@@BunnyMan-ec4xgAgreed! Not only are they attempting to control the rent prices by having more rentals, but mostly through having LESS AVAILABLE HOMES!😢
@@eric1302 Why, because corporations are allowed to get tax write offs that individuals are not allowed to take which gives corporations an unfair advantage. Government needs to remove any tax deductions for any entity that owns more than one single family home. Make everything fair and equal.
In my point of view, housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
I recommend you balanced your genuine bequest and get into stocks, A retreat as terrible it can be, gives great buying openings within the markets on the off chance that you're cautious and it can moreover make instability giving awesome brief time purchase and sell openings as well. Usually not budgetary exhort but get buying, cash isn't ruler at all in this time!
You are right! I've diversified my portfolio across various markets with the aid of a financial adviser, I have been able to generate a little bit above $450k in net profit across high dividend yield stocks, ETF and bonds.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've been stuck with *KAREN* *MARIE* *GENDRON* for about five years now, and her performance has been consistently impressive.
Thanks for this. I just googled her name and found her webpage. I'm really impressed with her credentials and I reached out to her since I need all the assistance I can get.
People cannot afford to buy anything. People will not sell their homes because if they do, they would not be able to afford to buy another one. The whole situation is screwed up.
'People will not sell their homes because if they do, they would not be able to afford to buy another one.' People may be forced to sell in the end as all those expensive new builds drags up the "comps" and the property tax. Those on a low or fixed income won't be able to pay the new tax assessments in the long run.
Yep...that is why they call it "Real Estate", which means "Royal Estate" - it belongs to whoever is the current ruling class. You never truly own it because you have to pay the "King" forever. Same with the word "Mortgage", which comes from the French word "Mortige", which means "Til death" - you pay 'til you die.
@@andyhughes1776 Yes but if you have skin in the game you can make profit. My cousin bought in 2021 for 930k and now its worth 1.4M , ready to sell now. 😂
@@chinaboss6683 I have a cousin-in-law who proudly said the same thing in mid-2000....until the housing bubble burst in 2008. He used to flip 10 houses at a time until he went bankrupt and never recovered from it. He now drives for Uber full time. Think this time is different because there are no subprime mortgage? Think again! Right now, mortgage foreclosures are at 11% - only 3% less than when the housing bubble burst in 2008. Over 500,000 hightech workers have been laid off since 2022. These are the people with money to buy homes. You better sell and get out now or you will be driving for Uber for the next 15 years too! "Having lots of money can give you the illusion of being smarter than you really are" - Robert Kiyosaki (Rich Dad Poor Dad) You'll see - look at China's real estate mess. The U.S. is next!
The problem with home ownership is expectations. I purchased my first home in 2001. I was told "this is just your first home; you'll live here for about 5 years then you move on to a bigger one". For me I focused on paying the mortgage and 23 years later I still live in it.
Purchased my house with my wife in 2003 for 265k. Our payments are 1450 month. My house is worth 567k. The payments would be 3300 month. I am a mechanic and my wife a Hospital manager. All of our neighbors are white collar. All doctors, tech, all high end White collar. I am the only Blue collar guy left in my neighborhood.. I could afford a house now. But it would suck to pay that much.
Agreed. We purchased at 225,000 in 2009 and our house is now at 535,000. It’s a real mess alright. People forget that a house is only worth what the new buyer can afford to pay for it.
I don’t need a report to tell me what I know. I would certainly struggle to buy back my starter house at the current market price close to $2M. I’ve been here for almost 3 years.
@@raybod1775 Tell that to over 500,000 computer engineers who got laid off since 2022. Do you think they don't have enough skills and certifications? Again, you are totally delusional! I am talking about the economy, not myself. I am already financially secured.
I paid $42,000 in 1998 and now it on the tax roll for almost 300k. Would like to sell but wouldn't be able to afford the same type quality of house I have now.
I bought my 2 car 3 bedroom 1 bath 985 sq feet home in August 2013 for 85,000 as a single 31 year old. It’s now worth 215,000 . If my home was for sale now I couldn’t buy it. Shame on the world today! I wouldn’t dare buy that small house for that much what the heck America! It’s in Indiana.
So TRUE ! We purchased our home in 1995 for $110,000 and if we tried to purchase it today NO for sure we could never afford it. ! we got it appraised a couple of yrs ago and WAIT WAIT $785,000 that is INSANE 😩😩😩😩 hello from California 🌴 and if you pay attention housing is expensive in other countries it’s not just USA 🇺🇸
California it’s unique in that the homes are worth more than the cost to build. I work in insurance and seeing the homes and the estimated value is crazy.
