Just bought my home 3 bed 2 baths as a single person. Starter brand new single family home for 236k making 50k+ . The only reason I was able to afford it was because I made a 20% down payment and made sure I had a decent emergency fund. To do that I had to save up a lot. No credit card debt, no dti, no car loans, no school loans, ect. Also had to live with my parents for 30 years. I am blessed to have such patient parents and thank God who allowed me to have this opportunity.
Don’t make a difference. $20,000 to $40,000 a year for retirement starting at age 21 is the wild card. WHO has done that? Not many is the answer. Today fight to get into a home and never retire.
@@CoolestGuyInTheRoomit’s called flip your home in this market if your not trying to flip things and make it better and put the house back on the market in the next 5 years with upgrades sell your house for a profit and not be in debt then go do it again
@@raycornett5854 Hell no. I hate doing projects to my home as simple painting. I’m not gonna renovate an entire house every few years. Plus, why would I want to move that often? Flippers just create more expensive houses with shoddy work done to them. If a house is livable, it shouldn’t be bought just to flip. The only houses that should be bought for that purpose are ones that TRULY need renovated to even be livable.
I’m closing in on my retirement and I’d like to move from Regina to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation.
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I bought my house back in 2015, at the time I was working 2 part time jobs making 10.50/hr with 620 credit score and my wife had just started working making 11/hr. The lender approved us for 250k and said if needed we could bump it up for more, we found the smallest home in one of the best neighborhoods of our city for 137k. The original interest rate was 4.5 but we always pay an extra 100 on the principle. We refinanced during covid and cut the rate down to 2.65% and are on track to pay off the loan 9 years early. Now the house is worth 289k and if we had to buy it now with current interest rates it would be impossible to afford since the mortgage would be almost 3x. Especially with property taxes and home insurance having doubled since we first purchased our home and now signs of slowing down.
I bought mine for $138k in 2020. I'm not sure how much it's worth right now, but a house across the street very similar in style and square footage to mine listed at $225k. If mine gets to $289k in the next several years I'll be very happy. I'm ready to sell, but I have tenants for now and waiting until they're ready to leave but I know they want to stay for at least 4 years.
If only I was working a job back in 2015 and not been a prepubescent child in 8th grade learning algebra, I could have had tens of thousands in savings to be able to buy a house with my non existent wife at the time, and our property value would have skyrocketed! Darn
I started looking for a house around that time and was surprised what was in my price range (150k-190k). I made $24/hr and have a large pile of fine silver squirreled away. And then just like that, everything went out of my range by a long shot and hasn't come back down. Its frustrating because I did "what I was supposed to do" and learned a trade and worked hard, and if nothing changes I will never own my own home. My parents bought their house back in 1988 for $50k. A 3 bed 2 bath 2 story house with 1 1/2 acres, a 2 car garage and a large shed, IN TOWN. For $50k. My dad was a truck driver. My grandfather worked for the water company and bought his first house in the early 50's for $17k. A brick house on 15 ACRES with it's own lake.... We're just screwed man.
If you're earning 30k and you're listening to the "25% of your income for morgatge" rule then you have to find something with a morgatge of $625 Good freaking luck!
@@jeniko2841 until they just leave without paying you or break stuff and everything else it always sounds easy to say just run out some room, but it's harder than you think. Somebody decides there's a squad in your house in the room room which they can do and you can't get them out for months
@@jamesballard6564 lol @ this guy thinking any of us will ever retire. by the time im old enough for that Id wager we don't even call this place United states anymore. let alone see a penny of the millions of dollars stolen from my paychecks over the years.
That is I’m part we decided not to buy, I’m 53 husband is 57…..in 30 years we’d be in out 80s. Plus we have no kids to inherit at this point it made no sense.
What’s even worse for people making only 30k or 50k is that they can’t even afford a one bedroom apartment anymore! Especially in any desirable city or metro!
Who the hell could afford a 1 bedroom apartment earning $50k?!?! That would take like an entire NET take-home salary just to pay the rent, leaving you $0 for a car payment, internet, car insurance, food, gas, car maintenance, 401k, health insurance, entertainment, travel or anything else! $50k now is like earning $15-20k in the 1980's or early 1990's.
@@CarMaintenanceGuyactually in the 80 and 90s you could buy a house doing that. My parents bought a house with my dad being a shift worker at McDonald’s and my mother stayed home with us.
@@Ghragle- My dad used to earn $10/hr back in the 70's and we lived in a $20k house. I need the debt to income ratios to come back to those times. They should pass legislation requiring it to do so. Get rid of all rich people and make a super stroke middle class. That's when the US used to be the best country in the world when the middle class was rocking. That's why the rest of us had to buy property in other countries to get out of the US.
@@javier123454321 Taxing the rich never made the poor more prosperous. If you are not happy, then start a corporation from nothing the same way other entrepreneurs did. Stop punishing them via theft through taxation for all the hard work they did. If you are not happy with them being rich, then VOTE WITH YOUR WALLET and stop buying their products and services. Simple as that. No need for any government intervention. The government has never helped me in any way, shape or form. Only stole from me and gave my money to people I did not authorize.
Depends on how much you put down and the time. If it’s a sub 5% rate and you don’t have ANY other debts to consider, it’s workable! You may have to make some concessions in areas but maybe not much. I’m around 40k gross and did a 272k house at 3% fixed, by myself I can afford it paying 50% of my income (I had side gigs) but instead I got friends and renters and for the past couple years I’ve managed by not charging much for the rooms (split all costs of the house 3 ways) and living. It makes for a funny lifestyle but for 125k to 760k house I feel like that’s manageable if you don’t mind roommates
You have no idea, i was you in 2008 and except for one year it has never gotten better. It is this way on purpose they want you to be a slave and the only way to do that is to make you poor
@@kee-slim1513 trades are hiring. They paying for apprentice carpenter at $22 right out the gates. That is $32 total with employers paying into your benefits. It's good being in the union trades right now. In fact, we are predicted to be short on man power within the next decade. So we are going to have to hire out of state labors.
It’s depressing being almost 30 through the ups and down currently living paycheck to Pacheck and don’t have any money saved other than a small retirement fund, can barely afford to live and I’m pressured all around about doing more being more and getting a house, I don’t even have the mental energy anymore
THOSE ARE THE CHEAPEST AND NICEST 100K HOUSES I HAVE EVER SEEN IN MY LIFE. I live in Ohio and a 2,000sqft house is 350k minimum . I have a 800 credit score and interest rate is 7.6
The problem is that any place that has $100k home doesn't have good paying jobs nearby. Those are always undesirable places to live. Everything is always a catch-22. IT SUCKS.
I live in NE OH and just bought a newly renovated 2200 sqft home for 300k. And while shopping we saw plenty is nice homes between 200 and 300. It’s takes some work but they are out there.
@@michaelswinney9154 Nobody wants to live in OH. That's a cold and miserable place that charges state income tax and salts the roads and keeping a car long term it will get all rusted out. Plus high heating bills. $300k in Florida would be a WAY better deal than Ohio. Thanks, but NO THANKS.
Which is hilarious because rent prices have already exceeded what “should” be paid. At this point, better to be house broke then rent broke. At least it is going somewhere!
One thing I've noticed in my friend group is that we have all bought homes that are way nicer (hence waaay more expensive) than the homes we grew up in. We all probably should have stayed in similar homes and not fallen trap to lifestyle creep and wanting bigger and better for our first homes.
My in-laws make a little over a 100k and they just bought a home for 420k. My husband and I tried to warn them not to do that because once property taxes and insurance are actually paid for this year, they might end up having to pay a little more than what they thought. However, they didn’t listen and now they’re exhausted from working so much, being parents, and those monthly bills are raining down on them. Before buying a house, please go based off your net income and not your gross. Also, determine a max monthly payment for mortgage including insurance and taxes; try hard to find a house that will have a mortgage payment below your max so you’ll have cushion/wiggle room if insurance and taxes increase.
@@Andrew-pv8oz If it doesn’t apply to you then let it fly. For most people, it does apply to go off of their net income vs their gross because what they actual take home is different from what they gross.
Fun fact: mortgage from the French Engagement de Mort - death contract. I am finally a home owner, got my credit score as high as possible, paid down some debts, went with smaller and closer to work and UNDER what I qualified for and I put an extra bit mroe cash towards the place. My mortgage is around 1/4 of my take-home and I'm putting a bit extra to the principal, in an amortization schedule I made in excel, I knocked off 3 years so far in the mortgage.
@@Kolby.with.a.K best wishes. I still have way more debt than I care to admit right now but at least owning a home makes it better. I’ll get some stuff paid off in a year or two easily. Hope to cut it down to home student loans and car.
Long story short we make 110k a year. We have our 3 month emergency+ 5% down on a 300k house. Only debt is a car payment. (490) our morgage payment are 2400+ that has been giving to us. Is insane easy 40%+. Its all the same here in illinois. Condo/single home. Hoa fees are killing this as well with the mortgage rates. Our 33% mortgage is cap at 2k. And its in horrible places/fixer uppers. Gg we counted our self out for now. Of the house market. Realtor was like yall qualify! Go in!. Ya no we ganna be house poor and streesed out. We good
If you get two jobs you can save up to qualify for the NACA mortgage program. They don’t require you to pay a down payment but you need 2 years good employment history and pay off your debt.
