a nation we sold off most of the land to greedy corporations and we also are experiencing the massive migration of people running out of places to run to when all of their homes and most of the lands they lived on beforehand have flooded or now remain underwater or are just too hostile because of the resources in those areas becoming nonexistent are rarely available. Play better slap a test on having more kids because it's going to get pretty crazy real soon
This is a really big problem, sweeping cross country. People are finding themselves priced out of their homes, because they have mortgages, that require insurance, which must be paid, according to the lien holder. Can’t ou the insurance, because there’s a sudden 40% rise in the insurance rate and, unless you can figure something out, you don’t live there anymore.
I also suspect this will become so, with renters. I’ve lived in my apartment for many years and it wasn’t until a new company took over the complex, that they started requiring insurance. That goes up and maybe some can’t afford their apartment anymore.
I’m a bit fortunate, in that I just inherited a mortgage free home. I have it insured. But, if I needed to drop insurance or if my insurer raised my rate or decided to drop me, there’s no lender saying I have to sell. Still, the home has problems. I don’t see it as the American Dream. I see it as a means by which to escape the American Nightmare.
We can afford a down payment but spending 1000 a month on mortgage interest doesn’t make sense. Also putting 500k of your savings if you have it into a home means you are not investing that. Homes are now 500k-1 mill or more in a lot of neighborhoods. People earning even six figures still cannot save enough to buy a million dollar home unless inheritance or some amazing investments or you are earning 300k or something. Also property taxes are crazy for apartments HOA is almost same as rent.
Homes are a commodity not an investment.
Answer: Uncle Sam letting real estate corporations own, price gouge , and wear the pants
*Yes*
Foreign investment needs to be outlawed! That would make a huge difference!
It would. It would put about 9 million people out of work fast.
@@kenofken9458 That is why we have this artificial bubble that keeps growing by the day and won't pop until it really collapses the whole economy
@@joefiola3763 Everybody loves capitalism...when it serves them.
A big reason we have the standards of living we do in this country, and a reason the dollar is the world's reserve currency even now, is that we don't put up a lot of barriers or uncertainty for investment.
Bubbles are a thing in real estate and elsewhere. Foreign investment can be a factor but really the last huge bubble had much more to do with disastrously poor lending policies which overextended risk and concealed it coupled with the belief that values would keep accelerating at mad paces forever.
There has to be a balance. People want low home prices when they first buy in, but they sure don't want prices to stay low when it's time to cash out and live off that investment in retirement. We have places where home values don't appreciate or fall. We call them ghettos and it's usually considered a catastrophic failure of public policy.
We are where we are in part because local government is all about maintaining and increasing property values. If you look at zoning laws, code enforcement etc. you see that most of it is aimed at keeping up property values. I was a journalist for many years and saw how local politics interfaced with this issue. People in areas with nice homes had fits if a developer wanted to put in anything they felt might lower their property values.
One of the things they hated most was affordable housing. Not public ghetto projects mind you, just smaller homes for working class people. Zoning favors single family homes, which is the most expensive home ownership option. They favor isolating neighborhoods from retail and other uses, so only people with cars can afford to live there. They favor large lots over small ones and large house footprints over smaller ones. That adds up to expensive. The people who own homes want prices to double, and they'll politically destroy anyone or anything that threatens that.
I don't know what the ultimate answer to home prices is, but I'm certain that simply banning foreign buyers will not get us there.
Owner Occupied by law.
Milk is $10 at my local Safeway, this country is burning to the ground
Dude go to another market
Where.??? Hawaii.???
Out of state realities will buy it and rent at a high rate. Its the only way to get a family in there....sad!!!
I'm in Illinois and I live in a rural community of about 2000 people. My neighbor passed a few months ago and her one bedroom cottage home sold for $7500.00. A retiree from Florida bought it for a vacation home. Affordable homes are out there if you're willing to get out of the big blue cities.
to me it’s crazy that says you CAN NOT LIVE IN A HOME WITHOUT INSURANCE, but you CAN move out of the place you were born and raised.
Plenty of us would do the former before the latter.
I know plenty of working class ppl here in Florida now who are foregoing insurance. They’re paid off and saving cash
Careful, they want to move things along faster. You'll own nothing.
You don't mention government spending or the federal reserve. Please remove "news" from the name of your channel. You are doing something other.
We would have affordable housing if we increased cash/equity requirements for buyers.
Now, it's standard to make a small downpayment on a property and finance the rest (80-95%) with a mortgage.
