What state is less likely to raise their property taxes and Homeowners Insurance, Georgia or South Carolina? Anyone? We are trying to decide where to move.
A family member lives Upstate NY , rented a new apartment ( very nice place ) and they are paying $2,300.00 per month . To buy an New Home in this region ( Midwest ) , you can buy a home between $170K - $200K ( before Covid 2020 ) , now the new homes are going for $480K - $600K . The same design of homes 1700 sq ft , 4 bedrooms 2 bathrooms , living room, dining room. kitchen, 3 car garage and a big back yard . If you want more expensive home, they will cost you $600K - $2 million Dollars or more , they have on average 6 bathrooms , 6 1/2 bathrooms , kitchen, living room, dining room , 3 level of home , 3 or 4 car garage . Where before Covid , the home were selling between $450K - $800K . Property taxes between $8k - $12K . Alot of people buys land and have a custom home built $over a Million dollars .
Michael says rentals are cheap, but I have not experienced that since I sold my home a few years ago and have been renting. My rental payment is twice as much as my house payment was.
Given the high occupancy rates, and low vacancy rates for both purchases and rentals IN MY AREA seem to be affordable to a lot of people, otherwise they'd be empty, landlords and property owners would be slashing prices and sitting on lots of vacant inventory. That is not the case. If you are not homeless it means you, too, can afford wherever it is you live, though it might be tight depending on your or any individual's circumstances. You may not like it, but once you are on the homeownership train, your property appreciating will be appreciated. By you.
So heating food by baking, boiling, frying, whatever to make the water molecules move faster, is different than heating food by vibrating the water molecules? Splain' me Lucy.
I rent in daytona beach florida for $1,866. If i bought a place for 350,000 with a VA Loan it was about 2,350 which was fine, but here is the kicker with HOA $70, HOME INSURANCE 150 AND PROPERTY TAX 450 TOTAL 3,020 MORGAGE PAYMENT WITH UTILITIES OF 500 BUCKS TOTAL 3520, RENTING IT COST 2,650 WITH UTILITIES. THEY SAY RENTING GOES UP EVERY YEAR WHICH IS TRUE BUT HOME INSURANCE AND PROPERTY TAX GOES UP EVEN MORE PLUS HOA. SO RENTING IS CHEAPER.
@@ihave35cents95 Renting is not a lower quality of life. It a lower quality of life when you live where you can’t afford to live and have to work all the time. Heck I can rent a condo in Daytona beach for $3k/mo. easily without needing to work at all and just enjoy life.
Michael - if people would have bought in 2021 and early 2022 when you told everyone it'd crash, they'd be paying less for their mortgage than the RENT is today.. How do I know? Because I ignored the doomers and bought a giant house and the payment is $1900, a house up the street is up for rent for $2600 and IF someone bought today, it'd be $3100-3300 with these high ass rates..
Bingo, we lucked out with a 3.2% interest rate when we bought our home in 2021. We have a 4b 3b for $1747. If we refinanced at the current rate we'd be paying over $3500 a month.
I never told anyone not to buy first of all. also I didn’t even start making the cautionary real estate videos until January 2022 and by then the prices were already very high
Renting vs paid off house - the downside of renting when you are retired is that a landlord can "renovict" you at any time. That's a lot more effort when you're a senior. And the landlord's finance costs or desired ROI is a cost you've paid off for your house. Other costs like utilities, insurance and upkeep always increase for both. I like having the CONTROL as an owner. Alot of dumb comments about paying property taxes. The asset user pays these- either the owner or renter. No free lunch.
Sadly my laid back property manager who I was renting for 15 some years had to bow out due to a dispute with the owners couple years ago. Now I get to deal with a Realtor type property manager. Of course my rent keeps going up since that happened. Guess I should count my blessings from the past but it is sad that the economy is making everyone hyper focused on profits day in day out. Even those that have it good want more and more. It's not the laid back 90's and 00's anymore where people were content to have a roof over your head. Everyone wants a piece. Now doing more research buying, all said and done you're still paying "rent" fees when owning your home..
BabyBoomerette here- have been in my first home since 1982, a 3 BR 2 bath ranch style home with a fireplace. It is exactly what I wanted in ‘82 and is still my favorite home style. If I’m lucky, I’ll drop dead here.
Good for you! I’ve been in newly built places.. homes and apartments (“smart” community .. not as smart as they claim) .. very shabbily constructed .. a 5 year old home I was in which was considered one of the most upscale areas of Wichita ks, I could hear the wind coming through the windows they were installed with scotch tape it seemed
Boomer here, I can tell you one thing, They will carry me out of my home, Sure I can sell for a good price, And then what.Our home has been paid off since 2012.
Congratulations on being born in the most prosperous generation to ever exist and the most greedy generation that saddled the ones to follow with debt.
Lol! do you remember that movie "Career Opportunities" where the guy was stuck in Target all night long with Jennifer Connelly? He had everything he needed. 😊
Michael the weather excuse doesn't work in the midwest this year. This has been the mildest winter i can ever remember. Haven't had snow on the ground in weeks.
I'm in the market but there's little inventory, however, renting is hardly an option. A decent two bedroom in a nice area is comparable to a mortgage payment. Once upon a time renting was an option. Once upon a time childen and dogs were not allowed.
In 2020 I was trying to buy any house in Gilbert AZ but it was out of my budget. I ended up moving to Arkansas and got a house for 130k with 2.7% interest. Sometimes taking a chance and moving to a cheaper area to buy a home might work for you.
I am definitely looking into out of the way less populated areas myself. I prefer the countryside anyway just hope when the time comes it’s still affordable.
We bought our starter home in 1995. Always looked at upgrading to bigger house, more property. Never found something better. Raised our 3 kids here. House paid off. Kids have no student loans. Still considering something newer, one level but yet almost 29 years later-here we are.
There’s no possible way that I’m going to invest in the market right now, even the stock market, while it’s at an all-time high. The correction is coming. Be patient.
It is not just tax and insurance that can rise, houses and the support equipment goes south all the time. What if your AC goes out? How about needing a new roof? Hot water heaters, refrigerators, washers, dryers, plumbing, electrical, it just goes on and on. Got a piggy bank to pay for those things. You can plan on a major expense at least once a year. Then there is yard maintenance, etc. Personally I own my home. A large Travel Trailer pulled by a Ram Diesel Pickup. I travel full time. My trailer is much nicer than any one bedroom apartment I could rent. Customized by me for me. My rent can be as low as $300 per month or as high as it is this winter since I wanted to visit my best friend, $625 a month. If I chose, I have a travel membership which can make my rent less than $50 a month, but I have to move every three weeks. I have a lot in Michigan for the summers. Cost me $1200 a year. My biggest single expense is Federal Income Tax, Dadgum gubmint LOL. I see many families now that use an RV as a home.
House for sale Lovell, Wyoming. $350,000 then $325,000, now $ 295,000. Built , 1930 Prices are dropping. It is just that people raised their prices way to high.
If I were to buy the typical 2000sf, 3 bed, 2 bath house where I live (northwest WI) at current interest rates with 20% down, it would be well over twice what I'm paying for rent right now. Because the market has been so screwed up for so long, I could actually put 40% down with all my savings. Even in that case, my total monthly housing payment would still almost be twice my current rent. What a freaking joke. **see clarifying comment below
@@ordinaryhuman5645 Yes that is true and good point. My intent was not to compare apples to apples so more context would have been helpful. I'm in a 900sf 2 bed 1 bath, so definitely not the same, but even so, the math just isn't screaming "buy now!" at the moment by any means. I certainly would expect to pay more with such an upgrade obviously but not well over a 100% increase in monthly cost even with 20% down.
we been getting rid of things , in my storage room , last year , I got rid of 75% of it . If you don't use your stuff for one year , or for years , then get rid of it . Sell your stuff in Facebook Market place !!!