@@raybod1775Then why are young adults moving back in with their parent's? Why are there fast food restaurants with only two employees running the entire place? How is a person making $17-$20 an hour barely able to rent an apartment, let alone purchase a home? So you want $50 an hour for fast food jobs now? Homes will only double if that happens. Please make it make sense.
“Report suggests”? How much money was spent on this report because all I have to do is rub two brain cells together to realize that between appreciation and interest rates most home owners could not afford their house today if they purchased in the last 5 years.
We've been in our house for 23 years. We could not afford to buy it at the estimated value nowadays. Neighbors have sold for ridiculous prices, and that has raised our property taxes.
Bought my house in Tacoma washington for $225k in 2005. 1200 sq foot, 3 bedroom rambler built in 1953. The property value for taxes was listed at $175k at the time. However, the home was well maintained over the years. The taxes for property value are now listed at $325k and i could sell it for $350k minimum and probably get $425k if i sold to the right buyer. The lot is probably about 5k sq ft. (I dont remember). Not a day goes buy that i dont get phone call from a company wanting to buy my house at a lowball offer and i get letters in the mail weekly from companies like Blackrock wanting to buy my home. If i chose to rent out my home, it would be $2,500 to $3,000 a month. In my opinion, that is insane for a house and lot this small. These corporations are intentionally driving up the cost of housing by purchasing millions of homes, charging outrageous rent prices, and then slowly selling at a high markup eventually. Soon, these companies will sell these homes off and the market will tank and the middle class people will left to pick up the pieces of a collapsed market. At this point the corporations will repurchase these same homes at a much lower price that they sold the homes for and again drive up the prices of the homes again untill they can sell orvrent out at outrageous prices a 2nd or 3rd time. Its a self sustaining cycle that that brings in constant profits for these companies at the expense of middle and lower income families.
I just bought a house last year January 2023 . I wouldn’t be able to afford it today. The house right next door just sold about 2 months ago for $100,000 more than what I paid for mine .
Bought my house in 2011 for $240,000. If is now worth $1.3 million. Could I afford this house at $1.3 million, yes. But it would take me 20 years to pay off the mortgage. Whereas it only took me 5 years to pay off the original $240,000. At the age of 37 I am not going back into debt.
It may be wise to capture that value and purchase a home in a new area for 300-400k. Place the remaining money in a high yield account and capture 30-40k a year off interest. Just saying the home value will likely take a major hit whenever the housing market resets and you will lose this opportunity. Either way you definitely put yourself in a great situation. Congrats!
I bought my condo in 2017. I could not afford to buy it today. Even though I have paid it off and I have 100% equity at this point, I cannot afford to upgrade. Even with 100% equity in my condo if I sold, I would end up having to borrow at least twice what I borrowed to buy my first home. I couldn't afford the monthly mortgage payments on an upgrade. I would be going from an overpriced condo in the 530k-550k range to an overpriced home in the 850k to more than 1 million range which is what upgrades range where I live. The property taxes and home insurance on it would beak me.
Here’s another situation, if you buy a house right now for $500,000 and your neighbor got their home in the same neighborhood for $200,000 decades ago. Isn’t there a living gap? Which means, even the high income earners still live in a regular neighborhood?
This is different. You were able to still purchase a home if you wanted to. Now young people can barely rent an apartment. Base for a one bedroom is $1400. That used to be a standard mortgage. Now gas, insurance, food, and everything else is expensive.
@@northerniltree One of the other channels I watch did a video showing that they were able to exceed 40% saw dust by weight mixed into the rice crispy recipe before the flavor and texture changes became noticeable. Still a rice crispy? Yes. Food? No but they are still crispy and have rice in them.
My brother bought a small fixer upper in Zephyrhills for 110k. The only work he needed done was a patch to the roof and new cabinets in the kitchen. Nowadays, he see places of the same size that have to be totally gutted and remodeled going for over 250k. It's pretty insane.
Doesn’t matter what it is worth til you sell it! I know a lot of people did a refi or home equity loan. So now they owe more on that house than originally. Several neighbors tapped that equity so their appearance will fit that higher priced home.
i bought in 2008 215 K and my house payment with PMI and property taxes was like 1600 a month, then i refinance and it was $1200, If I had to buy my house right now with the same factors 10 percent down etc my payment would be 3500 a month . ,thats to much for me to be paying now, i cant imagine how stressed i would be .
Crazy how these people who had an opportunity to buy a house when it was dirt cheap complain when they had every opportunity to. Last time housing was affordable I was 12. I should’ve bought a house instead of going to middle school 🤣
My grandparents home was bought new for cash in 1952, for $6K, I was offered the home when they passed in the 90’s yet was living in Europe so the family sold it, currently it is showing as a $370K for it’s 1400 square feet. Time to ban corporate investment homes, multiple home ownership, and spay and neuter new borns to stop the homelessness.
