I found a house for sale a guy was given to him when his grandma passed away in a high end neighborhood for only $80,000 asking price. Me and the bank were just about to finalize with him when suddenly this big company came out of no where an offered him $180,000 cash. He dropped us like a hot potato and sold to that company and the company then put it for sale for $350,000. I been seeing this all over the city here. These big companies just eating up properties and flipping them to increase the prices of other houses they own.
That's truth, I live in Chicago the hood I'm in had many abandoned buildings,houses, and lots. Most of it is owned by either the city or multimillion dollar companies
They got a free college education, courtesy of the people who already paid for their own education. And yet with their worthless degrees in liberal arts they still can't get a good enough job to support themselves. Go figure.
I own a house and 5 rental properties and I'm VERY VERY happy. I did it working as a hairdresser in a mall salon. But...back in the day...houses were affordable. Kids today have a whole new challenge. My properties will be handed down to my kids and grandkids as generational wealth. It's a great feeling to be able to provide for my family.
When this bubble pops, the federal government needs to stay out of it and let all these investors driving up the housing market crash and burn. NO MORE GOLDEN PARACHUTES!
@@phrewilly8556 it’s actually projected by a decade. The news wont tell u that. You need to read economists/ business call earning reports from home builders.
Exactly, I'm a boomer and I can't sell (and relocate) because there is nothing for me to buy. I don't have the money to compete with people who can offer thousands over asking.
Boomer here, we lived through decades that offered easily affordable houses, why on earth is a retired person NOT in a paid off home? I was a hairdresser in a small strip mall and bought my home and 5 rental properties.
@@stephandoan Yep!!! I'm glad I read Dave Ramsey books. I was oblivious how money worked...but then I learned. Ever tip I got went into a ROTH, paychecks went into growth funds.
My income is considered low middle class yet I can’t afford rent or a mortgage especially considering I need a minimum of 4 bedrooms 🤦🏽♀️. Making too much for help and not enough to live. FML
@Boy George "Colonizers?" Last time I checked, Hawaii is a U.S. state. And I'm sure its populace would vote overwhelmingly to maintain American citizenship if they had the option of surrendering it. Hawaii is a highly desirable and thus expensive state. Are you a mediocre person with high aspirations? Want a four bedroom house? Move to West Virginia. No one is handing anything to you.
I’ll probably never own a home….I’ll get a cardboard box in my apartment and draw a window and pretend it’s a fancy 🏡 home🤷🏾♀️ just thankful for a place to live and a job at this point 💕
Don't give up. Save and scrape as much as you can, and be ready. Whether it be in your current city or another, you really don't know how the opportunity will present itself.
400k what in the hell, I bought my house for 50k was making 25k a year at the time (1991), three bedrooms two baths with a garage roughly about 2k square feet. I was capped at 80k for the company I work for they're no longer in business took like 20 years to upgrade to 80k which I felt was too long but it is what it is. My neighborhood went from a two-lane road to a four-lane road, those houses are overpriced they should be no more than a 100k especially with the average wages we have nowadays median income is 30k per person and that's if you get lucky most make below that the market needs to be regulated like it was back in my time, or they need to start paying these young folk 60k minimum and that's for entry-level jobs
Yup. I work a state job and just got a promotion bumped up to 35k :( I'd like to stay near work and my parents, but even a townhouse in this area runs about 400k. It just feels so discouraging
@Incomeking I respectfully disagree but I do concur with limiting a person to owning 2 single family homes per state. There are plenty of homes available, in addition to plenty of land, from the analysis of the numbers pricing is an issue. Somebody sets the price it's not an intrinsic value, without humans there is no value, all elements on the periodic table go back to its natural state of being worth nothing that's the intrinsic value. It's basic arithmetic. It doesn't make any sense that a 2000sq. ft or smaller structure can cost half a million dollars. When most will only make that much in their lifetime. Baffles my mind that people are assimilating to paying $1,400 a month in rent when that's equivalent to a mortgage payment, but most who rent have roommates but not all. System is broken.
I feel for these Treasure Coast millennials. I worked 35 years in LA as a bank teller by day / bartender by night and I could never afford an estate in Bel Air either.
"American dream of homeownership vanishing", not everywhere in the country.. Not everybody gets to live in a tropical paradise. Get out, and get over it.
It's hard to get a dose of reality. Your first house is most likely got to be in a more affordable area then move closer to the dream city. We are still living in the first home we bought 20 years ago before the crash of 2008. The plan was to live in a cheaply made home for 5 years and move up from there. Then, the crash happened and we stayed put. We have made many improvements on the home since then and am so happy we stayed put. We almost have it paid off and now can afford a vacation home in a popular city in Florida even with home prices soaring. Just have to sacrifice for years before your dream home.
Nope. If "they" want to widen a road, you lose some land. All "they" have to do is come up with some bs story and you can lose that home by means of imminent domain. Not my dream.
No - but people will really be shocked at what is going to happen to upkeep costs. They are about skyrocket. Roof every 30 years, water heater every 10-20, AC unit every 10-20... Anyway, the goal isn't to own a home - the goal is to make more than you spend and invest... A home is the byproduct of this.
Try being 52 and going through the big D and I don't mean Dallas. I either work until I'm 82 to afford to pay off a decent home, or buy a garage with a bathroom in it so I can afford to retire before I'm in a wheelchair.
The American dream of home ownership isn't over just millennials. It's over most people. Soon it won't matter, as lack food will be the major issue. Nice video 👍
Dude my family kicked me out which put me in debt because I worked at Starbucks at the time and need credit to get a apartment. So I spent many years working low wage jobs because they wouldn't let me finish college before they kicked me out. 7 years later, their actions still are affecting me even with 2 jobs. People tell me to go to school, but I HAVE to work 2 jobs now because it isn't a normal expectation by society for me to be able to survive on 1 job. I have no friends and no supportive family. The American dream is dead for me unless I can not pay rent somehow to advance myself into a new career that actually pays. Alot of people assume I'm here because it's a personal failure on my part. The reality is that life happened and sometimes people actually need help to get out of a bad financial situation. This country will never understand that. I'm trying to learn how to code while I'm at work, but my employer is only concerned with threatening my livelihood. This world is crazy.