For awhile, I was thinking about buying a place or just upgrading my rental, but I am so glad I have stuck it out in my old place and avoided lifestyle inflation. Living the bachelor life with another roommate. We make 160k combined but split an $800 per month townhouse in the hood. I will only upgrade when I have enough to buy a place cash.
Don't actually buy cash though. Diversity is actually a benefit with investments. I dumped a lot of cash into my house over ~3 years to pay it off, but I'd have been better off making minimum mortgage payments and investing for the difference.
@@user-mo4xc1pb1m What if your interest rate was 4-4.5% and the equity is more than 160% of the standing remaining loan amount. Would you still do minimum payment in that case?
Yep, still renting, because of how unreasonable the housing market is. And, in the area we are interested in, there are not many houses for sale. I wish things would change sooner than later. I am sick of living this way.
This is the new normal get used to it. Unless we get some of our politicians to feel our pain nothing is going to change. After WW2 we declared housing a national emergency. Why we can’t do something similar now I don’t understand. Probably because they’re all banking as things are.
Yes of course it’s cheaper to rent then own currently. But that certainly doesn’t mean rents are down because they have been steadily increasing. My two bedroom apartment when me and my brother moved in to it 8 years ago was 540 a month. Now the same pos dump is renting for 840. We’re talking built in the 60’s cinder block walls crappy single pane sliding doors no insulation 600 sf in Gainesville Florida. Most others larger in nicer units 1,200 to 1,800 a month. How the hell is anyone saving money today?
@@rolandthethompsongunner64 Our basic, no amenities, 3 bedroom apartment is $1700/mo. Yes, we also rent 2 garages with that but still…. It is outrageous rent for having no decent features. The reason it is so hard living here is because I am the caregiver of my disabled adult son. He has violent behavior issues. I also have an adult daughter living here and my youngest is almost an adult too. This is extremely difficult. If we could find a house that is set up (or one that we could set up) in a way that it was safer for my daughters, we wouldn’t have so much stress. We don’t need anything fancy, just better than how we are living now.
I agree! The only thing I worry about is property taxes going up. Right now mine are under $400 a year for a house on 1/2 an acre. I will get the homestead exemption next year and they will drop to $220. But lots of people are moving here and they could go up in the coming years.
I've got a friend that's renting a room for $1,400 in Santa Barbara, CA and it's not the master bedroom. That's about the least expensive place he could find. There is really nothing that he can do besides live out of his truck to save money or find someone that is willing to let him park a cheep travel trailer in their driveway that he could rent space for. CA is way over priced right now.
That is nuts, Life is cheap n people should have the right to live, have a home n enjoy love life. Instead of feeling horrible about whyyyyy should I be alive.....n DIE to exist
Yep - Boomer here and yes, I bought my current home in 2007 and it has more than doubled (over $500K) in value which would mean I would be hard pressed to afford my home now. My mortgage is less than half of the local rents now.
@@tobyk5149 He’s just feeling the satisfaction now. It’s relevant to me because he chose to buy in 2007 when many did not and missed out. Today this is what the non buyers have to deal with. Heck I remember after the housing crash back then many were saying it was better to rent and calling me stupid for buying with cash as well. But homes prices were dropping 50% or more with regular sales,quick sales,short sales,foreclosures,etc.. I paid $240k cash for a newly remodeled $560k short sale marina condo on Marco Island back then.
@@tobyk5149 just a boomer bragging lmfao. @BlueVette3832 hey boomer i'm in my early 30's. i own multiple acres of land which my house sits on and is paid off. i also have 100% property tax exemption. carefree millennial.
I know affluent retirees who have sold their homes and are renting upscale apartments. It is not a bad way to go. No property tax, no HOA, much lower insurance, little upkeep costs.
Not sure why people are blaming the cold winter on housing and the retail sales? It had been a very mild winter compared to past winters. Just look at the crashing natural gas use and its toll on that commodities' price plunge.
I'm on lake michigan and it has been a very mild winter, we had one quick polar vortex dip that gave us zero degree weather and lots of snow but, quickly passed. Now in the 30's and 40's.
In my area and other areas I looked, but renting is much higher than buying. (Pennsylvania, Maryland, Virginia, and even Florida). People have essentially lost their minds! I negotiated a new down to where it should be before this insanity. Along with over $15k towards closing. and a 4% interest rate (fixed). It would cost $1800 more to rent the new build I am buying. I have owned several houses before and I am beyond overjoyed to have my space again. My standards have always been to live far below my means, especially after graduate school. If you don't need it. Don't buy it. Even if you do need it. Save up for it and always negotiate to get the best deal. Cash is 👑 king! Rentals I have seen and rented are terrible for the price. As far as I am concerned, most of these rentals are hazardous to your mental and physical health. I am looking forward to getting my mental and physical wellness back. I have never been so sick in my life renting these hazardous homes. A large majority of landlords are lazy and greedy. They want outrageous rent, but fail to upkeep them. No thank you!
Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
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
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
I think you loose a lot anyway because most of the price is just government or bank. If you would be paying for material and some reasonable handyman only, it would be much cheaper. But because the government created this world and you are so poor, you have to borrow money and pay for it!!!!
Rediscovered frozen pizza, have not had it in close to 40 years as I just moved on from it and forgot it. But really for $4.95 it is a great replacement for $20.00 pizza at the restaurant. IF I am plucky I can get 2 for under $8. Live, adjust, and save $
@@CarlArriaza I started on Red Baron Supremes' then got Surfer Boy (Stranger Things) Multimeat buy one get one free and they are better.... Will try Homerun now. Still trying to figure out the best bang for the buck.
I got lucky this year my rent didn’t go up for the first time ever. I’m paying $1981 base rent for 686 sq ft in a high rise in downtown Austin. After all the bells and whistles I pay $2400 (all bills except wifi). I moved in 2020 and it was $1270. I could never afford $3900 a month in Austin even though I make about $150k. I am looking to buy an investment rental condo near the campus but they’re in awful condition, old and interest is still insane. I’m holding out until 2025
I know a millionaire that is renting after he sold his home and is happy. He was paying 16,000 dollars home taxes, 6,000 home insurance plus HOA, and mortgage 15,000 dollars a month.
If he was paying 16k in taxes while living in a luxury home, while not ideal, 16k is kind of low. And so was his homeowners insurance. I'm currently paying 4.5k insurance while living in a 1300 sq ft shack.
This channel is a must watch for everyone who is interested in the housing market or economy. And even if youre not interested in the housing market this channel is a big plus for your wallet!
I'm a single guy who makes six figures and until rates are 100 BPS lower, I get more for renting at these prices. With a 30% drop in values and rates in the five percent range I'm good.
I'm a retired boomer I watch everyday to hear the horror stories. My first house mortgage payment $152.00 a month the second $352.00. Globalization put the screws to American dream.
My husband and I are “in between.” Our mortgage (including HOA) is less than what our increase in rent was going to be. We have bought a condo. We are in Texas and I hate yard work. HOA takes good care of the outside and it’s a good neighborhood. We are in our mid 50’s. We bought before interest rates skyrocketed. 3.6 %. The only thing that worries me is property tax.
