Came down to the comments to say this. I like seeing this content mixed in here, if caleb were able to do 20% of the audits like this that would be perfect.
I want to know about when do you think you are financially stable to buy a house I know you should have a e-fund and 20% down payment but should you also have a go financial portfolio ira and Roth IRA 401k this is stuff they should teach in high school
You know something is wrong with the housing market when someone like her is doing all of the right things, makes over 100k/year and still can't truly afford a house with 25% of their income. Crazy inflated prices of houses on top of high interest rates and you need 200k income for an average house. And of course the inflated prices cause higher property taxes for the current and future home owners...
I have $200k down and make $100k and can’t comfortably afford a home in the town I grew up in. A town where a new build 1,900sq 3/2 would have been $320k just two years ago. 2 consecutive years of 50% growth.
Husband and I combined make 140k a year now. Doing financially better than my parents did even adjusting for inflation, but cannot even afford a 3-2 smaller than their house. It's insane (especially since we live in central Florida).
@@HotelBravo556 This will be the norm. I have friends who work in local governments. They "discourage" builders from building smaller/starter homes in favor of large 700K+ homes. This is supposedly to maximize the property tax base. I don't see a boom in affordable housing in the next 15-20 years.
@@DaveCompton5150 Yeah man tell me about it. I was looking for a 2b home because I don't need anything larger, don't plan to ever have kids and I'm a pretty modest guy but finding something that fits the "starter home" criteria is almost impossible, unless it's super old and requires major overhaul on top of the crazily inflated price
Not sure if you'll see this one since it's an older video, but I really loved this one because it was less about someone spending money on tons of dumb stuff and more about her long term money goals. It's nice to get some variety!
That was depressing. She seems to be doing everything right, has a $100K+ income, and can’t find a reasonably priced home. She’s doing really well so what hope does someone with less means have?
Got super lucky in early 2021. Was hoping for a home like her with 1500+ sqft but found a great starter home with 1156 sqft with HUGE rental potential once our family out grew it. Locked in at 2.75% at 185k. My brother's now shopping the market and he can't find anything that would even be remotely budget friendly. I think it'll be a few years before anything really becomes affordable by then. Maybe Blackrock will lose their asses on all that residential property they bought and be forced to sell at a loss.
This interview was way more relatable than the others. It’s much more informative to an audience member like me, someone in a similar income, and similar investment habits and goals to buy a house. Although I am younger, and looking to buy at a different part of Texas. I enjoyed this one. The others are frustrating and increase my blood pressure. Bring more ppl like this! Ppl who are actually trying and have feasible financial goals but need help with the details.
It's nice to see these people who have it together financially. Seeing how many fewer views this episode has vs. the ones where the people are financially DESTROYED, I understand why he doesn't do more of these episodes. He's a financially responsible guy and he understands that financially irresponsible people bring in the views.
A lot of the comments were questioning Victoria for not bending on her home requirements and getting something smaller/cheaper/further away, but it sounds like she already has a stable and financially-sustainable rental situation for today AND is planning for a near (5-year) future where she is caring of her 70+ year old parents. It seems silly to me for her to buy something that's just "okay" for her today if she's forced to go back on the market soon enough.
@@Lumbeelegend - buying cheaper would work in some markets, but Austin is crazy. There is very little available for less than $400,000 in the central Austin area. You can move an hour away, but not everyone wants to have that long a commute. Austin freeways are jammed - it isn't easy to get around.
@@katbrown415 ooof. That sucks. Even making low 6 figures, there's 30 years on a $400k mortgage that you are signing up for, hoping nothing major happens in that time. Daunting is the only word that comes to mind. I live in NC, in the woods and my mortgage was 60k. Even with that, my bills combined is around 1k per month, so I just pay 2.5 times my mortgage in order to pay it off so I can maybe upgrade or buy rental properties. My place isn't bad and I have 2 acres to put my fruit trees, lol. I feel bad for y'all. Hopefully the market will balance out to offer you guys some relief. Have a good day, and thanks for the info
Good point on the parents plan. I also had high goals and saved 2y salary in 6-7y. Average salary. Got city cente old app. in dec '21which still needs 20k for fixing. Had to rent it out for 9m to get lower price for it. Luckily had extra 4m salary saved up cause salary/max loan didnt reach the price and had to go 19% down instead of regular 15 at that time. Worked up my emergency fund/ investments to 5m pay level now as I was all in when buying. Took personal loan to keep some investments. Mortage payment has increased 55% since january as im from EU. Everything is killing budget. Living as working in grocery store allows me to save smth. Cold winter and heating coming up but july already home wifi and phone expenses are 44% of income. Need food too. Its all just absurd. Cant do things much wiser anymore. Lifes like test of character for now.
Regarding parallel plans for ankle surgery and moving: I had ankle surgery 13 months ago, and that foot is still tender. Surgeon says that full healing can take up to 18 months. No way I’m going to pack and move any time soon.
I loved this video! Thanks for having someone on who wasn't in their early 20s (as much as I love those videos). I feel like this gives a more realistic perspective of what the millennial generation are struggling with fiscally right now.
Kudos to her, being single and doing her own thing. I am also single and lucked out and bought my house in early 2021. I also make north of 100k and have a very low interest rate at 2.75%. I could not afford a house now with these rates. She should keep saving and wait for things to change.
So refreshing for you to have a person like this on. She definitely has her stuff together, living responsibly and doing ALL the right things with her money. Not to mention she seems like a really nice person. I hope she finds the right house soon!
Customer service representative in Austin, TX is not an upper income position. Austin TX is a super hot area. She needs to move to a less inflated area.
First person I actually believe the 1 off story. That being said, I feel bad for her because she is doing everything right, makes a good salary and still can’t afford a small house.
1600 sqft house with family of 5, for us it is more then big enough. Left a 1000sqft home which was too small for comfort. I really don't understand why you need a 2000+ sqft home. It costs more to maintain and utilities are higher. Rather a smaller home with a bigger yard. ...
@@nicomyth family of 4 here and just moved to San Antonio. The houses here are BIG! We only need something that’s 2000 square feet and that’s only because my in-laws are moving in. Before we knew they were moving in, we were looking at 1600 square feet. No idea why people have to have massive homes.
I love this one, it's nice to see someone so down-to-earth! She doesn't have crazy bad spending habits and seems genuinely interested in getting good advice in achieving her goals.
This was a great, revealing interview of an individual who is doing everything right and is still struggling to buy a modest house. I think many would initially dismiss her woes once they hear she makes $120k/yr, particularly if they are unfamiliar with the true costs in an Austin, New York, LA, or another place where you can easily be paying $800/mo just in property taxes. I wish her the best.
No one in New York City is looking at buying a 3 BR / 2 bath freestanding house for $325K on a $120K annual salary. They're buying an apartment in a highrise building.
As a european looking at these its mind blowing whats going on in america. How your system works. Or rather doesnt. All the cards you have all the taxes you have. We just pay one tax and all our healthcare education water and pension is done. Except for motor tax and vat. No other fees. No health insurance nó proerty rates nó service fees for neighbourhood...you guys are getting screwed because of your fear of communism not letting you even do basic things for your people nationally.
Housing is so unaffordable. I had to pay over 1/2 million for a 2 bed/2 bath condo in Colorado. It's ridiculous. I feel so bad for young people or anyone who is trying to buy a home.
Here is a tip you can implement. Next time you can screen record your laptop screen so that way you don’t have a hard time finding the pictures again or in this case cannot find them anymore because they got sold. And well now that you have footage of the screen record, it will be easy to implement on your editing software to compile all of it.
This is by far the saddest episode I've watched. This girl is doing everything right, has an awesome job, doesn't spend outside her means, lives a normal life & is struggling to get a home. I'm just a dumb tradesman making half of what this girl is in the crazy housing market of souther ontario. This episode really dimmed the light at the end of the tunnel for me. It feels so hopeless being a young person in this economy. home ownership, retirement, and supporting a family all seem like distant pipe dreams.
Cheer up! Not every city is expensive like this. As long as you have universal skills needed anywhere, moving to a low cost area is always an option or moving further away from the city. Instead of saying "i cant afford" ask yourself "how can i afford" when you change your mindset is when options open up!
I hope you’re not voting for the people who created the dismal situation in southern Ontario. Chin up and head south if you can. I did and it changed my life
@@Rooneytunes01explain to me how you fucking did it like I was 5 years old. Theres a reason why about 65% of Americans are living paycheck to paycheck even if they were in debt or not. Go ahead, genius, explain.