The rich get richer and the poor get poorer in the U.S. This problem is all over the U.S. I live in a affordable suburb, well, use to be affordable, but not anymore with corporations like Zillow, big investors and rich Californians, buying properties all over. 1st time home buyers just can’t compete with them. The local and federal U.S government need to set restrictions on corporation investors and big time investors on how many properties they could buy on houses to stop this crazy price jump on housing. It is not healthy when the housing market is going up like this fast. They need to set up laws on prioritizing 1st home buyers first. What is going to happen with our next generations if our governments don’t do something about this house crisis?
@A 1So sad. What is the point of sending our kids for college to get a higher education and getting them in school debts when they can’t afford to have a place of their own due to corruption of capitalism.
I was poor and though I'm not rich, I'm well off. I own my home and 5 rental properties which I bought working as a hairdresser in a mall salon. It's more your focus and determination. It's what you do consistently every day. Today's youth have a different challenge than I did but never give up. Make money, save move, have a big nest egg to be ready to POUNCE when that one opportunity falls in your lap. Be ready when good things happen.
Good for you...it's a great feeling to own a home, in a few years that mortgage will be a fraction what others are paying in rent. I'm about to retire and it's a JOY to have a paid off home and not worry about payments. My insurance and tax is $107. a month. Had I not taken the jump years ago I'd be like all these others trying to find a cheap apartment.
I'm 35 and I saved 20,000 to put down and buy a home however, after looking at the market I changed my mind. I'm starting to reconsider my options but will continue to save. I know what I have is not enough to support costly repairs among other things. Besides inflation has made the cost of everything rise🤷♀️. It's not a safe investment right now for me.
Job security is the biggest factor in buying a home . When you rent you can always relocate if needed for a job. The future in America looks dim and I'm 62 . I decided to just buy a mobile home in a park and pay a small lot rent . But I paid cash for it and it's in Florida where I've lived for years. Even rent is going out of site.
@@bertha8893 Right now the market is like it was around 2006 . High prices for homes and then the crash and those home prices dropped like a rock and many hard working average people got screwed. Don't let it happen to you.
You have a good emergency fund in place, maybe invest in YOU so you can earn more money. The average age of a new home buyer is 33 and they had at least $70K saved for a down payment/expenses.
@@jimbeam2705 but back then there were loads of homes available and almost everyone was approved to buy a house, even if they could barely make the payments. Different today. Few qualify and supply is far lower than the demand.
I was just beginning to look at houses right when covid came around. I had finally saved a 20% down payment plus extra to put into the home, then a 6month emergency fund on top of all that money. However the prices continued to climb and eventually got to the point I had to just stop looking. I keep an eye on homes still but not currently looking. Now I have to save a lot more money to have 20% down.
@@botaccount3449 yeah I believe it. Someone outbid me by 5k during the early beginning of covid and now I look back and wish I had raised my price even higher. The home is worth almost double now.
Keep saving and looking, be ready to POUNCE when the opportunity happens. Deals still pop up now and then, don't stop looking, you might miss a good one.
Sure you will, it’s time to find a new country to call home, one that will value you. I’m personally torn between South Africa and Kigali, Rwanda. The opportunities don’t even compare. I can sell my house here in the USA and go buy two properties in Rwanda and use 1 as an Airbnb to generate income. There is just no reason to stay here and struggle, the world is too big.
It’s not even just millennials….I’m 43. If I didn’t work remote I wouldn’t be able to afford to live inside of 90 miles of my job and that’s still renting
in 2009 I stumbled on condos on craigslist. The builder went under and the condos were not finished. They were up for sale for $10K each, 1600 sq ft, 3br/2ba in Phoenix. They needed flooring, some drywall and appliances, that's it. I bought 4. I never meant to be a landlord or investor but it sounded like a good deal. Those 4 condos are worth over $1M now. You were old enough to buy property at the most amazing time in history to pick up affordable homes after the crash, why didn't you?
My wife and I have worked hard for years here in Florida and now we, with our loan in hand can’t get an offer accepted. Out of staters with cash in hand, many of them offering up to 50k or more above asking. It’s ridiculous!
It's a whole new ballgame the past 1.5 years. REITs are buying up LOADS of properties especially in the sun belt. I did some research online on REIT companies, I followed 24 of them, ALL owned at least 40K homes. It's tough standing up against them. Keep saving and looking so you can POUNCE when you get that one good opportunity.
nope, that might be less painful then years of inflated prices and stagnation, instead its gonna rumble along with that high inflation pain and low growth/wages etc. for a number of years, unless something happens to incomes to seriously reduce demand, which doesn't look likely rn...same all over the world really.
There has to be a caregiver shortage for all the people looking are help an that should change the future of housing. I believe that’s the black swan event the Baby Boomers will face as young people don’t want such low income jobs
We are becoming like the islands in the Caribbean. The local get p💩 💩ooped on, paid low wages and work long hours while foreigners buyers domestic and international ravage all the choicest properties. We scrounge around trying to collect nickles to make dollars. Unless your a lawyer, doctor, Fed worker, clinician of sorts, law enforcement, high level land development and construction or high level financials you will be screwed south of Palm Beach ⛱️
I’m with you I’m renting and I been looking for a house since 2021 and I’m 26 I don’t have a cash offer. I make enough to pay rent by myself and been doing it since I was 19. I’m actually turning to a tiny house, mobile home, or habitat housing! I make more than my father and they bought a home in the 90’s. It’s very unrealistic
My house is simple (2 bedroom, 1 bathroom, with large gated back yard and basement). I bought my house at $12k 10 years ago. It is in a good neighborhood. Now I'm getting offers to buy it for over 10-15x that. My dilema is if i should invest heavy in it for a big makeover or just buy another home with most of the upgrades I want...
@@robertd7073 Let's be real, I make 5 figures a month and sometimes a check. Take your little tax return, stimulus, and section 8 and find somewhere you can afford 🤡
Let me see! Interest rates 'adjusted' to 10%, housing market crash plus stock market crash. Halt corporations from buying mass number of properties, Private landlord properties at double property tax rates. Hmmm..... that should stop their gallop, hopefully!
Honestly it's a good idea, I've been looking on line at Michigan property. Out of the tornado alley, ample water, there are some good benefits considering moving there.
30 years ago I left California because of the high prices. Tried Florida for a while and they have the same problem except a one heck of lot more humidity. No the American dream isn't dead you just have to live in Antarctica to afford a home. Not very many people wanna live in the cold so here I am. So I have my dream, Unfortunately I have to dig out all the snow to see it. And my heating bill along with my electricity combined Is a lot less then just the light bill alone in these 2 States. Be well be safe America....