The Joke is on you bruh... Who can afford to pay these rental rates... most renters are broke. The hypothetical rent and invest the difference applies to like the 10% of people. Most people are doubling up with roomies.
There is an IRS tax issue when people let their underwater home go and they suck money out with refinancing before they go belly up. I seem to recollect this was happening in California some years ago. The IRS was sending letters to those homeowners telling them that they had some hefty taxes and penalties to pay for their scheme.
It may sound counterintuitive but when you buy a house, you pay more to gain more. You’ll never understand it unless you take the plunge and put in a decade of your life into a home. Hands down the best place to put your money outside of equities and gold. All of which you should never buy if you can’t afford to.
This is just been a train wreck for 3 years now. Something has to give!! We can’t continue like this. Homes overpriced and little inventory and everyone just waiting and waiting to buy, move or sell. Crazy….
It’s ridiculous. I would suggest cohabitating or renting a room from a home owner. I did that for many years in Chicago where rents were always high unless you wanted to live in a war zone. Just do your research.
@@rolandthethompsongunner64 Rents definitely HAVE dropped back in CO (Springs) were I was living until very recently...but who know what they will be when I plan to move back (late 2025)? Hope I "get lucky" as I'll be renting at first while looking for something to buy...that is, if the housing market AND mortgage interest rates are WAY more affordable then. I really DO believe it will be a Buyer's Market in 2 years' time. If not, I rent until it is... -- BR
In the DC suburbs Northern VA area, you can see panhandlers in most of the major intersections. I have noticed too many of them in recent years. The top 5 richest counties are in the DC suburb only. I don't know what's going on in this country nowadays. I bet things must be too bad in the other states.
I lived in nova for 15 years. Seen the money and power that area has… but you could not PAY me to live there again. Crazy, soulless area IMO. Yes some areas and beautiful and I love downtown DC but I could not find any peace in that area, it’s got a bad energy…
Awe thanks for the motivation and support to us to not give up. This is so stressful not being able to afford a mortgage in CA with a family of 6. It stinks. We will stay the course.😊
How many working people can afford to rent at $4000 a month? In Canada owning a house is out of reach for most. Renting is the same thing now. A 2 bedroom basement apartment is going for $2000+ Outrageous.
Renters out West are being kicked out in favour of migrants who get a $2500/mo housing allowance from our ridiculous federal govt. A surer thing for landlords than people who can lose their jobs. Now those renters are out on the street! No country is as generous to immigrants and screw over their own citizens like Canada!
Nice to hear a young guy say that today's interest rates are actually right in line with historical rates. My parent bought a house in 1967 on a 6.5% loan and thought it was a good deal. When I bought my first house in 1985 the rate was 10.5%. even at that rate, my payments for the house, which included taxes and insurance, were less than what I was paying to rent a two bedroom apartment. I did put 25% down to avoid having to pay mortgage insurance. I also paid the house off in three years, so I didn't end up paying all that much interest. As Michael said, the 10.5% interest rate was more than compensated for by the cost of the house. Back then I paid $84K for a new build, three bedroom, two bath home on two acres. I bought the house during construction so we got to choose the interior finish details (flooring, paint colors, cabinets, etc.).
Well...in california..my dad bought a home for 19000 in 1975....making 10 bucks an hour....then 1984 a house for 119 in evergreen. Area of California making less than 20 an hour...rates were highhhh but houses were not 1mil..as the norm in california...
You'd have to have a screw loose to house hack here in King County. Getting rid of a bad tenant is horrifyingly difficult and slow. The worst of the dregs get the most effort from the free services of the local bar free lawyers and the rules get changed every few months. Ridiculous.
Not as bad as Ontario. Over 8 months just to get a hearing to try to evict someone. A new concept called cash for keys has started. Paying renter large amounts to ensure the renter leaves. Totally messed up by leftie laws.
Saving of 4 k a month ? How many people u know can afford that . actually who would want to pay that ? Market is designed to take the average persons money .
Refi's are also higher as people who took out initially low interest variable rate HELOC's have seen the rates and payments skyrocket and are looking to dump HELOC. My wife and I are 71. In 2020 we bought one more time and purchased our so-called forever home. We're in a highly desirable area in the foothills of Idaho that is much sought after from people fleeing the left coast. And there is an unlimited supply of those. Realtors are constantly telling us they have a client (who is miserable in a rental) for a quick cash sale. Blah blah blah. When working in our yard or just putzing in the garage, we've had people cruising the neighborhood who stop and ask if we want to sell or know anyone who does. And the answer is always the same. No and no. But check back in about 20 years when our daughter owns it. Bottom line is you can blame whomever you'd like for your situation or misfortune. But it's not our job to make your dreams come true. Ours came through 50+ years of hard work and sacrifice. So now, we unapologetically sit back and enjoy the fruits of our labor.
I USE TO LIVE NORTH MIAMI. EVEN THOUGH THIS VIDEO IS NOT NORTH MIAMI, I RECONIZE THE BLACK SLICK DOWN THE STREETS. TO DAY WAS TRASH TRUCK DAY ( THE SLICK IS SPECIAL SAUCE )
@@danman1287It's amazing how people automatically assume that just because a long term renter decided to buy that they must have had the fear of missing out. What was he supposed to do, rent forever? 😂
You almost need to do a "per square foot" comparison on house purchase versus rental rates. Where I live in Canada 2500sq ft house $3100 mortgage, taxes, insurance so $1.24/sq foot versus rent at $1900 rent for 800 sq ft 2 bedroom so $2.37/ sq ft, and that doesnt include the house having 2 acres of land. So house still a better option so far! And don't forget to add "renters insurance" for your contents property!
To save while renting, you need to be very disciplined (and lucky) and sock that money away. Don’t fritter it away on electronics, expensive clothes etc.
My wife and i make 135k between the two of us. No kids and we rent a 1 bedroom apartment for 1040 a month (kc area i know its cheaper then most areas) but my point is we have 20k in savings no debt keep 5k in our checking for bills and fun go on a nice vacation every year dont worry about bills and still max out our 401ks roths and have a good size brokerage account thats taxable that we can liquidate if the housing market changes and we decide to buy a small home . Yes we are incredibly lucky but also we completely changed our mindsets and stopped defining success as it was 30 years ago. My point isnt to brag my point is if you dont need a house and you cut that part out of the success equation you can have a much much happier worry free life. We think real succes is the ability to have options and do what we want and see the world. Not be married to a huge house and status symbols.
When looking at these options, it is vital to calculate the total cost of ownership. Yes you have equity when you own, BUT don’t forget to add in property taxes, interest and non predictable costs. Sometimes these costs far outstrip what you are accumulating in equity. Home values can and will go up and down thus changing the equity.
The Baby Boomer Data is Correct.....My house is paid Off....Even with all the equity I can't afford to move... Where the hell would /Could I go !!! And I live in NW Florida.......No place is as affordable to live as where I live now ......I feel sorry for the younger generations .....
I think it depends on your situation if your a young person trying to find a home close to were you work your in a bad situation if you are someone who is retired and already own a home outright you can sell for a profit and move outside of the city a get great home for great prices in beautiful places and have money left over to invest save enjoy your golden years.
We’ve built our own home. It’s cheaper than renting. And with rent… you’ll always owe money to somebody else. Same with leasing cars too. Or time shares. No thank you
What people need to realise as well is if property prices do slide banks will get nervous about lending unless u have a large deposit…so if your young my advice is live at home & work every working hour (hopefully u weren’t dumb enough to go to college & now owe a fortune)…save save save & live on beans & rice..
