I'm a 64-year old semi-retired structural engineer in Bristol, UK - who considers himself *_incredibly fortunate_* for the life I've been able to lead. But am not wealthy by US or Western/Northern European standards. I've just worked hard, taken opportunities and live frugally. Now that must feel better!
😂That's cause you understood something that has a bit of complexity, but if you're far from owning a home or already have one, it's probably not something useful for you right now
love the voice and the tone ... although she has a German accent and her videos are about physics, Sabine Hossenfelder, has a similar tone in her videos ...
This channel is great because…well, for several reasons, but one major reason is that he clearly writes a entire presentation in advance, rather than the current stylistic trend which is to simply wing it off the top of your head, then using editing software to edit bizarre jump cuts into your video, in order to get rid of the 90/10 ratio of garbage/good material. He’s thoughtful, puts serious work and thought into every word, and the end results shows that. This is how educational material should all be prepared. With good logic and, more important, good evidence, well written, etc. Good on you!
I'm Australian - and a couple years ago when our software jobs became remote during COVID, my wife and I moved from Sydney to Cairns (in tropical regional far-north Queensland). House prices here are about a quarter of what they are in Sydney while government services are basically just as good. So far moving seems like an excellent decision and has meant we've been able to start a family many years earlier than we otherwise would have.
I find that an interesting concept, "being able to start a family many years earlier than we otherwise would have". Historically it's been more the other way around; you start a family and then work all your life to support them.
Cairns is a rather extreme move for people looking to do the same. The Central Coast/Wollongong are more viable as you could still commute into Sydney if required a couple times per week (the poor bastards at CBA).
Dutch here - thanks, this gave me quite a good perspective. On top of the extreme housing crisis we are going true, we also enjoy a 21% sales tax on goods and 9% on essentials such as food water and healthcare related stuff. There are a lot of benefits of living here, but it really feels like that over the spawn of my lifetime (28 years) it has become harder and harder to come by. And the probability of buying a house before all prior generations in your family dying has become small for most working citizens. But it also could be much worse of course as you talked about in the video.
Hi, sad American here. Living in Texas. So where do y'all live if you can't buy? Is renting until you die the norm there? Is homelessness a thing since you have considerably larger social programs?
German here who will move to Netherlands. The situation is worse in Germany than in Netherlands. NL has a pretty good real estate Market, lots of fluctuation selling and buying houses, whereas Germany has a broken market, though the rental market is ok. Further dutch politics support Home buyers, eg you can subtract your interest payments from your taxable income, in Germany only investors can do it. For homeowners NL is far better than Germany.
@@kopitifulThe German market is highly dependent on location, you can literally right now buy a 24-room palace from from imperial times for about 600k € in Wriezen (a town in Brandenburg). Meanwhile finding a small house for that price in Munich will be a challenge
I’m impressed that you found a 2 bed flat in Kensington for £800K. Although it was probably a one bed and the owner just built a plasterboard wall across the middle.
When my wife and I were looking to leave our native Minneapolis, we came up with a metric that we found very helpful when searching for places to live. We call it the "Bovine to Human Ratio". We moved to an area with a Bovine to Human Ratio of just under 40. That is, about 39.6 cows per human. Cows make great neighbors. They mostly go to sleep when the sun goes down so there is rarely any loud cow music after dark. They also have no reservations about pooping in the road so California people would feel right at home.
My friend did the same, except he screened for African Americans instead of Bovine, and with a very low ratio of AA per Whites., but for the same reasons.
As someone living in the UK I don't know which part of the video is more depressing: how poor the rest of the UK is once you take out London, or how bad of a house $1M buys you in London.
To be fair housing prices in london differ by which borough you're. In a cheap place like enfield you could easily get a fully detached 3 bedroom house with a garden and some parking space for £800000. The london borough of kensington and chelsea is easily the most expensive part of london, by a good margin.
It's interesting because we're all connected now via Internet but our situations are really different. All you hear is the local echo chamber. I kind of knew this traveling abroad but my general conclusion is Americans should STFU because we have it pretty good
I just checked my one bed flat in Kentish town nw5 gone for 638 000K ...ijust laughed how that did happened. I live now in cape town,Day and night lifestyle ,view and nature...I won t come back.
@@nachonachomanif you are talking to a European you are only allowed to complain about healthcare costs, tuition costs, poor politicians, and lack of public transport If you are talking to a Brit please don’t complain you keep giving our politicians idea
I've lived in Vienna and Sydney, visited Shanghai and Beijing, and many places in the US. For my $1 million I'd live where I do now: Pittsburgh. Amenities include one of the world's greatest symphony orchestras, the nicest baseball stadium in the country (the team is lousy but wait until next year!), very good hockey and football teams, a wonderful museum and art galleries, opera, ballet, good restaurants, excellent medical facilities, etc. etc. For sense of community - it's so strong we even have our own accent and vocabulary. All this with a median house price of $275k. Although I miss Sydney's beaches and Vienna will always be the "Stadt meiner Träume", Pittsburgh is a very nice place to live.
Great video overall, but one extra point to add to the analysis. The average property tax in Texas is 1.6% compared to 0.7% in California. Texas doesn't have state income tax, so doesn't have as much money for government services or to give grants to cities. So the cities compensate by charging higher property taxes. Texas is still cheaper than California, but when you consider property taxes the gap isn't quite as big as most people think.
True, Texas property taxes are higher, and there is no state income tax. However, I feel a fairer comparison would be to compare two houses of the same size and amenities, not two very dissimilar homes. In that scenario the CA home would still be $1.2 million but the Corpus Christi home would drop to probably $300,000. The compare what saving $900,000 would do for your finances.
Doesn't Texas charge sales tax on most services as well (like lawn mowing)? I've lived in TX, MI, OH, OR, NC, AZ and WA. If I remember right, they all charged tax on some services but it seemed like TX charged tax on almost all services
But as someone else pointed out, the housing prices are like four times as high, so you *still* end up paying more property taxes in California. I have lived in California most of my life and there have been many years where my property taxes were more than 10% of my gross annual income (not net, gross). The money goes off to the state and only a little of it makes it back to the city you live in, based on some very esoteric distribution system. The rest gets spent on god knows what. It seems as if taxes keep going up and what we get back for those taxes keeps going down. There are plenty of reasons people are fleeing California. And it's educated and well off people that are fleeing. I will leave myself one of these days, I am pretty sure.
Having lived in CA for 15 years, I would add that there are so many weirdos in CA that it is an absolute necessity. And I can guarantee the situation is getting worse by the day with the current political "elite" in power in CA.
I used to believe that home prices where higher because people get paid more there. Now i know its just a destructive feed back loop of never losing money on bought property
@d3st88 in the end it is all irrational. You get paid more, but you willingly also pay more. The ask price would not keep on increasing of people understood the value of money better. But when a person earns the same money by working less (time/effort) than another less fortunate individual, then the first person will find it easier to say goodbye to the same amount of money than the latter. And this, of course, drives the ask price up. We cannot always wait, be cautious and refuse to parttake in what should otherwise clearly come off as an unhealthy market. We contribute to the growing cancer.
@tcioaca calling it cancer denotes a hint of inevitably or fate. You don't even have to be dogmatic or draconian about fixing these problems. 1. pin min/wage to inflation(no questions). 2. Heavily Tax secondary+ estate purchases. 3. Follow our own antitrust guidelines.
@easyrebel81 point 2. may have a positive impact. While point 1. may seem as a good option, in my view, it goes against the cause of inflation in the situation when you do not have resources to satisfy the demand, so just tuning the minimum wage itself will in no way address the underlying issue. Same actually goes for housing: not enough units are being built, and the older ones are either subpar or in locations that have no economic perspective to attract buyers and/or working class people. But, as long as we will keep losing contact with the inherent value money represents, we run the risk of driving the market in a bad direction. So, we are partly to blame. By cancer I mean a ripple effect: you earn more, thus are less reluctant when it also comes to paying more for the thing you want, even if that thing does not have any inherent added value relative to yesterday, per example. We are quite irrational, hence we do things that have such consequences.
Amsterdam in the Netherlands: for $1Mlln you'll get a chunk of a house which in other countries qualifies as a closet. However, for the same price you can triple or quadruple the size of your home just by living right outside Amsterdam at a 20 minutes distance by public transport.
I think the Dutch have a rather odd mortgage market which might partly explain their extremely high ratio. I think it was Economics Explained that mentioned it (yeah I know some people on here really don't like that video, but I'm going to take his word for it on the mortgage situation), something to do with LTV rates well in excess of 100% being allowed and the government insuring mortgages, plus mortgage payments being tax deductible. I could see how that might push up house prices.
@@Croz89 imagine taking a 100%+ LTV because the government is backing you and maybe even gaining money depending on how their taxes work... yikes lol, that to me is a national disaster waiting to happen
@@markowitzenThe national housing disaster has been slowly unfolding for the last 10 years. People in their 30s living with their parents unable to start their lives/a family because rent is too expensive. Social housing being lotteried away and every house there's at least 1000 interested people. And that's not even to mention it's impossible to build anything new because we blew our nitrogen budget on farmers that export their meat abroad. It's all rather depressing.
Patrick you rule man. I watch all your videos. When I don't have an interest in the subject I still watch videos for entertaining purposes. Keep on rocking my friend.
As a Texan, you will regret moving here if you enjoy the outdoors at all. The heat is unbearable, and the weather is just too unpredictable in other months.
@@Philhou77005 that too, especially at a municipal level. And you cannot live without a car anymore except maybe MAYBE downtown Austin, so add that to costs too.