@@NebulasOnyx NO ONE should be required to have 2 jobs, to meet BASIC needs, like housing. I only have 5k in debit, so THAT is not my issue. My corporate job, doesn't think they need to pay the people who keeps their business running, a LIVABLE wage. Telling people to get another job on top of their full time job, is absolutely ridiculous.
@@NebulasOnyx Yea! Let me KILL myself working more than doing anything else in life, JUST to afford things that ALL humans should have, because its a necessity lol
@@vanessaragin4377I also work a corporate job but don’t make enough to buy property. I made the choice to stop all extra curricular activities and hobbies and be a hermit for a few years to save up. I also eat very basic now vs before. But man, saving 40% of NET income motivates you like no other.
@@keithskoglund10 I’m already doing that. I’m a single mother paying for college… I’m not a spring chicken either lol. People JUST aren’t paid a livable wage. It’s really that simple 🤷🏽♀️
I live in Maine and the lowest price in the area is only around 300,000. For trailers. 300,000 for 1 bed 1 bath trailers. All because wealthy people keep coming up here because it's pretty.
I live in Southern Maine also. My fiancé and I both make over 50k each. We are nowhere close to being able to afford 400k to 500k. In fact, I have no idea how people save a down payment of 20%. Who the hell has 70k to 100k to blow on a down payment? I feel like I'm living in the Twilight Zone! Haha
Shit rent for a 1bed room apartment is around 1400 1500, I make just a lil over 43k a year, so if I can afford to pay my apartment rent I think I’ll be alright buying a house, with a mortgage under 1600 a month. At least it’ll be going towards something I could make equity on instead of making someone else richer. I spent 72000 on rent and the last two years and that could’ve went towards my house. 26 with no kids Currently, I think I’ll be alright buying
Back in 2020 when i was buying a house this channel helped me with purchasing a house within my budget. Thank you for keeping the numbers realistic. Now living in my house comfortably for the last 4 years
@@flashoflight8160 the difference is that the past 4 years in the real estate market has been the exception not the rule. Generally real estate returns have slightly exceeded inflation and lagged well behind the S&P 500.
I've been watching the housing market closely, Prices have been skyrocketing for years. It's going to be tough for first-time buyers to enter the market." how can one diversify $280k reserve .
I agree, It's not just the prices, but also the increasing interest rates that are making it more difficult for people to afford homes. With a good FA you can make up your portfolio.
The housing market has always had its ups and downs, but it's true that this time feels different. Having a portfolio manager will save you a lot in the market , My portfolio currently has 200% increase last couple of months with the help of my advisor.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of lose.
Annette Christine Conte is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment...
4 bed 2 full bath 1,400 sq foot, 2 car extended garage on half an acre in the middle of Des Moines for 139,000 making 50 k as a single adult, $0 down, actually got cash back at closing, plus in an NFC finance area where I am eligible for a $10,000 grant to do any renovations that is totally forgiven after 5 years of ownership. Plus got a first time homebuyers grant for closing costs
I would suggest saving for a fee years, but I'm also gonna guess home values are officially going up faster than you can save to cover the gap. It's effin rough out there.
My mortgage is a 1/4 of our income, Overpay the principal ever since our first payment was due, each COLA we add another $10 to the prinicpal. Already knocked over 6 years off the life of the mortgage buying in spring of 21
I make over 50k and my rent alone is easily more than half my net income. Easily over 90% goes to needs if you’re merciful and see produce, medication, a doctor, and a barely functioning car are still needs.
The crazy part is being in the 100k+ income bracket also means you're much more likely to be able to work remote in your field. So you can take advantage of lower col areas with at least decent internet.
Something that I don't think is talked enough about is the closing costs. You did take into account the 3.5% down payment, but not the 3-5% in closing costs, depending on if they make you pay into escrow or not. For first time home buyers especially, escrow was an additional 2.8%, and normal closing costs was 3.6% of the purchase price. So its not only the monthly expense, but the fact that you need 11k up front for cc, then another 9k for escrow, then an additional 13.5k for that down payment, assuming something like a 300k home... You need at least 30 grand in savings just to buy a home! Thats a third of your gross monthly income on 100k for a year. Just to start talking! First time home buyers need 10% up front to close, where a little over half of that goes to fees and the other half goes to escrow and down payment.
People also don’t consider maintenace on a house. Cleaning the gutters, mowing the grass, weeding, airation, cleaning airducts, dryer vent, pest inpections and treatment, servicing A/C and heater, draining the water heater, pressure washing the drive way and siding. Servicing/repairing or replacing appliances or getting a home warranty, etc. and this is not counting emergencies like a roof leak and wham! Need a new roof. A lot of this things are once a year or times a year but they add up.
I bought my first house this year. 4 bed, 2 bath in a semi-competitive college town in the Midwest. We paid 225k making about 72k net income combined. Our mortgage is just under 25% of our monthly income, and we got a 5.75% interest rate. This video made me feel really confident about our choice!
Made it to 12:59 and realized the real problem. Buying a house has been made way too complicated. A bunch of people looking to take advantage of other people have built a system that makes it easier for them to make more money off a single investment than anybody would ever realistically pay to buy a home outright. How it should be is "Sale Price, 1 payment, Deed passes hands. Done." If you can't sell the home for the full amount and in one payment, then the sale price is too high. Mortgage shouldn't be a thing. Needing loans to buy a home shouldn't be a thing. Homes costing 100 to 200 THOUSAND DOLLARS without a ton of acreage or without being in a great area shouldn't be a thing either. IMO, the whole thing is stupid, and anyone buying a home right now is getting scammed. Period.
My friend, you just wrote 2 paragraphs to describe usury. Yes, this is why Jesus flipped the tables of the money lenders. Yes, they are the same people who did it back then as they are today. Yes, it’s very annoying. Yes, that’s why they’ve been expelled hundreds of times from countries.
I make 130k a year. While I qualify for a loan at 450k that doesn’t mean I go out and do it. That’s crazy to hear that people are willing spend that much.
Well if you’re making 130k a year and use the average house income of 45k that most people have to live off of, that leaves you with 85k left for the house each year. That means unlike the 99 percent of people who spend over 30 years paying off a house, you’d pay off your house in 6 years. So basically you could actually afford something that’s nice but most people can’t so if you like the house you should go for it.
Recently pre-approved for a mortgage. Would be my third home: $120K salary $1100 monthly debt payments $50K downpayment 780+ credit score $450K total home purchase price. Most homes with equivalent trim and standards as my existing home are in the $500-700K range. No one is gonna sell and/or buy while this remains the situation. But, while not a GOOD thing overall (but perhaps beneficial to me), the housing market is in fact crashing as we speak. Just buy an RV like I did and wait for these suckers to get desperate. Guessing that September-November will be the best opportunity this year.
Who are "those suckers"? Normal home owners who paid $150k and are trying to sell for $300k because some arbitrary website says their home is worth that much now?
@@Andromedon777The suckers are all of us stuck in this housing market. Only 1/3rd of households make 100k or more per year. Trying to afford even just a half decent house these days is nearly impossible. They want us all to rent for our entire lives and never own anything.
00:26 "financial adviser" are also in fact technically sales people like mortgage broker/real estate agent maybe in different aspect but a financial adviser and real estate agents are trying to get you to pay them and use them
Yo my rent is already 65% of my salary and I make 120k a year... Apartments don't get cheaper than this in downtown Toronto. You cant fix this problem with "being smart with your money" something in society is screwed up and society needs to change first. Not the first time buyers
@@keithskoglund10 I know. its bad here in canada. worse than the USA. 60 miles out, the rent is still the same prices... Corporate and investor greed has led to this situation in Canada.
@@TheBanjoShowOfficial Lol. I drive an Audi rs3. Do as much maintenance myself but yeah it's expensive, but by my own choice. I love cars and they're 1 of only 2 hobbies of mine.
@@TheBanjoShowOfficial Also drive a beater car and that is literally just oil changes and tires. Zero other costs. So still WAY cheaper to commute for me.
Before even going further, I bet the first two people can barely afford rent let alone a mortgage... I think everyone knows you have to be making $100k to be able to buy these days a house that's falling apart. New Jersey is even crazier. Homes that haven't been updated since the 90s are going for $400k minimum. I was looking into buying land and getting a tiny home or RV onto it, but zoning doesn't really allow this in most places. That being said, your videos make me feel a lot better. Especially with the punchline at the end, "It's wiser to have that portfolio than it does to own a home." I just really want to own a home. Have my shit settled and be a bother to nobody.
What he didn’t mention is that the point of home ownership is that you will have a paid off roof over your head when you retire not have to worry about rent or mortgage. Just pay property taxes! That’s really what home ownership is about! Some people think they will just work forever. Your health will determine that!