@@ronanbrodrick9168 chinese apartment buildings aren't going so well rn, check out their real estate market...its on the edge of collapse, news on it has died down for now but it will resurface...
Nothing has really changed when it comes to home buying in Florida, it's a tough market and you have to have a great realtor working for you to find that sweet deal. Very few people in their 20's get to buy their dream home if at all. I was there in my twenties and there was no way for us to purchase a nice home at the real estate prices (1980's). You have to either have be at the right place at the right time, have great income, inherit or do what most of us do, move out of state, save your money then retire there. That is the new American Dream, at least in my opinion.
Yes, you are right. I've been researching these companies, it was so depressing I had to stop. REIT businesses are buying up everything affordable, especially in the sun belt
I'm selling my home, first home I've bought. I'm not looking to sell to anyone who wants everything done for them before they move in, if you can't repair anything , your definitely not the buyer I'm entertaining.. in this market you have to pay right AND be willing to fix some things up to your liking before moving in because if I'd fix it all myself it be to my liking and I probably wouldn't sell to you at that point anyway, so buyers who can't take on a fixer upper, well, they're taking themselves right out of the market and nobody is doing that to them. You guys need to learn to not only speak with and or to buy negotiate with your neighbors. If you think they're going down the path of not being able to afford the home they own, make them an offer. Search for the fixer uppers before all of the investors pick them up, renovate them and rent them out to you 4x the price. You younger home buyers need to buy cheaper homes than your parents house and if you can't see that you're supposed to be fixing up older homes , then... Idk what to tell you other than good luck , you better make a fortune.
@ManifestingMe you move to a less desirable location in order to live and survive. Might not be 10 minutes from the beach but beggars can’t be choosers
What will you do when you're old and working isn't an option anymore? I'm about to retire, my home is long paid off. My taxes and insurance is $107. a month. Money I'd have paid in rent or mortgage FOR YEARS has gone into my retirement account. Don't grow old and have to scramble to find a cheaper apartment to move to. When I go my home goes to my kids and grandkids to help them out.
It's millenials but not JUST millennial that are priced out of homes, AND apartments for that matter. I'm a boomer, made poor by my ex during horrific divorce. They are many others out there also walking in my shoes....
Those new projects will still be priced above what the kids can afford. And even then the added HOA (Home Owners Association) fees that never end and never stop going up are killer. Two years ago I found a $1 penthouse golf course condo whose owner was offering $70,000 toward the first year's HOA assessment. WHAT? That's right: give the place away and pay the buyer the cost of a house in rural Ohio to take it, and it will still be unaffordable at $15,000 a month. That's $180,000 a year (forever) HOA plus taxes and insurance. Sure, that's an extreme case, but even a $235K home can carry $400 to $750 per month HOAs. And HOAs have first claim when you can't pay them. So you think you're going to own a house or condo, but you can easily end up just being a renter with a mortgage. Oh, and in the two years I've been watching Florida, prices have gone up 50%.
It's not just on buying ! Do a story of all these scammers stealing for sale home photos and posting them as a fraudulent rental property. Or do a story on how all these Landlords are jacking up prices for rentals, or even realtor services jacking up prices of rents-fees etc to just get you toward the top of a list and not even guaranteeing that you even get picked unless your willing to tell them you will pay more . Homelessness just got even bigger ! I would say this country is going to hell , however I believe we are already there. God Bless everyone tell eachother you love eachother and never take anything for granted because you just never know . Love ❤
Total bs where is all these cash buyers coming from. No bodies working and house prices have at least 1/4 if not halved in price in the last year. Total manipulation
Housing isn't really that un-affordable. Certain markets are un-affordable like Palm Beach one of the richest cities in the country where every wealthy New Yorker has a second home. You may need to tone down the Instagram dreams at 25 years old and buy a affordable home in Milwaukee or one of the many other affordable cities in the United States. Even if you buy a home in Florida home insurance will cost a fortune.
@@davidkresl2195 Yep, they could drive 1-2 hours even and get a place in ft meyers for under 200k but they'd rather complain on tv they cant afford a house in the hamptons of florida.
My parents 4 bedroom 2 bathroom, 1 acre, car port and shop/shed, chain link fence. Purchased in April 2001 $ 686 a month mortgage. $72,000. When They say $400,000 thats insane. A brand new house in Alabama is under 200,000. $132,000.
Greed is killing the hopes of many again. Cash buyers should be watched. Where did funds originate, how long did you work, etc. Cartels and drug lords abroad have caught on to the game of real estate. Most realtors are garage greedy 🐀 🐀 🐀 🐀 🐀 . My Loan Officer helped me better than any realtor. True patriot of the people without serving in the military.
We should time limited of ownership no more than 10 years and all property owners needs to renewal for ownership at market rate. If they failed to do renewal then the government repossessed back the lands and building. No pass down ownership allowances.
In some states even a shack can be $400,000+ so the people who get priced out go to other states and then THEIR prices get raised, making locals of that state angry. I also see a lot of comments from people saying to buy a crappy home in a cheap state. My concern is, would I be making enough in that cheaper state to buy a home? I'm not an engineer or a lawyer. There's nothing special about my qualifications as I have a history degree. I'm pretty much stuck bouncing between food service and entry level office jobs. Can I move to a state where the wages are $10 an hour and still afford a home? Likely not. At least in California minimum wage is $15. As far as I know, there is no "sweet spot" state where wages are HIGH and housing prices are LOW. As low as my status is, I too want a house, because mortgages are CHEAPER than high rent prices. I'd hope for anything in the $100,000 - $250,000 range even if it's a crappy home. I'll do projects to fix it up. I need a home because when I'm too old to work, I can get a reverse mortgage and die in my home. I can't ever stop working if I don't get a great job with benefits and retirement. I'll be 90 and too old to work in food service or an office, and won't be able to afford my apartment rent anymore. That's a terrifying thought. No partner, no kids by choice. I can't imagine how financially horrible life is for someone in my position with a bunch of kids.
"Booming booming booming..!.." newscaster is so enthusiastic! cheap houses without basements, congested neighborhoods. and tons of transplants from NY. with NYC attitudes.....Fixer Uppers....!?...neighborhood is in decline.