I live in Portland OR, which was touted as a livable city- excellent public transit, great food, good weather with rainy winters and long dry summers, and lower housing costs. Fast forward to now, where we have a high housing to income costs, a drug addiction crisis and a city government that best is frozen in fear. Attractive cities on a spreadsheet can easily change.
Really sad to see that Portland has taken a darker turn since I visited a couple years before the pandemic. It was a wonderfully quirky city as I remember it, and didn't seem too absurdly expensive.
Really depends on perspective. I recently moved here (Portland,OR) from a city in Colorado about 3x smaller. I’m paying about the same in Rent, but I took a iob at 60% increase and I now have a walkable city 3x larger to explore almost endless options. I’ve walked around Downtown, so I have seen the homeless and drugs, but havent felt unsafe. A lot of the clickbaity RUclips videos make it seem a lot worse than it really is.
I lived in Portland for 35 years….I loved it. I moved to So. Calif to be near my grandchildren. Now that they are pretty much grown, I did not want to stay in CA. I just could not move back to Portland…Cost of living, homeless, politics…etc….It was so sad. It was once such a beautiful city. I did land in a very nice small town in the South.
I'm from Boise (don't live there anymore), and something similar happened where the livability tanked. After years of winding up on national "best city to live in" lists, lots of rich people moved in and priced out the locals. And then during the pandemic, a lot of neonazis crawled out of the woodwork and started harassing city officials and their families. It's not such a nice place to live anymore.
Portland was never an "attractive city" you just got gaslit into thinking it was. NYC, LA, Miami, Chicago, San Francisco are the actual attractive cities. Cities that have been big for decades and will continue to be big. They don't need to print brochures or run ad campaigns. You already know they're the real deal
If I hit the big lottery, I'd approach Patrick to see if a $100K donation would buy me three rounds of beers and a casual pub conversation for a donation to his charity of choice. Dude is smart AF and just as hilarious. Love this content.
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Dear Patrick, I am a big fan of your vidoes since you are always addressing current topics from the unbiased perspective and with a bitter irony which is so refreshing, but this time it was really too much to swallow at 2:17...Showing a Mariupol's theatre in this context, a place of a serious war crime, where hundreads of innocent people (with children amongst them) were deliberately killed is just immoral..personally, I dont think that such a long time has passed since this athrocity so we can make fun of it...this place is an testament of mankind's evil and dark side, and I believe the victims deserve greater recognition. For the sake of emphaty, please try to keep this in mind, it is very sad to see things like this in the videos of my favourite YT content creator....Thank you!
No amount of money or size of house can replace the peace of mind of being able to walk alone at night, to have kids playing in the streets, knowing that you are a 10 minute walk. cycle, or a Metro/tram ride from all essential services and interesting spots in your area. I'd rather live in a smaller house in an expensive European city than live in a mansion or a luxury penthouse in the US urban safari.
This was awesome, I recently had to do a capstone project for a UX course, and I chose the subject of moving out of state - and my idea was to develop an app that would answer the very questions you ask here. I wish you had uploaded this like six months ago, the resources used were super helpful lol
I think for those who still want an urban setting, "second tier" cities are definitely worth a look. In many parts of the world you're still going to get the majority of the things you want, parks, nice restaurants, etc. but the homes are usually a fraction of the cost of "first tier" cities. The UK, for example, is so economically unbalanced it only really has one first tier city, the big smoke itself. Second tier includes Edinburgh, Glasgow, Birmingham, Manchester, Leeds, Liverpool and so on (you might consider Birmingham and Manchester in an upper sub tier due to having metro areas of over 2 million people, which doesn't come close to London's 11 million). $1 million in any of these could probably net you a penthouse in one of the most prestigious residential skyscrapers, rather than a pokey flat above a shop. There are some compromises, you won't have the famous attractions on your doorstep and particularly in the UK public transport is considerably worse than in the first tier city, not as bad as the US perhaps, where you might be lucky to find a regular bus service, but if you compare Paris to Lyon, both have underground systems with multiple lines, whereas the only true underground metro outside of London is in Glasgow, and it consists of only a rather small loop line around the city center. Though it's worth pointing out that that $1 million will get you a nice residence smack dab in the city center or pretty close to it, so you can probably walk or cycle to most places you want to go anyway, or take a short taxi or bus/tram ride, whereas in London you'd probably need to take the tube.
@@LevkinIt's a bit better on the continent, though places like Germany have more first tier cities so you're probably going to be looking at cities like Hannover, Leipzig or Karlsruhe rather than Hamburg, Dusseldorf or Stuttgart if you want cheaper housing.
One of the hindrances of enjoying a cultural nightlife is that most types of public transportation stop running before you finished dinner and a show, or they run so infrequently that you might end up standing at a stop for a lengthy period of time. On the other hand, sharing a bus or trolley after midnite with who-knows what type of people is not likely to add to the enjoyment of a night out.
I think the cost of transportation is often understated. Where I live in Germany I can get around on Bike and Train which means my total monthly transportation costs are just around 60 euro. Driving around in a car costs on average about 10× as much so having a bikable city saves you a lot of money. (And keeps you fit)
Weather is a factor too here when looking at transportation. Even in the areas of the US where public transportation is reasonable, walking and biking can be a bad idea in extreme heat or cold, rainy seasons, snowy seasons, and so on. With cars you're exposed to the elements a lot less, and it's going to be considered unprofessional, especially in a customer facing job, to be sweaty, drenched from the rain, or so on when you go to work.
@@phonyalias7574I've never really biked to work, but every office I've been in has had showers for people who do and come in sweaty. Tbh though, these days with pedal assist bikes, it's a lot easier to cycle without overheating even in warm weather.
The manhattan apartment is actually a cooperative, not a condominium. Which means its “condo fee” is inclusive of real estate taxes (while san francisco and boston condo fee is not). So this is not an apples to apples comparison.
@davidedettorre3275 I'm surprised at the fees too. That's thousands a month in what I'd call a service charge on a property you own? So they can mow the lawn and change some lightbulbs? I'd prefer the pokey flat in London, except Chelsea has too many Russians
@davidedettorre3275 Well my council tax in outer London is about £200pm, or very roughly $3000 pa, and that covers roads, education, waste collection, police, etc etc. I think it's high given the level of service delivered
I think a big problem is that US Cities include large suburban expanses that are technically part of the city while European cities don’t. What Europeans consider the whole city is just what an American would call “downtown”, this will skew American metrics down somewhat, including ones like, access to high quality schools, price, and public transport.
God Bless Patrick Boyle. You might not agree with him but you are getting his unbiased opinion based on experienced analysis. It’s just so enjoyable to listen to him.
@@markowitzen yeah with Patrick it’s like listening to a friend. You might not agree with them but you don’t feel manipulated. Most of the time I agree with him and all the time he makes me go “oh wow I hadn’t thought of that…”
I didn't quite understand why we're comparing average US costs to specific cities like Toronto Shanghai Mumbai London etc. shouldn't those cities be compared to NYC or San Francisco Boston etc
Not everyone who watches this is American, I suppose, or wants to live in the US. Also, American and indeed North America in general have cities that are very "samey". But really it's probably because this is for the How Money Works guy who can choose anywhere.
Average income is not really the best metric to track affordability of a regular person living in these areas as it is skewed by large outlier (like tech billionaires) using median income would probably yield a better estimate of income for a regular person
I can only speak for Vienna, as I've lived here for most of my life. Real estate prices towards income are heavily skewed, because we have a huge high quality public housing sector and a also very substantial subsidised housing sector. So a huge amount of the measurable listings in the real estate market are dominated by luxury living. Also Austria is a nation of renters, i for example rent a beautiful 19th century apartment very close to the city centre, 1570 sqft for around a 1.000 USD rent. 2 bedrooms, 2 bathrooms, original hardwood floors, doors, windows, high ceilings..... Cost a fortune to heat though 😢😂
Rent in the rural interior of the US and Canada is only around 20% of what it is in Manhattan. I bring this up because cities below a certain size are not counted on housing statistics and these "rural areas" are where rent is cheapest
Please do follow ups to this video! It was super interesting. Some ideas: 1. Rural vs city. Costs & trade-offs 2. The eu market, what about Sweden? Switzerland? Different provinces inside the eu? 3. Living on an American salary in other countries. Comparisons. 4. what about "second tier" cities?
Public transport in Edinburgh is excellent (award for best UK bus service for example). Easy to get to centre of town or out to the countryside. City centre very walkable.
The Dutch get so many extra benefits that are not accounted for here - the high levels of safety, top-tier education systems, free healthcare, community services being more affordable like teaching a kid how to swim. Also, I think videos like this should include the cost of utilities and water - which are becoming more & more expensive in different places in the world.
Another major thing to consider is security and safety, I own a house in Long Beach New York and another one in Medellin Colombia, and the only thing that worries me is the security and safety in Colombia.
I've lived in California and Texas and definitely feel a lot safer in Texas. Edit: this is ironic because the crime rates are nearly identical. California just feels less safe.
@@A5un Dint they just make stealing stuff leagal an this is the reason we've all these videos of locked shelfs and people filling trashbacks with cigaretts?
...don't move to Texas until you research our property tax rates, fees like utilities, and medical care availability. Lots of my recent new neigbors are moving back. I'm sure the summer heat is helping.
In Querétaro México, my Mortgage was roughly half my take home income, now that I'm in Illinois I can pay that Mortgage and Rent close to Chicago just because the job market for me was that beneficial, If your job is not tied to your location, moving to a state with lower income tax makes the most sense.