Bordenaro is talking about rent vs. buying now, not ten years ago. Yes ten years ago was a very different market but unless you have a time machine, not relevant to the topic
@@tobyk5149 since when is the guy ever been relevant? He walks around multimillion dollar neighborhoods, while his audience cries and whines about the price of groceries.
not everyone needs to buy, and not everyone needs to buy in good neighborhoods but maybe outside of the cities. people got spoiled since 2000, close to work, hip places, and must own a home. lets go back 50 years, our parents got homes where they can find it and afford it. Spolied gens and realtors.
I’m very different than the rest of my generation; millennial here. I’ve already lived in my house over average in my 30s and only house I’ve ever lived in after parents. Never moved around and not looking.bought house in early 20s and mortgage is like 1970s home prices ratios.
My brother and sister-in-law are selling their house in Atlanta, and were gonna buy one in Alpharetta. They close on the 29th of Feb. they have decided to rent, though they had found a house that they wanted to buy. My guess is that they want to wait for the market and interest rate, to drop further.
"where is this inventory gonna come from?" Great question, but why does it keep being asked like the onus is on owners to sell, rather than on builders to build? Why aren't they capitalizing on the enormous demand in markets like Florida and building houses like crazy?
I'm so ready to move to Florida but I will tell you as much as I want to own my own home. I will not buy one there because that prices are ridiculous period I plan on renting and letting the homeowner absorb the cost of the taxes the insurance and the natural disasters...leaving my paid for anchor home in south carolina intact where things are a fraction of florida costs ...
@@MichaelBordenaro mICHAEL, truth is the best value any human being can have, but it’s the ones that embrace it and put it in the forefront of their soul and express it. That truly is courage.❤️🩹
Yep, and if they find out they will cancel your insurance, . IF you get lucky and they don't cancel you, you are on their radar, 1 slip, and you are cancelled, or non-renewable
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What state is less likely to raise their property taxes and Homeowners Insurance, Georgia or South Carolina? Anyone? We are trying to decide where to move.
Who can afford to rent at these prices? Maybe that is why so may people are now homeless, the working homeless.
A family member lives Upstate NY , rented a new apartment ( very nice place ) and they are paying $2,300.00 per month . To buy an New Home in this region ( Midwest ) , you can buy a home between $170K - $200K ( before Covid 2020 ) , now the new homes are going for $480K - $600K . The same design of homes 1700 sq ft ,
4 bedrooms 2 bathrooms , living room, dining room. kitchen, 3 car garage and a big back yard .
If you want more expensive home, they will cost you $600K - $2 million Dollars or more , they have on average
6 bathrooms , 6 1/2 bathrooms , kitchen, living room, dining room , 3 level of home , 3 or 4 car garage .
Where before Covid , the home were selling between $450K - $800K . Property taxes between $8k - $12K .
Alot of people buys land and have a custom home built $over a Million dollars .
Michael says rentals are cheap, but I have not experienced that since I sold my home a few years ago and have been renting. My rental payment is twice as much as my house payment was.
rent seems to be different in a lot of states,some cheaper,some more expensive
Given the high occupancy rates, and low vacancy rates for both purchases and rentals IN MY AREA seem to be affordable to a lot of people, otherwise they'd be empty, landlords and property owners would be slashing prices and sitting on lots of vacant inventory. That is not the case. If you are not homeless it means you, too, can afford wherever it is you live, though it might be tight depending on your or any individual's circumstances. You may not like it, but once you are on the homeownership train, your property appreciating will be appreciated. By you.
@@annaburns5382 ??? Try buying a house now. Your payments will be double the rent.
Microwaved food is not good for you.
So heating food by baking, boiling, frying, whatever to make the water molecules move faster, is different than heating food by vibrating the water molecules? Splain' me Lucy.
You can use the oven too
Microwaving food IN PLASTIC is not good for you
My microwave broke 1 week ago , I rent and am still waiting for a repair ! Lol , it sucks ! I guess I'm lucky I don't own . Hate the broke stuff ....
I rent in daytona beach florida for $1,866. If i bought a place for 350,000 with a VA Loan it was about 2,350 which was fine, but here is the kicker with HOA $70, HOME INSURANCE 150 AND PROPERTY TAX 450 TOTAL 3,020 MORGAGE PAYMENT WITH UTILITIES OF 500 BUCKS TOTAL 3520, RENTING IT COST 2,650 WITH UTILITIES. THEY SAY RENTING GOES UP EVERY YEAR WHICH IS TRUE BUT HOME INSURANCE AND PROPERTY TAX GOES UP EVEN MORE PLUS HOA. SO RENTING IS CHEAPER.
Yeah, but renting is a lower quality of life
@@ihave35cents95
Renting is not a lower quality of life.
It a lower quality of life when you live where you can’t afford to live and have to work all the time.
Heck I can rent a condo in Daytona beach for $3k/mo. easily without needing to work at all and just enjoy life.
@@blackworldtraveler3711 yeah but you would be in a condo. That’s low quality of life.
@@blackworldtraveler3711
Don’t feed the troll.
It isn't worth it in Fla
Michael - if people would have bought in 2021 and early 2022 when you told everyone it'd crash, they'd be paying less for their mortgage than the RENT is today.. How do I know? Because I ignored the doomers and bought a giant house and the payment is $1900, a house up the street is up for rent for $2600 and IF someone bought today, it'd be $3100-3300 with these high ass rates..
Bingo, we lucked out with a 3.2% interest rate when we bought our home in 2021. We have a 4b 3b for $1747. If we refinanced at the current rate we'd be paying over $3500 a month.
Yup, that waiting for a crash was an expensive mistake.
I never told anyone not to buy first of all. also I didn’t even start making the cautionary real estate videos until January 2022 and by then the prices were already very high
Renting vs paid off house - the downside of renting when you are retired is that a landlord can "renovict" you at any time. That's a lot more effort when you're a senior. And the landlord's finance costs or desired ROI is a cost you've paid off for your house. Other costs like utilities, insurance and upkeep always increase for both. I like having the CONTROL as an owner.
Alot of dumb comments about paying property taxes. The asset user pays these- either the owner or renter. No free lunch.
Sadly my laid back property manager who I was renting for 15 some years had to bow out due to a dispute with the owners couple years ago. Now I get to deal with a Realtor type property manager. Of course my rent keeps going up since that happened. Guess I should count my blessings from the past but it is sad that the economy is making everyone hyper focused on profits day in day out. Even those that have it good want more and more. It's not the laid back 90's and 00's anymore where people were content to have a roof over your head. Everyone wants a piece. Now doing more research buying, all said and done you're still paying "rent" fees when owning your home..
We called those prepared meals, 'TV diners' in the past. 😂
And every bodies favorite...That fudge brownie between the veggies!
Factor are still fresh and not frozen like “TV dinners” are.
They are still TV dinners, and they are overpriced junk. They chose the wrong guy to market. His viewers ain't going to pay for that crap 😂
I'm a big fan of Factor. My sister gave me one and now I'm hooked and they're a good value too.
Swanson
BabyBoomerette here- have been in my first home since 1982, a 3 BR 2 bath ranch style home with a fireplace. It is exactly what I wanted in ‘82 and is still my favorite home style. If I’m lucky, I’ll drop dead here.
That’s awesome And really cool you found a house you love so long ago
Lots of upside since '82!
Good for you! I’ve been in newly built places.. homes and apartments (“smart” community .. not as smart as they claim) .. very shabbily constructed .. a 5 year old home I was in which was considered one of the most upscale areas of Wichita ks, I could hear the wind coming through the windows they were installed with scotch tape it seemed
Boomer here, I can tell you one thing, They will carry me out of my home, Sure I can sell for a good price, And then what.Our home has been paid off since 2012.