I actually hope to see more videos like this in the future. There are plenty of people like this woman who have a plan, are responsible with their money, and genuinely are trying to make something of themselves. It serves as inspiration for those that want to see realistic, tangible strategies put to work as well as seeing the results.
Really loved this episode, nice to see someone, investing, living a modest lifestyle even though they make over 100k, and not blowing their money on bars/Amazon/shopping. She’s doing all the right things and still getting good advice from Caleb, can’t wait for the follow up. Good luck on your surgery and finding your first home Victoria!
Water hose, new locks, maybe lawnmower, basic tools, rakes, fireplace cleaning, winter things that covers outdoor faucets, curtains, painting means brushes, pans, rollers, paint, and maybe a ladder and let’s not forget appliances if it doesn’t come with the house
@@joyaustin6581 yep, when I moved out and bought my own house few years ago now, I went through my parents home room by room and counted what I would need to buy for my own. It was a long list with tons of stuff you don't consider every day. Put together your own toolbox, power tools, put up some shelves, bath towels, your own set of kitchen utensils, pots and pans, plates and bowls, dish soaps... it goes on and on and on and cost of a hundred little things only costing $2-5 you wouldn't think about adds up.
When I bought my first flat I bought almost nothing. I got stuff from friends and off the streets. Bought some stuff second hand. Asked friends for help with fixing stuff. You don't need to put that much money into furniture. It's not because other people do it that you have to do the same. Just be patient and buy the things you like along the way.
It took me about a year of living in the house before the trips to Home Depot slowed down. It’s not all strictly necessary, but after spending on a house you want to make it feel like home. Also need to have a much bigger emergency account
Health insurance is a negotiation tool, had it not been for it that would be a 5 figure surgery. The plus side is you can hedge an HSA as tax free investing so you're prepared on the off chance you actually need to use it
DATING is expensive. Being in a committed marriage or co-habitating relationship is financially much better than being single, provided your partner isn't a spending addict. Two incomes covering one set of housing expenses. Only needing to buy one vacuum cleaner. Tax benefits for married couples. Stacking credit card referral bonuses. Kids are another story.
Singleness can be both expensive or cheap depending on your lifestyle. Despite her income and singleness, she doesn’t come off as someone who lives frugally.
Wife and I just gave up on looking for a house after seeing 47 of em, making offers on 6, and getting outbid by cash offers 20-30k over asking on all of them. It’s tough out there, we’re going to rent for another year and hopefully rates come down and maybe asking prices too
I'm in Chicago but I just found a condo that I wanted that came back on the market. I started looking at the end of last year. I put offers down on 3 places that all got rejected - even at full asking price, so I get it. Take a break to re-energize yourselves to the process and maybe see if your landlord will put in a home-buying clause so you can get out of the lease when you buy a house!
Episodes with responsible people are the best. This type is probably on top, responsible, doing well, but still facing hard decisions. People who do well and pretty much have it solved and people who are responsible, but took a wrong turn and work towards a fix are also great to watch.
Damn man, I got my house right before rates rose at 3.2% It being this hard for her to have one with 40 grand is just sad. Hopefully she'll get her dream home soon!
California prices is crazy already, people on the east We all know it's hella expensive there. But people on the east are facing almost same issue. I think California pays more or easier to get high paying jobs. It has to be cause why do people still live there? Biggest issue over here is for the people that dont have high cost houses but shit pay. I get paid actually pretty good but this market makes me feel like I make $10 an hour which is insane cause I make way more then that. House in this area was $100k and you could get nice 1900-2,200 sqft brick house. Ever since the bubble hit they are now $240k and the ghetto went from $35k houses to $120k. Rent was decent at $595-$770 for mid class at 2-3 bed room apartment and expensive luxury names were $899 for 1 bed room and$1,100 -$1200 for 2 and $1300 for 3-4 bedroom nice apartments new ones etc. But now that same apartment that was 595-770 now going for $1240 for 2 bed room and 1 bed room is 1164 a month. The luxury apartment is $1,100 for 1 bed room and $1350 for 2 bed room and $1600 for 3 bed room and $1780 for 4 bed room. House rental went from $1200 up to $2000 for a house that is 2 bedroom or 3 bed room. 1200 sqft. Bigger house $2,500 for. 2,200sqft. Renting a house people smoking crack pipes at those prices. But now the bubble they even got more dumber. Hell a house renovated at 1,000 sqft is worth $300,000 your paying rent at absurd prices. But u tie a noose on your neck when trying to buy a house. Remember foreclosures were around $60-$70k or even quick sales for a nice brick home 1900sqft was $110k instead $180k. Cause cost was low. This was perfect place to buy house for first time buyers. Despite fucking mega rental people buying those homes that were $60k trying to make rentals instead of allowing peeps to own. So investors with multiple houses around 20-30 houses here while people struggle to own one before they get there raggedly hands on it. Killed this area, and now they are sitting with rentals that are 3x the amount and no one can afford them. Who would pay $1,500 for a house rental? Might as well buy your own house. But again you can't cause u putting a loan for a shitty $240,000 house that will die and go back down to $120k but your mortgage won't go down. Meaning the banks are profiting big time from people rushing to buy to by pass renting, and renters are fuckfaces being greedy. So then we ask why even work any more? Might as well live with parents, or get room mates or a group of people to buy a house and live with them. So whoever made the price increase this badly on houses, government or w.e they need to jump into a fire pit while being hosed down with gasoline. Like housing prices are disgusting as fuck, if you own one then great people are happy that the $140k mortgage loan they made 7 years ago and see that their houses 2x the worth. Any one would be happy with that. But how does rental properties go up without cost of living evening out? We didn't even start the $15 an hour minimum wage. But you might as well throw minimum wage to $35 an hour. For this bull shit.
@@reaverdropper2997 "It has to be cause why do people still live there?" The vast majority of homeowners in California bought their houses years ago when prices were less crazy. It's only current buyers who have to be crazy rich. And there aren't many current buyers. Example: I bought my house in San Jose in 2012 for $650k and sold it last year for $2.3 million. My mortgage was around $2300/month. The dual-income tech couple who bought it from me have a mortgage that is more than $10k/month, due to both the higher price and higher interest rate. The same house would probably rent for around $4k/month, which is high, but still a bargain compared with buying. Most tech workers can afford $4k/month, but relatively few could afford $10k.
@@OurBelovedBungo I keep forgetting California had lower prices back in the days xD. I just always hear how expensive it is. Then south Cali or la is like dog shit for crime lol.
@@reaverdropper2997 I hear your pain, son. And I think this outrageousness means only one thing: prices have to crash, meaning they will because there will be no more buyers at these prices and interest rates.
My husband and I are in a similar situation in Phoenix, it's unbelievable. Rent keeps going up and up, at $2200 currently, but there just isn't inventory for a house in our price range and location. Never did I think I would be bidding $450K+ for houses 1,000 sq ft or smaller and still getting outbid. We both work FT, making 6 figures, little debt, no kids and very good credit but unless we decide we want to live in areas we truly would be so unhappy in, we have no options. And trust me when I say, we have been more and more open about the criteria. The real kicker to this is I am privileged to have this problem and I know that. There are so many people that are down on their luck and can't even consider buying, are losing their homes, or have lost their homes with no place to turn. We are losing the "American Dream" more and more; as a whole, we should all be very concerned about this. Seeing more homeless people is not because people have chose that, or they are mentally ill, or drug addicts. The correlation is clear, across the board and heartbreaking. I would love to hear a follow up on how things went for her, if you have it.
Anything outside of us working and keeping us alive on the bare minimum so we can keep working isn’t seen as necessary for the rich ruling class. In fact they see it as a burden and it will continue to get worse as long as we allow it
Well her situation is she’s 36, prob working for 20 yrs. Makes 140k a yr and nothing saved for a house…. That’s not as much as the worlds or economies fault
Housing is so difficult right now even for people doing everything right. We bought in 2018 and had to buy a home that needed a 30k-40k reno (with us doing the bulk of the work) in order to get a house we could reasonably afford the mortgage on. Even that took 1.5yrs of looking for the right fit that we thought we could fix ourselves and involved some amount of luck. It's just near impossible for a lot of people right now.
That was certainly my favorite video so far, coming from the UK I can relate to the struggle to get on the housing market. She is doing an amazing job and is very inspiring indeed.
She is very smart for requiring a home have certain features long-term and not just buying anything. Anticipating 1 floor for old parents or surgeries is good thinking ahead! A house is a lifetime commitment.
I have an irrational fear of caleb getting ahold of bank statements from my 20s and roasting the shit out of me where it’s all huge car payments and bar tabs.