I wish you mentioned the property tax issues in Texas. Property taxes absolutely kick your ass in Texas. The governor here is actively killing public schools too. Healthcare even in big cities is fucking horrible.
He did calculate in one of the adjusted ratios, the Texas state average property taxes. It is just that the lower all in income taxes ultimately outweighs the higher maintenance and property tax costs.
Im lucky.... i found a warehouse in London that i rent for just over £1000 a month, its a large unit iv made a home in the last 14 years, 15 minuets from central London on the tube , ok its totally illegal living, and i could be thrown out any day by the council that worry more for my living standards rather than my actual ability to live in the capitol.. which is nice of them.. but here we are, iv always worked so not eligible for a council property, but the moment i retire and cant afford this place, im on a 10 year waiting list for a bedsit, whilst i camp on the street of my favoured borough, buying here has never been an option for me, so destitution is pretty high in my retirement plan...that or a work place accident or a fast spreading cancer. The end btw made me snort my drink out my nose.. well done Patrick.. entertaining as always.
This is actually a true story. I have a friend who has a rich sister who owns a large home outside of Austin, Texas. She is currently remodeling her house and pool at s cost of over $1 million dollars. Because of the massive remodeling and the firing of the first two contractors, her husband and her have been living in a two bedroom apartment for the past year.
Great research.. thanks.. Noticed that you are speaking on Nomad Capitalist event in Kuala Lumpur/Malaysia. Have a safe trip .. and please share some topics about that...
in london we have the tube. we can live more far from the center without owning a car. in these more far areas a million can get you much more in a place with good education and a 40 minutes tube to the center where you can get endless entertainment and opportunities of different kinds.
Of course, if you live in a place where you can reasonably drive and park a car you can also live 40 minutes from the city center. Or further. Anywhere you are willing to drive from taking into account how often you really want to go there (which for a lot of people is maybe once or twice a year). For a lot of people living in the suburbs or exurbs, the urban core is almost irrelevant.
Most people use urban rail rather than the Tube though. I take your wider point though. I think London is hell on Earth but is the best of the megacities on Earth paradoxically. @davidedettorre3275
Mexico City has been getting more and more expensive in the last few years due to people finding out what a hidden jewel it is and the relatively affordable prices. They won't be happy to know they're being mentioned in these videos. 😅
@@Croz89Actually everyone from outside of Mexico city hates Mexico city and its people. People only move to the city because there are jobs and universties. But, I wouldn't say Mexico city is affordable, I mean it is if you are an American, but the average Mexican simply can't buy a property anymore, if you don't have your family or inheretance or have a really good income then you probably won't be able to afford a house.
Gentrification is getting wild here, tons of these "digital nomads" are buying homes in Mexico City and forcing the locals out... There's some places where you can walk around and never hear a word in Spanish.
The main cause why (building)land and houses are so expensive in the Netherlands is the enormous shortage of housing. The country is the most dense in the EU and #20 in the world with 1100 people per square mile. 26% of the country is below sealevel and a minimum of 59% of the land will always be vulnerable to flooding. A famous German statesman in the past said that if the people from the Netherlands had Ireland, they would make it the garden of Europe. And If the Irish occupied the Netherlands, they would drown. In addition to the overstretched housing market, mortgage interest rates are historically low, which means that people can borrow very cheaply. People can mortgage a house worth up to 4.5x their gross annual income, without down payment.
Comparing to many countries the shortage is not that serious. The biggest problem is that The Netherlands is the inventor of modern capitalism and people still live in that mindset - they don’t live in a home, they live in ‘valuable commodity’ that ‘will always be more valuable later in life’. And if everyone believes that same narrative people will buy an expensive house because they think it will become even more valuable along the way AND they won’t sell it for less than they have paid because, well, that should be completely impossible in their narrative. They would rather go bankrupt than settle for less profit.
I though the population density of the Netherlands was 522 per Km2, which is pretty close to the population density of England, at 434 per Km2. I am guessing you are excluding agricultural land?
@@peterfmodel now that made me curious so I checked the numbers and I found 532 p/km^2 which should equate to 1377 p/mi^2. I guess that is American miles, not Imperial, by the way.
@@RustOnWheels My bad, as i come from a metric country i just assumed it was sq km rather than sq miles. I suppose i need to read the comments more carefully.
Floridian living in Chicago here - I love my home, but I’m really glad I left in 2021. Here in Chicago wages are higher, cost of living is surprisingly lower (even with much higher taxes factored in), public services like transit and education are fantastic by American standards, I’m walking distance from everything I need, there are high paying jobs in practically every industry, and in general it’s just a very nice place to live. Of course there are some serious issues (crime and poor governance come to mind), but of course if you’re worried about crime the suburbs are fantastic as well. Glad I ended up here.
My friend drives Uber in Chicago. He has already been carjacked and sees the aftermath of shootings about once per week. Crime IS the reason I'm leaving California and considering Florida. Another big factor is starting a business in a state that won't regulate or tax me out of business. I agree that Chicago has nice suburbs, but the with the "no-bail" law about to take effect the crime is only going to get worse state wide.
@@alansnyder8448 I don’t disagree with your sentiment. Where is your friend driving if I may ask? If he’s out late/in a bad area, I wouldn’t be surprised. The city’s not going to grow until crime is under control. It’s different than many other US cities though in that crime in Chicago is extremely concentrated in 3-4 neighborhoods on the S/W sides. I believe there’s a statistic that 90+% of the violent crime in chicago occurs on just 10% of the cities blocks, for example. So it depends on where you are in the city, and for the most part the suburbs and much of the north/NW side are incredibly safe, overall. Just like everything in Chicago it’s a tale of two cities.
@@cullenpeterson First my friend works at a bank during the day. But is divorced and is supporting his son through college, so to get extra money for his son's college and vacations he works Uber on many evenings and on the weekend. There was a time when it was considered "racist" for an Uber driver to refuse pickups in high crime areas, so he is all over the city which includes some sketchy parts. He might not have complete control over where he goes, since refusing pickups can reduce your driver rating. (If I understand it correctly). But as a result of this Uber work, he is all over the city and several times a week drives by crime scenes either right after they happen or even in progress. He looks up who is doing it and ALWAYS they are repeat offenders often out on bond waiting for another trial or even with an ankle bracelet on while they commit their next crime. The time he was carjacked, one car blocked his car and blocked him from the back. The "adults" always use kids under 18 to be the "heavy" because they exploit the fact the under-aged kids get their records expunged and generally lighter treatment. So he had two under-18s pointing guns at him to get out of the car, with the adult from afar directing the action. His car was stolen and used in some other crimes but a day later it crashed into a pole and two of the carjackers died in that crash. He had to get another car through insurance but you can imagine the car insurance is getting jacked up in Chicago. Chicago is indeed a tale of two cities, and the liberals in the rich city keep voting for soft on crime politicians since it relieves their liberal guilt and they aren't affected by crime as much as the people living in the poorer part of the city.
iirc, That's because the government did a really good job of making sure everyone owned their own house back when Singapore was still an up-and-coming country.
@@mammadjafarzade7687they are talking about the HDB housing scheme which is a built to order appartment buildings scheme. Almost all of the land in Singapore belongs to the governement, people sign up for an appartment and every year the HDB (housing devellopment board) builds enough appartments to meet the demand (you can only get 1 HDB per household) on governement land and then gives the people 99 years leases for a very reasonable price compared to median income
If you don't live on local income you might actually want to live in a place with low incomes as goods and services also tend to be less expensive and people will tend to treat you better if you're above average (or, at least, not at the very bottom)... Tax brackets tend to work against you, though (specially if you compare entirely different countries, here in Europe someone on 1000 euros / month is below welfare level in the Netherlands but not as much in Portugal, for example). You'll be able to afford eating out in Portugal on that salary, though (maybe even pay for someone to clean your place a couple of times per month), while that's a bit of an insanity in NL. Moving to Latin America or Asia would even give you a wider difference but you might have to deal with things like street violence and other nuisances. In the end, you will always have to compromise a lot to get a little, unless you're really wealthy.
As a Masshole I’d like to point out our state is sorta effed up. Houses in most of the state (even more so in the west of the state) are not that crazy, however if your close to Boston it suddenly goes from reasonable to “wtf are you crazy” when you get inside the highway that encircles the city. And that messes up the average really badly.
@@markowitzen I personally love the southshore west and south of Plymouth, and once you get a good few miles past Waltham and Wesley headed west out on route 90 prices come down a lot relative to the city. however prices are what they are in these places since the commute to the city can be well over an hour with traffic. you can find many smaller single family homes for around 300 or so. which isn't a "cheap" house but its not a million bucks like California or places in the EU lol.
@@markowitzen you lose about 1/15th of a year every year to commuting. Would you live there for 15 years to save x$ in exchange for 1 year of your life? Time is money as they say
@@gregmccauley1687 considering the fact that the savings are basically almost 15 years' salary upfront... still a reasonable deal, esp considering I get the benefit of actually having a decent house 😅
A very important data point that is missing from the comparisons is the number of people living in the home. An 800 sq-ft property in London for a single professional is totally adequate. For a family with 4 kids... not so much.
I wondered how much the numbers will change when adjusting for cost of health care and private schools. Patrick mentioned these may be impacting but did not take these into account with the calculations. Could this have something to do with how money works' personal circumstances?
@@donnalynramirez5168 I've lived in countries where health care was comparable to the U.S. system, but much less costly. My experience with private schools depended on if one's employer would bear the costs. It's going to come down to how flexible how money works is willing to be when he makes the move.