I found a house for sale a guy was given to him when his grandma passed away in a high end neighborhood for only $80,000 asking price. Me and the bank were just about to finalize with him when suddenly this big company came out of no where an offered him $180,000 cash. He dropped us like a hot potato and sold to that company and the company then put it for sale for $350,000.
I been seeing this all over the city here. These big companies just eating up properties and flipping them to increase the prices of other houses they own.
Us regular folks don't have a chance
That’s should be illegal.
This is happening all over the country. Ordinary people don't have a shot.
There's nothing to stop them.
Start checking those homeowners deed name and you'll see that a high percentage are corporate ownership and not average middle class.
Bingo
yep unfortunately.
I was just talking about that with a coworker. Houses being swept up and having 30 offers is not normal.
That's truth, I live in Chicago the hood I'm in had many abandoned buildings,houses, and lots. Most of it is owned by either the city or multimillion dollar companies
If we see a property owned by a Corporation, stay away! Let them pee in the world they created! Greed!
25 is not a millennial. They’re Gen Z. I feel bad for Millennials and Gen Z. We’ve been screwed.
25 is the last of Millennials
My son is 25 born in 1997 and considers himself a Millennial.
They got a free college education, courtesy of the people who already paid for their own education. And yet with their worthless degrees in liberal arts they still can't get a good enough job to support themselves. Go figure.
@@usualsuspectsfor1k Who did? All I hear about is these kids moaning about student loan debt lol
Im glad
“You will own nothing and be happy!“ The flipside of that coin is……. “You will own everything and be miserable!“
No, the flipside is, I will own everything and be happy” its a “win win”
I own a house and 5 rental properties and I'm VERY VERY happy. I did it working as a hairdresser in a mall salon. But...back in the day...houses were affordable. Kids today have a whole new challenge. My properties will be handed down to my kids and grandkids as generational wealth. It's a great feeling to be able to provide for my family.
When this bubble pops, the federal government needs to stay out of it and let all these investors driving up the housing market crash and burn. NO MORE GOLDEN PARACHUTES!
This is not a bubble like 2008. Demand far exceeds supply and will last for at least 5 years or so.
I agree Brent. 👍 in time prices will go down. Nothing like 2008 but it will happen.
@@phrewilly8556 it’s actually projected by a decade. The news wont tell u that. You need to read economists/ business call earning reports from home builders.
Agreed Brent!
I closed on my home right before the scam demic paid 165 and it’s now worth 265.
So sell it, rake in the equity, get raped paying closing costs and then go live where. Not impressed.
@@ckelly9747 sound butthurt landlord double your rent???
@@ckelly9747 seller doesn't pay closing costs
We did to! Bought for $329K, now it's worth $485K and rising rapidly!
Darling, it isn't just the Millennials. I'M A BOOMER, and I gave up on the "American Dream" long ago.
George Carlin was right...
Exactly, I'm a boomer and I can't sell (and relocate) because there is nothing for me to buy. I don't have the money to compete with people who can offer thousands over asking.
Right
Boomer here, we lived through decades that offered easily affordable houses, why on earth is a retired person NOT in a paid off home? I was a hairdresser in a small strip mall and bought my home and 5 rental properties.
@@eckankar7756 Alex Trebek, I’ll take People don’t know how to save money for $1000 please.
@@stephandoan Yep!!! I'm glad I read Dave Ramsey books. I was oblivious how money worked...but then I learned. Ever tip I got went into a ROTH, paychecks went into growth funds.
Owning a home wasn't there for most GenXers. The Commercial Realtors control it all. smh
Gen X were the first to feel the pain. and this is for milleniums that think this crop of older gen has it better .
@@PHlophe Yes we were. We've been through the wringer. We have just been quiet about it so we got forgotten.
My income is considered low middle class yet I can’t afford rent or a mortgage especially considering I need a minimum of 4 bedrooms 🤦🏽♀️. Making too much for help and not enough to live. FML
I'm in the same boat at the moment. It's frustrating yet eye opening.
4 bedrooms... you should invest in a quarter to hold between your knees
Low middle class? Minimum 4 bedrooms? 👌🏽
1. Move to a cheaper area
2. Buy a smaller house
3. Offer more to employers to you make more $$$
@Boy George "Colonizers?" Last time I checked, Hawaii is a U.S. state. And I'm sure its populace would vote overwhelmingly to maintain American citizenship if they had the option of surrendering it.
Hawaii is a highly desirable and thus expensive state. Are you a mediocre person with high aspirations? Want a four bedroom house? Move to West Virginia. No one is handing anything to you.
Not many can own a home near the beach anywhere as a first home. Duh.
That’s like buying a home at a ski resort in Colorado lmaoo nobody does that for a first house
so true.. they think they will get at all
I’ll probably never own a home….I’ll get a cardboard box in my apartment and draw a window and pretend it’s a fancy 🏡 home🤷🏾♀️ just thankful for a place to live and a job at this point 💕
I agree. I’ll probably never own a home too. I’m counting my blessings, at least I have a roof over my head and food on the table.
Right
Don't give up. Save and scrape as much as you can, and be ready. Whether it be in your current city or another, you really don't know how the opportunity will present itself.
400k what in the hell, I bought my house for 50k was making 25k a year at the time (1991), three bedrooms two baths with a garage roughly about 2k square feet. I was capped at 80k for the company I work for they're no longer in business took like 20 years to upgrade to 80k which I felt was too long but it is what it is. My neighborhood went from a two-lane road to a four-lane road, those houses are overpriced they should be no more than a 100k especially with the average wages we have nowadays median income is 30k per person and that's if you get lucky most make below that the market needs to be regulated like it was back in my time, or they need to start paying these young folk 60k minimum and that's for entry-level jobs
Yup. I work a state job and just got a promotion bumped up to 35k :( I'd like to stay near work and my parents, but even a townhouse in this area runs about 400k. It just feels so discouraging
@Incomeking 😏 and the realtor puts it on the market at a higher price there is no regulation that's the problem.
@Incomeking I respectfully disagree but I do concur with limiting a person to owning 2 single family homes per state. There are plenty of homes available, in addition to plenty of land, from the analysis of the numbers pricing is an issue.
Somebody sets the price it's not an intrinsic value, without humans there is no value, all elements on the periodic table go back to its natural state of being worth nothing that's the intrinsic value. It's basic arithmetic. It doesn't make any sense that a 2000sq. ft or smaller structure can cost half a million dollars.