Congratulations on being born in the most prosperous generation to ever exist and the most greedy generation that saddled the ones to follow with debt.
That's right. This is the future and not by accident but by design.
I'm gonna buy the old Kmart in town if the price is right and make it my Man Cave!
There you go!
Lol! do you remember that movie "Career Opportunities" where the guy was stuck in Target all night long with Jennifer Connelly? He had everything he needed. 😊
Michael the weather excuse doesn't work in the midwest this year. This has been the mildest winter i can ever remember. Haven't had snow on the ground in weeks.
Same with southern New England. Raising our rates because they can.
Owning a house has one drawback you are responsible for all repairs, either learn to do house repair yourself or pay outrageous repairman bills.
I'm in the market but there's little inventory, however, renting is hardly an option. A decent two bedroom in a nice area is comparable to a mortgage payment. Once upon a time renting was an option. Once upon a time childen and dogs were not allowed.
We actually brought in 2016 because it was cheaper then renting. Now we are renting because its cheaper then buying.
Smart!
In 2020 I was trying to buy any house in Gilbert AZ but it was out of my budget. I ended up moving to Arkansas and got a house for 130k with 2.7% interest. Sometimes taking a chance and moving to a cheaper area to buy a home might work for you.
That’s awesome congrats
I am definitely looking into out of the way less populated areas myself. I prefer the countryside anyway just hope when the time comes it’s still affordable.
Way to go, Great move, Thanks for the tip
We bought our starter home in 1995. Always looked at upgrading to bigger house, more property. Never found something better. Raised our 3 kids here. House paid off. Kids have no student loans. Still considering something newer, one level but yet almost 29 years later-here we are.
There’s no possible way that I’m going to invest in the market right now, even the stock market, while it’s at an all-time high. The correction is coming. Be patient.
Agreed
I moved from SoCal to the midwest last year. My rent went from $3000 per month to $980 per month.
I'm going to grab some popcorn with an under 700 mortgage.
😄
A thousand dollars a month for rent is a lot of money.
welcome to modern US economics
It is not just tax and insurance that can rise, houses and the support equipment goes south all the time. What if your AC goes out? How about needing a new roof? Hot water heaters, refrigerators, washers, dryers, plumbing, electrical, it just goes on and on. Got a piggy bank to pay for those things. You can plan on a major expense at least once a year. Then there is yard maintenance, etc. Personally I own my home. A large Travel Trailer pulled by a Ram Diesel Pickup. I travel full time. My trailer is much nicer than any one bedroom apartment I could rent. Customized by me for me. My rent can be as low as $300 per month or as high as it is this winter since I wanted to visit my best friend, $625 a month. If I chose, I have a travel membership which can make my rent less than $50 a month, but I have to move every three weeks. I have a lot in Michigan for the summers. Cost me $1200 a year. My biggest single expense is Federal Income Tax, Dadgum gubmint LOL. I see many families now that use an RV as a home.
House for sale Lovell, Wyoming.
$350,000 then $325,000, now $ 295,000.
Built , 1930
Prices are dropping.
It is just that people raised their prices way to high.
If I were to buy the typical 2000sf, 3 bed, 2 bath house where I live (northwest WI) at current interest rates with 20% down, it would be well over twice what I'm paying for rent right now. Because the market has been so screwed up for so long, I could actually put 40% down with all my savings. Even in that case, my total monthly housing payment would still almost be twice my current rent. What a freaking joke.
**see clarifying comment below
That is a joke
Same in WA. Drop a 35% down payment on a $450K house and the mortgage would still be like 40% more than renting as of today's rates. Why buy??
That is amazing
Are you renting a 2000sqft 3BR/2BA without shared walls though? I'm guessing that you're comparing two very different housing situations.
@@ordinaryhuman5645 Yes that is true and good point. My intent was not to compare apples to apples so more context would have been helpful. I'm in a 900sf 2 bed 1 bath, so definitely not the same, but even so, the math just isn't screaming "buy now!" at the moment by any means.
I certainly would expect to pay more with such an upgrade obviously but not well over a 100% increase in monthly cost even with 20% down.
Boomers don't want to move cuz we don't want to clean out the garage, attic and basement.
we been getting rid of things , in my storage room , last year , I got rid of 75% of it .
If you don't use your stuff for one year , or for years , then get rid of it .
Sell your stuff in Facebook Market place !!!
Ha ha good one
HAAAA!!😅😅😅
For awhile, I was thinking about buying a place or just upgrading my rental, but I am so glad I have stuck it out in my old place and avoided lifestyle inflation. Living the bachelor life with another roommate. We make 160k combined but split an $800 per month townhouse in the hood. I will only upgrade when I have enough to buy a place cash.
that's very smart , save to payoff in cash .
800 a month in the hood sounds about right. Just don’t own anything you don’t mind losing and you’ll do fine.
Don't actually buy cash though. Diversity is actually a benefit with investments.
I dumped a lot of cash into my house over ~3 years to pay it off, but I'd have been better off making minimum mortgage payments and investing for the difference.
use other people's money, my gdad always said
@@user-mo4xc1pb1m What if your interest rate was 4-4.5% and the equity is more than 160% of the standing remaining loan amount. Would you still do minimum payment in that case?
Yep, still renting, because of how unreasonable the housing market is. And, in the area we are interested in, there are not many houses for sale. I wish things would change sooner than later. I am sick of living this way.
Where r u located
@@powermaxima I’m in Minnesota
This is the new normal get used to it. Unless we get some of our politicians to feel our pain nothing is going to change. After WW2 we declared housing a national emergency. Why we can’t do something similar now I don’t understand. Probably because they’re all banking as things are.
Yes of course it’s cheaper to rent then own currently. But that certainly doesn’t mean rents are down because they have been steadily increasing. My two bedroom apartment when me and my brother moved in to it 8 years ago was 540 a month. Now the same pos dump is renting for 840. We’re talking built in the 60’s cinder block walls crappy single pane sliding doors no insulation 600 sf in Gainesville Florida. Most others larger in nicer units 1,200 to 1,800 a month. How the hell is anyone saving money today?
@@rolandthethompsongunner64 Our basic, no amenities, 3 bedroom apartment is $1700/mo. Yes, we also rent 2 garages with that but still…. It is outrageous rent for having no decent features. The reason it is so hard living here is because I am the caregiver of my disabled adult son. He has violent behavior issues. I also have an adult daughter living here and my youngest is almost an adult too. This is extremely difficult. If we could find a house that is set up (or one that we could set up) in a way that it was safer for my daughters, we wouldn’t have so much stress. We don’t need anything fancy, just better than how we are living now.
It is nice to have a paid off house. No more monthly payments.
I agree! The only thing I worry about is property taxes going up. Right now mine are under $400 a year for a house on 1/2 an acre. I will get the homestead exemption next year and they will drop to $220. But lots of people are moving here and they could go up in the coming years.
@@lindalewis8503property tax and premium insurance house going up crazy
$220.00 that's awesome 👌
The news told me everything is going wonderfully with the economy though?
for them, yes
It sure is going great for the top 10%😄
Who’s economy? 😅
I’m assuming this is definitely sarcasm….
@@TM-173The news is there to protect the Biden administration, period.
I wouldn't microwave that plastic. I'd put it on a plate 🍽️
Yes, you can do that too of course or you can even just put it in the oven
Microwaves Kill Food & Fluoride In The Water By LAW???