I live n Kentucky USA I have 5 acres a small pond an 80 foot drop natural waterfall and heavily wooded. On top of the second largest hill a little over 700feet above sea level. My home is a poured concrete foundation all brick 1800 ft.² four bedrooms three baths fireplace. I paid $160,000 for it. is not worth a little over $300,000. It takes me 20 minits to get to the city. I’m one hour from Nashville. If I hear one car I call it a traffic jam. If I miss the sights n sounds of the city I go spend the day n Nashville. Mitch McConnell has made sure to keep the educational system at one of the worse n the country. That way he insures himself to stay n power. But looks like Karma is bitting him in the a…….. 😮. Otherwise I think it is one of the prettiest places I’ve ever lived. Good luck everyone on choosing what is best for u
17:23 Land Value Taxes might help with this kind of pricing out since it would incentivize those who are buying a second home to either not do so to avoid paying the tax, or to rent it out to pay the tax. LVT claims to keep unused housing to a minimum, increasing availability and preventing land speculation, increasing wages for workers. Perhaps a good video idea?
I caught the end of the broadcast, and totally thought Patrick said 'Rocket Bunny's was the sponsor, which I thought was rad AF. I'm sad it was money instead of Bunny. :(
It’s a Mad, Mad, Mad world. I live in the US, so when you mentioned war zones and unable to speak the language, I immediately thought of Chicago or perhaps SF of La or New Orleans or NYC.
I was literally trying to do this in my head this morning for a couple cities in the state I know live vs. towns in my home state. Patrick read my mind…and probably time travelled a little too :D
I think the biggest consideration for many is family. Particularly those with kids. If you have kids it's hard to imagine moving to a very dense city from an area with lower density. Remote work has this interesting variable in that all the metrics mentioned are based of the average local income. But a posh RUclipsr that dual wields money guns like Mr Dollar Question Mark. Has anything but an average local income, so looking at costs in absolute terms is much more applicable. For the rest of us chumps that clean our own pools we have more to consider.
OK, OKAY, I'll comment. Not much of a community guy, tho. I loved that you used the little girl barging into her dad's TV appearance, that's one of my favorites.
Given that Dubai censors and monitors their internet traffic, it might not be the greatest location for finfluencers. According to the Freedom House's 2022 Freedom on the Net report, the country with the least internet censorship is Iceland. Main downsides for Iceland are that it is quite expensive, and volcanoes and earthquakes are a risk for people who buy property on that island.
Forget about all the hype and empty talk out there, Patrick is the true real estate consultant😅I don't know, I feel like you should do more videos about real estate and also more finance videos about edge world
I’m just here for the community support as I’m just leaving an increasingly expensive Brussels for a much more affordable life near Valencia. It’s great to know the comments section is here for me.
Argentinian is talking about replacing the peso with the $US dollar. I believe Panama already does so. Be interested to hear the pros and cons of countries that use the $US as their national currency
Not especially connected but just on the other end of the scale - I love living in (outer) Bangkok. My wife and I have a 25m^2 rented room which functions bed/living/kitchen with basic ensuite and balcony overlooking a canal (and yes, a flyover). Including elec/water/net we pay 150 USD per month. We will probably move into a house eventually but we have been here for 9 years so far. Love your vids Patrick, have a great day.
In Switzerland you may be denied the right to live in such a small place, as we have minimal legal and implied appartnemt size per person. My friend tried to live in his 1room studio with his wife to save some extra money. When the landlord found out that they are also planning a child, they were politely asked to find something bigger ASAP.
@@ArgumentumAdHominem And in the netherlands its totally fine to charge students/other people 500 EUR for 7 square meter rooms in houses where 1/2 toilets are shared by 5-10 people.
Absolutely. Price multiples to median will be raised much more in countries with bigger wealth gaps - UK, no doubt lots of US states and cities. Than countries with smaller wealth gaps - maybe Scandinavia, Netherlands say...(?)
Chicago is so underrated. One of the most affordable big cities in the country, even with higher taxes. Not even in the top 20 or 30 (depending on source) of most dangerous cities, most of which are in red States. That's to take into account that some crimes are superlinear to population size, which means it should be higher all things considered but still isn't as high as Republicans would want you to believe.
I lived there for 30 years. Paul Fussell said it best: "All the vice and corruption of a big city, all the bigotry and insularity of a small town." That aside, yes, I'd mark it as the best of the US big cities for live in. If you visit NY or LA first, Chicago is an clear choice.
In Israel the average before tax is 13 times And income taxes ranges from 10%(yes, even if your income is really low) And goes up to 50% at the highest bracket!
Try Rocket Money for free: RocketMoney.com/Patrick #rocketmoney #personalfinance
Hello Patrick Boyle community! 👋
I thought you were inviting me to your finance creator hype house
Found him.
😂😂😂The neighbours would complain at all the numbers coming from next door. Public nuisance
At the very least, a collab would be fun to see. I’d be very curious to see Patrick’s reaction to his dry humor landing everytime.
"he's a retired tech investment banker in his 20s" - thanks for this daily dose of depression, I really needed that
Comparison is the thief of joy! He's definitely not the norm.
That was my first though too.
It's a nice way of saying his dad got him a job at a bank lol
Let’s face it. It’s a euphemism for dick
I'm a 64-year old semi-retired structural engineer in Bristol, UK - who considers himself *_incredibly fortunate_* for the life I've been able to lead. But am not wealthy by US or Western/Northern European standards. I've just worked hard, taken opportunities and live frugally. Now that must feel better!
I feel lazy and productive at the same time watching these
😂
productively lazy ... sounds like the latest fad
😂That's cause you understood something that has a bit of complexity, but if you're far from owning a home or already have one,
it's probably not something useful for you right now
Nailed it.
yes 😂
Patrick’s monotone sarcasm is hilarious
Many of his recent videos have lacked this quality, so I'm glad to see it returned!! 😂
This. I've been binging his videos and I can't get enough of the deadpan humor.
love the voice and the tone ... although she has a German accent and her videos are about physics, Sabine Hossenfelder, has a similar tone in her videos ...
@@tawakkalcontracing Thank you for the suggestion - she has a hilarious 'vocal fry' usually heard in young female American 'social media stars' :)
This channel is great because…well, for several reasons, but one major reason is that he clearly writes a entire presentation in advance, rather than the current stylistic trend which is to simply wing it off the top of your head, then using editing software to edit bizarre jump cuts into your video, in order to get rid of the 90/10 ratio of garbage/good material. He’s thoughtful, puts serious work and thought into every word, and the end results shows that.
This is how educational material should all be prepared. With good logic and, more important, good evidence, well written, etc.
Good on you!
He is highly educated and has academic rigor
I'm Australian - and a couple years ago when our software jobs became remote during COVID, my wife and I moved from Sydney to Cairns (in tropical regional far-north Queensland). House prices here are about a quarter of what they are in Sydney while government services are basically just as good. So far moving seems like an excellent decision and has meant we've been able to start a family many years earlier than we otherwise would have.
Except people in Cairns don't like you for raising their average prices. Lol
Patrick’s dry British humor makes my day.
I find that an interesting concept, "being able to start a family many years earlier than we otherwise would have".
Historically it's been more the other way around; you start a family and then work all your life to support them.
Cairns is a rather extreme move for people looking to do the same. The Central Coast/Wollongong are more viable as you could still commute into Sydney if required a couple times per week (the poor bastards at CBA).
@@davidwelty9763he's Irish! That's a Dublin accent.
Dutch here - thanks, this gave me quite a good perspective. On top of the extreme housing crisis we are going true, we also enjoy a 21% sales tax on goods and 9% on essentials such as food water and healthcare related stuff. There are a lot of benefits of living here, but it really feels like that over the spawn of my lifetime (28 years) it has become harder and harder to come by. And the probability of buying a house before all prior generations in your family dying has become small for most working citizens.
But it also could be much worse of course as you talked about in the video.
there's other perks you take for granted, extremely low crime and violence rates compared to most other places on earth for one lol.
Hi, sad American here. Living in Texas. So where do y'all live if you can't buy? Is renting until you die the norm there? Is homelessness a thing since you have considerably larger social programs?
I'm shocked that the situation can actually be worse somewhere than it is in Germany. Godspeed, oranje neighbour.
German here who will move to Netherlands. The situation is worse in Germany than in Netherlands. NL has a pretty good real estate Market, lots of fluctuation selling and buying houses, whereas Germany has a broken market, though the rental market is ok. Further dutch politics support Home buyers, eg you can subtract your interest payments from your taxable income, in Germany only investors can do it. For homeowners NL is far better than Germany.
@@kopitifulThe German market is highly dependent on location, you can literally right now buy a 24-room palace from from imperial times for about 600k € in Wriezen (a town in Brandenburg). Meanwhile finding a small house for that price in Munich will be a challenge
The Johnny Sins of the financial world
Lolz 🍆
Gross
Loooollzzz
I’m impressed that you found a 2 bed flat in Kensington for £800K. Although it was probably a one bed and the owner just built a plasterboard wall across the middle.
When my wife and I were looking to leave our native Minneapolis, we came up with a metric that we found very helpful when searching for places to live. We call it the "Bovine to Human Ratio". We moved to an area with a Bovine to Human Ratio of just under 40. That is, about 39.6 cows per human. Cows make great neighbors. They mostly go to sleep when the sun goes down so there is rarely any loud cow music after dark. They also have no reservations about pooping in the road so California people would feel right at home.