When most will only make that much in their lifetime. Baffles my mind that people are assimilating to paying $1,400 a month in rent when that's equivalent to a mortgage payment, but most who rent have roommates but not all. System is broken.
Millions or 900,000 for homes and apartments in NYC for places that should be way less. It went up over a million dollars what homes cost decades ago.
I feel for these Treasure Coast millennials. I worked 35 years in LA as a bank teller by day / bartender by night and I could never afford an estate in Bel Air either.
the fresh prince
Haha hahaha
🤣
Should've invested in Bitcoin 10 year ago J/K 😎
"American dream of homeownership vanishing", not everywhere in the country.. Not everybody gets to live in a tropical paradise. Get out, and get over it.
It's hard to get a dose of reality. Your first house is most likely got to be in a more affordable area then move closer to the dream city. We are still living in the first home we bought 20 years ago before the crash of 2008. The plan was to live in a cheaply made home for 5 years and move up from there. Then, the crash happened and we stayed put. We have made many improvements on the home since then and am so happy we stayed put. We almost have it paid off and now can afford a vacation home in a popular city in Florida even with home prices soaring. Just have to sacrifice for years before your dream home.
With prices, interest rates and investors coming in and going up? They will be lucky to rent at that point.
How many phone call a day from investors harassing you to ask if you're interested in selling?
Even when a house is ‘paid off’ you still have to pay property tax, so do you really own it?
Insurance and upkeep and utility
Nope. If "they" want to widen a road, you lose some land. All "they" have to do is come up with some bs story and you can lose that home by means of imminent domain. Not my dream.
Yes.
No - but people will really be shocked at what is going to happen to upkeep costs. They are about skyrocket. Roof every 30 years, water heater every 10-20, AC unit every 10-20... Anyway, the goal isn't to own a home - the goal is to make more than you spend and invest... A home is the byproduct of this.
My rent was about to go from 1550 too 2000. And rent is going to
Keep going up. Got a mortgage for 1418! 👍
Yeah I'm starting to give up on finding a home. It's absolutely insane.
Try being 52 and going through the big D and I don't mean Dallas. I either work until I'm 82 to afford to pay off a decent home, or buy a garage with a bathroom in it so I can afford to retire before I'm in a wheelchair.
My partner is 53 and says he'll never get to retire either.
Retiring abroad could be an option?
Try a mobile home in a place where the lot rent is reasonable.
@@user-yv7dt5je1l I did. But I'm not one of these people that need to go, go, go and spend ,spend , spend. I'm content.
Buy a house, the mortgage will stay the same or lower, in 5 years you will be greatful you did buy.
The American dream of home ownership isn't over just millennials.
It's over most people.
Soon it won't matter, as lack food will be the major issue.
Nice video 👍
Thanks for doing the series of reporting on this topic! I learned a lot.
How far human civilization can go if everyone works together..
. ..
I say this all the time
But humans don't work together. Some move ahead faster, some hang behind to be cared for, some lead, some follow some just sit.
Dude my family kicked me out which put me in debt because I worked at Starbucks at the time and need credit to get a apartment. So I spent many years working low wage jobs because they wouldn't let me finish college before they kicked me out. 7 years later, their actions still are affecting me even with 2 jobs. People tell me to go to school, but I HAVE to work 2 jobs now because it isn't a normal expectation by society for me to be able to survive on 1 job. I have no friends and no supportive family. The American dream is dead for me unless I can not pay rent somehow to advance myself into a new career that actually pays. Alot of people assume I'm here because it's a personal failure on my part. The reality is that life happened and sometimes people actually need help to get out of a bad financial situation. This country will never understand that. I'm trying to learn how to code while I'm at work, but my employer is only concerned with threatening my livelihood. This world is crazy.
Forever the victim
@@usualsuspectsfor1k thanks for proving my point
@@jermainemyrn19 I think the point went right over your head. If you hold a permanent view of yourself as oppressed, you become your own oppressor.
@@usualsuspectsfor1k sort of like if you rape a girl, she shouldn't of put herself in that situation right?
@@jermainemyrn19 Ugh. No, not at all. I'm sorry I overestimated you. Now I see why you're in the predicament you're in.
Good luck to you.
The rich get richer and the poor get poorer in the U.S. This problem is all over the U.S. I live in a affordable suburb, well, use to be affordable, but not anymore with corporations like Zillow, big investors and rich Californians, buying properties all over. 1st time home buyers just can’t compete with them. The local and federal U.S government need to set restrictions on corporation investors and big time investors on how many properties they could buy on houses to stop this crazy price jump on housing. It is not healthy when the housing market is going up like this fast. They need to set up laws on prioritizing 1st home buyers first. What is going to happen with our next generations if our governments don’t do something about this house crisis?
@A 1 you can say that again if the government even think about it rich people will pay politicians to scream socialist at the top of their lungs.
Good luck. Zillow, big investors and rich Californians don't just buy houses...they buy politicians too.
@A 1So sad. What is the point of sending our kids for college to get a higher education and getting them in school debts when they can’t afford to have a place of their own due to corruption of capitalism.
I was poor and though I'm not rich, I'm well off. I own my home and 5 rental properties which I bought working as a hairdresser in a mall salon. It's more your focus and determination. It's what you do consistently every day. Today's youth have a different challenge than I did but never give up. Make money, save move, have a big nest egg to be ready to POUNCE when that one opportunity falls in your lap. Be ready when good things happen.
They are 22 ! I didn’t buy a home until 37
I bought a home in December for $355K and it has already gone up to $380K. This market is insane.
Yea until the bust and your home becomes less than what you paid.
@@jimbeam2705 drinking your name i see
Good for you...it's a great feeling to own a home, in a few years that mortgage will be a fraction what others are paying in rent. I'm about to retire and it's a JOY to have a paid off home and not worry about payments. My insurance and tax is $107. a month. Had I not taken the jump years ago I'd be like all these others trying to find a cheap apartment.
@@eckankar7756 congrats! That’s a great feeling. You’d be able to rent your home out for a ton of money I’m sure.
as gas rises, your house will fall....so if you wanna sell, nows the time
Move out of Florida.
I'm 35 and I saved 20,000 to put down and buy a home however, after looking at the market I changed my mind. I'm starting to reconsider my options but will continue to save. I know what I have is not enough to support costly repairs among other things. Besides inflation has made the cost of everything rise🤷♀️. It's not a safe investment right now for me.