The floor is going to drop out of the market at some point. It's being artificially propped up during the election. I remember sitting around in 2006-2007 and wondering how people are affording houses at these prices. Then 2008 Great Financial Crisis hit, and we all saw how that worked out. Lending restrictions are already getting tight, banks are on the hook for trillions in Office and commercial properties. Once the lending tightens up on residential and single family homes, then we'll see the prices fall. Not that it matters, because no one is writing mortgages at that point anyway.
Dont buy more than you can afford?.....yall know how many people did just that BECAUSE they were advised that prices would only go up during the 20-22 low rate bid wars?......its hard for everyone out there.
We purchased our home in 2015 for 165,000, refinanced in 2020. Our mortgage payment is $649, there is not where we can buy or rent for that price. We're staying put until we die or get divorced.
Another reason people can’t afford houses is the stupidity of having four houses on one block like the one shown when you could put probably 10 houses on there smaller. @1:54
This is just stupid. 20 years ago they were giving out loans for basically $0 down and no significant proof of income - hence 2008.... Also, the world went from 6 billion in 2000 to 8 billion in 2023, but USA new house construction was the lowest since 1950s.... This is just interviewing people complaining who don't understand the world around them.
Keep building these mansions that mostly only 3 or 4 people live in an builders dont like to build bungalow that anyone can afford. Yeah this together with inflation an greed sum it all up an there is your problem.
I've lived in my house for 23 years I live in Central Illinois the value of my house has only gone up 14,000 interest rate 6.85 30 yr loan not sure what rates are now so yes I could buy my house again
How about thinking about it his way, ma'am. YOU ARE RETIRED RIGHT NOW BECAUSE YOU BENEFITED FROM THIS CHARADE. She says if things were as they are now, for us, she would have to come out of retirement. B.S. I am 50 and I'm doing fine but these over 60 to 85ish year old people need to be thankful that we propped up their home values for the past 20 years, treating their house values and stock portfolios within their 401k's as if they can't ever go downward. This has cost those behind this generation to pay more for all of these things. So we have less. And listen to them complain!
@@rw7717 One suggestion that I did almost three years ago. Sell and downsize. Move to a more affordable part of town or the state or country. She should not have to finance a house at her age, anyway, she is over 60 and said that she is retired. So price matters to her (and me) but not the interest rate. If anything, high(er than recent decades) interest rates help her and me, since they cut out buyers who may compete with us.
That whole problem with people coming from other parts of the country pay in cash for overprice houses has really messed up a lot of places. I know it did in my town. People come in from high priced areas like California and New York come to less expensive places pay a ton of money and completely leave the locals with no options. It’s aggravating. I bought my house in 2001 and could sell it tomorrow for triple the price that I bought it for. Thankfully it’s paid off. I would never ever be able to buy it now.
This is a very disturbing trend, the American dream is owning your own home and if this is taken away from people who work hard every day there's going to be a big problem
Until prices come down I won’t buy. I live in California. I rent a 2100sqft 3bd/2ba duplex with a 2 car garage and a small backyard. I pay $1381 a month. I tried buying a house last year. Looked for 6-9 months. Cheapest livable house I could find within commuting distance was right at $300k. 1100sqft 3/1 with a 1 car garage. My monthly payment was going to be $2900. Over double what I pay now. No thanks. I’ll rent. Less stress too.
Newly build cardboard boxes to be more precise. Homes keep rising because of price gouging plus counties like these because they can tax you more. Plus they don't built homes that last they build money pits. Plus they don't build too much because with more affordable smaller homes inventory go up and prices go down. People don't need a 2000 plus sq feet home. You only need 800 sq feet with 3 10x10 bedrooms and a smaller kitchen and living room that's it. And besides people are leaving FL now. Desantistan is unlivable.
Most people can't afford their lifestyles. The bare minimum lifestyle costs around $1,000 a month for a single person. That is if you live in an apartment with a housing voucher and have utilities included and no extra assets. Which means you are poverty stricken most of the month and the money is spent before you can minimally enjoy it. It is no way to live but its better than no money. If you can afford a stick built home, do it but be prepared for unruly neighbors and a mortgage company that is just as unruly because of poor management practices. Why stress yourself out with a house if you have to babysit the mortgage company and neighbors who are unruly. If you are lucky to win some serious money, think about these things before investing in a house. Check the background of potential neighbors because if they have a court record that is true and correct of its findings, then don't buy the house next to them. Buy a plot of available land that isn't rezoned on a grand scale and rebuild the same home there. With that, you don't have unruly neighbors, nor a mortgage company to babysit and you can actually enjoy your home.
You missed the biggest factor. Massive printing of currency (trillions) dumped into the economy. The debasement of the currency is reflected in "higher" prices. Currency debasement is hard to see and measure directly, you see it in price inflation.