I think it would be helpful to talk about a mortgage as renting money to compare this situation. If her rent is 1600 today on a house she likes that's a killer deal. Today's rates will mean she's paying more than that in interest payments for years! It seems like putting that extra money into the S&P or Ibonds for a year or 2 would get her more buying power than the equity growth in a place she can afford right now anyway.
I completely agree; if she has a below market rent, she is far better off in the long run not owning and putting money in the market instead. People really get too tied up in home ownership. It should not be your main asset, in my opinion.
I bought a 800 square ft house that was a total dump when I was 27, I am now 48. My first house had no AC in Las Vegas. I installed a window AC and dealt with it. No dishwasher. No laundry hookups. The cabinets and finishes were 30 years old. I bought that house and everyone made fun of me. That house appreciated in value $80k. I sold that house and used the equity for down payment on a better house. Not much better. Everyone still made fun of the next house I bought. But I did that 4 times over the last 20 years. Each house appreciated and I used that equity to build up to a nice but modest home that I now own and paid off. You have to start somewhere. You can’t always start in a house you love for 400k. You start when you can start, appreciate what you can have and build from there. The price of the homes I bought were 90k, 140k, 215k then 350k. Didn’t start at the 350k house.
Finally, a sensible person! Such a nice change. I can't watch entire episodes of the crazy people, but this lady is great. I hope she finds something soon.
I worked for a Managed Service Provider (basically rent IT Services for small and medium businesses in Boston). We had a customer success manager that looked like this woman and had similar mannerisms... It's really creepy
If I were in her shoes, I’d cut back on all the ‘extras’ including stop retirement contributions (except the min needed for the match). Put every bit of cash towards saving for a down payment with a goal of hitting $100-150k by spring. That would give her more of an emergency fund and the ability to put more down to push that monthly payment down.
I think she may have had a crisis many renters have where they realise they’ve wasted hundreds of thousands in rent when they could’ve put that in a property so are now in a rush to buy a property.
Eh yeah I mean she's 36... its probably about time and seems to have the means to. I'm sure something appealing will come up now that inventory is going up.
She’s clearly not in a hurry, she’s been looking for many months and has been picky about the area, attributes of the home, and only made a few offers. Maybe at the start it would have worked out for her to be less picky and nab something, but now it’s to her advantage probably to wait things out and look for the right opportunity, which seems to be what her plan is. Patience.
Home ownership can be part of a retirement strategy. Get a 30 year mortgage at a fixed rate, pay it off during your peak working years, cut out a huge expense when you are living on fixed income. Compared to renting only, which you continue to pay into retirement. In my area, I will save about 12% on my current monthly expenses in retirement from not paying rent/principal+interest.
It’s not the first time this has happened. Prices doubled/tripled beginning in the late 70’s and kept going up for years. Finally got a house in 2008. Thank goodness for 401k. Took a loan for that and bought for “cash”. I kept getting turned down for houses by people with cash so a mortgage did me no good.
People have purchased properties on debt for way more than the property's actual value. When the prices of homes come down people will stop paying their mortgages because their mortgages are more expensive than defaulting. This is similar to 2008 when people were buying properties with monthlies that they were uncomfortable with to try and make profits and now that the market is cooling they'll realize they're over their heads. One financial emergency will force them to foreclose. Just know interest rates will keep going up for a long time due to our country's runaway deficit spending. Be prepared to take into account purchasing a better interest rate as a part of the closing costs of the property.
Wish he would be willing to do this for people outside of Austin. I'm buying a condo and I live in Chicago and I will barely have any money left after my down payment and closing costs...😅
This is so rough. We were in the same boat searching desperately and she makes more single than we have coming in as a couple with three kids! We finally gave up and were fortunate to find a house we could afford to rent in a neighborhood we definitely couldn’t afford to buy in. Seeing someone in a better financial position than us still struggling in Austin’s insane housing market is both validating and discouraging. The American dream of homeownership is becoming a pipe dream.
Thank you for this video. This is the one I relate to the most. I feel like I'm pretty good with money but I'm in the same situation though I don't quite make as much. No debt, except what I pay off monthly in full for the basics if that even counts, but no ability to compete in order to get a house. The only thing I can do is to try to make/save even more money and try to save about a 50% down payment to make mortgage affordable on a tiny place for a family of 4. But I wonder if I'll be able to afford property taxes at that point because of all the people renting out houses (skipping out on homestead laws) and making the inherited taxes go up exponentially faster. Meanwhile, I'm being priced out of the renting market as well. I feel like I haven't seen that big correction we keep hearing about. Still waiting. Austin seems f'ed at this point. At some point it's not worth it to buy a house (though doing the rent bounce from place to place is super expensive and hard on kids). But it feels like the only way is to save up for a bunch more years and try to pay in cash when there's a big crash or weird opportunity. I feel for the 60% of Americans that have no savings. It's just impossible
On one hand we’re seeing articles and people saying starter houses are hard to find, but folks are passing on a 3 bed/2 bath at 1500’ cause it’s too small?! Do people have more kids in Austin? 😮
I couldn’t believe they said that either. I think our condo is around that or maybe 1800 and I don’t think it’s small. 3 bedroom 2 bath. We’ll see when we bring our baby home lol
I’m looking at 2 bed 1 bath for 250k+ under 1000 sq ft. All I need really, but man does it seem expensive for what you get. I guess that’s the price to pay when you live near the beach. I’ve gotten outbid on every offer I’ve made the past year though. Hoping to land one of these shacks soon lol
I had a 3 bed 1.5 bath townhouse with twins from newborn to age 2, a 6 year old and a 10 year old. It's was doable but not fun but we were able to save for a bigger home.
I hope you're having a great day Caleb. I have a Nissan lol. Around 40k miles my head gasket blew. I needed a brand new engine. I will never buy Nissan again. My sister has one and has transmission issues. Good luck to your guest. If she struggles, imagine the rest of us
@@The1JBanks I'm not looking now. I had a month left on my warranty at the time. My car is now 10 years old. I'll probably use it until it dies or starts bleeding money since the car market blows
Man my mom's old Nissan is an 09, she gave it to me for 4 years, I just gave it back when I bought my own Toyota. It's still running at 170k miles. My dad always regretted the thing until lately because it's lasted way longer than expected for a Nissan. My mom uses it as her winter daily driver now because her car doesn't have winter tires for Canadian winters, she's gonna drive it until it craps out, we're at the point of betting how long it'll last haha it was also my dad's before my mom's and my brother took it over summer too. Just passed around the family lol. We joke that this thing just won't die. Still glad I upgraded to Toyota myself though
This episode was insanely helpful in understanding how the housing market can affect prices and giving some context to buying a house. I found it incredibly useful.
You know what really sucks the most. Im doing a lot better, reading books about financial freedom finding some youtube channels like this. Then to see that the people that are 10 years ahead of me arent even able to afford a house. You do everything they say absolutely right. But because a small percentage of people want to hoarde all the wealth they possibly can we're all screwed
I'm in a similar position, I make around the same amount. Luckily I was able to buy my house 5 years ago in CA after saving my ass off in my early twenties. Then I refi'd at the bottom at 2.625% and got rid of PMI. I'm paying $2800 towards it including an extra $300/mo towards the mortgage.
Seems like she'll have to save for another year before she can buy a home and hopefully the markets will fall in line with what she needs. An extra year and she can probably do another 20-40k down.
Please do more videos with financially literate people! We understand these don’t get as many views as your videos of financially dumb people, but maybe doing one of these every month/1.5 months? Your most viewed vids are very entertaining, but I’ll bet most of your audience relates the most to people like this lady.
Sure it is. I lived in a mobile home (a double wide) for 11 years while I saved up money. Worked like a champ. I bought a house, sold it after 5 years, rolled the money into another house, sold it 17 years later, roll 200k into a 290k house seven years ago. I now owe 80k on a home valued at 500k, on a lake in Missouri. Didn't happen overnight. Took 40 years to get my dream home. FORTY YEARS.
@@terminaldeity No way dude! Everyone has different wants and needs. I have friends who live in a warehouse space that they converted into studio apartments because the mortgage on the warehouse was half of what they would each pay a month in rent. At the end of their 2 years there, they'll all own a piece of a 450k property that they can either sell or rent out the units in.
@@TheStevenstatzer - Bullshit. There's one for sale three miles away from where I live, for $14,000. Payments are about $150 a month. Can you afford $150 a month?
Awesome woman. Got her head on straight. Knows what she wants and plans for it. 100% sure that the perfect place will find her! Good luck! You've got this sister!!!