Job security is the biggest factor in buying a home . When you rent you can always relocate if needed for a job. The future in America looks dim and I'm 62 . I decided to just buy a mobile home in a park and pay a small lot rent . But I paid cash for it and it's in Florida where I've lived for years. Even rent is going out of site.
@@jimbeam2705 Yes! Job security is everything! I knew the job I was employed at was not secure either.
@@bertha8893 Right now the market is like it was around 2006 . High prices for homes and then the crash and those home prices dropped like a rock and many hard working average people got screwed. Don't let it happen to you.
You have a good emergency fund in place, maybe invest in YOU so you can earn more money. The average age of a new home buyer is 33 and they had at least $70K saved for a down payment/expenses.
@@jimbeam2705 but back then there were loads of homes available and almost everyone was approved to buy a house, even if they could barely make the payments. Different today. Few qualify and supply is far lower than the demand.
Owning a home used to be the american dream. Now the american dream is can i even find an apartment?
When I was younger that really was my dream right. Now that reality is here , I'd rather hold on to my money then get involved with this foolishness
it will be interesting in 15 years to hear your follow up to this decision.
I was just beginning to look at houses right when covid came around. I had finally saved a 20% down payment plus extra to put into the home, then a 6month emergency fund on top of all that money. However the prices continued to climb and eventually got to the point I had to just stop looking. I keep an eye on homes still but not currently looking. Now I have to save a lot more money to have 20% down.
Wow. I was in the same position, but i bit the bullet and bought early on. Safe to say, best decision ive ever made. Ever.
@@botaccount3449 yeah I believe it. Someone outbid me by 5k during the early beginning of covid and now I look back and wish I had raised my price even higher. The home is worth almost double now.
Keep saving and looking, be ready to POUNCE when the opportunity happens. Deals still pop up now and then, don't stop looking, you might miss a good one.
Bought my first house during covid panic in 2020 best decision ever.
Me too!
Same, it was cheap for how nice it was. Just lucky sometimes.
We did to in November 2020. It's up over 31% in value already!
Smart. I bought two homes during pandemic when people told to not buy. They foresaw a crash that never came.
Congratulations 🎈🎉🍾
I didn’t buy my first house till I was 34, I had to be patient. Needed to get out of stupid debt. But I still did it!
35 year old father of 2 and I'm aware I'll never be able to provide my family with a home.
I'm 32 and its sad but so true
Sure you will, it’s time to find a new country to call home, one that will value you. I’m personally torn between South Africa and Kigali, Rwanda. The opportunities don’t even compare. I can sell my house here in the USA and go buy two properties in Rwanda and use 1 as an Airbnb to generate income. There is just no reason to stay here and struggle, the world is too big.
@@Ms.NoNo2 man another country omg I was looking into that too
I know things can be very discouraging but don't say "never". Positive vibes only. You'll get there 35 is young. 🙂
@@Ms.NoNo2 Lol those countries have so much violence no place to raise a family
Recession is coming Biden we need 2k a month for 1 year
Benji, you've got the 2k in your own phone tho
After looking at 136 houses, 30ish denied offers. I'm currently under contract on my house.
Middle class is disappearing? You will either be rich or poor in the near future?
The choice is yours.
@@armchaireconomist8648 you wish
@@firstlast8258 "If wishes were horses, beggars would ride." 1628 in a collection of Scottish proverbs,
Your choices will come back to haunt you. If you don’t save anything, you don’t get anything in this world.
@@armchaireconomist8648 beggars can’t be choosers
I'm 35 and I am so happy I purchase my first house at age 25 and didn't wait. The housing market 2022 is nuts.
It’s not even just millennials….I’m 43. If I didn’t work remote I wouldn’t be able to afford to live inside of 90 miles of my job and that’s still renting
Nicole Tabasco, you are actually a millenial, you are just the oldest millenial .
@@PHlophe no he’s Gen X
in 2009 I stumbled on condos on craigslist. The builder went under and the condos were not finished. They were up for sale for $10K each, 1600 sq ft, 3br/2ba in Phoenix. They needed flooring, some drywall and appliances, that's it. I bought 4. I never meant to be a landlord or investor but it sounded like a good deal. Those 4 condos are worth over $1M now. You were old enough to buy property at the most amazing time in history to pick up affordable homes after the crash, why didn't you?
It has gotten ridiculous to even survive. Rents are up 60%, my pay didn't go up 60%.
This situation affects everybody,prices are going up so quickly,just paying for your gas is ridiculous!!
My wife and I have worked hard for years here in Florida and now we, with our loan in hand can’t get an offer accepted. Out of staters with cash in hand, many of them offering up to 50k or more above asking. It’s ridiculous!
Oh well...
Its not out of starters it's corporate investors.
Move to Oklahoma
Meanwhile, Blackrock is stealing everything that isn't bolted down. Buying up entire neighborhoods, buying up 1,900 companies during the scamdemic.
It's a whole new ballgame the past 1.5 years. REITs are buying up LOADS of properties especially in the sun belt. I did some research online on REIT companies, I followed 24 of them, ALL owned at least 40K homes. It's tough standing up against them. Keep saving and looking so you can POUNCE when you get that one good opportunity.
At this point, I'm just gonna live in an RV.
You can’t tell me that’ there isn’t a Great Recession coming
*depression
nope, that might be less painful then years of inflated prices and stagnation, instead its gonna rumble along with that high inflation pain and low growth/wages etc. for a number of years, unless something happens to incomes to seriously reduce demand, which doesn't look likely rn...same all over the world really.
who can afford housing in Florida for 400k ? They don’t give descent pay in Florida for any jobs.
There has to be a caregiver shortage for all the people looking are help an that should change the future of housing. I believe that’s the black swan event the Baby Boomers will face as young people don’t want such low income jobs
We are becoming like the islands in the Caribbean. The local get p💩 💩ooped on, paid low wages and work long hours while foreigners buyers domestic and international ravage all the choicest properties. We scrounge around trying to collect nickles to make dollars. Unless your a lawyer, doctor, Fed worker, clinician of sorts, law enforcement, high level land development and construction or high level financials you will be screwed south of Palm Beach ⛱️
boomers
@@ckelly9747 wow mouth full
@@ckelly9747 Just look at Hawaii
I’m with you I’m renting and I been looking for a house since 2021 and I’m 26 I don’t have a cash offer. I make enough to pay rent by myself and been doing it since I was 19. I’m actually turning to a tiny house, mobile home, or habitat housing! I make more than my father and they bought a home in the 90’s. It’s very unrealistic
Vote only for politicians who will address the problem. If you don't, you deserve it.