My grandfather who bought his home back in the 1940s in San Francisco was living off a navy salary with seven children for a fact, he definitely would never be able to afford his San Francisco home today on a navy men’s salary My mother definitely would not be able to afford her home. She bought back to 1964. She worked on assembly line assembling door locks at minimum wage as a woman.. Only two weeks of her paycheck completely paid for the mortgage and the house insurance in 1964 nothing more than a factory workers minimum wage. Our home Purchased in San Francisco in 1986 for $184,000. Purchased by my first wife just prior to getting married $16,000 down payment and she was a haircutter. She only made money cutting hair.. Was able to purchase a house off haircutters wage. Today that houses $1.4 million Even if she worked three shifts as a haircutter working 24 hours around the clock, she would not be able to afford the house we live in. If we had to purchase it today with her single salary as a hairstylist.. 💇♀️ Something is definitely wrong with the new economy.
It’s called unfair economic/policy advantage in favor of the older generations. I know it’s not a man competing against women in college sports so it’s hard for Americans to decipher the imbalance here. 😂
Corporations buying houses should be against the LAW!! Make it illegal!
Why? Corporations are allowed to maximize profits elsewhere. Do you have a problem with capitalism?
@@eric1302because they are artificially inflating rent prices and pricing people out of shelter.
You wouldnt be whining here if you are in one of those corpo winning the capitalism game , just gonna admit you're a loser
@@BunnyMan-ec4xgAgreed! Not only are they attempting to control the rent prices by having more rentals, but mostly through having LESS AVAILABLE HOMES!😢
@@eric1302 Why, because corporations are allowed to get tax write offs that individuals are not allowed to take which gives corporations an unfair advantage. Government needs to remove any tax deductions for any entity that owns more than one single family home. Make everything fair and equal.
In my point of view, housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
I recommend you balanced your genuine bequest and get into stocks, A retreat as terrible it can be, gives great buying openings within the markets on the off chance that you're cautious and it can moreover make instability giving awesome brief time purchase and sell openings as well. Usually not budgetary exhort but get buying, cash isn't ruler at all in this time!
You are right! I've diversified my portfolio across various markets with the aid of a financial adviser, I have been able to generate a little bit above $450k in net profit across high dividend yield stocks, ETF and bonds.
Please who's this advisor that guides you?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've been stuck with *KAREN* *MARIE* *GENDRON* for about five years now, and her performance has been consistently impressive.
Thanks for this. I just googled her name and found her webpage. I'm really impressed with her credentials and I reached out to her since I need all the assistance I can get.
You want 3 million dollars for a home that is made out of basically recycle cardboard you call that affordable not everybody can be a CEO
People cannot afford to buy anything. People will not sell their homes because if they do, they would not be able to afford to buy another one. The whole situation is screwed up.
That's what happens when the powers that shouldn't have ever been is in charge ruining everything 🤔😒.
'People will not sell their homes because if they do, they would not be able to afford to buy another one.' People may be forced to sell in the end as all those expensive new builds drags up the "comps" and the property tax. Those on a low or fixed income won't be able to pay the new tax assessments in the long run.
Nobody mention property tax over 10k a year . The government is the ultimate landlord
Yep...that is why they call it "Real Estate", which means "Royal Estate" - it belongs to whoever is the current ruling class.
You never truly own it because you have to pay the "King" forever.
Same with the word "Mortgage", which comes from the French word "Mortige", which means "Til death" - you pay 'til you die.
@@andyhughes1776
Yes but if you have skin in the game you can make profit. My cousin bought in 2021 for 930k and now its worth 1.4M , ready to sell now. 😂
@@chinaboss6683 I have a cousin-in-law who proudly said the same thing in mid-2000....until the housing bubble burst in 2008.
He used to flip 10 houses at a time until he went bankrupt and never recovered from it.
He now drives for Uber full time.
Think this time is different because there are no subprime mortgage?
Think again!
Right now, mortgage foreclosures are at 11% - only 3% less than when the housing bubble burst in 2008.
Over 500,000 hightech workers have been laid off since 2022. These are the people with money to buy homes.
You better sell and get out now or you will be driving for Uber for the next 15 years too!
"Having lots of money can give you the illusion of being smarter than you really are" - Robert Kiyosaki (Rich Dad Poor Dad)
You'll see - look at China's real estate mess.
The U.S. is next!
@@chinaboss6683 That's what many said prior to 2008 too. 😁😀😄
@@chinaboss6683 it doesn’t matter how much a house is worth if no one can afford to buy it when the owner wants to sell it.
"Report suggests many homeowners couldn't afford their house if they purchased it today" LOL. Imma file this one under "No $hit, Sherlock" 😄
The problem with home ownership is expectations. I purchased my first home in 2001. I was told "this is just your first home; you'll live here for about 5 years then you move on to a bigger one". For me I focused on paying the mortgage and 23 years later I still live in it.