@The Real Cat of 2020 Inflation has resulted in the rise of the cost of living since money was invented. For example, that's why you could buy a bag of candy for a quarter in the 90s.
Idk if youll see this because im literally binging your episdoes in order. Youve inspired us to start getting debt free and have already this month paid off medical debt, an old collection and ine if two CCs. Love your channel!
Recently housing prices have been dropping 15 to 20 % especially in the hotter markets. So if Victoria holds off & waits the prices will drop further as less Buyers can qualify due to the higher rates. She is in really good financial shape even with the vehicle eventually needing to be replaced. She is financially smart for her age - well done !
Wow, the interest rates really are killing the housing market if someone like her is unable to buy. Unbelievable. House prices need to drop +30% just to be affordable for the upper middle class. Eek. Just imagine how the middle class and lower class is getting killed financially right now. Anyone that didn't touch real estate in the last 10 years is in really bad shape. REALLY BAD. Thanks for the informative video Caleb.
She is a single income which would normally mean a one or two bedroom would be okay but for her she’s decided a 3bedroom + yard is needed so she is ‘competing’ dual income families.
@@bee42Sad She has a single income that matches the dual income median household income in the USA. She's upper class on her own. She should be able to afford a 2-3 bedroom house on one income.
@@kaianthony8077 - Absolutely. I think she is a perfect illustration of how much the housing market exploded during the pandemic. Prices were high in 2019. The pandemic made them ridiculous. On her income with a big down payment like that, she should be able to buy at 7% mortgage rate. But she can't because rationality hasn't hit the housing prices yet.
Canada is even worse. My partner and I each make over $100k per year in Vancouver. Which is about double averages household income here. We aere about $150k to $200k per year away from being able to buy a detached home in the lower mainland. For a small townhome we are still probably about $60-80k away per year plus the $90-100k down payment. Its so fucked here. Even if I double my income, I’d still be uncomfortable buying a home here. Small condos are doable, but most are still $550k to $650k plus $400 in strata, plus utilities and wifi etc. crazy here.
Found this channel a few days ago and have been bingeing it ever since. Happy to see this one come up that’s more relatable to me, though I hugely enjoy the roastings! Interesting to compare (in USD) as I’m in the southern hemisphere, single, no dependants, late 30s, first home buyer in 2021 who purchased a small 742 sq ft townhouse near a main city for $372k with a 30% deposit ($120k). Income $53k. Interest rate 5.63%. It takes a lot of sacrifice (my needs are 88% of my income!) but worth it for the stability of not renting and paying my own mortgage instead of someone else’s. It’s not my dream home but it’s a great start.
Two full time average workers are required to buy a single less than average home in the U.S. now. Most folks my age in their 30s I know are single and plans to never have kids and they are stuck renting forever. I'm buying land and building something very small for myself. Helps to work in the building trades.
I can see Caleb going through my credit card statements for this month: "$475 for Bruichladdich Distillery?"🤨 Me: "It's a really nice Scotch!" Caleb: 🤦♂
@@CalebHammer I can afford to splurge every now and again on something like that though, because my total mortgage+tax+insurance is only $906/month. Picked up a foreclosure deal during the 2007 meltdown, I honestly can't comprehend how people can afford current housing prices, invest for retirement, and still have any kind of a reasonable lifestyle...
I moved to a townhouse when I left my marriage. My tow house has an elevator in it. I'm in NJ, outside of NYC, and my townhouse is higher end, but it could always be an option to put a stairlift in if the parents move there. Also an option to sleep on the couch after surgery. If it opens up options, it is worth considering. I landed here because it was the only thing available with enough space for my kids. Not my dream home, but it is growing on me.
I’ve heard many people say the gap between the middle class and wealthy is increasing further and further. I believes it’s a bubble waiting to be popped🤔. Gotta love the Pareto principle. Commenting for the YT Algorithm Pt.16
This sounds kinda like my mom’s first house with her husband at the time. First time buying a house in 1981 and the interest rate was 18%. In order to make it work, her husband was having to work 3 jobs. Insane stuff.
I am never going to buy a house under 1300 sf for more than $150k. 320k?! That's insane. Better off buying land, a tiny home, then building your real house then renting out the tiny home.
Gosh, I feel bad for people. Sure, some people make their own pits but others just cannot even save enough to get ahead while earning an awesome income. I thank God everyday my wife and I have been blessed enough to time the market twice in where we have lived on a single income.
It might be a hard time to buy a home, but it’s as easy as ever to subscribe and get us to 50k 🎉 one person will win $1k!
Let’s go 50k
Please remove gym address 🙏
Why can’t she do fha??
@@saulw6270 her issue isn’t down payment it’s mortgage payments an fha would be more monthly in $
Thanks for all that you do!
Please do more episodes like this with intelligent people trying to do the right thing! The stupid kids are fun but this is enlightening
This lady is not intelligent. She is the reason we are in this position. Women leaving the home was the Death of the American Economy and workforce.
Came down to the comments to say this. I like seeing this content mixed in here, if caleb were able to do 20% of the audits like this that would be perfect.
This comment needs more upvotes
I want to know about when do you think you are financially stable to buy a house I know you should have a e-fund and 20% down payment but should you also have a go financial portfolio ira and Roth IRA 401k this is stuff they should teach in high school
@@simply_deliciousvegan3242 Women should never own property
You know something is wrong with the housing market when someone like her is doing all of the right things, makes over 100k/year and still can't truly afford a house with 25% of their income. Crazy inflated prices of houses on top of high interest rates and you need 200k income for an average house. And of course the inflated prices cause higher property taxes for the current and future home owners...
Market still needs to cool down. Some areas in the US doubled home values in five years. That's insane.
I have $200k down and make $100k and can’t comfortably afford a home in the town I grew up in. A town where a new build 1,900sq 3/2 would have been $320k just two years ago. 2 consecutive years of 50% growth.
Husband and I combined make 140k a year now. Doing financially better than my parents did even adjusting for inflation, but cannot even afford a 3-2 smaller than their house. It's insane (especially since we live in central Florida).
@@HotelBravo556 This will be the norm. I have friends who work in local governments. They "discourage" builders from building smaller/starter homes in favor of large 700K+ homes. This is supposedly to maximize the property tax base. I don't see a boom in affordable housing in the next 15-20 years.
@@DaveCompton5150 Yeah man tell me about it. I was looking for a 2b home because I don't need anything larger, don't plan to ever have kids and I'm a pretty modest guy but finding something that fits the "starter home" criteria is almost impossible, unless it's super old and requires major overhaul on top of the crazily inflated price
I love that you got somebody that is actually financially stable, I found this video a lot more relatable to my own situation
Snooze 😴
Not sure if you'll see this one since it's an older video, but I really loved this one because it was less about someone spending money on tons of dumb stuff and more about her long term money goals. It's nice to get some variety!
That was depressing. She seems to be doing everything right, has a $100K+ income, and can’t find a reasonably priced home. She’s doing really well so what hope does someone with less means have?
hope is an issue if that's what you or anyone else are relying on
@The Real Cat of 2020 Then commute for two hours??
Working remote just means you’ll be the first on the chopping block.
Got super lucky in early 2021. Was hoping for a home like her with 1500+ sqft but found a great starter home with 1156 sqft with HUGE rental potential once our family out grew it. Locked in at 2.75% at 185k. My brother's now shopping the market and he can't find anything that would even be remotely budget friendly. I think it'll be a few years before anything really becomes affordable by then. Maybe Blackrock will lose their asses on all that residential property they bought and be forced to sell at a loss.
Not true
This interview was way more relatable than the others. It’s much more informative to an audience member like me, someone in a similar income, and similar investment habits and goals to buy a house. Although I am younger, and looking to buy at a different part of Texas. I enjoyed this one. The others are frustrating and increase my blood pressure. Bring more ppl like this! Ppl who are actually trying and have feasible financial goals but need help with the details.
This was great. I’d love to see a follow up with her. She’s like soooo many of us in situations that have stalled purchasing power.
It happened because our generation got lazy and cowardly.
It's nice to see these people who have it together financially. Seeing how many fewer views this episode has vs. the ones where the people are financially DESTROYED, I understand why he doesn't do more of these episodes. He's a financially responsible guy and he understands that financially irresponsible people bring in the views.
Yes ppl wanna feel better about themselves not worse 😂😂 but they are very entertaining still
FINANCIALLY DESTROYED lol i love that
A lot of the comments were questioning Victoria for not bending on her home requirements and getting something smaller/cheaper/further away, but it sounds like she already has a stable and financially-sustainable rental situation for today AND is planning for a near (5-year) future where she is caring of her 70+ year old parents. It seems silly to me for her to buy something that's just "okay" for her today if she's forced to go back on the market soon enough.