@@Aggie4life77 yeah this is true, and the biggest draw to ownership. But I was doing my investment calcs yesterday, and the amount of money I’d hypothetically get if I don’t own a home for 30 more years and instead invested it, is pretty astronomical. I’d be able to buy a house per year with the interest earned
@@NomadOverNormal gotcha, now if you make enough money to be able to do that, great. You can definitely make it work. For most people though, they are either paying for a home or rent. Rent is just as expensive as a mortgage these days. With that, there is no extra money to invest. You have 401k, you’re going to need a significant amount(probably 7 figures)to live comfortably and or maintain a similar standard of living after retirement. I personally would rather have a paid off house and the 401k. When buying a house, the only thing that will set you back is the down payment, but it’s really not setting you back. It’s going towards the price of the home. After that, you still can invest your money in stocks, etc and have that when you retire. You will also own your house. Paying rent over a lifetime regardless of what you’re doing is a waste of money that you will never get back! That option is only there as a last resort and you have no other way!
Payment only increase or decrease by 100 bucks for every 10 k. So if your payment is 2000 for 300 k home then if the house drops to 290 you only pay 1900 100 difference for ever 10k up or down
I’m not even in a major desirable area. I live in a town that’s just barely over 22k people. I make about 26k/year, and my rent by itself is 50% of my income, and doesn’t include groceries, most utilities, or insurance/gas. The 50-30-20 rule is just not achievable for a LARGE portion of the American population.
Great stuff as always. Back when things were not so crazy in 2012 here in San Antonio TX TX (170k mortgage at 3.5% interest for my 1556sq Sq ft modest new home. Now similar new homes in 2024 are $340k plus and way higher interest rate in my area),i knew that I didn't want my payment to be more than 25% of my take home pay. So that put me at around $1200 per month. And that's exactly what my mortgage payment is (everything included). I still pay $1200 per month, but some of it goes towards the principal every month after the PMI dropped off. I got $97k to go, so I should be done in about 10 years, hopefully. I'm blessed to have a steady job with good benefits ($72k per year base pay plus OT). You give very good advice. But this housing market is way overpriced!
Keep in mind that during the 80’s people were encouraged to save due to the interest rates. Right now there’s very little incentive to save because those who are saving are watching those who are reckless taking it in. I’ve been trying to save for a home and it’s been discouraging to watch prices continue to not budge because there’s people willing to get into a mortgage where they’re paying 40% of their income. It’s insane.
The housing market in 2024 poses difficulties due to uncertainties about the Federal Reserve's ability to curb inflation and reduce borrowing costs without adversely affecting demand for assets like homes and automobiles.
Consider shifting from real estate to stocks during severe recessions. While market volatility presents short-term trading opportunities, it's crucial to approach with caution. This isn't financial advice, but investing during such times may be a strategic move, consider adopting the services of a financial expert.
In fact, I had no prior experience or understanding when I began investing in 2020, but by the end of 2023, I had made a profit of almost $850k. All I had been doing was going by what my financial advisor had told me. This demonstrates that all you truly need is a professional to assist you; you don't even need to be a great investor or put in a lot of work.
*Izella Annette Anderson* 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.
to rent a house of equivalent size and yard in my area it would cost minimum $1800 a month. My current mortgage is $1177. Those rent numbers were during my research of trying to decide whether to rent or buy a house in 2022.
"You're gonna move to a rural area and live a simple life" as if that wouldn't force me to get a new job with lower income and still not be able to afford a house.
It’s amazing how many people in the US are technically living in poverty and it’s looked at as just normal. I don’t think I know a single person that makes more than 50k a year even with degrees. Most people I know make less than 25k. Unless something MAJOR happens with the economy, The reality is most people my age will never own a home and that is so fucked. I can’t believe the world has gotten to this point.
I lost touch with your channel after closing on a house a couple years ago- holy cow! You look like a grown-ass man now, time has flown by! Thank you for your content.
The middle class is being destroyed. This is all by design. Median income is about 75k give or take. Median home price is 350k to 400k, that’s a 3 bed 2 bath maybe, at 1350sq ft living space (basically a large apartment with a garage) and the home is cheaply built. This whole situation we are in is evil and has been propagated by evil. I make 80k a year, have a wife and 4 kids. If it wasn’t for the grace and mercy of God, we’d be in a bad spot. Fortunately, we have an awesome landlord whom my mother worked under for 14 years. My wife and I rent an old pier and beam home from him for less than 1k a month. We’ve been saving all the money we’re finally able to save since I’ve gotten a recent raise and both of our vehicles are paid off. Even still, can’t afford the outlandish mortgages.
I started by my properties during the housing crash - and I was complaining at that time. I was able to pay them all off now. Looking back, it was the smartest move I’ve ever done but it’s amazing how fast the interest rates shot up.
Wait wait grocery's are needs? I thought it was wants. ... breakfast cup of coffe 90 cents.. lunch is .. free sample slice of cheese from the deli... dinner is what ever people leave in the fringe at work.
In a lot of places, rent is just as much as a house payment period in a situation like that, wouldn't it be better just to buy that way you've got the land? It's hard to say when you're paying $1,800 to $2,300 a month for rent
If youre a single man with some remote job, save and go to Thailand instead, Chiang Mai is safer than many American cities at a fraction of the cost. Come back after the supposed crash.
Great video. This is the way I look at affordability and how much you “should” spend. I hope all first time home owners see this and take your advice instead of using the overinflated numbers that the “standard” home affordability videos show that don’t calculate for take home pay, or only using 25-30% of take home pay. I think your video will help a lot of people.
I’m a veteran. Tried for the last year and no one was accepting even with 10% down. They throw it right in the trash because there are so many stronger offers that close slightly faster, and many with 20% down. Finally closing on a place end of month but had to go conventional. And if you don’t have at least 10% down, you should not be buying a house regardless.
Why would a seller care what you put down? They get paid by the lender regardless. The issue with VA loans, is the sellers have to present a near perfect property. @@USArmy11B
VA loans are hard when it's a sellers market. No one want to fix the issues to pass VA loan requirements. When it's a buyers market, you'll have more options
VA Loans aren't hard, it's just a lot of ignorance about the from realtors who don't handle them often. They are a little less advantageous if you don't put a lot of cash down though, or if you don't have enough cash to cover appraisal gaps.
We just bought our first house with VA loan! Numerous passed offers because of the inspections! Never thought it would be so insanely difficult to use the loan.
I instantly trust & respect a creator who gives advice when they debunk all the bullshit lies that others are selling & is real with you & even suggests purely free tools to help you cuz they actually seem to have your best interest at heart🙂
We just purchased in this market it. It’s definitely possible, if you have to make more money by picking up a second job and push through for a little while so be it. It’s a big purchase and it’s scary but the security is real. I definitely recommend opening up a separate account for your mortgage and just sending a portion of your check there that will equal the mortgage payment. You guys can do this I thought it was impossible just 90 days ago but we did it. Lastly, don’t take the conservative role see how extreme you can make your mortgage payment and go with that number. If you can work with that you get this. Love Y’all! Shout out to Jav 🍾
I know ill never be able to afford my own home. How the heck are people doing it?! I only make 2100 a month after taxes, paid off car, single and no kids. I realized it doesnt really matter if i own a home or not. This life is temporary. I wont be able to take a home or my money with me when i die. So i no longer worry about owning a home. Its wayyy to expensive. Plus you have home insurance, gas, water and electric to pay etc..... Screw owning a home. Its only for people making 6 figures and up
I make about 50k and I cant afford my 2 bedroom apartment anymore. My husband can’t find a job and he’s putting in applications daily. We have an 18 year old son and a 9 month old and we’ve never ever struggled like this before. Never. I’m on the verge of giving up.
I think the system has screwed over real, working families in favor of wealthy real estate "investors." Hang in there! Hope your husband finally had some good luck!
5:50 THIS is why I’ve been paying off debt again with my whole being, my credit is finally about $5K and my student loans under $10k… still working on it but so close…
Also I would add that your credit will need to look really good to get the lowest rates! If you are buying with someone else, they will use the lowest credit score. Buying a home at this point will almost certainly require two incomes for most people in 2024 and beyond. Especially if you have kids, a car payment, etc. things will be tight even if the household income is 150k!
Our take-home pay is just over $4500 monthly, and I feel so incredibly thankful that we were able to purchase our first home at the beginning of 2020! It was built in the late 70s, four bedroom two bath, and around 1450 sq ft. Nothing had been updated, but that didn’t bother us. Our mortgage is right at $1100 each month, or 24% of our net pay. There is absolutely no way we could afford our home if we were buying today.
I make 120-130k/year I’m just here to say if ANYONE tells you that you can afford a 400k house… run for the hills. Hell, I’m willing to say anything over 300k they are setting you up for disaster. At 100k keep it within the 250-270k range
Honestly. My wife and I make ~$170k which 5 years ago would’ve afforded us pretty much any house we want in our area without much struggle. Now we’re able to possibly afford a standard single-family home once we’re able to save up for a couple years.
Bad advice. Highly dependent on how much you're willing to put down. If you put 0 down, of course getting a 300-400k house is going to be awful because not only will your monthly payments be higher, but you'll also be on the hook for PMI.
@laurenm.6320 and thats where it pays to have blue collar skills to bring down the cost of repairs. Yet we villanize any job that doesnt require a college degree
@laurenm.6320 exactly my point. You only think that way as you haven't been a concrete layer, drywall hanger, stone mason etc... Even as someone who has installed roofing, ciding, poured concrete, and other things, i wouldn't screw with electrical work. But i know someone out there would read that and tell me just how easy it is. Even just knowing how your toilet works will get you pretty far. You dont need to know how to install a septic tank to save money, a walmart tool box is plenty for most people.