If lenders flipped their loan/value offerings and were limited to financing only 20% of the value of the property, most buyers would not be able to come up with 80% of the property's value in cash. This would drastically drive housing prices down.
Too many bankers and investors and politicians would lose money, though.
Even if you can “afford it” why would you pay the amount of money they are asking for some of these homes. Straight nonsense.
The government should've let the population shrink naturally, by heavily limiting immigration. Smaller population will make life competition less intense and lower property prices as happened in Japan, which will eventually make the citizens happier
The gov wants MORE people = more tax cattle.
My grandmother had a small apartment above her home using the four upstairs bedrooms to make a nice apartment, and made an outside entrance. Small town, and safe. This was back in the 60’s, if not late 50’s. I always thought it odd, but I now know it allowed her to stay in her own home, and afford the cost. I guess my thoughts being, that sometimes not everyone can afford to buy, but should be able to find places like my grandmother had. I’m glad she could share and stay in her home.
We know what all this about Big corporate
Duh, we've been telling you for sevearal years. Yet you (the govt) overspend, recklessly spend money we don't have which drives up inflation. Sold our jobs overseas. WE could afford houses if the Govt would stop maxxing out t he country's credit cards
lol how is $2,110 35% of pay? More like 2/3 of pay. Who tf makes 6k a month take home? I’m doing great! making the most I ever made in my whole life and I’m barely bringing in 4K 🤦🏻♀️ apartments out there for 2k a month but are only actually worth paying 850 a month. And those of us who used to pay 750 for that ish aren’t even willing to pay that much for anything. I’ll go live in a motel instead. This is ridiculous.
you have to build so many homes that homes become worthless.
This is NOT an accident. Corporations / equity firms are buying up all the properties and Americans voted for this. They would rather let the big corporations buy up all the homes because it's better than the Chinese buying it! 🤣
Unfortunately this guest knows little about the ramifications of the loss of home insurance. The point at 3:10 about "reconcile yourself to pay a lot of money just to be insured" is trivial. Insurers are not insuring at all due to the high risks. That's only the beginning. Furthermore:
1. Traditional banks won't lend to a potential homebuyer if the house cannot be insured - therefore the homebuyer will have to pay practically the whole amount in cash for the property at sale.
2. Affected properties will lose their current value because the property is exposed to a lot of risks, banks are not willing to lend, and someone with cash is able to negotiate the price down
3. Homeowners without insurance must account for natural disasters - break piggy bank in case of emergency. It can happen the first year or the 20th year, but the cash needs to be there.
And then who knows about the impact all of this will have in the affected communities.
Btw, the NYTimes had a report on this topic.
When an area is declared a Disaster , the Federal Government offers Federal Loans at very Low interest rates , called FEMA , a built-in Insurance policy to help rebuild. whether it's an Earthquake , Fire or Hurricane , Tornado etc .
My insurance was dropped. The lowest I could find is 325% higher with a high deductible. The highest which is the average is 800% with a low deductible.
Owning a home was never and will never be affordable for everyone. This is all bulldinky. Most people don’t want to work hard enough or long enough to 1. Save up a decent down payment. If you can’t afford $40,000 to purchase a $200,000 house (if you can even find something that cheap!) then you can’t afford to own a house. 2. They don’t do the required math to figure out how much the overhead be will into the future and that includes taxes increases , increased HOA fees, upkeep and repairs etc - you’ll need an account with ~$10,000 to cover these expenses and you’ll need to continuously add to that because houses are like people - they get older everyday and start falling apart if not CONTINUOUSLY cared for. Home ownership is not affordable for most people.
“everybody needs insurance. you can not live in a house without insurance “
watch me.
Most states yeah but if you live in Florida would not recommend
Keep voting Democrat and you get the same result, definition of insanity
Flooding isn't why people are coming here
The guy being interviewed didn’t even touch on the real issue. Foreign investors and corporations are buying up single-family homes a home is meant for a family. It shouldn’t be an investment property for a hedge fund. Also interest rates and property taxes skyrocketed leaving a lot of houses out of reach for first time buyers why don’t you actually address the real reasons?
Housing should be owner occupied by law.
Greed thats why….greed
This can't be true. Even though Americans experience this on the day to day, the Democrats have clearly stated how awesome the economy is.
Yep. Bidenomics is the greatest thing since sliced bread.
To sum it up, corporate/government private equity tax schemes.
Starting price for a home over 1 million dollars.
Capitalism at its finest
This just in, the sky is blue.