You have to extend it to sheep/goats to not exclude New Zealand or Ireland
Bovine smells so bad, there's no way you're convincing me to go to Shakopee 😅
I would prefer cow farts to regularly witnessing attempted drug murders. Unfortunately, I can’t afford to move out of Minnecrapolis
My friend did the same, except he screened for African Americans instead of Bovine, and with a very low ratio of AA per Whites., but for the same reasons.
@@towhee7472 90 minutes for the racists to come in. Well done.
As someone living in the UK I don't know which part of the video is more depressing: how poor the rest of the UK is once you take out London, or how bad of a house $1M buys you in London.
I laughed, but as I live here I should be crying.
To be fair housing prices in london differ by which borough you're. In a cheap place like enfield you could easily get a fully detached 3 bedroom house with a garden and some parking space for £800000. The london borough of kensington and chelsea is easily the most expensive part of london, by a good margin.
It's interesting because we're all connected now via Internet but our situations are really different. All you hear is the local echo chamber.
I kind of knew this traveling abroad but my general conclusion is Americans should STFU because we have it pretty good
I just checked my one bed flat in Kentish town nw5 gone for 638 000K ...ijust laughed how that did happened. I live now in cape town,Day and night lifestyle ,view and nature...I won t come back.
@@nachonachomanif you are talking to a European you are only allowed to complain about healthcare costs, tuition costs, poor politicians, and lack of public transport
If you are talking to a Brit please don’t complain you keep giving our politicians idea
I'm a fan of the channel, and I must say this video felt more personal and relatable than most of Patrick's videos.
I particularly enjoyed it!
I've lived in Vienna and Sydney, visited Shanghai and Beijing, and many places in the US. For my $1 million I'd live where I do now: Pittsburgh. Amenities include one of the world's greatest symphony orchestras, the nicest baseball stadium in the country (the team is lousy but wait until next year!), very good hockey and football teams, a wonderful museum and art galleries, opera, ballet, good restaurants, excellent medical facilities, etc. etc. For sense of community - it's so strong we even have our own accent and vocabulary. All this with a median house price of $275k. Although I miss Sydney's beaches and Vienna will always be the "Stadt meiner Träume", Pittsburgh is a very nice place to live.
don't forget the high crime .. or maybe that's why you would prefer it
@@rhuephus Yeah, as you can tell from my picture, I'm a total gangsta. Don't mess with my homeboys.
@@kidlatazul
lmao
Yeah one of the worlds best orchestras are sitting in Pittsburgh 😂
@@leonhenry4861 unless your name happens to be Herbert von Karajan or Leonard Bernstein I’m guessing you don’t know Jack about orchestras.
Great video overall, but one extra point to add to the analysis. The average property tax in Texas is 1.6% compared to 0.7% in California. Texas doesn't have state income tax, so doesn't have as much money for government services or to give grants to cities. So the cities compensate by charging higher property taxes. Texas is still cheaper than California, but when you consider property taxes the gap isn't quite as big as most people think.
True, Texas property taxes are higher, and there is no state income tax. However, I feel a fairer comparison would be to compare two houses of the same size and amenities, not two very dissimilar homes. In that scenario the CA home would still be $1.2 million but the Corpus Christi home would drop to probably $300,000. The compare what saving $900,000 would do for your finances.
Doesn't Texas charge sales tax on most services as well (like lawn mowing)? I've lived in TX, MI, OH, OR, NC, AZ and WA. If I remember right, they all charged tax on some services but it seemed like TX charged tax on almost all services
Right, but I'd rather pay 1.6% on 500,000 than 0.7% on 1.5 million.
@@markb2881no sales tax in Texas on labor to improve a homestead, a very specific exemption that even some Texans don't know about.
But as someone else pointed out, the housing prices are like four times as high, so you *still* end up paying more property taxes in California. I have lived in California most of my life and there have been many years where my property taxes were more than 10% of my gross annual income (not net, gross). The money goes off to the state and only a little of it makes it back to the city you live in, based on some very esoteric distribution system. The rest gets spent on god knows what. It seems as if taxes keep going up and what we get back for those taxes keeps going down.
There are plenty of reasons people are fleeing California. And it's educated and well off people that are fleeing. I will leave myself one of these days, I am pretty sure.
I like that California has the mental health services tax, because everyone should have the right to access counseling for their tax woes.
If one place ever really needed a mental health tax, I feel it would be California.
You should pay a lack of intelligence tax
Having lived in CA for 15 years, I would add that there are so many weirdos in CA that it is an absolute necessity. And I can guarantee the situation is getting worse by the day with the current political "elite" in power in CA.
You have no right to access anything at someone else's expense. That is called theft, buddy.
@CaliforniaHigh-SpeedRail You've got that "I feel entitled to thing that do not belong to me" vibe. In other words, you are a thief.
I used to believe that home prices where higher because people get paid more there. Now i know its just a destructive feed back loop of never losing money on bought property
That is a fancy way of describing greed: destructive feedback loop.
Home prices are influenced by an awful lot of things.
Getting paid more is one of the major factors.
@d3st88 in the end it is all irrational.
You get paid more, but you willingly also pay more. The ask price would not keep on increasing of people understood the value of money better. But when a person earns the same money by working less (time/effort) than another less fortunate individual, then the first person will find it easier to say goodbye to the same amount of money than the latter. And this, of course, drives the ask price up. We cannot always wait, be cautious and refuse to parttake in what should otherwise clearly come off as an unhealthy market. We contribute to the growing cancer.
@tcioaca calling it cancer denotes a hint of inevitably or fate. You don't even have to be dogmatic or draconian about fixing these problems. 1. pin min/wage to inflation(no questions). 2. Heavily Tax secondary+ estate purchases. 3. Follow our own antitrust guidelines.
@easyrebel81 point 2. may have a positive impact. While point 1. may seem as a good option, in my view, it goes against the cause of inflation in the situation when you do not have resources to satisfy the demand, so just tuning the minimum wage itself will in no way address the underlying issue.
Same actually goes for housing: not enough units are being built, and the older ones are either subpar or in locations that have no economic perspective to attract buyers and/or working class people.
But, as long as we will keep losing contact with the inherent value money represents, we run the risk of driving the market in a bad direction. So, we are partly to blame. By cancer I mean a ripple effect: you earn more, thus are less reluctant when it also comes to paying more for the thing you want, even if that thing does not have any inherent added value relative to yesterday, per example.
We are quite irrational, hence we do things that have such consequences.
Amsterdam in the Netherlands: for $1Mlln you'll get a chunk of a house which in other countries qualifies as a closet. However, for the same price you can triple or quadruple the size of your home just by living right outside Amsterdam at a 20 minutes distance by public transport.
I think the Dutch have a rather odd mortgage market which might partly explain their extremely high ratio. I think it was Economics Explained that mentioned it (yeah I know some people on here really don't like that video, but I'm going to take his word for it on the mortgage situation), something to do with LTV rates well in excess of 100% being allowed and the government insuring mortgages, plus mortgage payments being tax deductible. I could see how that might push up house prices.
@@Croz89 Monthly mortgage INTEREST payments are tax deductable.
@@user-bp7tm5rd6h Fair enough, but that could still be a fair chunk of cash every year. It's not something you find in a lot of other countries.
@@Croz89 imagine taking a 100%+ LTV because the government is backing you and maybe even gaining money depending on how their taxes work... yikes lol, that to me is a national disaster waiting to happen
@@markowitzenThe national housing disaster has been slowly unfolding for the last 10 years. People in their 30s living with their parents unable to start their lives/a family because rent is too expensive. Social housing being lotteried away and every house there's at least 1000 interested people. And that's not even to mention it's impossible to build anything new because we blew our nitrogen budget on farmers that export their meat abroad.
It's all rather depressing.
Patrick you rule man. I watch all your videos. When I don't have an interest in the subject I still watch videos for entertaining purposes. Keep on rocking my friend.
How you break down information into a digestible and understandable format for the average person, and your delivery of it is just 👌 !
As a Texan, you will regret moving here if you enjoy the outdoors at all. The heat is unbearable, and the weather is just too unpredictable in other months.
Property taxes are 3% a year, expensive!
@@Philhou77005 that too, especially at a municipal level. And you cannot live without a car anymore except maybe MAYBE downtown Austin, so add that to costs too.
You could live farther north up the plains where the rent is still cheap... But you'll pay for it in the winter.
Colorado then?
@@Philhou77005to be fair and 1 and half if you homestead
This Paddy has a great wit, he does the Irish tradition of sarcastic wit proud.
I live in Portland OR, which was touted as a livable city- excellent public transit, great food, good weather with rainy winters and long dry summers, and lower housing costs. Fast forward to now, where we have a high housing to income costs, a drug addiction crisis and a city government that best is frozen in fear. Attractive cities on a spreadsheet can easily change.
Really sad to see that Portland has taken a darker turn since I visited a couple years before the pandemic. It was a wonderfully quirky city as I remember it, and didn't seem too absurdly expensive.
Really depends on perspective. I recently moved here (Portland,OR) from a city in Colorado about 3x smaller. I’m paying about the same in Rent, but I took a iob at 60% increase and I now have a walkable city 3x larger to explore almost endless options. I’ve walked around Downtown, so I have seen the homeless and drugs, but havent felt unsafe. A lot of the clickbaity RUclips videos make it seem a lot worse than it really is.