Thank you! This helps allot. We just talked to a mortgage person about approval and are not feeling comfortable with the numbers he said he would approve us for. We did move out of California and have no debt so we are slowly on the right track lol…. There’s not allot of information out there for those of us In the 40-50k income range so I really appreciate that you covered this.
My work takes my health insurance payment out of my check before I ever see it, does that amount count as my net, or does the net include the insurance cost?
Great video. I couldn’t afford my first home until I was age 40. Even at that, I barely squeaked by, 401k loan, seller credits. In time I’m in a much better position and so happy I bought a home on the lower end of my budget. You have to factor in repairs.
I’m gonna tell you right now. It’s actually cheaper to buy a house now. Yeah you have to have money on the side to put on the down payment but it’s the difference from apartments these days apartment for one bedroom is $1800 in Orlando. I rent a three bedroom house for two grand of month, I could be paying that two grand a month in my own mortgage at least I know at the end of the day I will own the house, and if the least person wants to kick me out, they can raise my rent. They can a mortgage you can get a fixed tate
We bought a house last summer. Our monthly house payments worked out to be about the same as if we kept renting an apartment. We went from living in a 3 bedroom, 2 bathroom apartment paying $1,100/month rent; to living in a 3 bedroom, 2 bathroom house with a fenced in yard and attached garage with a $1,100/month house payment. If we had stayed in the apartment, the rent, I've heard, is going up to $1,300 next .
Arent you able to afford a more expensive house if its multi family? Why does nobody talk about multi family since the bank takes into account in part what a future tenant will pay for the other floors?
Great advice at the end!! I’ve come to terms with this perspective on long term financials and think it’s worth considering! Thank u for sharing this perspective 🤗
I bought a 4 bedroom house when i was single. The logic behind it was the mortgage was going to be about 300 per month higher than my 2 bedroom apartment. I had a roommate already, so i just got 2 more roommates and the mortgage paid for itself. Was in better financial shape than i was in the apartment. Now im married with a kid. Miss having the free house with tenants, but cant do that with a family.
25% NET has always been my rule for my take home pay going to housing. I make about 115k. My take home is 6860/month. So my housing should be no more than 1715/month. I bought my house years ago and I'm at about 1060 right now with HOA and insurance.
Just bought a house for $630k AUD in a new development in the suburbs away from Perth city. The block is 270 sqm and was $318k. Property market is bloody tough.
Crazy I’m 31. Work hard af, rent a pretty nice size house for 1000$ a month. I want to buy a house now, but this type of talk intimidates me and I don’t know why🤦🏾♂️😂
I just purchased my home for 100k with 45k down 4% interest for a monthly payment of $500... even at this low price, after taxes and insurance I'm at about $800/mo. My wife and I make over $25/hr each for 40hrs a week and it is still tight. We have three kids with one going into college. Gas prices and groceries are killing us, leaving little to no room for extra sh*t. I have no idea how I keep seeing friends getting into 250k-300k houses, knowing we make more money than some of them!
When I was buying my first house, the rule of thumb was that the price of the house should be no more and 2.5 times your gross income. Mortgage rates then were not low like they are now. Another factor is how much you are going to put down. You can afford a lot more house if you put 25% down than you can if you only put 5% down. That is not simply because you are financing less, but because you don't have to pay private mortgage insurance with over 20% down. You do need to factor things like utilities and property tax into your calculation.
Sometimes people exaggerate how "undesirable" an area is, let's be honest 😅 The whole neighborhood can be their same economic class but they don't like the, uh, "demographics"
Undesirable is also relative. My neighborhood is 100k cheaper than the next neighborhood over. Same average lot size , similar homes. But we're closer to a busy road and have more apartments and subsidized housing. Being slightly closer to working class people ( how I grew up ) made my home cheaper. I can walk to that neighborhood where people pay a premium simply to see less working class people.
Very few of us can move, to off set and keep the mortgage at 15-33%. You need steady employment and if you plan on moving a lender will balk at that. They want 2 year history working and living in the state.
It’s crazy that I make over $50k and am freaking out about paying under $2k a month for a house for our family. I have a feeling it’s going to be every crazier as the election comes and goes in November 😬
Interesting that Debt to Income can be so high. When I bought my first home in 2022 my lender required my Debt to Income ratio to be 36% or lower. Still was able to buy my house decently within that requirement even with some additional student loans and credit card debt.
Im so blessed that when my dad passed away he left me his small starter house that is paid off. There is no other way that I could afford to buy/own a home today. The thought of renting or living with relatives for the rest of my life was making me suicidal.
Currently 25 years old. Just bought a 300k house with half down. Been saving sense 17. Made about 50-80k sense started working. Currently make about 75ish k a year. Currently single and waited for house prices to drop bit waiting just made houses go up. 150k loan at 6% never made crazy money but all ways payed cash for any toys or anything I needed
@DR-pf9wm I'm from the Bronx. I've seen the rent change. In 2020, I was looking for an apartment in Manhattan, and you know that's never cheap. I picked up and moved upstate NY about an hour away. Now I live in PA. We flipped the house last month, own another free and clear, and renovating another right now. 🥴 miserable. Since 2019, I've moved 5 times. (Edit) > all that on pretty hood income too lol a joke
Just bought my home 3 bed 2 baths as a single person. Starter brand new single family home for 236k making 50k+ . The only reason I was able to afford it was because I made a 20% down payment and made sure I had a decent emergency fund. To do that I had to save up a lot. No credit card debt, no dti, no car loans, no school loans, ect. Also had to live with my parents for 30 years. I am blessed to have such patient parents and thank God who allowed me to have this opportunity.
This is sooooo inspiring now I feel like I can afford a home my circumstance is a lot similar to yours!!!!
Congratulations 🎉
Congrats, well deserved!
I’m in the same position. 298k home. 20% down. No debt.
You are VERY blessed to be able to live at home for so long. You really got the leg up. I hope to help my kids out like this someday !
Thank you for doing normal, reasonable annual income examples!! Tired of seeing 250k 300k 350k as the example incomes 🙄
lol, right!?
Don’t make a difference. $20,000 to $40,000 a year for retirement starting at age 21 is the wild card. WHO has done that? Not many is the answer. Today fight to get into a home and never retire.
😂😂😂😂…. So right!
@@CoolestGuyInTheRoomit’s called flip your home in this market if your not trying to flip things and make it better and put the house back on the market in the next 5 years with upgrades sell your house for a profit and not be in debt then go do it again
@@raycornett5854 Hell no. I hate doing projects to my home as simple painting. I’m not gonna renovate an entire house every few years. Plus, why would I want to move that often? Flippers just create more expensive houses with shoddy work done to them. If a house is livable, it shouldn’t be bought just to flip. The only houses that should be bought for that purpose are ones that TRULY need renovated to even be livable.
Don't have a job = can't afford housing.
Have a job = can't afford housing.
So why have a job?
I’m closing in on my retirement and I’d like to move from Regina to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation.
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I bought my house back in 2015, at the time I was working 2 part time jobs making 10.50/hr with 620 credit score and my wife had just started working making 11/hr. The lender approved us for 250k and said if needed we could bump it up for more, we found the smallest home in one of the best neighborhoods of our city for 137k. The original interest rate was 4.5 but we always pay an extra 100 on the principle. We refinanced during covid and cut the rate down to 2.65% and are on track to pay off the loan 9 years early. Now the house is worth 289k and if we had to buy it now with current interest rates it would be impossible to afford since the mortgage would be almost 3x. Especially with property taxes and home insurance having doubled since we first purchased our home and now signs of slowing down.
This is why something massive is going to break. You can’t have the cost to buy the same house triple in 9 years.
This is the real issue! Mine has gone up 40% since purchase in 19. Mortgage with today’s rates on what it is worth now would be double.
I bought mine for $138k in 2020. I'm not sure how much it's worth right now, but a house across the street very similar in style and square footage to mine listed at $225k. If mine gets to $289k in the next several years I'll be very happy. I'm ready to sell, but I have tenants for now and waiting until they're ready to leave but I know they want to stay for at least 4 years.
If only I was working a job back in 2015 and not been a prepubescent child in 8th grade learning algebra, I could have had tens of thousands in savings to be able to buy a house with my non existent wife at the time, and our property value would have skyrocketed! Darn
I started looking for a house around that time and was surprised what was in my price range (150k-190k). I made $24/hr and have a large pile of fine silver squirreled away. And then just like that, everything went out of my range by a long shot and hasn't come back down. Its frustrating because I did "what I was supposed to do" and learned a trade and worked hard, and if nothing changes I will never own my own home.
My parents bought their house back in 1988 for $50k. A 3 bed 2 bath 2 story house with 1 1/2 acres, a 2 car garage and a large shed, IN TOWN. For $50k. My dad was a truck driver. My grandfather worked for the water company and bought his first house in the early 50's for $17k. A brick house on 15 ACRES with it's own lake....
We're just screwed man.
If you're earning 30k and you're listening to the "25% of your income for morgatge" rule then you have to find something with a morgatge of $625
Good freaking luck!
It’s possible to make that type of low payment but you need a greater than 50% down payment. 😂
Roommates. Rent out the rooms and charge 1k. They will pay your mortgage.