Maybe buy something a little cheaper, then sell when she has enough equity built up in it.
@@Lumbeelegend - buying cheaper would work in some markets, but Austin is crazy. There is very little available for less than $400,000 in the central Austin area. You can move an hour away, but not everyone wants to have that long a commute. Austin freeways are jammed - it isn't easy to get around.
@@katbrown415 ooof.
That sucks. Even making low 6 figures, there's 30 years on a $400k mortgage that you are signing up for, hoping nothing major happens in that time. Daunting is the only word that comes to mind. I live in NC, in the woods and my mortgage was 60k. Even with that, my bills combined is around 1k per month, so I just pay 2.5 times my mortgage in order to pay it off so I can maybe upgrade or buy rental properties. My place isn't bad and I have 2 acres to put my fruit trees, lol.
I feel bad for y'all. Hopefully the market will balance out to offer you guys some relief. Have a good day, and thanks for the info
Good point on the parents plan. I also had high goals and saved 2y salary in 6-7y. Average salary. Got city cente old app. in dec '21which still needs 20k for fixing. Had to rent it out for 9m to get lower price for it. Luckily had extra 4m salary saved up cause salary/max loan didnt reach the price and had to go 19% down instead of regular 15 at that time. Worked up my emergency fund/ investments to 5m pay level now as I was all in when buying. Took personal loan to keep some investments. Mortage payment has increased 55% since january as im from EU. Everything is killing budget. Living as working in grocery store allows me to save smth. Cold winter and heating coming up but july already home wifi and phone expenses are 44% of income. Need food too. Its all just absurd. Cant do things much wiser anymore. Lifes like test of character for now.
Regarding parallel plans for ankle surgery and moving: I had ankle surgery 13 months ago, and that foot is still tender. Surgeon says that full healing can take up to 18 months. No way I’m going to pack and move any time soon.
So excited to have another single person, it’s just better to get the full story. Although I am excited for when we get a couple to come on together
I loved this video! Thanks for having someone on who wasn't in their early 20s (as much as I love those videos). I feel like this gives a more realistic perspective of what the millennial generation are struggling with fiscally right now.
She makes 120k, she is not struggling in the slightest, she is just too picky.
Kudos to her, being single and doing her own thing. I am also single and lucked out and bought my house in early 2021. I also make north of 100k and have a very low interest rate at 2.75%. I could not afford a house now with these rates. She should keep saving and wait for things to change.
I have the same story! Thankful for buying early 2021. 🙏🏾
Save and wait. Might as well to get something you want to your likings.
So refreshing for you to have a person like this on. She definitely has her stuff together, living responsibly and doing ALL the right things with her money. Not to mention she seems like a really nice person. I hope she finds the right house soon!
Please start doing more videos like this again. The recent ones are entertaining, but these are so much more helpful to watch.
This lady is probably your best guest. Got her crap together lol I truly hope she finds her home.
Customer service representative in Austin, TX is not an upper income position. Austin TX is a super hot area. She needs to move to a less inflated area.
I’ve watched many of these episodes and this one is by far the best. You learn a lot more from someone who is responsible with money.
First person I actually believe the 1 off story. That being said, I feel bad for her because she is doing everything right, makes a good salary and still can’t afford a small house.
1600 sqft house with family of 5, for us it is more then big enough. Left a 1000sqft home which was too small for comfort. I really don't understand why you need a 2000+ sqft home. It costs more to maintain and utilities are higher. Rather a smaller home with a bigger yard. ...
@@nicomyth family of 4 here and just moved to San Antonio. The houses here are BIG! We only need something that’s 2000 square feet and that’s only because my in-laws are moving in. Before we knew they were moving in, we were looking at 1600 square feet. No idea why people have to have massive homes.
Me, my 2 brothers, and my mom and dad all grew up together in a 1250 SF home
We didn’t give a F 😆 and until we got older we all got along quite well
@@PunkRockGardener I’ve stayed with 5 in a camper, anything can be done if you’re willing to make it work
And she’s so picky
Don’t feel bad for her, she’s happy to hold out
I love this one, it's nice to see someone so down-to-earth! She doesn't have crazy bad spending habits and seems genuinely interested in getting good advice in achieving her goals.
Thank you for asking about the job! And thank you to her for giving us a glimpse.
This was a great, revealing interview of an individual who is doing everything right and is still struggling to buy a modest house. I think many would initially dismiss her woes once they hear she makes $120k/yr, particularly if they are unfamiliar with the true costs in an Austin, New York, LA, or another place where you can easily be paying $800/mo just in property taxes. I wish her the best.
No one in New York City is looking at buying a 3 BR / 2 bath freestanding house for $325K on a $120K annual salary. They're buying an apartment in a highrise building.
@@ElisaAvigayil on what planet can someone in NYC afford to purchase a high rise apartment with such a low salary?
@@ElisaAvigayilBS
As a european looking at these its mind blowing whats going on in america. How your system works. Or rather doesnt. All the cards you have all the taxes you have. We just pay one tax and all our healthcare education water and pension is done. Except for motor tax and vat. No other fees. No health insurance nó proerty rates nó service fees for neighbourhood...you guys are getting screwed because of your fear of communism not letting you even do basic things for your people nationally.
@@ElisaAvigayil apartment are often more. Expensive than houses in fairness. It makes no sense but thats how it is.
Housing is so unaffordable. I had to pay over 1/2 million for a 2 bed/2 bath condo in Colorado. It's ridiculous. I feel so bad for young people or anyone who is trying to buy a home.
Here is a tip you can implement. Next time you can screen record your laptop screen so that way you don’t have a hard time finding the pictures again or in this case cannot find them anymore because they got sold. And well now that you have footage of the screen record, it will be easy to implement on your editing software to compile all of it.
This is by far the saddest episode I've watched. This girl is doing everything right, has an awesome job, doesn't spend outside her means, lives a normal life & is struggling to get a home. I'm just a dumb tradesman making half of what this girl is in the crazy housing market of souther ontario. This episode really dimmed the light at the end of the tunnel for me. It feels so hopeless being a young person in this economy. home ownership, retirement, and supporting a family all seem like distant pipe dreams.
Cheer up! Not every city is expensive like this. As long as you have universal skills needed anywhere, moving to a low cost area is always an option or moving further away from the city. Instead of saying "i cant afford" ask yourself "how can i afford" when you change your mindset is when options open up!
Yeah. My plans are to move out of the US. I've got no hope left in this country, what I did have left was FALSE hope because reality is what it is.
I hope you’re not voting for the people who created the dismal situation in southern Ontario. Chin up and head south if you can. I did and it changed my life
@@Rooneytunes01explain to me how you fucking did it like I was 5 years old. Theres a reason why about 65% of Americans are living paycheck to paycheck even if they were in debt or not. Go ahead, genius, explain.
Trudeau will save us :D
This woman is so admirable. She absolutely deserves to get her home!!
In a cheaper area, sure...
I like how you interview your guests. You really get to know them, and then so do we!
I actually hope to see more videos like this in the future. There are plenty of people like this woman who have a plan, are responsible with their money, and genuinely are trying to make something of themselves. It serves as inspiration for those that want to see realistic, tangible strategies put to work as well as seeing the results.
Really loved this episode, nice to see someone, investing, living a modest lifestyle even though they make over 100k, and not blowing their money on bars/Amazon/shopping. She’s doing all the right things and still getting good advice from Caleb, can’t wait for the follow up. Good luck on your surgery and finding your first home Victoria!
Don't forget to budget for cost of furniture and minor bits like painting one or two rooms or fix ups. My estimate is 2-4% of value of the house.
Water hose, new locks, maybe lawnmower, basic tools, rakes, fireplace cleaning, winter things that covers outdoor faucets, curtains, painting means brushes, pans, rollers, paint, and maybe a ladder and let’s not forget appliances if it doesn’t come with the house
@@joyaustin6581 yep, when I moved out and bought my own house few years ago now, I went through my parents home room by room and counted what I would need to buy for my own. It was a long list with tons of stuff you don't consider every day. Put together your own toolbox, power tools, put up some shelves, bath towels, your own set of kitchen utensils, pots and pans, plates and bowls, dish soaps... it goes on and on and on and cost of a hundred little things only costing $2-5 you wouldn't think about adds up.
Yep, I did not realize this. So many things to buy with the house and every week I find something new that’s needed.