Agree, don't microwave anything in plastic.
Only problem is if you have dogs and cats it’s hard to find people who want to rent to that person
Euthanasia rates are skyrocketing - in part due to non-pet friendly policies imposed by landlords.
That really sucks
I've got a friend that's renting a room for $1,400 in Santa Barbara, CA and it's not the master bedroom. That's about the least expensive place he could find. There is really nothing that he can do besides live out of his truck to save money or find someone that is willing to let him park a cheep travel trailer in their driveway that he could rent space for. CA is way over priced right now.
This is America folks all brought on by an over extended shut down based on a over exaggerated form of the flu.
In order to get a place in Santa Barbara, you have to stand in line with 100 other people trying to get that same place. It's crazy.
That is nuts, Life is cheap n people should have the right to live, have a home n enjoy love life. Instead of feeling horrible about whyyyyy should I be alive.....n DIE to exist
Yep - Boomer here and yes, I bought my current home in 2007 and it has more than doubled (over $500K) in value which would mean I would be hard pressed to afford my home now. My mortgage is less than half of the local rents now.
the theme is rent vs. buy in 2023/2024 not purchase in 2007 vs current rents because not relevant unless you have a time-machine
@@tobyk5149
He’s just feeling the satisfaction now.
It’s relevant to me because he chose to buy in 2007 when many did not and missed out. Today this is what the non buyers have to deal with.
Heck I remember after the housing crash back then many were saying it was better to rent and calling me stupid for buying with cash as well. But homes prices were dropping 50% or more with regular sales,quick sales,short sales,foreclosures,etc.. I paid $240k cash for a newly remodeled $560k short sale marina condo on Marco Island back then.
@@tobyk5149 just a boomer bragging lmfao.
@BlueVette3832 hey boomer i'm in my early 30's. i own multiple acres of land which my house sits on and is paid off. i also have 100% property tax exemption. carefree millennial.
Rents have been on the decline. Says a guy not renting. Bro my rent is up 30% since 2022.
Bro my rent did not increase in 2 years in San Diego. So what.
I know affluent retirees who have sold their homes and are renting upscale apartments.
It is not a bad way to go. No property tax, no HOA, much lower insurance, little upkeep costs.
That's the goal here in Florida from the development side. They know who the most popular demographic is
Your paying all the property tax for the owner .
No tax write off as well.
Cheaper to rent
@@DimythiosLifestyle choice.
If you rent out rooms in your house the Ins company wants to know, and they raise the rate way up as any of the tenants could get hurt somehow.
Guess we have to keep it on the down low and charge cash.
Banks want to stop cash withdrawals in May
Not sure why people are blaming the cold winter on housing and the retail sales? It had been a very mild winter compared to past winters. Just look at the crashing natural gas use and its toll on that commodities' price plunge.
Exactly
Yeah, been trying to snowboard in the northeast and there is barely any snow on the floor. Very mild winter.
I'm on lake michigan and it has been a very mild winter, we had one quick polar vortex dip that gave us zero degree weather and lots of snow but, quickly passed. Now in the 30's and 40's.
In my area and other areas I looked, but renting is much higher than buying. (Pennsylvania, Maryland, Virginia, and even Florida).
People have essentially lost their minds! I negotiated a new down to where it should be before this insanity. Along with over $15k towards closing. and a 4% interest rate (fixed).
It would cost $1800 more to rent the new build I am buying. I have owned several houses before and I am beyond overjoyed to have my space again. My standards have always been to live far below my means, especially after graduate school. If you don't need it. Don't buy it. Even if you do need it. Save up for it and always negotiate to get the best deal. Cash is 👑 king!
Rentals I have seen and rented are terrible for the price. As far as I am concerned, most of these rentals are hazardous to your mental and physical health. I am looking forward to getting my mental and physical wellness back. I have never been so sick in my life renting these hazardous homes. A large majority of landlords are lazy and greedy. They want outrageous rent, but fail to upkeep them. No thank you!
Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
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
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.
I think you loose a lot anyway because most of the price is just government or bank. If you would be paying for material and some reasonable handyman only, it would be much cheaper. But because the government created this world and you are so poor, you have to borrow money and pay for it!!!!
Rediscovered frozen pizza, have not had it in close to 40 years as I just moved on from it and forgot it. But really for $4.95 it is a great replacement for $20.00 pizza at the restaurant. IF I am plucky I can get 2 for under $8.
Live, adjust, and save $
I splurge sometimes getting homerun inn frozen pizza. They been costing me 10.59
Sometime I get the cheese pizza and add on with my favorite stuff.
@@CarlArriaza I started on Red Baron Supremes' then got Surfer Boy (Stranger Things) Multimeat buy one get one free and they are better.... Will try Homerun now. Still trying to figure out the best bang for the buck.
'You vill own nothing and be happy' -Klaus Schwab, the head honcho at the world economic forum, better known as the WEF.
I heard he was gonna get taken out. All his friends and family too.
I got lucky this year my rent didn’t go up for the first time ever. I’m paying $1981 base rent for 686 sq ft in a high rise in downtown Austin. After all the bells and whistles I pay $2400 (all bills except wifi). I moved in 2020 and it was $1270. I could never afford $3900 a month in Austin even though I make about $150k. I am looking to buy an investment rental condo near the campus but they’re in awful condition, old and interest is still insane. I’m holding out until 2025
I remember when I payed 1800 in Venice Beach for about 800sqft. Just like 10 years ago. Holly molly
I was holding out for 2025, but now moved it out until 2026. WAIT !
@@JohnAppleseed-cy1rd yikes! At least you had the beach! I’m looking at a dried up creek and a sorry excuse for a lake lol
@@kookietherapy9398 I probably will end up waiting because I wanna put more than 20% down
I recall when rents wouldnt go up for a few years now it's every few months?
Binge watching all your videos I’ve missed. Home owner from Northern California. Thank You Michael.
I know a millionaire that is renting after he sold his home and is happy.
He was paying 16,000 dollars home taxes, 6,000 home insurance plus HOA,
and mortgage 15,000 dollars a month.
Taxes were cheap I was paying 22k back in 2004
If he was paying 16k in taxes while living in a luxury home, while not ideal, 16k is kind of low. And so was his homeowners insurance. I'm currently paying 4.5k insurance while living in a 1300 sq ft shack.
@@inwiththenew I was paying that in 2008 on a 1500sf shack in the Hamptons
@@frederickmuhlbauer9477 did you stay put or move somewhere cheaper?
Over living his budget
This channel is a must watch for everyone who is interested in the housing market or economy.
And even if youre not interested in the housing market this channel is a big plus for your wallet!
I'm a single guy who makes six figures and until rates are 100 BPS lower, I get more for renting at these prices. With a 30% drop in values and rates in the five percent range I'm good.
@@sz5876 With your salary you can buy whatever you want. Why not buy and build equity and then down the road you have options to do what you want.
There are 2 sides to every story. So keep an open mind.
I'm a retired boomer I watch everyday to hear the horror stories. My first house mortgage payment $152.00 a month the second $352.00. Globalization put the screws to American dream.
Really appreciate that!
My husband and I are “in between.” Our mortgage (including HOA) is less than what our increase in rent was going to be. We have bought a condo. We are in Texas and I hate yard work. HOA takes good care of the outside and it’s a good neighborhood. We are in our mid 50’s. We bought before interest rates skyrocketed. 3.6 %. The only thing that worries me is property tax.
And HOA fees could go up substantially.