Purchased my house with my wife in 2003 for 265k. Our payments are 1450 month. My house is worth 567k. The payments would be 3300 month. I am a mechanic and my wife a Hospital manager. All of our neighbors are white collar. All doctors, tech, all high end White collar. I am the only Blue collar guy left in my neighborhood.. I could afford a house now. But it would suck to pay that much.
Sure wouldn’t. We purchased at 287,000. My house is now 453,000. This is a mess.
Agreed. We purchased at 225,000 in 2009 and our house is now at 535,000. It’s a real mess alright. People forget that a house is only worth what the new buyer can afford to pay for it.
They just trying to sell you a house for 600k right before it crashes and you realize that you owe 580k on a 200k home😂
yep
Zero chance that will happen unless the Federal Government takes away tax deductions for corporations that own more than one single family home.
That pretty much sums up my 2008 experience.
these homes are not worth what sellers are asking for them.
I bought my home for 14 strawberry’s!
I lived like no one else and now I live like no one else.
I’m now DEBT FREE
I don’t need a report to tell me what I know. I would certainly struggle to buy back my starter house at the current market price close to $2M. I’ve been here for almost 3 years.
My parents had a new home built in 1970. That same house is now “worth” $800,000+.
My cousin bougt in 2021 for 930k now worth 1.4M 😂
Bought my 4/3 house 23 years ago for $365k. It would probably sell today for $668k. I could not afford that today.
23 years ago 365k was a lot of money
Around double!
Home owner taxes and insurance is kicking my azz 😂😂😂
AMEN!!!!!
If you still don't see that we are in an Economic Depression, you are totally delusional!
Then to you, all rich people must be delusional as money continues to pour into their pockets.
@@MichaelChengSanJose LoL....of course they know we are in a Depression because they benefit from it!
It's YOU who are delusional!!
@@MichaelChengSanJose LoL....oh they know because they benefit from it.
Only you are delusional because you deny it!
Get better job skills and get paid more then everything will be fine.
@@raybod1775 Tell that to over 500,000 computer engineers who got laid off since 2022.
Do you think they don't have enough skills and certifications?
Again, you are totally delusional!
I am talking about the economy, not myself. I am already financially secured.
When my home was sold to the original owner it sold for 80k, we paid 410k 4 years ago
I paid $42,000 in 1998 and now it on the tax roll for almost 300k. Would like to sell but wouldn't be able to afford the same type quality of house I have now.
the best advice came from the ladies at the end, very wise.
I bought my 2 car 3 bedroom 1 bath 985 sq feet home in August 2013 for 85,000 as a single 31 year old. It’s now worth 215,000 . If my home was for sale now I couldn’t buy it. Shame on the world today! I wouldn’t dare buy that small house for that much what the heck America! It’s in Indiana.
So TRUE ! We purchased our home in 1995 for $110,000 and if we tried to purchase it today NO for sure we could never afford it. ! we got it appraised a couple of yrs ago and WAIT WAIT $785,000 that is INSANE 😩😩😩😩 hello from California 🌴 and if you pay attention housing is expensive in other countries it’s not just USA 🇺🇸
It’s not insane, it’s a great thing - they don’t call them investments for nothing.
$179k in ‘96 - $2M today. Thankfully, paid off 10 years ago and ~$3k property taxes! Coastal SoCa
California it’s unique in that the homes are worth more than the cost to build. I work in insurance and seeing the homes and the estimated value is crazy.
@@tpolerex7282179k in 1995 is not 2 million
When you retire you can move to a cheaper state, buy the same square footage and bank the remaining 50%.
Our neighbor bought their house for 1.2M, and did some upgrades, and about 18 months later, sold it for 2.4M!!! That drove our homes value up.
How terrible that your values went up. Would you rather have them go down?
the reset's coming. NO ONE CAN SUSTAIN THE NEW $120,000 MIN LIFE STYLE. ITS ALL COMING DOWN.
Not likely.
@@jason8ification FOR SURE.
Wages will continue to rise, things are not falling apart.
@@raybod1775tell that to Zimbabwe and China right now. You can’t just continue to print money endlessly with no dire consequence in sight.
@@raybod1775Then why are young adults moving back in with their parent's? Why are there fast food restaurants with only two employees running the entire place? How is a person making $17-$20 an hour barely able to rent an apartment, let alone purchase a home? So you want $50 an hour for fast food jobs now? Homes will only double if that happens. Please make it make sense.
“Report suggests”? How much money was spent on this report because all I have to do is rub two brain cells together to realize that between appreciation and interest rates most home owners could not afford their house today if they purchased in the last 5 years.
