How Much Home Can You Actually Afford?
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- Опубликовано: 15 авг 2023
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**checks income**
You can afford to live in a VAN down by the RIVER!!!!!
💯😂😂
😭😭😭
😂 Right same!! We’ll have to live next to each other to afford a cup of sugar 😅
Would like for Rachel to pull real time data from Zillow and mortgage rates. And to give a few examples from different cities. The numbers that are being given are ridiculous.
Based on the Ramsey figures you can afford a basement in South Central in California.
Cant get a studio for $1250 nevermind a house
You can in rapid city (an apartment I mean)
Truth!
So, according to Ramsey: the median household income in 2023 was $75,000 and the median home price in May 2023 was $400,000. Median means the exact middle of all the number lined up in order. Ramsey has confirmed that the average American family can't afford an average American house. A $160,000 house is way off from a $400,000 house. Seems like wages are not keeping up or maybe that houses are overvalued. And the Ramsey solution is always the same: "Get a bigger shovel".
That's a fact. And no wages don't keep up with the cost of house prices
My wife and I just bought our starter home and I gotta say, Ramsey network is out of touch with reality.
I get the Ramsey team is trying to help, but affordability is so bad that explaining to others in your own big, cozy home that most of them can only afford a make-believe house that is $200,000 less than the average home price comes off as kind of patronizing. Tips such as "sacrifice to take a longer commute and live 20 minutes outside of the city" just don't work anymore.
The Ramsey team is right about keeping your Debt-to-income ratio around 25% to not become house poor, but they really aren't giving any help on how to actually get the house at that price. They only say to just find a way to make triple the amount you are making. To afford the national average house price you have to make I think around $170k which is possible for some people, but I just can't expect a majority of Americans to make that much even if they "work harder" and "ask for promotions". It's like saying that if you can dunk a basketball, you can get a house and the hoop was at 7ft 3 years ago and now it's at 14ft. The Ramsey team just says "well just work harder so that you can jump higher", or "maybe move to a court further away where the hoops are only 13ft". they tell you that you need to jump 14ft but they can't actually help anyone jump that high.
This is getting embarassing
I try not to be negative, but here goes. I just looked up the cheapest non-trailer home in the Salt Lake valley suburbs where I live: $260k for a 800 square ft apt. Which Realtor estimated at almost $1800 a month on a 30 year mortgage. I get being aspirational…but that’s not even close
I'm in Utah too. I'm renting up in Clearfield which is a dump industrial city. That's the "20 minutes out of town" location that the entire Ramsey team keeps saying is the solution for affording a house. houses are about $10K less than Salt Lake with 1200 sq ft houses from 1970 selling for $425,000.
25% of myy take-home (retirement)is $675 . . .barely enough to cover set-aside for property taxes & HOA. Once my current house sells, I can pay cash for the next one (its paid for). What I Cannot afford is $1500-!800/mo for apt rental and $100/mo storage rental while I am looking for next house.
$75K? I make about $27K in rapid city.
I think people are going to have to come to terms with the idea that they not going to be able to own more than one home in their adult life. I honestly think the idea of people having a “starter home” is one of the worst concepts that has come about in the past 20, or so years. With housing prices being so high it’s just going to take people longer to save for a home. Which is what people use to do anyway. 30, or 40 years ago people would decide where they wanted to live, they would buy a home, and they would stay there unless some unforeseen circumstance caused them to have to move. My parents saved for 8 years after they got married before they bought their house, and they still live there. They did some small renovations over the years, but that’s it. I think people nowadays have a “the grass is always greener” mentality regarding housing. People need to stop putting their wants, and fantasies above what is truly important in a home.
Hiw does one find a home at 25% if their income? I make $25 an hourband that would be $820 a month hmmm 🤔 math is not mathing
Same over here! I think it’s telling that she uses 75 K in the example, and not 57K, which is more likely a real American income average. 25% of take home for 57K is $900 and my rent in a Georgia suburb is way more than that.
Everyone needs to read Rich Dad Poor Dad book. Buy homes and rent them out. Use that money to pay for your house that you live in. Continue to do that. More assets. Less liabilities.