Never buy into a bloodsucking HOA. Just look at what is happening in Florida now.
The Joke is on you bruh... Who can afford to pay these rental rates... most renters are broke. The hypothetical rent and invest the difference applies to like the 10% of people. Most people are doubling up with roomies.
There is an IRS tax issue when people let their underwater home go and they suck money out with refinancing before they go belly up. I seem to recollect this was happening in California some years ago. The IRS was sending letters to those homeowners telling them that they had some hefty taxes and penalties to pay for their scheme.
It may sound counterintuitive but when you buy a house, you pay more to gain more. You’ll never understand it unless you take the plunge and put in a decade of your life into a home. Hands down the best place to put your money outside of equities and gold. All of which you should never buy if you can’t afford to.
Owning is overrated, Social Security doesn't pay enough to maintain a house once your old and own it
I disagree, my fixed mortgage will be paid off in 12 months and then I owe nothing for rent/ mortgage. I am on SS. Live in Kentucky where it cheaper.
Literally what's happening to My mom who just retired..
Thats why u build a family fool!!!
Didnt he just tell u that home prices rose 42% since Covid.....😅...people dont listen
@@jimmyjay689 yeah burden other with your problem, genius
This is just been a train wreck for 3 years now. Something has to give!! We can’t continue like this. Homes overpriced and little inventory and everyone just waiting and waiting to buy, move or sell. Crazy….
We were doing ok before the Covid farce, and the fake election.
They need to ban short-term rentals everywhere
The rent is too damn high!
100% replace the Economy is booming BS with the rent is too damn high!
The interest rate is too damn high!
@@billredding2000I bought my 1st home when rates finally dropped from 14-15% down to 7.5% in the 80's.
It’s ridiculous. I would suggest cohabitating or renting a room from a home owner. I did that for many years in Chicago where rents were always high unless you wanted to live in a war zone. Just do your research.
@@rolandthethompsongunner64 Rents definitely HAVE dropped back in CO (Springs) were I was living until very recently...but who know what they will be when I plan to move back (late 2025)? Hope I "get lucky" as I'll be renting at first while looking for something to buy...that is, if the housing market AND mortgage interest rates are WAY more affordable then. I really DO believe it will be a Buyer's Market in 2 years' time. If not, I rent until it is...
-- BR
In the DC suburbs Northern VA area, you can see panhandlers in most of the major intersections. I have noticed too many of them in recent years. The top 5 richest counties are in the DC suburb only. I don't know what's going on in this country nowadays. I bet things must be too bad in the other states.
I lived in nova for 15 years. Seen the money and power that area has… but you could not PAY me to live there again. Crazy, soulless area IMO. Yes some areas and beautiful and I love downtown DC but I could not find any peace in that area, it’s got a bad energy…
Good, I hope they keep putting regulations on AirBnB all over the country
Awe thanks for the motivation and support to us to not give up. This is so stressful not being able to afford a mortgage in CA with a family of 6. It stinks. We will stay the course.😊
You got this!
Family of 6? You won’t be able to ever buy a house.
Be patient. Prices will drop. A lot of us still waiting
@@Avtr44with the population increasing there is no reason homes will drop in price.
@@MichaelBordenarohow long would your best guess be that we have to wait for a significant drop?
How many working people can afford to rent at $4000 a month? In Canada owning a house is out of reach for most. Renting is the same thing now. A 2 bedroom basement apartment is going for $2000+ Outrageous.
Renters out West are being kicked out in favour of migrants who get a $2500/mo housing allowance from our ridiculous federal govt. A surer thing for landlords than people who can lose their jobs. Now those renters are out on the street! No country is as generous to immigrants and screw over their own citizens like Canada!
Yeah Canada is screwed. The US apparently isn’t too far behind now. Especially with the unsecured border 😥. Agenda 2030 MUST BE STOPPED.
Nice to hear a young guy say that today's interest rates are actually right in line with historical rates. My parent bought a house in 1967 on a 6.5% loan and thought it was a good deal. When I bought my first house in 1985 the rate was 10.5%. even at that rate, my payments for the house, which included taxes and insurance, were less than what I was paying to rent a two bedroom apartment. I did put 25% down to avoid having to pay mortgage insurance. I also paid the house off in three years, so I didn't end up paying all that much interest. As Michael said, the 10.5% interest rate was more than compensated for by the cost of the house. Back then I paid $84K for a new build, three bedroom, two bath home on two acres. I bought the house during construction so we got to choose the interior finish details (flooring, paint colors, cabinets, etc.).
Well...in california..my dad bought a home for 19000 in 1975....making 10 bucks an hour....then 1984 a house for 119 in evergreen. Area of California making less than 20 an hour...rates were highhhh but houses were not 1mil..as the norm in california...
Cool now that same build cost like $1mil….
Now the average new home build is 5 times that, 400k. Do you think wages have increased that exponentially since the 80s?
even just as recent as 20 years ago rates were similar . My first home was like 125K with 6.5 apr lol
Tell us the amount of debt you had in 1967 including your student debt and your car loan?
You'd have to have a screw loose to house hack here in King County. Getting rid of a bad tenant is horrifyingly difficult and slow. The worst of the dregs get the most effort from the free services of the local bar free lawyers and the rules get changed every few months. Ridiculous.
You are in one of the most progressive areas in the country. I would not be a landlord there. Glad we moved from Wa a few months ago.
I used to live in King County for 8 years. Communist cesspool. Some of us want to split the state in half.
Not as bad as Ontario. Over 8 months just to get a hearing to try to evict someone. A new concept called cash for keys has started. Paying renter large amounts to ensure the renter leaves. Totally messed up by leftie laws.
Nancy pelosi, And most democrats think housing is a right. That's totally absurd.
I've bought and sold three houses. At the age of 60, I will never buy again. It's become a fool's game.
Well, by now, you should’ve had the cash to buy one outright
Those meals look tiny. And probably very expensive.
Downsize. Get rid of the car and start walking. Live near Kroger and municipal resources.
I'd probably get rid of the apartment or house before getting rid of the car. Car = instant access to transportation = freedom and flexibility.
Florida will go down Hard when the crash happens
it went down HARD last time also
The Reventure podcast predicts a 20% to 40% decline in RRE prices in Florida starting now.
Not going to happen
@@nunya2954I guess you didn't get that memo since you're not part of the club.
@@dsj9831 :LOL Like I said, not going to happen
Saving of 4 k a month ? How many people u know can afford that . actually who would want to pay that ? Market is designed to take the average persons money .
" You will own nothing and be happy"....full reset incoming !
For the algorithm.
Refi's are also higher as people who took out initially low interest variable rate HELOC's have seen the rates and payments skyrocket and are looking to dump HELOC. My wife and I are 71. In 2020 we bought one more time and purchased our so-called forever home. We're in a highly desirable area in the foothills of Idaho that is much sought after from people fleeing the left coast. And there is an unlimited supply of those. Realtors are constantly telling us they have a client (who is miserable in a rental) for a quick cash sale. Blah blah blah. When working in our yard or just putzing in the garage, we've had people cruising the neighborhood who stop and ask if we want to sell or know anyone who does. And the answer is always the same. No and no. But check back in about 20 years when our daughter owns it. Bottom line is you can blame whomever you'd like for your situation or misfortune. But it's not our job to make your dreams come true. Ours came through 50+ years of hard work and sacrifice. So now, we unapologetically sit back and enjoy the fruits of our labor.