What if the home is around 160k?
You probably shouldn't be looking at buying a home if you only make $30,000 dollars. You need to make more money period.
@@jeniko2841 until they just leave without paying you or break stuff and everything else it always sounds easy to say just run out some room, but it's harder than you think. Somebody decides there's a squad in your house in the room room which they can do and you can't get them out for months
I can’t wait to buy a house when I’m 75 years old knowing damn well I won’t live long enough to pay it off!
If you can't pay it off before retirement probably bestvto not try.
@@jamesballard6564 lol @ this guy thinking any of us will ever retire. by the time im old enough for that Id wager we don't even call this place United states anymore. let alone see a penny of the millions of dollars stolen from my paychecks over the years.
Right! 😕
That is I’m part we decided not to buy, I’m 53 husband is 57…..in 30 years we’d be in out 80s. Plus we have no kids to inherit at this point it made no sense.
What’s even worse for people making only 30k or 50k is that they can’t even afford a one bedroom apartment anymore! Especially in any desirable city or metro!
Who the hell could afford a 1 bedroom apartment earning $50k?!?! That would take like an entire NET take-home salary just to pay the rent, leaving you $0 for a car payment, internet, car insurance, food, gas, car maintenance, 401k, health insurance, entertainment, travel or anything else! $50k now is like earning $15-20k in the 1980's or early 1990's.
@@CarMaintenanceGuyactually in the 80 and 90s you could buy a house doing that. My parents bought a house with my dad being a shift worker at McDonald’s and my mother stayed home with us.
@@Ghragle- My dad used to earn $10/hr back in the 70's and we lived in a $20k house. I need the debt to income ratios to come back to those times. They should pass legislation requiring it to do so. Get rid of all rich people and make a super stroke middle class. That's when the US used to be the best country in the world when the middle class was rocking. That's why the rest of us had to buy property in other countries to get out of the US.
@@CarMaintenanceGuywhat happened in 1972 that changed that trajectory? (It wasnt less taxes for the rich)
@@javier123454321 Taxing the rich never made the poor more prosperous. If you are not happy, then start a corporation from nothing the same way other entrepreneurs did. Stop punishing them via theft through taxation for all the hard work they did. If you are not happy with them being rich, then VOTE WITH YOUR WALLET and stop buying their products and services. Simple as that. No need for any government intervention. The government has never helped me in any way, shape or form. Only stole from me and gave my money to people I did not authorize.
It was refreshing how realistic this was. Sad lol, but refreshing. Thanks!
Glad you enjoyed it!
He the man I like Javier
125k, was approved for 759k house. They wanted me dead lol
How bad is that ? I’m lookin to get a house with a $90k salary
Depends on how much you put down and the time. If it’s a sub 5% rate and you don’t have ANY other debts to consider, it’s workable! You may have to make some concessions in areas but maybe not much. I’m around 40k gross and did a 272k house at 3% fixed, by myself I can afford it paying 50% of my income (I had side gigs) but instead I got friends and renters and for the past couple years I’ve managed by not charging much for the rooms (split all costs of the house 3 ways) and living. It makes for a funny lifestyle but for 125k to 760k house I feel like that’s manageable if you don’t mind roommates
@@anthonymtzz5775bad. Very very bad. You’ll be home broke for years on end.
Probably a massive dp no way with low dp
@@Chetikians I have a family, yeah right I'll let strangers in.
Our problem is basic housing should not be treated as an asset class. It should retain its value yes but it shouldn’t outpace inflation or cd rates.
im 22 and i can confidently say, this economy has me fxcked up
You have no idea, i was you in 2008 and except for one year it has never gotten better. It is this way on purpose they want you to be a slave and the only way to do that is to make you poor
Easy solution. Move to a low cost state
@@FreeLancer0nyxWhere employment opportunities are not as abundant.
@@kee-slim1513 trades are hiring. They paying for apprentice carpenter at $22 right out the gates. That is $32 total with employers paying into your benefits. It's good being in the union trades right now. In fact, we are predicted to be short on man power within the next decade. So we are going to have to hire out of state labors.
Unhelpful, sarcastic solutions: "Make more money. Move to a different planet." Meanwhile prices keep going up...
It’s depressing being almost 30 through the ups and down currently living paycheck to Pacheck and don’t have any money saved other than a small retirement fund, can barely afford to live and I’m pressured all around about doing more being more and getting a house, I don’t even have the mental energy anymore
Same 😢
I understand. Things are insane
Same.
Same. Hang in there 💪🏼
felt.
THOSE ARE THE CHEAPEST AND NICEST 100K HOUSES I HAVE EVER SEEN IN MY LIFE. I live in Ohio and a 2,000sqft house is 350k minimum . I have a 800 credit score and interest rate is 7.6
I just bought a 1200 sq ft condo in Middletown for 118 ... different than house though
Sounds like Lakewood off the top of my head
The problem is that any place that has $100k home doesn't have good paying jobs nearby. Those are always undesirable places to live. Everything is always a catch-22. IT SUCKS.
I live in NE OH and just bought a newly renovated 2200 sqft home for 300k. And while shopping we saw plenty is nice homes between 200 and 300. It’s takes some work but they are out there.
@@michaelswinney9154 Nobody wants to live in OH. That's a cold and miserable place that charges state income tax and salts the roads and keeping a car long term it will get all rusted out. Plus high heating bills. $300k in Florida would be a WAY better deal than Ohio. Thanks, but NO THANKS.
Which is hilarious because rent prices have already exceeded what “should” be paid. At this point, better to be house broke then rent broke. At least it is going somewhere!
One thing I've noticed in my friend group is that we have all bought homes that are way nicer (hence waaay more expensive) than the homes we grew up in. We all probably should have stayed in similar homes and not fallen trap to lifestyle creep and wanting bigger and better for our first homes.
I definitely didn’t. I’ve owned 2 homes and they were both trash compared to the home I grew up in.
Yes! This is what ive been telling my friends. We get more money then spend more so we never really have more. Just stuff we dont even own.
My in-laws make a little over a 100k and they just bought a home for 420k. My husband and I tried to warn them not to do that because once property taxes and insurance are actually paid for this year, they might end up having to pay a little more than what they thought. However, they didn’t listen and now they’re exhausted from working so much, being parents, and those monthly bills are raining down on them.
Before buying a house, please go based off your net income and not your gross. Also, determine a max monthly payment for mortgage including insurance and taxes; try hard to find a house that will have a mortgage payment below your max so you’ll have cushion/wiggle room if insurance and taxes increase.
Nah work around your budget and personal plan. Just because it didn’t work for them doesn’t mean someone can’t make it work with their lifestyle
@ what’s your disagreement? We literally said the same thing which is to have a budget and work within that budget.
@@K.mit338 you said go off your net not your gross. That doesn’t apply to everyone
@@Andrew-pv8oz If it doesn’t apply to you then let it fly. For most people, it does apply to go off of their net income vs their gross because what they actual take home is different from what they gross.
Fun fact: mortgage from the French Engagement de Mort - death contract. I am finally a home owner, got my credit score as high as possible, paid down some debts, went with smaller and closer to work and UNDER what I qualified for and I put an extra bit mroe cash towards the place. My mortgage is around 1/4 of my take-home and I'm putting a bit extra to the principal, in an amortization schedule I made in excel, I knocked off 3 years so far in the mortgage.
I'm pretty sure you can knock off an extra 7 years just by paying biweekly instead of monthly. Should check it out!
@@Kolby.with.a.K yes, that’s true. I put it into excel to see what the difference is and that does help a ton!
@@danielponder690 That's great! We hope to be out of debt and looking to buy some land/house in probably 2 years. Best to you and yours!
@@Kolby.with.a.K best wishes. I still have way more debt than I care to admit right now but at least owning a home makes it better. I’ll get some stuff paid off in a year or two easily. Hope to cut it down to home student loans and car.
Long story short we make 110k a year. We have our 3 month emergency+ 5% down on a 300k house. Only debt is a car payment. (490) our morgage payment are 2400+ that has been giving to us. Is insane easy 40%+. Its all the same here in illinois. Condo/single home. Hoa fees are killing this as well with the mortgage rates. Our 33% mortgage is cap at 2k. And its in horrible places/fixer uppers. Gg we counted our self out for now. Of the house market. Realtor was like yall qualify! Go in!. Ya no we ganna be house poor and streesed out. We good
This is depressing. Jobs aren’t paying enough to even pay rent with the 3x income, let alone buy a house. It’s frustrating as hell
If you get two jobs you can save up to qualify for the NACA mortgage program. They don’t require you to pay a down payment but you need 2 years good employment history and pay off your debt.
@@NebulasOnyx NO ONE should be required to have 2 jobs, to meet BASIC needs, like housing. I only have 5k in debit, so THAT is not my issue. My corporate job, doesn't think they need to pay the people who keeps their business running, a LIVABLE wage. Telling people to get another job on top of their full time job, is absolutely ridiculous.
@@NebulasOnyx Yea! Let me KILL myself working more than doing anything else in life, JUST to afford things that ALL humans should have, because its a necessity lol
@@vanessaragin4377I also work a corporate job but don’t make enough to buy property. I made the choice to stop all extra curricular activities and hobbies and be a hermit for a few years to save up. I also eat very basic now vs before. But man, saving 40% of NET income motivates you like no other.