When I bought my first flat I bought almost nothing. I got stuff from friends and off the streets. Bought some stuff second hand. Asked friends for help with fixing stuff. You don't need to put that much money into furniture. It's not because other people do it that you have to do the same. Just be patient and buy the things you like along the way.
It took me about a year of living in the house before the trips to Home Depot slowed down. It’s not all strictly necessary, but after spending on a house you want to make it feel like home. Also need to have a much bigger emergency account
Health insurance is such a scam... Pay a premium all year, and then you still need to shell out thousands for surgery.
Health insurance is a negotiation tool, had it not been for it that would be a 5 figure surgery. The plus side is you can hedge an HSA as tax free investing so you're prepared on the off chance you actually need to use it
Insurance allows you to pay a lot less than straight out of pocket.
Very interesting and I would love an update on whether she's found a home. I think these days you need bigger down payments for sure.
It’s amazing to see how singleness can allow for such saving. She’s definitely crushing it
DATING is expensive. Being in a committed marriage or co-habitating relationship is financially much better than being single, provided your partner isn't a spending addict. Two incomes covering one set of housing expenses. Only needing to buy one vacuum cleaner. Tax benefits for married couples. Stacking credit card referral bonuses.
Kids are another story.
Once you start having kids it gets more expensive. And health insurance. We pay $2900/month for just those 2 things.
Being single is expensive, the major issue being taxes and housing. She makes $120k alone, I hope she could save $10k a year.
Singleness can be both expensive or cheap depending on your lifestyle. Despite her income and singleness, she doesn’t come off as someone who lives frugally.
@@TheRealE.B. Divorce is most expensive. Especially if you are a guy.
There's no rush to buy, really. It's hard but stay patient!
Wife and I just gave up on looking for a house after seeing 47 of em, making offers on 6, and getting outbid by cash offers 20-30k over asking on all of them. It’s tough out there, we’re going to rent for another year and hopefully rates come down and maybe asking prices too
I'm in Chicago but I just found a condo that I wanted that came back on the market. I started looking at the end of last year. I put offers down on 3 places that all got rejected - even at full asking price, so I get it. Take a break to re-energize yourselves to the process and maybe see if your landlord will put in a home-buying clause so you can get out of the lease when you buy a house!
Episodes with responsible people are the best. This type is probably on top, responsible, doing well, but still facing hard decisions.
People who do well and pretty much have it solved and people who are responsible, but took a wrong turn and work towards a fix are also great to watch.
Damn man, I got my house right before rates rose at 3.2%
It being this hard for her to have one with 40 grand is just sad. Hopefully she'll get her dream home soon!
More mature guess please! I always learn more from them! Love your channel! 😊
In San Jose, CA, the household income required to buy a median-priced home is $375,00 a year.
And even then, they'll be stretching hard, with modest shacks selling for upwards of $2 million.
California prices is crazy already, people on the east We all know it's hella expensive there. But people on the east are facing almost same issue. I think California pays more or easier to get high paying jobs. It has to be cause why do people still live there? Biggest issue over here is for the people that dont have high cost houses but shit pay. I get paid actually pretty good but this market makes me feel like I make $10 an hour which is insane cause I make way more then that. House in this area was $100k and you could get nice 1900-2,200 sqft brick house. Ever since the bubble hit they are now $240k and the ghetto went from $35k houses to $120k.
Rent was decent at $595-$770 for mid class at 2-3 bed room apartment and expensive luxury names were $899 for 1 bed room and$1,100 -$1200 for 2 and $1300 for 3-4 bedroom nice apartments new ones etc.
But now that same apartment that was 595-770 now going for $1240 for 2 bed room and 1 bed room is 1164 a month.
The luxury apartment is $1,100 for 1 bed room and $1350 for 2 bed room and $1600 for 3 bed room and $1780 for 4 bed room.
House rental went from $1200 up to $2000 for a house that is 2 bedroom or 3 bed room. 1200 sqft. Bigger house $2,500 for. 2,200sqft. Renting a house people smoking crack pipes at those prices. But now the bubble they even got more dumber. Hell a house renovated at 1,000 sqft is worth $300,000 your paying rent at absurd prices. But u tie a noose on your neck when trying to buy a house.
Remember foreclosures were around $60-$70k or even quick sales for a nice brick home 1900sqft was $110k instead $180k. Cause cost was low. This was perfect place to buy house for first time buyers. Despite fucking mega rental people buying those homes that were $60k trying to make rentals instead of allowing peeps to own.
So investors with multiple houses around 20-30 houses here while people struggle to own one before they get there raggedly hands on it. Killed this area, and now they are sitting with rentals that are 3x the amount and no one can afford them. Who would pay $1,500 for a house rental? Might as well buy your own house. But again you can't cause u putting a loan for a shitty $240,000 house that will die and go back down to $120k but your mortgage won't go down. Meaning the banks are profiting big time from people rushing to buy to by pass renting, and renters are fuckfaces being greedy. So then we ask why even work any more? Might as well live with parents, or get room mates or a group of people to buy a house and live with them.
So whoever made the price increase this badly on houses, government or w.e they need to jump into a fire pit while being hosed down with gasoline.
Like housing prices are disgusting as fuck, if you own one then great people are happy that the $140k mortgage loan they made 7 years ago and see that their houses 2x the worth. Any one would be happy with that. But how does rental properties go up without cost of living evening out? We didn't even start the $15 an hour minimum wage. But you might as well throw minimum wage to $35 an hour. For this bull shit.
@@reaverdropper2997 "It has to be cause why do people still live there?"
The vast majority of homeowners in California bought their houses years ago when prices were less crazy. It's only current buyers who have to be crazy rich. And there aren't many current buyers.
Example: I bought my house in San Jose in 2012 for $650k and sold it last year for $2.3 million. My mortgage was around $2300/month. The dual-income tech couple who bought it from me have a mortgage that is more than $10k/month, due to both the higher price and higher interest rate.
The same house would probably rent for around $4k/month, which is high, but still a bargain compared with buying. Most tech workers can afford $4k/month, but relatively few could afford $10k.
@@OurBelovedBungo I keep forgetting California had lower prices back in the days xD. I just always hear how expensive it is. Then south Cali or la is like dog shit for crime lol.
@@reaverdropper2997 I hear your pain, son. And I think this outrageousness means only one thing: prices have to crash, meaning they will because there will be no more buyers at these prices and interest rates.
My husband and I are in a similar situation in Phoenix, it's unbelievable. Rent keeps going up and up, at $2200 currently, but there just isn't inventory for a house in our price range and location. Never did I think I would be bidding $450K+ for houses 1,000 sq ft or smaller and still getting outbid. We both work FT, making 6 figures, little debt, no kids and very good credit but unless we decide we want to live in areas we truly would be so unhappy in, we have no options. And trust me when I say, we have been more and more open about the criteria. The real kicker to this is I am privileged to have this problem and I know that. There are so many people that are down on their luck and can't even consider buying, are losing their homes, or have lost their homes with no place to turn. We are losing the "American Dream" more and more; as a whole, we should all be very concerned about this. Seeing more homeless people is not because people have chose that, or they are mentally ill, or drug addicts. The correlation is clear, across the board and heartbreaking.
I would love to hear a follow up on how things went for her, if you have it.
Wow.. I thought Phoenix was cheap due to the hellish heat!
@@katierose1893 Austin TX is hellishly hot, also... But yes, Phoenix has become incredibly expensive
Anything outside of us working and keeping us alive on the bare minimum so we can keep working isn’t seen as necessary for the rich ruling class. In fact they see it as a burden and it will continue to get worse as long as we allow it
Well her situation is she’s 36, prob working for 20 yrs. Makes 140k a yr and nothing saved for a house…. That’s not as much as the worlds or economies fault
@@kassandramarie3789 it will only get worse as taxes go up and up to support the liberal dream.
Housing is so difficult right now even for people doing everything right.
We bought in 2018 and had to buy a home that needed a 30k-40k reno (with us doing the bulk of the work) in order to get a house we could reasonably afford the mortgage on. Even that took 1.5yrs of looking for the right fit that we thought we could fix ourselves and involved some amount of luck.
It's just near impossible for a lot of people right now.
That was certainly my favorite video so far, coming from the UK I can relate to the struggle to get on the housing market. She is doing an amazing job and is very inspiring indeed.
She's pretty much on the ball for her finances.
She is very smart for requiring a home have certain features long-term and not just buying anything. Anticipating 1 floor for old parents or surgeries is good thinking ahead! A house is a lifetime commitment.