I bet everyone in congress has massive investments in REITs that are buying up affordable homes from families wanting to own a house.
My house is simple (2 bedroom, 1 bathroom, with large gated back yard and basement). I bought my house at $12k 10 years ago. It is in a good neighborhood.
Now I'm getting offers to buy it for over 10-15x that. My dilema is if i should invest heavy in it for a big makeover or just buy another home with most of the upgrades I want...
It’s nowhere to go- don’t sell!
ill give you 12,001 right now?
@@robertd7073 Please, the lowest offer I've received is $115,000 🤣🤣🤣
@@choosey87 oiffers still stands if you change your mine
@@robertd7073 Let's be real, I make 5 figures a month and sometimes a check. Take your little tax return, stimulus, and section 8 and find somewhere you can afford 🤡
The new American Dream is You keep dreaming.
It is also happening here in Michigan as well
You will own nothing, and you will be happy. Klause Schwab
Let me see! Interest rates 'adjusted' to 10%, housing market crash plus stock market crash. Halt corporations from buying mass number of properties, Private landlord properties at double property tax rates. Hmmm..... that should stop their gallop, hopefully!
He said "The closer you get where everyone is at." Thats the problem. You want to live where the action is..pay up.
It’s called the American Dream because you have to be asleep to believe it
Some people need to rise and destroy these greedy companies, one day all homes will be affordable at a lower price.
The great resignation is the start of it! Let these greedy people serve their own! Don’t ever settle for less anymore!
No they won’t.
@@dcg590 Yes they will one day I’ll make sure of that 😌
@@napnemeanix ok. Live in your fantasy world. Believe me, I’m not happy about it either but when does the regular person ever beat the establishment?
@@dcg590 Using the power of science l, never underestimate the power of science it’s powerful
Oh it’s not people around the country paying cash it’s people all over the county and the world
Move to Michigan! We have whole neighborhoods for sale ....and you'll be your only neighbor! 🤣 🤣
🤣 💀
Honestly it's a good idea, I've been looking on line at Michigan property. Out of the tornado alley, ample water, there are some good benefits considering moving there.
Homeless makes sense now !!! Keep raising prices and we will all be living in our cars ....lol ...greed will be the end of freedom
Used cars more expensive than ever too
@@zuzanazuscinova5209 gas is more expensive now too, might have to start looking at electric scooters.
This report just went in circles. Never told us the root cause of the problem
30 years ago I left California because of the high prices. Tried Florida for a while and they have the same problem except a one heck of lot more humidity. No the American dream isn't dead you just have to live in Antarctica to afford a home. Not very many people wanna live in the cold so here I am.
So I have my dream, Unfortunately I have to dig out all the snow to see it. And my heating bill along with my electricity combined Is a lot less then just the light bill alone in these 2 States. Be well be safe America....
Stay with your parents save your money… then move out of state or central Florida
If Americans build apartment buildings like China, things might improve
You first
@@ronanbrodrick9168 chinese apartment buildings aren't going so well rn, check out their real estate market...its on the edge of collapse, news on it has died down for now but it will resurface...
@@ronanbrodrick9168 lol.....new world order has other plans for amerikka
The property tax is too high too
Nothing has really changed when it comes to home buying in Florida, it's a tough market and you have to have a great realtor working for you to find that sweet deal. Very few people in their 20's get to buy their dream home if at all. I was there in my twenties and there was no way for us to purchase a nice home at the real estate prices (1980's). You have to either have be at the right place at the right time, have great income, inherit or do what most of us do, move out of state, save your money then retire there. That is the new American Dream, at least in my opinion.
*American Reality*
Nothing dreamy about it.
It took my daughter 2 years ago losing offer after offer but finally found a lot but pay 1.5 million for a townhouse in Arlington Virginia.
Owning a home should be standard, not a hopeful dream.
"YOU'LL OWEN NOTHING AND YOU'LL BE HAPPY" World Economic Forum...
First one building and then the other.......NEWS of SEPT11
Its sad what is happening with real estate. A dream that will never come through in this days n times!
It's hedge fund people that buy these houses an rent them out to you all.. it's all corporate now
Yes, you are right. I've been researching these companies, it was so depressing I had to stop. REIT businesses are buying up everything affordable, especially in the sun belt
I'm selling my home, first home I've bought. I'm not looking to sell to anyone who wants everything done for them before they move in, if you can't repair anything , your definitely not the buyer I'm entertaining.. in this market you have to pay right AND be willing to fix some things up to your liking before moving in because if I'd fix it all myself it be to my liking and I probably wouldn't sell to you at that point anyway, so buyers who can't take on a fixer upper, well, they're taking themselves right out of the market and nobody is doing that to them. You guys need to learn to not only speak with and or to buy negotiate with your neighbors. If you think they're going down the path of not being able to afford the home they own, make them an offer. Search for the fixer uppers before all of the investors pick them up, renovate them and rent them out to you 4x the price.
You younger home buyers need to buy cheaper homes than your parents house and if you can't see that you're supposed to be fixing up older homes , then... Idk what to tell you other than good luck , you better make a fortune.
I don't understand everyone's obsession with owning a home. You don't have to.
Where do you live then
@@BettieBoo ever hear of renting?
@ManifestingMe you move to a less desirable location in order to live and survive. Might not be 10 minutes from the beach but beggars can’t be choosers
@@BettieBoo IN A VAN
What will you do when you're old and working isn't an option anymore? I'm about to retire, my home is long paid off. My taxes and insurance is $107. a month. Money I'd have paid in rent or mortgage FOR YEARS has gone into my retirement account. Don't grow old and have to scramble to find a cheaper apartment to move to. When I go my home goes to my kids and grandkids to help them out.
Vanishing? More like non-existent…
It's millenials but not JUST millennial that are priced out of homes, AND apartments for that matter. I'm a boomer, made poor by my ex during horrific divorce. They are many others out there also walking in my shoes....