@@keithskoglund10 I’m already doing that. I’m a single mother paying for college… I’m not a spring chicken either lol. People JUST aren’t paid a livable wage. It’s really that simple 🤷🏽♀️
I live in Maine and the lowest price in the area is only around 300,000. For trailers. 300,000 for 1 bed 1 bath trailers. All because wealthy people keep coming up here because it's pretty.
I live in Southern Maine also. My fiancé and I both make over 50k each. We are nowhere close to being able to afford 400k to 500k. In fact, I have no idea how people save a down payment of 20%. Who the hell has 70k to 100k to blow on a down payment? I feel like I'm living in the Twilight Zone! Haha
Blame the massachusetts exodus
Shit rent for a 1bed room apartment is around 1400 1500, I make just a lil over 43k a year, so if I can afford to pay my apartment rent I think I’ll be alright buying a house, with a mortgage under 1600 a month. At least it’ll be going towards something I could make equity on instead of making someone else richer. I spent 72000 on rent and the last two years and that could’ve went towards my house. 26 with no kids Currently, I think I’ll be alright buying
Back in 2020 when i was buying a house this channel helped me with purchasing a house within my budget. Thank you for keeping the numbers realistic. Now living in my house comfortably for the last 4 years
When was it a good idea to wait? It just seems to get more expensive every year.
Past results do not guarantee future returns.
@@lucaspm98 that’s like using the same excuse to short the s&p 500. It will not pay off unless there is a Great Depression.
Wait to save more for a larger down payment and maybe you’ll get lucky if the prices drop like they have been
@@flashoflight8160 the difference is that the past 4 years in the real estate market has been the exception not the rule. Generally real estate returns have slightly exceeded inflation and lagged well behind the S&P 500.
Wait for a time when mortgage rates are lower.
I've been watching the housing market closely, Prices have been skyrocketing for years. It's going to be tough for first-time buyers to enter the market." how can one diversify $280k reserve .
I agree, It's not just the prices, but also the increasing interest rates that are making it more difficult for people to afford homes. With a good FA you can make up your portfolio.
The housing market has always had its ups and downs, but it's true that this time feels different. Having a portfolio manager will save you a lot in the market , My portfolio currently has 200% increase last couple of months with the help of my advisor.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of lose.
Annette Christine Conte is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment...
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
My parents own a 3,000 sq ft $440k house outright. I hate to say it, but the only way I can see myself ever being a homeowner is when they die 😢.
Nice!
4 bed 2 full bath 1,400 sq foot, 2 car extended garage on half an acre in the middle of Des Moines for 139,000 making 50 k as a single adult, $0 down, actually got cash back at closing, plus in an NFC finance area where I am eligible for a $10,000 grant to do any renovations that is totally forgiven after 5 years of ownership. Plus got a first time homebuyers grant for closing costs
Every house within a 1 hour radius of my work in Wisconsin costs $400k minimum... I luckily make 95k, but i wasn't looking to spend my max.
I would suggest saving for a fee years, but I'm also gonna guess home values are officially going up faster than you can save to cover the gap. It's effin rough out there.
@@cavalieroutdoors6036 I save enough to overcome how fast it's going up. But it does feel bad.
Where do you live in Wisconsin?
My mortgage is a 1/4 of our income, Overpay the principal ever since our first payment was due, each COLA we add another $10 to the prinicpal. Already knocked over 6 years off the life of the mortgage buying in spring of 21
I make over 50k and my rent alone is easily more than half my net income. Easily over 90% goes to needs if you’re merciful and see produce, medication, a doctor, and a barely functioning car are still needs.
Same, rent is 1.4k for a 1bd apt. I also make 50k. After all taxes i prob only take home like 30ish... so that means the 1.4 is about half my monthly.
Moving is easy. Finding a job in that new town is hard, especially when all the good, high paying companies are on the coasts.
The crazy part is being in the 100k+ income bracket also means you're much more likely to be able to work remote in your field. So you can take advantage of lower col areas with at least decent internet.
@@legatus_newt god damnit that didn’t even occur to me🤦♀️
Something that I don't think is talked enough about is the closing costs. You did take into account the 3.5% down payment, but not the 3-5% in closing costs, depending on if they make you pay into escrow or not. For first time home buyers especially, escrow was an additional 2.8%, and normal closing costs was 3.6% of the purchase price. So its not only the monthly expense, but the fact that you need 11k up front for cc, then another 9k for escrow, then an additional 13.5k for that down payment, assuming something like a 300k home... You need at least 30 grand in savings just to buy a home! Thats a third of your gross monthly income on 100k for a year. Just to start talking! First time home buyers need 10% up front to close, where a little over half of that goes to fees and the other half goes to escrow and down payment.
People also don’t consider maintenace on a house. Cleaning the gutters, mowing the grass, weeding, airation, cleaning airducts, dryer vent, pest inpections and treatment, servicing A/C and heater, draining the water heater, pressure washing the drive way and siding. Servicing/repairing or replacing appliances or getting a home warranty, etc. and this is not counting emergencies like a roof leak and wham! Need a new roof. A lot of this things are once a year or times a year but they add up.
Welp o just got more depressed. But thank tou for keeping it real.
I bought my first house this year. 4 bed, 2 bath in a semi-competitive college town in the Midwest. We paid 225k making about 72k net income combined. Our mortgage is just under 25% of our monthly income, and we got a 5.75% interest rate. This video made me feel really confident about our choice!
Made it to 12:59 and realized the real problem. Buying a house has been made way too complicated. A bunch of people looking to take advantage of other people have built a system that makes it easier for them to make more money off a single investment than anybody would ever realistically pay to buy a home outright.
How it should be is "Sale Price, 1 payment, Deed passes hands. Done."
If you can't sell the home for the full amount and in one payment, then the sale price is too high.
Mortgage shouldn't be a thing.
Needing loans to buy a home shouldn't be a thing. Homes costing 100 to 200 THOUSAND DOLLARS without a ton of acreage or without being in a great area shouldn't be a thing either.
IMO, the whole thing is stupid, and anyone buying a home right now is getting scammed. Period.
My friend, you just wrote 2 paragraphs to describe usury. Yes, this is why Jesus flipped the tables of the money lenders. Yes, they are the same people who did it back then as they are today. Yes, it’s very annoying. Yes, that’s why they’ve been expelled hundreds of times from countries.
I make 130k a year. While I qualify for a loan at 450k that doesn’t mean I go out and do it. That’s crazy to hear that people are willing spend that much.
It depends. I currently own a home. It’s worth around $210k. I owe about $53k. Putting 20% on that, would make it more reasonable.
Buy it and rent it
@@trkddyso have a mortgage and unreliable tennants.
@@232memoNahhhh, I have always had great tenants except once…
Well if you’re making 130k a year and use the average house income of 45k that most people have to live off of, that leaves you with 85k left for the house each year. That means unlike the 99 percent of people who spend over 30 years paying off a house, you’d pay off your house in 6 years. So basically you could actually afford something that’s nice but most people can’t so if you like the house you should go for it.
Recently pre-approved for a mortgage. Would be my third home:
$120K salary
$1100 monthly debt payments
$50K downpayment
780+ credit score
$450K total home purchase price.
Most homes with equivalent trim and standards as my existing home are in the $500-700K range.
No one is gonna sell and/or buy while this remains the situation.
But, while not a GOOD thing overall (but perhaps beneficial to me), the housing market is in fact crashing as we speak.
Just buy an RV like I did and wait for these suckers to get desperate. Guessing that September-November will be the best opportunity this year.
Who are "those suckers"? Normal home owners who paid $150k and are trying to sell for $300k because some arbitrary website says their home is worth that much now?
@@Andromedon777The suckers are all of us stuck in this housing market. Only 1/3rd of households make 100k or more per year. Trying to afford even just a half decent house these days is nearly impossible. They want us all to rent for our entire lives and never own anything.
@@skillethead15that’s the democratic way, don’t ever own anything and just keep vibing.
00:26 "financial adviser" are also in fact technically sales people like mortgage broker/real estate agent maybe in different aspect but a financial adviser and real estate agents are trying to get you to pay them and use them
How to find a financial adviser and how much do they cost? Is it worth it getting one and would they explain is it ok to get a house now?
financial advisor is the worst investment in history. literally better off buying a time share😂
Didn’t need to see this to know I can’t afford anything past a 10x12 shed
Tiny house movement!
I can buy the shed…but not the land and hook ups to service it lol…
Hahaha the amount of houses under 150k in California was telling on the map 😂
Those aren’t houses. They’re cardboard boxes with wires and pipes inside of them.
Yo my rent is already 65% of my salary and I make 120k a year... Apartments don't get cheaper than this in downtown Toronto.
You cant fix this problem with "being smart with your money" something in society is screwed up and society needs to change first. Not the first time buyers
I drive 60 miles a day for cheaper rent in San Diego. 65% is unsustainable dude.
@@keithskoglund10 I know. its bad here in canada. worse than the USA. 60 miles out, the rent is still the same prices... Corporate and investor greed has led to this situation in Canada.
@@keithskoglund10that car maintenance be like 👹
@@TheBanjoShowOfficial Lol. I drive an Audi rs3. Do as much maintenance myself but yeah it's expensive, but by my own choice. I love cars and they're 1 of only 2 hobbies of mine.