I have an irrational fear of caleb getting ahold of bank statements from my 20s and roasting the shit out of me where it’s all huge car payments and bar tabs.
new fear unlocked
Caleb appears under your bed with all of your bank statements.
Ohh the old $200 a night 20s tabs.. eww I'm so glad I got a girl pregnant at 23..... now my wife.
Where I live this lady could easily afford to buy a nice lot somewhere and build exactly what she wants. City living stinks
I think it would be helpful to talk about a mortgage as renting money to compare this situation. If her rent is 1600 today on a house she likes that's a killer deal. Today's rates will mean she's paying more than that in interest payments for years! It seems like putting that extra money into the S&P or Ibonds for a year or 2 would get her more buying power than the equity growth in a place she can afford right now anyway.
I completely agree; if she has a below market rent, she is far better off in the long run not owning and putting money in the market instead. People really get too tied up in home ownership. It should not be your main asset, in my opinion.
Not really. She can write all that interest off which in her tax bracket would put her ahead of the 10% average return of the s&p.
Best of luck Victoria!!! Loved the episode 👏🏼
Finally a financially responsible person! It would be great to have more episodes like this.
I bought a 800 square ft house that was a total dump when I was 27, I am now 48. My first house had no AC in Las Vegas. I installed a window AC and dealt with it. No dishwasher. No laundry hookups. The cabinets and finishes were 30 years old. I bought that house and everyone made fun of me. That house appreciated in value $80k. I sold that house and used the equity for down payment on a better house. Not much better. Everyone still made fun of the next house I bought. But I did that 4 times over the last 20 years. Each house appreciated and I used that equity to build up to a nice but modest home that I now own and paid off. You have to start somewhere. You can’t always start in a house you love for 400k. You start when you can start, appreciate what you can have and build from there. The price of the homes I bought were 90k, 140k, 215k then 350k. Didn’t start at the 350k house.
Finally, a sensible person! Such a nice change. I can't watch entire episodes of the crazy people, but this lady is great. I hope she finds something soon.
Would love to see more videos like this where people are doing well/better with their finances and you help them figure out a plan
This is girl is doing everything right. Props to her.
She seems like a very smart, mature woman. I really hope she gets her dream home 🏡🙏🏻
I worked for a Managed Service Provider (basically rent IT Services for small and medium businesses in Boston). We had a customer success manager that looked like this woman and had similar mannerisms... It's really creepy
Historically speaking, the current interest rates aren't that bad. It's the price of housing that is nuts.
This is so depressing she’s really got her shit together and she still can’t find a home she wants
7k left on my debt and I’ll be debt free 💪🏼💪🏼
Woooo!!! Lmk if you ever want my take on it for a video!
One of the most deflating episode. She's done everything right and is still not able to get what she wants? Wishing her the best
If I were in her shoes, I’d cut back on all the ‘extras’ including stop retirement contributions (except the min needed for the match). Put every bit of cash towards saving for a down payment with a goal of hitting $100-150k by spring. That would give her more of an emergency fund and the ability to put more down to push that monthly payment down.
I’m not sure why she’s so eager to buy. She has an excellent rent situation and she’s about to need a long recuperation period from the surgery.
I think she may have had a crisis many renters have where they realise they’ve wasted hundreds of thousands in rent when they could’ve put that in a property so are now in a rush to buy a property.
Eh yeah I mean she's 36... its probably about time and seems to have the means to. I'm sure something appealing will come up now that inventory is going up.
She’s clearly not in a hurry, she’s been looking for many months and has been picky about the area, attributes of the home, and only made a few offers. Maybe at the start it would have worked out for her to be less picky and nab something, but now it’s to her advantage probably to wait things out and look for the right opportunity, which seems to be what her plan is. Patience.
Home ownership can be part of a retirement strategy.
Get a 30 year mortgage at a fixed rate, pay it off during your peak working years, cut out a huge expense when you are living on fixed income.
Compared to renting only, which you continue to pay into retirement.
In my area, I will save about 12% on my current monthly expenses in retirement from not paying rent/principal+interest.
She's waited long enough. Don't blame this on her. She did everything "right" and got screwed in the end.
Good luck, Victoria...hope it all works out great for ya!
It’s not the first time this has happened. Prices doubled/tripled beginning in the late 70’s and kept going up for years. Finally got a house in 2008. Thank goodness for 401k. Took a loan for that and bought for “cash”. I kept getting turned down for houses by people with cash so a mortgage did me no good.
So we have to wait for another catastrophic housing crash of 2008 and hope a bunch of people get kicked out their house.
Good luck on the house search Victoria. It sounds like you have your finances in WAAAY better shape than most people I see in Caleb’s videos.
Don’t buy a house right now!! It’s the worst time, rates are high and prices are still high
People have purchased properties on debt for way more than the property's actual value. When the prices of homes come down people will stop paying their mortgages because their mortgages are more expensive than defaulting. This is similar to 2008 when people were buying properties with monthlies that they were uncomfortable with to try and make profits and now that the market is cooling they'll realize they're over their heads. One financial emergency will force them to foreclose.
Just know interest rates will keep going up for a long time due to our country's runaway deficit spending. Be prepared to take into account purchasing a better interest rate as a part of the closing costs of the property.
So when is a good time?
@@katierose1893 When you can comfortably afford it.
Wish he would be willing to do this for people outside of Austin. I'm buying a condo and I live in Chicago and I will barely have any money left after my down payment and closing costs...😅
Then… don’t buy the condo
This is so rough. We were in the same boat searching desperately and she makes more single than we have coming in as a couple with three kids! We finally gave up and were fortunate to find a house we could afford to rent in a neighborhood we definitely couldn’t afford to buy in. Seeing someone in a better financial position than us still struggling in Austin’s insane housing market is both validating and discouraging. The American dream of homeownership is becoming a pipe dream.
Thank you for this video. This is the one I relate to the most. I feel like I'm pretty good with money but I'm in the same situation though I don't quite make as much. No debt, except what I pay off monthly in full for the basics if that even counts, but no ability to compete in order to get a house. The only thing I can do is to try to make/save even more money and try to save about a 50% down payment to make mortgage affordable on a tiny place for a family of 4. But I wonder if I'll be able to afford property taxes at that point because of all the people renting out houses (skipping out on homestead laws) and making the inherited taxes go up exponentially faster. Meanwhile, I'm being priced out of the renting market as well. I feel like I haven't seen that big correction we keep hearing about. Still waiting. Austin seems f'ed at this point.
At some point it's not worth it to buy a house (though doing the rent bounce from place to place is super expensive and hard on kids). But it feels like the only way is to save up for a bunch more years and try to pay in cash when there's a big crash or weird opportunity. I feel for the 60% of Americans that have no savings. It's just impossible
On one hand we’re seeing articles and people saying starter houses are hard to find, but folks are passing on a 3 bed/2 bath at 1500’ cause it’s too small?!
Do people have more kids in Austin? 😮
I couldn’t believe they said that either. I think our condo is around that or maybe 1800 and I don’t think it’s small. 3 bedroom 2 bath. We’ll see when we bring our baby home lol
In the UK the avg house is like 1000 sq ft and that's what I have. Idk how I'd even clean a 1500 sq ft one 😂
I’m looking at 2 bed 1 bath for 250k+ under 1000 sq ft. All I need really, but man does it seem expensive for what you get. I guess that’s the price to pay when you live near the beach. I’ve gotten outbid on every offer I’ve made the past year though. Hoping to land one of these shacks soon lol
I had a 3 bed 1.5 bath townhouse with twins from newborn to age 2, a 6 year old and a 10 year old. It's was doable but not fun but we were able to save for a bigger home.
I hope you're having a great day Caleb. I have a Nissan lol. Around 40k miles my head gasket blew. I needed a brand new engine. I will never buy Nissan again. My sister has one and has transmission issues. Good luck to your guest. If she struggles, imagine the rest of us
Newer Nissans are garbage. Get a Toyota and keep it moving
@@The1JBanks I'm not looking now. I had a month left on my warranty at the time. My car is now 10 years old. I'll probably use it until it dies or starts bleeding money since the car market blows
Man my mom's old Nissan is an 09, she gave it to me for 4 years, I just gave it back when I bought my own Toyota. It's still running at 170k miles. My dad always regretted the thing until lately because it's lasted way longer than expected for a Nissan. My mom uses it as her winter daily driver now because her car doesn't have winter tires for Canadian winters, she's gonna drive it until it craps out, we're at the point of betting how long it'll last haha it was also my dad's before my mom's and my brother took it over summer too. Just passed around the family lol. We joke that this thing just won't die. Still glad I upgraded to Toyota myself though
Do you ever do updates on your guest? I’m so invested and hoping the best for her.