I USE TO LIVE NORTH MIAMI. EVEN THOUGH THIS VIDEO IS NOT NORTH MIAMI, I RECONIZE THE BLACK SLICK DOWN THE STREETS. TO DAY WAS TRASH TRUCK DAY ( THE SLICK IS SPECIAL SAUCE )
yup disgusting!
I was wondering what that was! I thought the street sweeper came through…guess not! LOL
They call that “Hopper Juice” in NYC! Named after the “hopper” that the garbage is thrown into in the back of the truck.
These videos make me so glad I got my house in 2020 before it all hit the fan. My home would cost 50% more to buy now in todays market.
I rented a crappy apartment with a nice view for 9 years. We bought a house last year that we 💘.
Bought home Last year... Rented for 9 yrs? .. fomo lol
@@danman1287 thanks for your input. Have a great day
@@IanThecrackerstacker everyone is thinking the same. I just put it in words
Congratulations, nothing beats Home Sweet Home.
@@danman1287It's amazing how people automatically assume that just because a long term renter decided to buy that they must have had the fear of missing out. What was he supposed to do, rent forever? 😂
Why would you buy now, even if you have the money? Rent till these prices drop at least 25%.
You almost need to do a "per square foot" comparison on house purchase versus rental rates. Where I live in Canada 2500sq ft house $3100 mortgage, taxes, insurance so $1.24/sq foot versus rent at $1900 rent for 800 sq ft 2 bedroom so $2.37/ sq ft, and that doesnt include the house having 2 acres of land. So house still a better option so far! And don't forget to add "renters insurance" for your contents property!
$800 to 1k cheaper to rent than buy for a 2100 sq ft home in SWFL.
That is a nasty looking meal wow he couldn't even get his dog To eat it.
Keep it up man! Thank you!
Will do!
Stop talking about SAVING money. Talk about how to MAKE money. That would actually bring some value other than confirmation bias for your viewers.
To save while renting, you need to be very disciplined (and lucky) and sock that money away. Don’t fritter it away on electronics, expensive clothes etc.
Agree, if you going to rent try to save, but if your rent is high you’re not going to be able to save as much.
My wife and i make 135k between the two of us. No kids and we rent a 1 bedroom apartment for 1040 a month (kc area i know its cheaper then most areas) but my point is we have 20k in savings no debt keep 5k in our checking for bills and fun go on a nice vacation every year dont worry about bills and still max out our 401ks roths and have a good size brokerage account thats taxable that we can liquidate if the housing market changes and we decide to buy a small home . Yes we are incredibly lucky but also we completely changed our mindsets and stopped defining success as it was 30 years ago. My point isnt to brag my point is if you dont need a house and you cut that part out of the success equation you can have a much much happier worry free life. We think real succes is the ability to have options and do what we want and see the world. Not be married to a huge house and status symbols.
When looking at these options, it is vital to calculate the total cost of ownership. Yes you have equity when you own, BUT don’t forget to add in property taxes, interest and non predictable costs. Sometimes these costs far outstrip what you are accumulating in equity. Home values can and will go up and down thus changing the equity.
Seems like a lot of people in favor of homeownership in the comment section forgot this crucial point you mentioned here
Equity doesn't do you any good until you cash out or hit 100% and no longer have mortgage payments.
One blessing of non-HOA home ownership is Control!
The Baby Boomer Data is Correct.....My house is paid Off....Even with all the equity I can't afford to move... Where the hell would /Could I go !!!
And I live in NW Florida.......No place is as affordable to live as where I live now ......I feel sorry for the younger generations .....
Yep exactly
Not buying until the market correction happens this price are outrageous…go back pre pandemic 😷 cause I didn’t see any raise
I wish I was your landlord, guaranteed income
@@Jack-pd4pssays the realtor
I think it depends on your situation if your a young person trying to find a home close to were you work your in a bad situation if you are someone who is retired and already own a home outright you can sell for a profit and move outside of the city a get great home for great prices in beautiful places and have money left over to invest save enjoy your golden years.
Rent is going up but still cheaper than buying/maintaining a home. Im in Salt Lake City.
The market is insane in SLC. Half a million dollars for townhomes.
@highpriestessearth There is a ZERO bedroom home for 350,000!! The bed is in the living room! In West Valley!
@@FromG2eminor 😮
@@FromG2eminor I’m not surprised. How outrageous!
We’ve built our own home. It’s cheaper than renting. And with rent… you’ll always owe money to somebody else. Same with leasing cars too. Or time shares. No thank you
Damn! Typical RUclips sellout. I was wondering how long it would take for you to finally start advertising for your own good.
Renting isn’t the best because owners don’t care about their property. We saw this again and again.
That is case by case depending on the landlord for sure. I’ve seen both.
What people need to realise as well is if property prices do slide banks will get nervous about lending unless u have a large deposit…so if your young my advice is live at home & work every working hour (hopefully u weren’t dumb enough to go to college & now owe a fortune)…save save save & live on beans & rice..
If u bought a house 10yrs ago, u would realize why its better than renting
Bordenaro is talking about rent vs. buying now, not ten years ago. Yes ten years ago was a very different market but unless you have a time machine, not relevant to the topic
@@tobyk5149 since when is the guy ever been relevant? He walks around multimillion dollar neighborhoods, while his audience cries and whines about the price of groceries.
not everyone needs to buy, and not everyone needs to buy in good neighborhoods but maybe outside of the cities. people got spoiled since 2000, close to work, hip places, and must own a home. lets go back 50 years, our parents got homes where they can find it and afford it.
Spolied gens and realtors.
Wait, who can afford 4k a month on rent?!!
I’m very different than the rest of my generation; millennial here. I’ve already lived in my house over average in my 30s and only house I’ve ever lived in after parents. Never moved around and not looking.bought house in early 20s and mortgage is like 1970s home prices ratios.
My brother and sister-in-law are selling their house in Atlanta, and were gonna buy one in Alpharetta. They close on the 29th of Feb. they have decided to rent, though they had found a house that they wanted to buy. My guess is that they want to wait for the market and interest rate, to drop further.
They might be waiting a while
True!@@novadhd
"where is this inventory gonna come from?"
Great question, but why does it keep being asked like the onus is on owners to sell, rather than on builders to build? Why aren't they capitalizing on the enormous demand in markets like Florida and building houses like crazy?
We've been in our house for over 20 years and I'm 43. I plan on being here for another 20. 😁.
if you dont tell us if you are renting or owning you add nothing to the conversation
I'm so ready to move to Florida but I will tell you as much as I want to own my own home. I will not buy one there because that prices are ridiculous period I plan on renting and letting the homeowner absorb the cost of the taxes the insurance and the natural disasters...leaving my paid for anchor home in south carolina intact where things are a fraction of florida costs ...
A lot of people can't deal w renting 4k per month when owning cost 8k per month...they have been brainwashed
Plus u get paid interest for your cash
Great job Michael ❤
Thank you!
@@MichaelBordenaro mICHAEL, truth is the best value any human being can have, but it’s the ones that embrace it and put it in the forefront of their soul and express it. That truly is courage.❤️🩹
Yep, and if they find out they will cancel your insurance, . IF you get lucky and they don't cancel you, you are on their radar, 1 slip, and you are cancelled, or non-renewable
What about those who can't afford to rent ? Their only alternative is using the tents ⛺️ ⛺️ ⛺️ ⛺️ on sidewalks.
Rents are still over 2k for small homes in Arizona, not seeing much of a decline out here. I am hoping it does decline fast soon
/ me too. I'm in the tri state of AZ .
The mortgage on the same small house would likely be much more per month.
seems people are not hurting where your walking passing 60K car one after another