@@TheBanjoShowOfficial Also drive a beater car and that is literally just oil changes and tires. Zero other costs. So still WAY cheaper to commute for me.
Before even going further, I bet the first two people can barely afford rent let alone a mortgage... I think everyone knows you have to be making $100k to be able to buy these days a house that's falling apart. New Jersey is even crazier. Homes that haven't been updated since the 90s are going for $400k minimum. I was looking into buying land and getting a tiny home or RV onto it, but zoning doesn't really allow this in most places.
That being said, your videos make me feel a lot better. Especially with the punchline at the end, "It's wiser to have that portfolio than it does to own a home." I just really want to own a home. Have my shit settled and be a bother to nobody.
What he didn’t mention is that the point of home ownership is that you will have a paid off roof over your head when you retire not have to worry about rent or mortgage. Just pay property taxes! That’s really what home ownership is about! Some people think they will just work forever. Your health will determine that!
@@Aggie4life77 yeah this is true, and the biggest draw to ownership. But I was doing my investment calcs yesterday, and the amount of money I’d hypothetically get if I don’t own a home for 30 more years and instead invested it, is pretty astronomical. I’d be able to buy a house per year with the interest earned
@@NomadOverNormal gotcha, now if you make enough money to be able to do that, great. You can definitely make it work. For most people though, they are either paying for a home or rent. Rent is just as expensive as a mortgage these days. With that, there is no extra money to invest. You have 401k, you’re going to need a significant amount(probably 7 figures)to live comfortably and or maintain a similar standard of living after retirement. I personally would rather have a paid off house and the 401k.
When buying a house, the only thing that will set you back is the down payment, but it’s really not setting you back. It’s going towards the price of the home. After that, you still can invest your money in stocks, etc and have that when you retire. You will also own your house. Paying rent over a lifetime regardless of what you’re doing is a waste of money that you will never get back! That option is only there as a last resort and you have no other way!
Payment only increase or decrease by 100 bucks for every 10 k. So if your payment is 2000 for 300 k home then if the house drops to 290 you only pay 1900 100 difference for ever 10k up or down
I find it bs they can just zone your land like that, whats even the point in buying property if they’re gonna regulate the hell out of you.
Absolutely insane prices. Whole different world now than in 2018
I’m not even in a major desirable area. I live in a town that’s just barely over 22k people. I make about 26k/year, and my rent by itself is 50% of my income, and doesn’t include groceries, most utilities, or insurance/gas. The 50-30-20 rule is just not achievable for a LARGE portion of the American population.
Great stuff as always. Back when things were not so crazy in 2012 here in San Antonio TX TX (170k mortgage at 3.5% interest for my 1556sq Sq ft modest new home. Now similar new homes in 2024 are $340k plus and way higher interest rate in my area),i knew that I didn't want my payment to be more than 25% of my take home pay. So that put me at around $1200 per month. And that's exactly what my mortgage payment is (everything included). I still pay $1200 per month, but some of it goes towards the principal every month after the PMI dropped off. I got $97k to go, so I should be done in about 10 years, hopefully. I'm blessed to have a steady job with good benefits ($72k per year base pay plus OT). You give very good advice. But this housing market is way overpriced!
Looking to buy a house next year, never have before. Glad I came across this channel and it’s local ! Will def be following this channel from now on.
Keep in mind that during the 80’s people were encouraged to save due to the interest rates. Right now there’s very little incentive to save because those who are saving are watching those who are reckless taking it in. I’ve been trying to save for a home and it’s been discouraging to watch prices continue to not budge because there’s people willing to get into a mortgage where they’re paying 40% of their income. It’s insane.
The housing market in 2024 poses difficulties due to uncertainties about the Federal Reserve's ability to curb inflation and reduce borrowing costs without adversely affecting demand for assets like homes and automobiles.
Consider shifting from real estate to stocks during severe recessions. While market volatility presents short-term trading opportunities, it's crucial to approach with caution. This isn't financial advice, but investing during such times may be a strategic move, consider adopting the services of a financial expert.
In fact, I had no prior experience or understanding when I began investing in 2020, but by the end of 2023, I had made a profit of almost $850k. All I had been doing was going by what my financial advisor had told me. This demonstrates that all you truly need is a professional to assist you; you don't even need to be a great investor or put in a lot of work.
@@ThomasChai05I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
*Izella Annette Anderson* 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.
to rent a house of equivalent size and yard in my area it would cost minimum $1800 a month. My current mortgage is $1177. Those rent numbers were during my research of trying to decide whether to rent or buy a house in 2022.
I should have bought a house back when I was in high school ngl
Wow Javier, you are spot on, on the California strategy. Thanks for being an honest man, before being a real estate agent.
"You're gonna move to a rural area and live a simple life" as if that wouldn't force me to get a new job with lower income and still not be able to afford a house.
A family friend who is a realtor/decorator told me she has a good “fixer upper” for me. She sent me the listing and it’s $700,000 😂
It’s amazing how many people in the US are technically living in poverty and it’s looked at as just normal. I don’t think I know a single person that makes more than 50k a year even with degrees. Most people I know make less than 25k. Unless something MAJOR happens with the economy, The reality is most people my age will never own a home and that is so fucked. I can’t believe the world has gotten to this point.
I lost touch with your channel after closing on a house a couple years ago- holy cow! You look like a grown-ass man now, time has flown by! Thank you for your content.
The middle class is being destroyed. This is all by design. Median income is about 75k give or take. Median home price is 350k to 400k, that’s a 3 bed 2 bath maybe, at 1350sq ft living space (basically a large apartment with a garage) and the home is cheaply built. This whole situation we are in is evil and has been propagated by evil. I make 80k a year, have a wife and 4 kids. If it wasn’t for the grace and mercy of God, we’d be in a bad spot. Fortunately, we have an awesome landlord whom my mother worked under for 14 years. My wife and I rent an old pier and beam home from him for less than 1k a month. We’ve been saving all the money we’re finally able to save since I’ve gotten a recent raise and both of our vehicles are paid off. Even still, can’t afford the outlandish mortgages.
I started by my properties during the housing crash - and I was complaining at that time. I was able to pay them all off now. Looking back, it was the smartest move I’ve ever done but it’s amazing how fast the interest rates shot up.
Wait wait grocery's are needs? I thought it was wants. ... breakfast cup of coffe 90 cents.. lunch is .. free sample slice of cheese from the deli... dinner is what ever people leave in the fringe at work.
😂
In a lot of places, rent is just as much as a house payment period in a situation like that, wouldn't it be better just to buy that way you've got the land? It's hard to say when you're paying $1,800 to $2,300 a month for rent
If youre a single man with some remote job, save and go to Thailand instead, Chiang Mai is safer than many American cities at a fraction of the cost. Come back after the supposed crash.
Great video. This is the way I look at affordability and how much you “should” spend. I hope all first time home owners see this and take your advice instead of using the overinflated numbers that the “standard” home affordability videos show that don’t calculate for take home pay, or only using 25-30% of take home pay.
I think your video will help a lot of people.
Could you do a video on the VA loan? Lots of sellers think they're too high effort, and outside the loan we don't have much purchasing power
I’m a veteran. Tried for the last year and no one was accepting even with 10% down. They throw it right in the trash because there are so many stronger offers that close slightly faster, and many with 20% down. Finally closing on a place end of month but had to go conventional. And if you don’t have at least 10% down, you should not be buying a house regardless.
Why would a seller care what you put down? They get paid by the lender regardless. The issue with VA loans, is the sellers have to present a near perfect property. @@USArmy11B
VA loans are hard when it's a sellers market. No one want to fix the issues to pass VA loan requirements. When it's a buyers market, you'll have more options
VA Loans aren't hard, it's just a lot of ignorance about the from realtors who don't handle them often.
They are a little less advantageous if you don't put a lot of cash down though, or if you don't have enough cash to cover appraisal gaps.
We just bought our first house with VA loan! Numerous passed offers because of the inspections! Never thought it would be so insanely difficult to use the loan.
I instantly trust & respect a creator who gives advice when they debunk all the bullshit lies that others are selling & is real with you & even suggests purely free tools to help you cuz they actually seem to have your best interest at heart🙂
We just purchased in this market it. It’s definitely possible, if you have to make more money by picking up a second job and push through for a little while so be it. It’s a big purchase and it’s scary but the security is real. I definitely recommend opening up a separate account for your mortgage and just sending a portion of your check there that will equal the mortgage payment. You guys can do this I thought it was impossible just 90 days ago but we did it. Lastly, don’t take the conservative role see how extreme you can make your mortgage payment and go with that number. If you can work with that you get this. Love Y’all! Shout out to Jav 🍾
Yep and then buy food in bulk to save even more. That is my plan anyway.
I know ill never be able to afford my own home. How the heck are people doing it?! I only make 2100 a month after taxes, paid off car, single and no kids. I realized it doesnt really matter if i own a home or not. This life is temporary. I wont be able to take a home or my money with me when i die. So i no longer worry about owning a home. Its wayyy to expensive. Plus you have home insurance, gas, water and electric to pay etc.....