I lived in Portland for 35 years….I loved it. I moved to So. Calif to be near my grandchildren. Now that they are pretty much grown, I did not want to stay in CA. I just could not move back to Portland…Cost of living, homeless, politics…etc….It was so sad. It was once such a beautiful city. I did land in a very nice small town in the South.
I'm from Boise (don't live there anymore), and something similar happened where the livability tanked. After years of winding up on national "best city to live in" lists, lots of rich people moved in and priced out the locals. And then during the pandemic, a lot of neonazis crawled out of the woodwork and started harassing city officials and their families. It's not such a nice place to live anymore.
Portland was never an "attractive city" you just got gaslit into thinking it was. NYC, LA, Miami, Chicago, San Francisco are the actual attractive cities. Cities that have been big for decades and will continue to be big. They don't need to print brochures or run ad campaigns. You already know they're the real deal
If I hit the big lottery, I'd approach Patrick to see if a $100K donation would buy me three rounds of beers and a casual pub conversation for a donation to his charity of choice. Dude is smart AF and just as hilarious. Love this content.
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Dear Patrick, I am a big fan of your vidoes since you are always addressing current topics from the unbiased perspective and with a bitter irony which is so refreshing, but this time it was really too much to swallow at 2:17...Showing a Mariupol's theatre in this context, a place of a serious war crime, where hundreads of innocent people (with children amongst them) were deliberately killed is just immoral..personally, I dont think that such a long time has passed since this athrocity so we can make fun of it...this place is an testament of mankind's evil and dark side, and I believe the victims deserve greater recognition. For the sake of emphaty, please try to keep this in mind, it is very sad to see things like this in the videos of my favourite YT content creator....Thank you!
No amount of money or size of house can replace the peace of mind of being able to walk alone at night, to have kids playing in the streets, knowing that you are a 10 minute walk. cycle, or a Metro/tram ride from all essential services and interesting spots in your area. I'd rather live in a smaller house in an expensive European city than live in a mansion or a luxury penthouse in the US urban safari.
Obvious conclusion: ALL socialist countries are less equal and poorer. The more socialist and communist , the worse. READ SOWELL and friedman
He should buy one of those abandoned villages in Italy.
Dollar Question mark should move to Alabama or Mississippi.
This was awesome, I recently had to do a capstone project for a UX course, and I chose the subject of moving out of state - and my idea was to develop an app that would answer the very questions you ask here.
I wish you had uploaded this like six months ago, the resources used were super helpful lol
I think for those who still want an urban setting, "second tier" cities are definitely worth a look. In many parts of the world you're still going to get the majority of the things you want, parks, nice restaurants, etc. but the homes are usually a fraction of the cost of "first tier" cities. The UK, for example, is so economically unbalanced it only really has one first tier city, the big smoke itself. Second tier includes Edinburgh, Glasgow, Birmingham, Manchester, Leeds, Liverpool and so on (you might consider Birmingham and Manchester in an upper sub tier due to having metro areas of over 2 million people, which doesn't come close to London's 11 million). $1 million in any of these could probably net you a penthouse in one of the most prestigious residential skyscrapers, rather than a pokey flat above a shop.
There are some compromises, you won't have the famous attractions on your doorstep and particularly in the UK public transport is considerably worse than in the first tier city, not as bad as the US perhaps, where you might be lucky to find a regular bus service, but if you compare Paris to Lyon, both have underground systems with multiple lines, whereas the only true underground metro outside of London is in Glasgow, and it consists of only a rather small loop line around the city center. Though it's worth pointing out that that $1 million will get you a nice residence smack dab in the city center or pretty close to it, so you can probably walk or cycle to most places you want to go anyway, or take a short taxi or bus/tram ride, whereas in London you'd probably need to take the tube.
And yet you’d be stuck in Birmingham or Glasgow. Wouldn’t wish that on anyone.
@@LevkinIt's a bit better on the continent, though places like Germany have more first tier cities so you're probably going to be looking at cities like Hannover, Leipzig or Karlsruhe rather than Hamburg, Dusseldorf or Stuttgart if you want cheaper housing.
One of the hindrances of enjoying a cultural nightlife is that most types of public transportation stop running before you finished dinner and a show, or they run so infrequently that you might end up standing at a stop for a lengthy period of time.
On the other hand, sharing a bus or trolley after midnite with who-knows what type of people is not likely to add to the enjoyment of a night out.
@@jdrancho1864All night trains are amazing, and add a tonne to your night out. If you're in the suburbs you can't go clubbing without them.
@@Levkinboth places have some really rough parts but so does London.
Birmingham is massively underrated.
I think the cost of transportation is often understated. Where I live in Germany I can get around on Bike and Train which means my total monthly transportation costs are just around 60 euro. Driving around in a car costs on average about 10× as much so having a bikable city saves you a lot of money. (And keeps you fit)
Weather is a factor too here when looking at transportation. Even in the areas of the US where public transportation is reasonable, walking and biking can be a bad idea in extreme heat or cold, rainy seasons, snowy seasons, and so on. With cars you're exposed to the elements a lot less, and it's going to be considered unprofessional, especially in a customer facing job, to be sweaty, drenched from the rain, or so on when you go to work.
I'd still rather have a car. You can go anywhere with a car at any time.
Just buy a Citroen ami 😂
Yeah, in almost all US cities you are a slave chained to your car. Your car is more important than having a home.
@@phonyalias7574I've never really biked to work, but every office I've been in has had showers for people who do and come in sweaty. Tbh though, these days with pedal assist bikes, it's a lot easier to cycle without overheating even in warm weather.
The manhattan apartment is actually a cooperative, not a condominium. Which means its “condo fee” is inclusive of real estate taxes (while san francisco and boston condo fee is not). So this is not an apples to apples comparison.
Including property taxes, a $43,000 condo plus property tax bill still feels high?
@@jessewren14.3% is not excessively high and thats if all 43K was taxes alone without condo fee
@davidedettorre3275 I'm surprised at the fees too. That's thousands a month in what I'd call a service charge on a property you own? So they can mow the lawn and change some lightbulbs? I'd prefer the pokey flat in London, except Chelsea has too many Russians
@davidedettorre3275 Well my council tax in outer London is about £200pm, or very roughly $3000 pa, and that covers roads, education, waste collection, police, etc etc. I think it's high given the level of service delivered
@davidedettorre3275 Not sure how I'm misleading people but OK!
I think a big problem is that US Cities include large suburban expanses that are technically part of the city while European cities don’t. What Europeans consider the whole city is just what an American would call “downtown”, this will skew American metrics down somewhat, including ones like, access to high quality schools, price, and public transport.
The dry wit and subtle jabs in these videos are freaking gold.
You wonder if the targets of the jabs would get the joke.
I can’t decide why I like Patrick’s videos so much. Is it educational value or the fact that he’s one of the funniest Tubers ever!
nice voice too
God Bless Patrick Boyle. You might not agree with him but you are getting his unbiased opinion based on experienced analysis. It’s just so enjoyable to listen to him.
glad to see there are still people who evaluate bias not by how much they agree with the information they're getting but by how accurate it may be
@@piotrwozniak5457 ?
@@markowitzen yeah with Patrick it’s like listening to a friend. You might not agree with them but you don’t feel manipulated. Most of the time I agree with him and all the time he makes me go “oh wow I hadn’t thought of that…”
I didn't quite understand why we're comparing average US costs to specific cities like Toronto Shanghai Mumbai London etc. shouldn't those cities be compared to NYC or San Francisco Boston etc
Not everyone who watches this is American, I suppose, or wants to live in the US. Also, American and indeed North America in general have cities that are very "samey". But really it's probably because this is for the How Money Works guy who can choose anywhere.
Average income is not really the best metric to track affordability of a regular person living in these areas as it is skewed by large outlier (like tech billionaires) using median income would probably yield a better estimate of income for a regular person
I can only speak for Vienna, as I've lived here for most of my life.
Real estate prices towards income are heavily skewed, because we have a huge high quality public housing sector and a also very substantial subsidised housing sector.
So a huge amount of the measurable listings in the real estate market are dominated by luxury living.
Also Austria is a nation of renters, i for example rent a beautiful 19th century apartment very close to the city centre, 1570 sqft for around a 1.000 USD rent. 2 bedrooms, 2 bathrooms, original hardwood floors, doors, windows, high ceilings.....
Cost a fortune to heat though 😢😂
is it some sort of long term rent ?
@@mammadjafarzade7687 5 year contract with option to prolong.
Rent in the rural interior of the US and Canada is only around 20% of what it is in Manhattan. I bring this up because cities below a certain size are not counted on housing statistics and these "rural areas" are where rent is cheapest
And you dont have to pick up adicts on your doorstep nor enjoy the most peaceful riots in world history.
Please do follow ups to this video! It was super interesting. Some ideas:
1. Rural vs city. Costs & trade-offs
2. The eu market, what about Sweden? Switzerland? Different provinces inside the eu?
3. Living on an American salary in other countries. Comparisons.
4. what about "second tier" cities?
Public transport in Edinburgh is excellent (award for best UK bus service for example). Easy to get to centre of town or out to the countryside. City centre very walkable.
The Dutch get so many extra benefits that are not accounted for here - the high levels of safety, top-tier education systems, free healthcare, community services being more affordable like teaching a kid how to swim.
Also, I think videos like this should include the cost of utilities and water - which are becoming more & more expensive in different places in the world.
Another major thing to consider is security and safety, I own a house in Long Beach New York and another one in Medellin Colombia, and the only thing that worries me is the security and safety in Colombia.
and why do think that is ?? #DUH
I've lived in California and Texas and definitely feel a lot safer in Texas.