Those new projects will still be priced above what the kids can afford. And even then the added HOA (Home Owners Association) fees that never end and never stop going up are killer. Two years ago I found a $1 penthouse golf course condo whose owner was offering $70,000 toward the first year's HOA assessment. WHAT? That's right: give the place away and pay the buyer the cost of a house in rural Ohio to take it, and it will still be unaffordable at $15,000 a month. That's $180,000 a year (forever) HOA plus taxes and insurance. Sure, that's an extreme case, but even a $235K home can carry $400 to $750 per month HOAs. And HOAs have first claim when you can't pay them. So you think you're going to own a house or condo, but you can easily end up just being a renter with a mortgage. Oh, and in the two years I've been watching Florida, prices have gone up 50%.
It's not just on buying ! Do a story of all these scammers stealing for sale home photos and posting them as a fraudulent rental property. Or do a story on how all these Landlords are jacking up prices for rentals, or even realtor services jacking up prices of rents-fees etc to just get you toward the top of a list and not even guaranteeing that you even get picked unless your willing to tell them you will pay more . Homelessness just got even bigger ! I would say this country is going to hell , however I believe we are already there. God Bless everyone tell eachother you love eachother and never take anything for granted because you just never know . Love ❤
Welp u can thank Biden!
Was Biden president 40 years ago?
This is global, much worse in Australia, China, the UK than in the USA.
There is no American Dream.
Born and raise in Florida. Seeing this tragedy first hand.
You legit got me thinking that i need to buy that doggone kennel. i totes forgot
Am not a dreamer am a realist.
Total bs where is all these cash buyers coming from. No bodies working and house prices have at least 1/4 if not halved in price in the last year. Total manipulation
Vanishing? I thought it was gone years ago
It was
😢😠😡😢😭💔🙏 Oh my God noo!!! And why Georgia?!
In Florida they pay 15 hour and selling a homme for 400000 then Pay 2000 plus for your mortgage not make sense 🤣🤣🤣
Housing isn't really that un-affordable. Certain markets are un-affordable like Palm Beach one of the richest cities in the country where every wealthy New Yorker has a second home. You may need to tone down the Instagram dreams at 25 years old and buy a affordable home in Milwaukee or one of the many other affordable cities in the United States. Even if you buy a home in Florida home insurance will cost a fortune.
You shouldn’t have to move to the ghetto or lame Midwest to afford a home.
There are no jobs in Milwaukee...
That whole area is gonna be under water anyway 😂
You hear the same from west coast homeless. Everyone wants to live on the beach ,for pennies on the dollar.
@@davidkresl2195 Yep, they could drive 1-2 hours even and get a place in ft meyers for under 200k but they'd rather complain on tv they cant afford a house in the hamptons of florida.
California get a room size closet for $1,000 a month and that don't even include the kitchen or amenities you know. 📡👽🇺🇸 RUN!!!
Goodbye middle class.
Fixer-upper people there a lot of options, small apt, RV etc. What ever it takes(legal)
My parents 4 bedroom 2 bathroom, 1 acre, car port and shop/shed, chain link fence. Purchased in April 2001 $ 686 a month mortgage. $72,000. When They say $400,000 thats insane. A brand new house in Alabama is under 200,000. $132,000.
Go buy a 500 cell phone go out to eat 3 times a week go on vacation every year now you want what you can't afford
go ahead and fly your plane before you’re to senile to do so
Yeah get a good agent so he or she can sell to a cash buyer behind your back waiting for a bank approval? Yeah ok.
Greed is killing the hopes of many again. Cash buyers should be watched. Where did funds originate, how long did you work, etc. Cartels and drug lords abroad have caught on to the game of real estate. Most realtors are garage greedy 🐀 🐀 🐀 🐀 🐀 . My Loan Officer helped me better than any realtor. True patriot of the people without serving in the military.
What! You mean not everyone can live on Park Avenue or the Gold Coast?
We should time limited of ownership no more than 10 years and all property owners needs to renewal for ownership at market rate. If they failed to do renewal then the government repossessed back the lands and building. No pass down ownership allowances.
Sounds like you got it all figured out.
I don't DREAM anymore cause it's always a nite mirror .
In some states even a shack can be $400,000+ so the people who get priced out go to other states and then THEIR prices get raised, making locals of that state angry. I also see a lot of comments from people saying to buy a crappy home in a cheap state. My concern is, would I be making enough in that cheaper state to buy a home? I'm not an engineer or a lawyer. There's nothing special about my qualifications as I have a history degree. I'm pretty much stuck bouncing between food service and entry level office jobs. Can I move to a state where the wages are $10 an hour and still afford a home? Likely not. At least in California minimum wage is $15. As far as I know, there is no "sweet spot" state where wages are HIGH and housing prices are LOW. As low as my status is, I too want a house, because mortgages are CHEAPER than high rent prices. I'd hope for anything in the $100,000 - $250,000 range even if it's a crappy home. I'll do projects to fix it up. I need a home because when I'm too old to work, I can get a reverse mortgage and die in my home. I can't ever stop working if I don't get a great job with benefits and retirement. I'll be 90 and too old to work in food service or an office, and won't be able to afford my apartment rent anymore. That's a terrifying thought. No partner, no kids by choice. I can't imagine how financially horrible life is for someone in my position with a bunch of kids.
What's a dream? YOU NEED TO BE GRATEFUL FOR WHAT YOU HAVE THAN WHAT YOU DON'T HAVE!!! BIBLE BELT!!!
REMEMBER THESE WORDS, WHEN THEY COME RIGHT BACK AT YOU. YOU REAP JUST WHAT YOU SOW.
Marcos Reyes, Yes so true.
Sad situation
I was born in 1979, am I a Millennial? Cuz that dream vanished for me to.
You are a Gen X if born in 79.
you are a millemium
class of 2000 is millenial, class of 1999 is X
Uh duhh. Everyone with a brain saw this coming for many MANY years.
"Booming booming booming..!.." newscaster is so enthusiastic!
cheap houses without basements, congested neighborhoods. and tons of transplants from NY. with NYC attitudes.....Fixer Uppers....!?...neighborhood is in decline.
American dream is more like a fantasy now today.
What jobs they got she said she wants a stable job in the interview
Pasha, she is a stay at home wife
American Dream it’s called a dream for a reason. What’s the definition of dream? Think about it, there is no America dream.
All over the country the same problem. At least are politicians are worried about Ukraine. Said no American