Screw owning a home. Its only for people making 6 figures and up
I make about 50k and I cant afford my 2 bedroom apartment anymore. My husband can’t find a job and he’s putting in applications daily. We have an 18 year old son and a 9 month old and we’ve never ever struggled like this before. Never. I’m on the verge of giving up.
I think the system has screwed over real, working families in favor of wealthy real estate "investors." Hang in there! Hope your husband finally had some good luck!
Gotta vote red this election for any chance of improvement!
5:50 THIS is why I’ve been paying off debt again with my whole being, my credit is finally about $5K and my student loans under $10k… still working on it but so close…
Also I would add that your credit will need to look really good to get the lowest rates! If you are buying with someone else, they will use the lowest credit score.
Buying a home at this point will almost certainly require two incomes for most people in 2024 and beyond. Especially if you have kids, a car payment, etc. things will be tight even if the household income is 150k!
Our take-home pay is just over $4500 monthly, and I feel so incredibly thankful that we were able to purchase our first home at the beginning of 2020! It was built in the late 70s, four bedroom two bath, and around 1450 sq ft. Nothing had been updated, but that didn’t bother us. Our mortgage is right at $1100 each month, or 24% of our net pay. There is absolutely no way we could afford our home if we were buying today.
I make 120-130k/year I’m just here to say if ANYONE tells you that you can afford a 400k house… run for the hills.
Hell, I’m willing to say anything over 300k they are setting you up for disaster.
At 100k keep it within the 250-270k range
Honestly. My wife and I make ~$170k which 5 years ago would’ve afforded us pretty much any house we want in our area without much struggle. Now we’re able to possibly afford a standard single-family home once we’re able to save up for a couple years.
Bad advice. Highly dependent on how much you're willing to put down. If you put 0 down, of course getting a 300-400k house is going to be awful because not only will your monthly payments be higher, but you'll also be on the hook for PMI.
@laurenm.6320 and thats where it pays to have blue collar skills to bring down the cost of repairs. Yet we villanize any job that doesnt require a college degree
@laurenm.6320 exactly my point. You only think that way as you haven't been a concrete layer, drywall hanger, stone mason etc... Even as someone who has installed roofing, ciding, poured concrete, and other things, i wouldn't screw with electrical work. But i know someone out there would read that and tell me just how easy it is. Even just knowing how your toilet works will get you pretty far. You dont need to know how to install a septic tank to save money, a walmart tool box is plenty for most people.
Thank you! This helps allot. We just talked to a mortgage person about approval and are not feeling comfortable with the numbers he said he would approve us for. We did move out of California and have no debt so we are slowly on the right track lol…. There’s not allot of information out there for those of us In the 40-50k income range so I really appreciate that you covered this.
My work takes my health insurance payment out of my check before I ever see it, does that amount count as my net, or does the net include the insurance cost?
Gross is before everything gets taken out
@@ashleykathryn9038 I’m well aware
Great video. I couldn’t afford my first home until I was age 40. Even at that, I barely squeaked by, 401k loan, seller credits. In time I’m in a much better position and so happy I bought a home on the lower end of my budget. You have to factor in repairs.
@14:35 “Let me just pull another six figures out of my a$$” 😂🤣😂
I’m gonna tell you right now. It’s actually cheaper to buy a house now. Yeah you have to have money on the side to put on the down payment but it’s the difference from apartments these days apartment for one bedroom is $1800 in Orlando. I rent a three bedroom house for two grand of month, I could be paying that two grand a month in my own mortgage at least I know at the end of the day I will own the house, and if the least person wants to kick me out, they can raise my rent. They can a mortgage you can get a fixed tate
The part where you said "now someone in the comments will tell me someone was murdered there" had me LOL. hahah
We bought a house last summer. Our monthly house payments worked out to be about the same as if we kept renting an apartment. We went from living in a 3 bedroom, 2 bathroom apartment paying $1,100/month rent; to living in a 3 bedroom, 2 bathroom house with a fenced in yard and attached garage with a $1,100/month house payment. If we had stayed in the apartment, the rent, I've heard, is going up to $1,300 next .
Arent you able to afford a more expensive house if its multi family? Why does nobody talk about multi family since the bank takes into account in part what a future tenant will pay for the other floors?
Great advice at the end!! I’ve come to terms with this perspective on long term financials and think it’s worth considering! Thank u for sharing this perspective 🤗
A lot of people are spending 50-75% right now though.
I bought a 4 bedroom house when i was single. The logic behind it was the mortgage was going to be about 300 per month higher than my 2 bedroom apartment. I had a roommate already, so i just got 2 more roommates and the mortgage paid for itself. Was in better financial shape than i was in the apartment. Now im married with a kid. Miss having the free house with tenants, but cant do that with a family.
Why did you have to show that crazy Pic of aunt linda?😂
😂
It's Cousin Edgar and his haircut, lol.
25% NET has always been my rule for my take home pay going to housing. I make about 115k. My take home is 6860/month. So my housing should be no more than 1715/month. I bought my house years ago and I'm at about 1060 right now with HOA and insurance.
When you said mortgage payment should be 25%-33% of your take home, do you mean principal, interest, taxes and insurance?
Isn’t mortgage and PITI the same thing? Or no? I’m confused I thought they were the same. Lol
Just bought a house for $630k AUD in a new development in the suburbs away from Perth city. The block is 270 sqm and was $318k. Property market is bloody tough.
The problem in NY is the high taxes. Many houses have $1200-1400 a month in just taxes
I got a friend in suburban Rochester paying 4k for school taxes alone on his property, plus 3k in property. They are also two seperate payments.
Thank you for making this video. This is one of best videos on homebuying affordability Ive seen. Very informative!
Crazy I’m 31. Work hard af, rent a pretty nice size house for 1000$ a month. I want to buy a house now, but this type of talk intimidates me and I don’t know why🤦🏾♂️😂
You're not alone! Good luck from a fellow 31yo!
I just purchased my home for 100k with 45k down 4% interest for a monthly payment of $500... even at this low price, after taxes and insurance I'm at about $800/mo. My wife and I make over $25/hr each for 40hrs a week and it is still tight. We have three kids with one going into college. Gas prices and groceries are killing us, leaving little to no room for extra sh*t. I have no idea how I keep seeing friends getting into 250k-300k houses, knowing we make more money than some of them!
thank you for creating these videos javier i think you are doing the world good :)
When I was buying my first house, the rule of thumb was that the price of the house should be no more and 2.5 times your gross income. Mortgage rates then were not low like they are now. Another factor is how much you are going to put down. You can afford a lot more house if you put 25% down than you can if you only put 5% down. That is not simply because you are financing less, but because you don't have to pay private mortgage insurance with over 20% down. You do need to factor things like utilities and property tax into your calculation.
Sometimes people exaggerate how "undesirable" an area is, let's be honest 😅 The whole neighborhood can be their same economic class but they don't like the, uh, "demographics"
lol!
Murder rate tracks with non white population, new England is safest because it's the whitest
Undesirable is also relative. My neighborhood is 100k cheaper than the next neighborhood over. Same average lot size , similar homes. But we're closer to a busy road and have more apartments and subsidized housing. Being slightly closer to working class people ( how I grew up ) made my home cheaper. I can walk to that neighborhood where people pay a premium simply to see less working class people.
Very few of us can move, to off set and keep the mortgage at 15-33%. You need steady employment and if you plan on moving a lender will balk at that. They want 2 year history working and living in the state.
It’s crazy that I make over $50k and am freaking out about paying under $2k a month for a house for our family. I have a feeling it’s going to be every crazier as the election comes and goes in November 😬
Interesting that Debt to Income can be so high. When I bought my first home in 2022 my lender required my Debt to Income ratio to be 36% or lower. Still was able to buy my house decently within that requirement even with some additional student loans and credit card debt.
So basically the average American should be buying a used overpriced Toyota. Then sleeping it in. ☑️
Im so blessed that when my dad passed away he left me his small starter house that is paid off. There is no other way that I could afford to buy/own a home today. The thought of renting or living with relatives for the rest of my life was making me suicidal.
Thank you god ,Javier for making this video much needed 🙏🏿
I want to work trades and learn to build my own small home, but the problem is all the restrictions on code in certain counties.
LMFAO WARRIOR ALABAMA right after you said high crime had me dead
Warrior AL has a lower crime rate than the US average
I have a friend that lives in Warrior on 7 acres. It’s a nice quiet place and his drive into work in Birmingham is easy.
Currently 25 years old. Just bought a 300k house with half down. Been saving sense 17. Made about 50-80k sense started working. Currently make about 75ish k a year. Currently single and waited for house prices to drop bit waiting just made houses go up. 150k loan at 6% never made crazy money but all ways payed cash for any toys or anything I needed
Wife and i make 250k combined and our mortgage is 2300. The fact that people are willing to financially strap themselves like that is crazy😮
Rents in Long Island NY are now 2300 for a small apartment. The market has changed so much in the past six years
@DR-pf9wm I'm from the Bronx. I've seen the rent change. In 2020, I was looking for an apartment in Manhattan, and you know that's never cheap. I picked up and moved upstate NY about an hour away. Now I live in PA. We flipped the house last month, own another free and clear, and renovating another right now. 🥴 miserable. Since 2019, I've moved 5 times. (Edit) > all that on pretty hood income too lol a joke