So just find a house with a price that doesn’t exist anymore and get an interest rate that doesn’t exist anymore. Got it.
What state do you live in
Here's a radical concept.... save your money so you can afford more.
@@joannafoster3423finally someone with critical thinking skills
@@joannafoster3423might take some people a few decades at this point
@@joannafoster3423and prices continue to rise while you're saving. Nice try
I have to rent a single room in a house share even though I have $135,000 cash and earn $70k. This housing market is whacked!!
Or buy a house that you could afford with plenty of extra to save with a low rate. Under 10%. 8+ years later insurance jacked way up without any claims and no major hurricanes in our side. Now it’s so high that we’re above 30% and we make more then we started 10 yrs ago.
Homeowners insurance is insane! Even after we pay our home off we will still owe 550 a month just for the taxes and insurance.
You too can finance a box with a 15 year mortgage.
5% mortgage? Try 7%
I would love to hear Moore talk about being content with what we have! The grass is not always greener on the other side of the fence. I am leaving her house more and more, especially now with the mortgage is almost paid. Being content with where we are is huge.❤
So is the 25% you recommend just the mortgage principal and interest? Not including the taxes and insurance? In our mortgage they lump all 4 together which puts us over 25%. Thank you
Even when it's possible financially doesn't make it wise or a good choice. Too often people fall in love with the pretty new house and don't consider the impact of interest rates and closing costs. Also, your home is "new" for about 5 minutes before a hot water heater, furnace or other unplanned expenses pop up.
Where to begin...
Where you gonna find a house for $163k these days. Ramsey’s are out of touch with reality.
8 minute show that includes a sponsored ad lol
I'm confused to which year is she still stuck on because not on this current market so i can't find any mortgage on that rage price
So the median household income can afford 1/3 of the median home price? Can you show us some case studies of real houses you would buy if you were making the median income? Pick the median in Nashville and show us real houses. I’m willing to believe but it is starting to sound like you want me to be a HUD house millionaire.
If you make the median income, that just means you have to buy a house below median value.
I can see Ramsey’s building from my neighborhood, Lol.
A lot depends on where you live. I know income here in Arkansas is lower but cost of living is too. We paid 55,000 for a repossessed house and 40 acres 25 years ago and it appraised for 3 times that a couple years ago. It’s paid for and I’m not moving lol. And that’s with an income of 60,000 a year.
Live below your means. Difficult to do now.
What the problem is - there are no affordable homes - what happened? When the interest rates were low - 4% -5% people -let me correct that companies were snatching these up for rentals. These houses were in the $250,000 range and say 15 years old. Now at the interest rate of 7% there are no $250,000 houses because they are non existent. Another problem as I see is that people are coming in the market with a lot of debt baggage- two cars that are no way near paid off. Student loans - and that all important word INFLATION - gas is $4.00 a gallon, food is out of sight, Clothes are out of sight!
On a $75k income, you can afford a beat up camper following their outdated and unrealistic guidelines.
Realistically, you’re devoting 50% or more of your net income towards total housing costs.
When you have to rattle off a bunch of percentages and resulting amounts, please give us a visual with the math.
I love Ramsey but my goodness this is soooo out of touch. Show me on the map where you can buy a $165k house and still make $75k per year. They are living in fantasy land. 🙄
Loving our house😂
The calculator in description isn’t how much can afford it’s pay off calculator.
People who buy homes right now are crazy! Be careful
What about if you can even afford a house if you’ve always been a renter? I have no idea about any of it or where to begin. You briefly mentioned closing costs but for someone who has no idea about any of it it would be nice to have seen this in more detail, it’s as if it’s expected that everyone already knows those fees.
Look at creative financing like USDA no money down home loans.
There are tons of videos on the process of buying a house.
laughable
NO HOAs thats a waste of money. you should tell people to stay away from them.
This is sooo out of reality it makes me laugh 🤣🤣🤣 I have my current home and I've bought and sold several houses and made over $300k doing it following none of these steps. If i would have listened to this i would still be in a one bedroom apartment 💀💀🤣🤣🤣
Moving expenses are another consideration because rental truck rates have tripled out of California.
Not a big fan of the Target add on your channel. How about promoting something else?