Edit: this is ironic because the crime rates are nearly identical. California just feels less safe.
A lotta paedophiles would get away with it in Colombia if it weren't for those Medellin kids.
@@philsburydoboy It's because most crimes are not reported in California, since the DAs won't do anything to the criminals.
@@A5un Dint they just make stealing stuff leagal an this is the reason we've all these videos of locked shelfs and people filling trashbacks with cigaretts?
I’ve never heard of the channel and had no idea what the title of this video was about.
So thanks for answering it right off the bat.
You haven't missed out on anything. How Money Works offers fInAnCiAl aDviCe from a communist perspective. Watch it and you'll go to gulag.
...don't move to Texas until you research our property tax rates, fees like utilities, and medical care availability. Lots of my recent new neigbors are moving back.
I'm sure the summer heat is helping.
Not like property taxes and utilities are cheap in California either.
In Querétaro México, my Mortgage was roughly half my take home income, now that I'm in Illinois I can pay that Mortgage and Rent close to Chicago just because the job market for me was that beneficial, If your job is not tied to your location, moving to a state with lower income tax makes the most sense.
Dollar Question Mark has been real quiet since this dropped
I wish you mentioned the property tax issues in Texas. Property taxes absolutely kick your ass in Texas. The governor here is actively killing public schools too.
Healthcare even in big cities is fucking horrible.
He did calculate in one of the adjusted ratios, the Texas state average property taxes. It is just that the lower all in income taxes ultimately outweighs the higher maintenance and property tax costs.
@@jessewren1 you can make bigger 401k allocations and do other things to reduce taxable income. 20k a year in property tax is just there.
LoL The Green Acres ..love and miss the Douglas' and Hooterville 😂❤❤❤
I consider myself part of your community! You bring me great information, humor and joy. Thank you.
Im lucky.... i found a warehouse in London that i rent for just over £1000 a month, its a large unit iv made a home in the last 14 years, 15 minuets from central London on the tube , ok its totally illegal living, and i could be thrown out any day by the council that worry more for my living standards rather than my actual ability to live in the capitol.. which is nice of them.. but here we are, iv always worked so not eligible for a council property, but the moment i retire and cant afford this place, im on a 10 year waiting list for a bedsit, whilst i camp on the street of my favoured borough, buying here has never been an option for me, so destitution is pretty high in my retirement plan...that or a work place accident or a fast spreading cancer. The end btw made me snort my drink out my nose.. well done Patrick.. entertaining as always.
This is actually a true story. I have a friend who has a rich sister who owns a large home outside of Austin, Texas. She is currently remodeling her house and pool at s cost of over $1 million dollars. Because of the massive remodeling and the firing of the first two contractors, her husband and her have been living in a two bedroom apartment for the past year.
I live in Chicago, and it would've been a good one for you or $ to look at. To me, it has a good balance of affordability and amenities.
Great research.. thanks.. Noticed that you are speaking on Nomad Capitalist event in Kuala Lumpur/Malaysia. Have a safe trip .. and please share some topics about that...
in london we have the tube. we can live more far from the center without owning a car. in these more far areas a million can get you much more in a place with good education and a 40 minutes tube to the center where you can get endless entertainment and opportunities of different kinds.
and like ... where you gonna park a vehicle in London metro area ???
Of course, if you live in a place where you can reasonably drive and park a car you can also live 40 minutes from the city center. Or further. Anywhere you are willing to drive from taking into account how often you really want to go there (which for a lot of people is maybe once or twice a year). For a lot of people living in the suburbs or exurbs, the urban core is almost irrelevant.
Most people use urban rail rather than the Tube though. I take your wider point though. I think London is hell on Earth but is the best of the megacities on Earth paradoxically. @davidedettorre3275
London doesn’t make sense anymore imo unless you are very wealthy, croydon
@rhuephus
Simple answer, you don't. The tube gets you close enough to most places that don't even tend to have parking anyway
Mexico City has been getting more and more expensive in the last few years due to people finding out what a hidden jewel it is and the relatively affordable prices. They won't be happy to know they're being mentioned in these videos. 😅
Also I can imagine its reputation of being relatively safe from cartel activity means Mexicans themselves are quite keen to move there.
@@Croz89Actually everyone from outside of Mexico city hates Mexico city and its people. People only move to the city because there are jobs and universties. But, I wouldn't say Mexico city is affordable, I mean it is if you are an American, but the average Mexican simply can't buy a property anymore, if you don't have your family or inheretance or have a really good income then you probably won't be able to afford a house.
Gentrification is getting wild here, tons of these "digital nomads" are buying homes in Mexico City and forcing the locals out... There's some places where you can walk around and never hear a word in Spanish.
Weather should be a consideration. That's probably the main reason that so many people still live in California.
The main cause why (building)land and houses are so expensive in the Netherlands is the enormous shortage of housing. The country is the most dense in the EU and #20 in the world with 1100 people per square mile. 26% of the country is below sealevel and a minimum of 59% of the land will always be vulnerable to flooding.
A famous German statesman in the past said that if the people from the Netherlands had Ireland, they would make it the garden of Europe. And If the Irish occupied the Netherlands, they would drown.
In addition to the overstretched housing market, mortgage interest rates are historically low, which means that people can borrow very cheaply. People can mortgage a house worth up to 4.5x their gross annual income, without down payment.
That statesman just hates Irish people it sounds like.
Comparing to many countries the shortage is not that serious. The biggest problem is that The Netherlands is the inventor of modern capitalism and people still live in that mindset - they don’t live in a home, they live in ‘valuable commodity’ that ‘will always be more valuable later in life’. And if everyone believes that same narrative people will buy an expensive house because they think it will become even more valuable along the way AND they won’t sell it for less than they have paid because, well, that should be completely impossible in their narrative. They would rather go bankrupt than settle for less profit.
I though the population density of the Netherlands was 522 per Km2, which is pretty close to the population density of England, at 434 per Km2. I am guessing you are excluding agricultural land?
@@peterfmodel now that made me curious so I checked the numbers and I found 532 p/km^2 which should equate to 1377 p/mi^2. I guess that is American miles, not Imperial, by the way.
@@RustOnWheels My bad, as i come from a metric country i just assumed it was sq km rather than sq miles. I suppose i need to read the comments more carefully.
Floridian living in Chicago here - I love my home, but I’m really glad I left in 2021. Here in Chicago wages are higher, cost of living is surprisingly lower (even with much higher taxes factored in), public services like transit and education are fantastic by American standards, I’m walking distance from everything I need, there are high paying jobs in practically every industry, and in general it’s just a very nice place to live.
Of course there are some serious issues (crime and poor governance come to mind), but of course if you’re worried about crime the suburbs are fantastic as well. Glad I ended up here.
My friend drives Uber in Chicago. He has already been carjacked and sees the aftermath of shootings about once per week.
Crime IS the reason I'm leaving California and considering Florida. Another big factor is starting a business in a state that won't regulate or tax me out of business.
I agree that Chicago has nice suburbs, but the with the "no-bail" law about to take effect the crime is only going to get worse state wide.
@@alansnyder8448 I don’t disagree with your sentiment. Where is your friend driving if I may ask? If he’s out late/in a bad area, I wouldn’t be surprised.
The city’s not going to grow until crime is under control. It’s different than many other US cities though in that crime in Chicago is extremely concentrated in 3-4 neighborhoods on the S/W sides. I believe there’s a statistic that 90+% of the violent crime in chicago occurs on just 10% of the cities blocks, for example.
So it depends on where you are in the city, and for the most part the suburbs and much of the north/NW side are incredibly safe, overall. Just like everything in Chicago it’s a tale of two cities.
@@cullenpeterson First my friend works at a bank during the day. But is divorced and is supporting his son through college, so to get extra money for his son's college and vacations he works Uber on many evenings and on the weekend.
There was a time when it was considered "racist" for an Uber driver to refuse pickups in high crime areas, so he is all over the city which includes some sketchy parts. He might not have complete control over where he goes, since refusing pickups can reduce your driver rating. (If I understand it correctly).
But as a result of this Uber work, he is all over the city and several times a week drives by crime scenes either right after they happen or even in progress. He looks up who is doing it and ALWAYS they are repeat offenders often out on bond waiting for another trial or even with an ankle bracelet on while they commit their next crime.
The time he was carjacked, one car blocked his car and blocked him from the back. The "adults" always use kids under 18 to be the "heavy" because they exploit the fact the under-aged kids get their records expunged and generally lighter treatment. So he had two under-18s pointing guns at him to get out of the car, with the adult from afar directing the action. His car was stolen and used in some other crimes but a day later it crashed into a pole and two of the carjackers died in that crash.
He had to get another car through insurance but you can imagine the car insurance is getting jacked up in Chicago.
Chicago is indeed a tale of two cities, and the liberals in the rich city keep voting for soft on crime politicians since it relieves their liberal guilt and they aren't affected by crime as much as the people living in the poorer part of the city.
‘Striking building…’ That joke was hilarious! 👏🏽👏🏽👏🏽👏🏽🤣😂🤣😂
damn I wasn't expecting Mariupol's theater here. This is somewhat dark.
We should all be crowd sourcing a money-gun for Patrick so he can be a real RUclipsr.
In Garland Tx the electric bill is just as much as the rent!
Really love this kind of format!
It's funny because I'm poor and none of this matters to me. I enjoy the videos, though. Thanks Patrick.