This episode was insanely helpful in understanding how the housing market can affect prices and giving some context to buying a house. I found it incredibly useful.
You know what really sucks the most. Im doing a lot better, reading books about financial freedom finding some youtube channels like this. Then to see that the people that are 10 years ahead of me arent even able to afford a house. You do everything they say absolutely right. But because a small percentage of people want to hoarde all the wealth they possibly can we're all screwed
22:52 "Austin property taxes are insane" that's what happens when your state lures you in with "no income tax" ....gotta make up revenue somewhere.
I'm in a similar position, I make around the same amount. Luckily I was able to buy my house 5 years ago in CA after saving my ass off in my early twenties. Then I refi'd at the bottom at 2.625% and got rid of PMI. I'm paying $2800 towards it including an extra $300/mo towards the mortgage.
I refinance mine for 1.65% rate for 15 years.
Her finances told my finances to hold it's bag! Victoria is killing it... she'll find her home
Great that she is putting into her retirement 👏🏾
Seems like she'll have to save for another year before she can buy a home and hopefully the markets will fall in line with what she needs. An extra year and she can probably do another 20-40k down.
But if interest rates fall, she will be competing with more people for property which means prices will rise…
@@bee42Sad either way she'll be better off with more liquid cash saved up and it's in a high yield savings account so it'll be building too
Please do more videos with financially literate people! We understand these don’t get as many views as your videos of financially dumb people, but maybe doing one of these every month/1.5 months? Your most viewed vids are very entertaining, but I’ll bet most of your audience relates the most to people like this lady.
Sure it is. I lived in a mobile home (a double wide) for 11 years while I saved up money. Worked like a champ. I bought a house, sold it after 5 years, rolled the money into another house, sold it 17 years later, roll 200k into a 290k house seven years ago. I now owe 80k on a home valued at 500k, on a lake in Missouri. Didn't happen overnight. Took 40 years to get my dream home. FORTY YEARS.
Yeah, but a double-wide today is $160k.
Bruh, a double wide would be a dream home for me. Am I fucked? I think I'm fucked.
@@terminaldeity No way dude! Everyone has different wants and needs. I have friends who live in a warehouse space that they converted into studio apartments because the mortgage on the warehouse was half of what they would each pay a month in rent. At the end of their 2 years there, they'll all own a piece of a 450k property that they can either sell or rent out the units in.
@@TheStevenstatzer - Bullshit. There's one for sale three miles away from where I live, for $14,000. Payments are about $150 a month. Can you afford $150 a month?
@@dennissvitak148 a double wide for 14k is scrap value my guy.
It’s crazy how her budget would get her more in Dallas or Houston. Austin is just too expensive.
Dallas home values are over inflated too but not as bad as Austin. All that California money that moved in the last few years.
Dallas homes are crazy almost Austin prices, houston is the only one that’s kinda cheap still
@@jayc7612 Houston is a giant shithole though so there is that.
Awesome woman. Got her head on straight. Knows what she wants and plans for it. 100% sure that the perfect place will find her! Good luck! You've got this sister!!!
It's amazing that 120k/year is considered middle class now.
@The Real Cat of 2020 No, it wasn't. Inflation.
@The Real Cat of 2020 Inflation has resulted in the rise of the cost of living since money was invented. For example, that's why you could buy a bag of candy for a quarter in the 90s.
@The Real Cat of 2020Inflation: a general increase in prices and fall in the purchasing value of money.
@The Real Cat of 2020 Is 2020 your birth year?
@The Real Cat of 2020 You can’t be serious with that statistic. Profits in 2020-2021 were in the toilet. Hence the rise.
Idk if youll see this because im literally binging your episdoes in order. Youve inspired us to start getting debt free and have already this month paid off medical debt, an old collection and ine if two CCs. Love your channel!
Recently housing prices have been dropping 15 to 20 % especially in the hotter markets. So if Victoria holds off & waits the prices will drop further as less Buyers can qualify due to the higher rates. She is in really good financial shape even with the vehicle eventually needing to be replaced. She is financially smart for her age - well done !
Would love to see the follow up whenever that is!
Wow, the interest rates really are killing the housing market if someone like her is unable to buy. Unbelievable. House prices need to drop +30% just to be affordable for the upper middle class. Eek. Just imagine how the middle class and lower class is getting killed financially right now. Anyone that didn't touch real estate in the last 10 years is in really bad shape. REALLY BAD. Thanks for the informative video Caleb.
She is a single income which would normally mean a one or two bedroom would be okay but for her she’s decided a 3bedroom + yard is needed so she is ‘competing’ dual income families.
Did you watch the whole episode? Her reasons for the square footage, distance from friends, etc make a lot of sense.
@@bee42Sad She has a single income that matches the dual income median household income in the USA. She's upper class on her own. She should be able to afford a 2-3 bedroom house on one income.
@@kaianthony8077 - Absolutely. I think she is a perfect illustration of how much the housing market exploded during the pandemic. Prices were high in 2019. The pandemic made them ridiculous. On her income with a big down payment like that, she should be able to buy at 7% mortgage rate. But she can't because rationality hasn't hit the housing prices yet.
The inflated house prices are killing the housing market. Historically speaking, the interest rates aren't that high.
I found her very relatable. Do more like these!
Canada is even worse. My partner and I each make over $100k per year in Vancouver. Which is about double averages household income here. We aere about $150k to $200k per year away from being able to buy a detached home in the lower mainland. For a small townhome we are still probably about $60-80k away per year plus the $90-100k down payment.
Its so fucked here. Even if I double my income, I’d still be uncomfortable buying a home here.
Small condos are doable, but most are still $550k to $650k plus $400 in strata, plus utilities and wifi etc. crazy here.
I know. I'm in alberta. Even basic houses/townhouse start at 400k with a 7.2% interest rate. Not a chance
Found this channel a few days ago and have been bingeing it ever since. Happy to see this one come up
that’s more relatable to me, though I hugely enjoy the roastings!
Interesting to compare (in USD) as I’m in the southern hemisphere, single, no dependants, late 30s, first home buyer in 2021 who purchased a small 742 sq ft townhouse near a main city for $372k with a 30% deposit ($120k). Income $53k. Interest rate 5.63%. It takes a lot of sacrifice (my needs are 88% of my income!) but worth it for the stability of not renting and paying my own mortgage instead of someone else’s. It’s not my dream home but it’s a great start.
Two full time average workers are required to buy a single less than average home in the U.S. now. Most folks my age in their 30s I know are single and plans to never have kids and they are stuck renting forever. I'm buying land and building something very small for myself. Helps to work in the building trades.
I can see Caleb going through my credit card statements for this month: "$475 for Bruichladdich Distillery?"🤨
Me: "It's a really nice Scotch!"
Caleb: 🤦♂
🤣🤣
@@CalebHammer I can afford to splurge every now and again on something like that though, because my total mortgage+tax+insurance is only $906/month.
Picked up a foreclosure deal during the 2007 meltdown, I honestly can't comprehend how people can afford current housing prices, invest for retirement, and still have any kind of a reasonable lifestyle...
It's that time of the day!
🥰🥰
I moved to a townhouse when I left my marriage. My tow house has an elevator in it. I'm in NJ, outside of NYC, and my townhouse is higher end, but it could always be an option to put a stairlift in if the parents move there. Also an option to sleep on the couch after surgery. If it opens up options, it is worth considering.
I landed here because it was the only thing available with enough space for my kids. Not my dream home, but it is growing on me.
I’ve heard many people say the gap between the middle class and wealthy is increasing further and further. I believes it’s a bubble waiting to be popped🤔. Gotta love the Pareto principle.
Commenting for the YT Algorithm Pt.16
Man, I’m really rooting for her!
My heart broke when she got a vehicle pass from Caleb.
This sounds kinda like my mom’s first house with her husband at the time. First time buying a house in 1981 and the interest rate was 18%. In order to make it work, her husband was having to work 3 jobs. Insane stuff.
Rooting for you!!!
I am never going to buy a house under 1300 sf for more than $150k. 320k?! That's insane. Better off buying land, a tiny home, then building your real house then renting out the tiny home.
Gosh, I feel bad for people. Sure, some people make their own pits but others just cannot even save enough to get ahead while earning an awesome income. I thank God everyday my wife and I have been blessed enough to time the market twice in where we have lived on a single income.
She should save for another year or so and then buy. This was another interesting one!