We've been in our house for 23 years. We could not afford to buy it at the estimated value nowadays. Neighbors have sold for ridiculous prices, and that
has raised our property taxes.
It also raised your value!
I can’t buy shit ! Im 26 and this shit is horrible I have a family already
Bought my house in Tacoma washington for $225k in 2005. 1200 sq foot, 3 bedroom rambler built in 1953.
The property value for taxes was listed at $175k at the time. However, the home was well maintained over the years.
The taxes for property value are now listed at $325k and i could sell it for $350k minimum and probably get $425k if i sold to the right buyer. The lot is probably about 5k sq ft. (I dont remember). Not a day goes buy that i dont get phone call from a company wanting to buy my house at a lowball offer and i get letters in the mail weekly from companies like Blackrock wanting to buy my home.
If i chose to rent out my home, it would be $2,500 to $3,000 a month. In my opinion, that is insane for a house and lot this small. These corporations are intentionally driving up the cost of housing by purchasing millions of homes, charging outrageous rent prices, and then slowly selling at a high markup eventually. Soon, these companies will sell these homes off and the market will tank and the middle class people will left to pick up the pieces of a collapsed market. At this point the corporations will repurchase these same homes at a much lower price that they sold the homes for and again drive up the prices of the homes again untill they can sell orvrent out at outrageous prices a 2nd or 3rd time. Its a self sustaining cycle that that brings in constant profits for these companies at the expense of middle and lower income families.
Hell I couldn’t afford the house I bought in September now because of interest alone.
I just bought a house last year January 2023 . I wouldn’t be able to afford it today. The house right next door just sold about 2 months ago for $100,000 more than what I paid for mine .
Bought my house in 2011 for $240,000.
If is now worth $1.3 million. Could I afford this house at $1.3 million, yes. But it would take me 20 years to pay off the mortgage. Whereas it only took me 5 years to pay off the original $240,000.
At the age of 37 I am not going back into debt.
It may be wise to capture that value and purchase a home in a new area for 300-400k. Place the remaining money in a high yield account and capture 30-40k a year off interest. Just saying the home value will likely take a major hit whenever the housing market resets and you will lose this opportunity. Either way you definitely put yourself in a great situation. Congrats!
I want to know who is actually buying these homes and keeping prices so high.
This is me. My house is worth $750K. I bought it for $375K in 2017. Crazy. I don't know how I would have saved a 20% DP now like i did then.
Parents house purchased for 150k, same house now almost 500k. Victorville, CA
I bought my condo in 2017. I could not afford to buy it today. Even though I have paid it off and I have 100% equity at this point, I cannot afford to upgrade. Even with 100% equity in my condo if I sold, I would end up having to borrow at least twice what I borrowed to buy my first home. I couldn't afford the monthly mortgage payments on an upgrade. I would be going from an overpriced condo in the 530k-550k range to an overpriced home in the 850k to more than 1 million range which is what upgrades range where I live. The property taxes and home insurance on it would beak me.
40 years ago, this house was bought for 85k. Today would sell for at least 1M!!!
Over populated metro areas.
Here’s another situation, if you buy a house right now for $500,000 and your neighbor got their home in the same neighborhood for $200,000 decades ago. Isn’t there a living gap? Which means, even the high income earners still live in a regular neighborhood?
If I didn’t already own my house, I wouldn’t be living here because I wouldn’t even be able to afford to rent in my neighborhood on the salary I make.
That’s the way it’s always been… inflation. My parents could have bought a house in the 1950’s for $18,000 that would be worth around $500,000 today.
This is different. You were able to still purchase a home if you wanted to. Now young people can barely rent an apartment. Base for a one bedroom is $1400. That used to be a standard mortgage. Now gas, insurance, food, and everything else is expensive.
Housing is expensive, but you can still get 30 beef sticks for $30.
That’s because that “beef” is barely even considered a food.
@@jimk8520 But, they are sticks.
@@northerniltree One of the other channels I watch did a video showing that they were able to exceed 40% saw dust by weight mixed into the rice crispy recipe before the flavor and texture changes became noticeable. Still a rice crispy? Yes. Food? No but they are still crispy and have rice in them.
@@jimk8520 Saw dust is high in fiber and low in calories, tastes great and is a real rib-sticker.
@@northerniltree lol
So buy a house and never be able to afford to move or rent and move whenever you want?
Thats why you must buy when you are ready to buy not when you are hoping and waiting for a crash.
I knew when the government gave out those stimulus checks a few years back, we were going to pay for it down the line. And here we are...
Purchased my 3/2 1204sqft home in 2011 for 132k, similar homes in my neighborhood go for 600k cash now.