I've got to say Patrick, your stuff is always amazing and never fails to bring a smile to my face. Thank you! 🙏
The lowest income to house prices ratio in Asia is Singapore surprisingly but only if you take public houses, where 80% of Singaporeans live.
iirc, That's because the government did a really good job of making sure everyone owned their own house back when Singapore was still an up-and-coming country.
what is public house ?
@@mammadjafarzade7687they are talking about the HDB housing scheme which is a built to order appartment buildings scheme.
Almost all of the land in Singapore belongs to the governement, people sign up for an appartment and every year the HDB (housing devellopment board) builds enough appartments to meet the demand (you can only get 1 HDB per household) on governement land and then gives the people 99 years leases for a very reasonable price compared to median income
If you don't live on local income you might actually want to live in a place with low incomes as goods and services also tend to be less expensive and people will tend to treat you better if you're above average (or, at least, not at the very bottom)...
Tax brackets tend to work against you, though (specially if you compare entirely different countries, here in Europe someone on 1000 euros / month is below welfare level in the Netherlands but not as much in Portugal, for example). You'll be able to afford eating out in Portugal on that salary, though (maybe even pay for someone to clean your place a couple of times per month), while that's a bit of an insanity in NL. Moving to Latin America or Asia would even give you a wider difference but you might have to deal with things like street violence and other nuisances. In the end, you will always have to compromise a lot to get a little, unless you're really wealthy.
As a Masshole I’d like to point out our state is sorta effed up. Houses in most of the state (even more so in the west of the state) are not that crazy, however if your close to Boston it suddenly goes from reasonable to “wtf are you crazy” when you get inside the highway that encircles the city. And that messes up the average really badly.
is there a relatively preferable locality you can quote me lol
@@markowitzen I personally love the southshore west and south of Plymouth, and once you get a good few miles past Waltham and Wesley headed west out on route 90 prices come down a lot relative to the city. however prices are what they are in these places since the commute to the city can be well over an hour with traffic. you can find many smaller single family homes for around 300 or so. which isn't a "cheap" house but its not a million bucks like California or places in the EU lol.
@@TQFMTradingStrategies ty, it definitely seems much better even with the commute imo
@@markowitzen you lose about 1/15th of a year every year to commuting. Would you live there for 15 years to save x$ in exchange for 1 year of your life? Time is money as they say
@@gregmccauley1687 considering the fact that the savings are basically almost 15 years' salary upfront... still a reasonable deal, esp considering I get the benefit of actually having a decent house 😅
Thank you for the 'Green Acres' meme.
14:57 As an HKer I just died a little when Patrick described a 1,400 sqft condo in San Fransisco as "Small"
Tokyo person here, and I well understand.
Same here brotha
@@zurielsss ... "sista" 😊
@@lemuret69 Definitetly true and easy to injure yourself in these places
Living above a chippy in London while paying nearly a mill is the peak...
You have a way of making the most watchable and entertaining vid's on YT!!!. Supurb as always, THANK YOU...
vids.
This video shows that has a real problem with real estate development and house affordability. But we know that, we are living it right now.
A very important data point that is missing from the comparisons is the number of people living in the home. An 800 sq-ft property in London for a single professional is totally adequate. For a family with 4 kids... not so much.
It's not necessarily how much you earn, it's how much you keep.
I wondered how much the numbers will change when adjusting for cost of health care and private schools. Patrick mentioned these may be impacting but did not take these into account with the calculations. Could this have something to do with how money works' personal circumstances?
@@donnalynramirez5168 I've lived in countries where health care was comparable to the U.S. system, but much less costly. My experience with private schools depended on if one's employer would bear the costs. It's going to come down to how flexible how money works is willing to be when he makes the move.
@@donnalynramirez5168
How Money Works is a commie. I think he will just take other people's money until the peasants have all starved to death.
Sense of community here. 😂
*Friends*
I wonder if using medians instead of averages would change the results.
I live n Kentucky USA I have 5 acres a small pond an 80 foot drop natural waterfall and heavily wooded. On top of the second largest hill a little over 700feet above sea level. My home is a poured concrete foundation all brick 1800 ft.² four bedrooms three baths fireplace. I paid $160,000 for it. is not worth a little over $300,000. It takes me 20 minits to get to the city. I’m one hour from Nashville. If I hear one car I call it a traffic jam. If I miss the sights n sounds of the city I go spend the day n Nashville. Mitch McConnell has made sure to keep the educational system at one of the worse n the country. That way he insures himself to stay n power. But looks like Karma is bitting him in the a…….. 😮. Otherwise I think it is one of the prettiest places I’ve ever lived. Good luck everyone on choosing what is best for u
KY can f right off. The only state more corrupt is LA. Get your shit in a group. Unbelievable how "old money" still runs things.
17:23 Land Value Taxes might help with this kind of pricing out since it would incentivize those who are buying a second home to either not do so to avoid paying the tax, or to rent it out to pay the tax. LVT claims to keep unused housing to a minimum, increasing availability and preventing land speculation, increasing wages for workers.
Perhaps a good video idea?
😂 The pic at 7:59 is exactly how I looked when I lived in California 😂
I caught the end of the broadcast, and totally thought Patrick said 'Rocket Bunny's was the sponsor, which I thought was rad AF. I'm sad it was money instead of Bunny. :(
It’s a Mad, Mad, Mad world.
I live in the US, so when you mentioned war zones and unable to speak the language, I immediately thought of Chicago or perhaps SF of La or New Orleans or NYC.
Look at median income and median home price instead. Very different picture since the average is skewed due to the pareto curve.
Forgot about that video towards the end, the kid walking in while the dad on work call 😂 hilarious 😂😂😂
I was literally trying to do this in my head this morning for a couple cities in the state I know live vs. towns in my home state. Patrick read my mind…and probably time travelled a little too :D
You read my mind. I've been thinking about this for weeks!
I think the biggest consideration for many is family. Particularly those with kids. If you have kids it's hard to imagine moving to a very dense city from an area with lower density. Remote work has this interesting variable in that all the metrics mentioned are based of the average local income. But a posh RUclipsr that dual wields money guns like Mr Dollar Question Mark. Has anything but an average local income, so looking at costs in absolute terms is much more applicable. For the rest of us chumps that clean our own pools we have more to consider.
If have a pool you're so privileged
OK, OKAY, I'll comment. Not much of a community guy, tho. I loved that you used the little girl barging into her dad's TV appearance, that's one of my favorites.
Given that Dubai censors and monitors their internet traffic, it might not be the greatest location for finfluencers. According to the Freedom House's 2022 Freedom on the Net report, the country with the least internet censorship is Iceland. Main downsides for Iceland are that it is quite expensive, and volcanoes and earthquakes are a risk for people who buy property on that island.
> it might not be the greatest location for finfluencers
This guy doesn't TikTok
@@elchiapp Iceland more than makes up for it with alcohol and a LOT of screwing. Same for Quebec. A big win p;our moi.
The Boyle Cinematic Universe is expanding. Good.
Forget about all the hype and empty talk out there, Patrick is the true real estate consultant😅I don't know, I feel like you should do more videos about real estate and also more finance videos about edge world
I’m just here for the community support as I’m just leaving an increasingly expensive Brussels for a much more affordable life near Valencia. It’s great to know the comments section is here for me.
Sam Bankman-Fried hopes you won't notice he's in jail.
Keep swiping y’all, nothing to see here……
😅😅😅😅🎉
Chicago is great value perspective
Argentinian is talking about replacing the peso with the $US dollar. I believe Panama already does so. Be interested to hear the pros and cons of countries that use the $US as their national currency
Not especially connected but just on the other end of the scale - I love living in (outer) Bangkok. My wife and I have a 25m^2 rented room which functions bed/living/kitchen with basic ensuite and balcony overlooking a canal (and yes, a flyover). Including elec/water/net we pay 150 USD per month. We will probably move into a house eventually but we have been here for 9 years so far. Love your vids Patrick, have a great day.
In Switzerland you may be denied the right to live in such a small place, as we have minimal legal and implied appartnemt size per person. My friend tried to live in his 1room studio with his wife to save some extra money. When the landlord found out that they are also planning a child, they were politely asked to find something bigger ASAP.
@@ArgumentumAdHominem And in the netherlands its totally fine to charge students/other people 500 EUR for 7 square meter rooms in houses where 1/2 toilets are shared by 5-10 people.
As a Yank, a 40 sailboat anchored off the coast of Vieques, Puerto Rico is about right for me.
Would this analysis differ significantly if you had used median incomes and median house prices instead the averages?
Absolutely. Price multiples to median will be raised much more in countries with bigger wealth gaps - UK, no doubt lots of US states and cities. Than countries with smaller wealth gaps - maybe Scandinavia, Netherlands say...(?)
I've recently moved out of London and the way I laughed at the London flat you were viewing was cathartic! Thanks
The best place in the world to live is Chicago. Beautiful view of Lake Michigan and home to over 98 Nobel Prizes.
Chicago is so underrated. One of the most affordable big cities in the country, even with higher taxes.
Not even in the top 20 or 30 (depending on source) of most dangerous cities, most of which are in red States. That's to take into account that some crimes are superlinear to population size, which means it should be higher all things considered but still isn't as high as Republicans would want you to believe.
I lived there for 30 years. Paul Fussell said it best: "All the vice and corruption of a big city, all the bigotry and insularity of a small town." That aside, yes, I'd mark it as the best of the US big cities for live in. If you visit NY or LA first, Chicago is an clear choice.
And wind. Lots of wind.
In Israel the average before tax is 13 times
And income taxes ranges from 10%(yes, even if your income is really low)
And goes up to 50% at the highest bracket!