My brother bought a small fixer upper in Zephyrhills for 110k. The only work he needed done was a patch to the roof and new cabinets in the kitchen. Nowadays, he see places of the same size that have to be totally gutted and remodeled going for over 250k. It's pretty insane.
Doesn’t matter what it is worth til you sell it! I know a lot of people did a refi or home equity loan. So now they owe more on that house than originally. Several neighbors tapped that equity so their appearance will fit that higher priced home.
i bought in 2008 215 K and my house payment with PMI and property taxes was like 1600 a month, then i refinance and it was $1200,
If I had to buy my house right now with the same factors 10 percent down etc my payment would be 3500 a month .
,thats to much for me to be paying now, i cant imagine how stressed i would be .
A trillion more for other countries that’s the only solution
3 years ago $97k house. now $485k so in 5 years. generation A will have to live in a airstream.
I bought my home in 2019 I could not afford to buy it today.
I couldn't afford my house today. Got it in 1980.
I thought about selling mine and buying something larger but the numbers don't work. The RE market is in a traffic jam.
Crazy how these people who had an opportunity to buy a house when it was dirt cheap complain when they had every opportunity to. Last time housing was affordable I was 12. I should’ve bought a house instead of going to middle school 🤣
I’ve had many people admit this to me
90% couldn't afford their house if they purchased today
My grandparents home was bought new for cash in 1952, for $6K, I was offered the home when they passed in the 90’s yet was living in Europe so the family sold it, currently it is showing as a $370K for it’s 1400 square feet. Time to ban corporate investment homes, multiple home ownership, and spay and neuter new borns to stop the homelessness.
The floor is going to drop out of the market at some point. It's being artificially propped up during the election. I remember sitting around in 2006-2007 and wondering how people are affording houses at these prices. Then 2008 Great Financial Crisis hit, and we all saw how that worked out. Lending restrictions are already getting tight, banks are on the hook for trillions in Office and commercial properties. Once the lending tightens up on residential and single family homes, then we'll see the prices fall. Not that it matters, because no one is writing mortgages at that point anyway.
Housing doesn't get artificially propped up by election cycles. Are you really that dense?
Dont buy more than you can afford?.....yall know how many people did just that BECAUSE they were advised that prices would only go up during the 20-22 low rate bid wars?......its hard for everyone out there.
the way the economy is now with the high taxes no one can afford any house and cant afford high rent either.
We purchased our home in 2015 for 165,000, refinanced in 2020. Our mortgage payment is $649, there is not where we can buy or rent for that price. We're staying put until we die or get divorced.
Another reason people can’t afford houses is the stupidity of having four houses on one block like the one shown when you could put probably 10 houses on there smaller. @1:54
There is a shortage of housing. The 2010s was the lowest number of new homes built.
There is not a housing shortage just too much speculation.
@@jason8ification
Notice the 50+% drop from the last decade.
Builders got burned in the 2008 crash so construction of new homes was dialed way back.
TOO FUKKIN HIGH FOR PEOPLE TO AFFORD!!
From the girl who lives in a million dollar neighborhood. Can you say hypocrite?
So true ❤
This is just stupid. 20 years ago they were giving out loans for basically $0 down and no significant proof of income - hence 2008.... Also, the world went from 6 billion in 2000 to 8 billion in 2023, but USA new house construction was the lowest since 1950s.... This is just interviewing people complaining who don't understand the world around them.
Keep building these mansions that mostly only 3 or 4 people live in an builders dont like to build bungalow that anyone can afford. Yeah this together with inflation an greed sum it all up an there is your problem.
Don’t worry seniors won’t be able to afford taxes and insurance pretty soon
Private equity firms need to be outlawed
I've lived in my house for 23 years I live in Central Illinois the value of my house has only gone up 14,000 interest rate 6.85 30 yr loan not sure what rates are now so yes I could buy my house again
How about thinking about it his way, ma'am. YOU ARE RETIRED RIGHT NOW BECAUSE YOU BENEFITED FROM THIS CHARADE. She says if things were as they are now, for us, she would have to come out of retirement. B.S. I am 50 and I'm doing fine but these over 60 to 85ish year old people need to be thankful that we propped up their home values for the past 20 years, treating their house values and stock portfolios within their 401k's as if they can't ever go downward. This has cost those behind this generation to pay more for all of these things. So we have less. And listen to them complain!
Interest rates are 7% right now. If she sells, how is she going to buy anything else?
@@rw7717 One suggestion that I did almost three years ago. Sell and downsize. Move to a more affordable part of town or the state or country. She should not have to finance a house at her age, anyway, she is over 60 and said that she is retired. So price matters to her (and me) but not the interest rate. If anything, high(er than recent decades) interest rates help her and me, since they cut out buyers who may compete with us.
What are you talking about lol
The government printed a lot of money since they bought is why the prices went up.
That whole problem with people coming from other parts of the country pay in cash for overprice houses has really messed up a lot of places. I know it did in my town. People come in from high priced areas like California and New York come to less expensive places pay a ton of money and completely leave the locals with no options. It’s aggravating.
I bought my house in 2001 and could sell it tomorrow for triple the price that I bought it for. Thankfully it’s paid off. I would never ever be able to buy it now.
What is the solution?
What were mortgage rates in say November 2020??????
I can easily buy my current house price
how are corporations even allowed to purchase homes ? they shouldn't be able to do that , or if they do they should get taxed off the ass.
Prices Rise Quality Drops😅
This is a very disturbing trend, the American dream is owning your own home and if this is taken away from people who work hard every day there's going to be a big problem
Bought my home for $39k in 2013, it's currently worth $310,000.
Until prices come down I won’t buy. I live in California. I rent a 2100sqft 3bd/2ba duplex with a 2 car garage and a small backyard. I pay $1381 a month. I tried buying a house last year. Looked for 6-9 months. Cheapest livable house I could find within commuting distance was right at $300k. 1100sqft 3/1 with a 1 car garage. My monthly payment was going to be $2900. Over double what I pay now. No thanks. I’ll rent. Less stress too.
Thanks a lot Reaganomics
Newly build cardboard boxes to be more precise. Homes keep rising because of price gouging plus counties like these because they can tax you more. Plus they don't built homes that last they build money pits. Plus they don't build too much because with more affordable smaller homes inventory go up and prices go down. People don't need a 2000 plus sq feet home. You only need 800 sq feet with 3 10x10 bedrooms and a smaller kitchen and living room that's it. And besides people are leaving FL now. Desantistan is unlivable.
Nothing you said makes any sense!
Translation....Rich people and rental companies buying new homes.
And in other news water is wet.
Most people can't afford their lifestyles. The bare minimum lifestyle costs around $1,000 a month for a single person. That is if you live in an apartment with a housing voucher and have utilities included and no extra assets. Which means you are poverty stricken most of the month and the money is spent before you can minimally enjoy it. It is no way to live but its better than no money. If you can afford a stick built home, do it but be prepared for unruly neighbors and a mortgage company that is just as unruly because of poor management practices. Why stress yourself out with a house if you have to babysit the mortgage company and neighbors who are unruly. If you are lucky to win some serious money, think about these things before investing in a house. Check the background of potential neighbors because if they have a court record that is true and correct of its findings, then don't buy the house next to them. Buy a plot of available land that isn't rezoned on a grand scale and rebuild the same home there. With that, you don't have unruly neighbors, nor a mortgage company to babysit and you can actually enjoy your home.
Facts the black community could really take a note from this
Any corporation buying homes should pay 200% more in property taxes. Or more. Maybe that will keep them from making Americans homeless.
You missed the biggest factor. Massive printing of currency (trillions) dumped into the economy. The debasement of the currency is reflected in "higher" prices. Currency debasement is hard to see and measure directly, you see it in price inflation.
unsustainable
Well, da.
Two classes in the US. The rich and the poor. The middle class is on its death bed.
Homebuilders only building small mansions that the average person cannot afford. Most people are not the one percent.
You bought house 10 yr ago with 5% mortgage? I hope you refinanced to 2.5% 2 years ago?
These people could afford to buy their homes. All they have to do is stop eating avocado toast.
Ummm it's been this was for 2 years now. Talk about reporting
Your money is becoming worthless. Government spending and printing will be our downfall
Well no shit
I couldn’t
Crime to be homeless. Smh
If you missed aht, you missed aht!
I know I couldn't
If you make rent cheap, home will fall
My grandfather who bought his home back in the 1940s in San Francisco was living off a navy salary with seven children for a fact, he definitely would never be able to afford his San Francisco home today on a navy men’s salary
My mother definitely would not be able to afford her home. She bought back to 1964. She worked on assembly line assembling door locks at minimum wage as a woman..
Only two weeks of her paycheck completely paid for the mortgage and the house insurance in 1964 nothing more than a factory workers minimum wage.
Our home Purchased in San Francisco in 1986 for $184,000. Purchased by my first wife just prior to getting married $16,000 down payment and she was a haircutter. She only made money cutting hair..
Was able to purchase a house off haircutters wage.
Today that houses $1.4 million
Even if she worked three shifts as a haircutter working 24 hours around the clock, she would not be able to afford the house we live in. If we had to purchase it today with her single salary as a hairstylist.. 💇♀️
Something is definitely wrong with the new economy.
Excellent breakdown of the situation.
👍
It’s called unfair economic/policy advantage in favor of the older generations. I know it’s not a man competing against women in college sports so it’s hard for Americans to decipher the imbalance here. 😂