I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
It’s not only Wall Street. In my SoCal neighborhood, Chinese billionaire investors (cloaked under domestic-based LLCs) are buying up both commercial AND residential real estate. Problem is, most of our politicians and council members are either realtors themselves, or whose political campaigns are donated to generously by the real estate industry.
Starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn decent payouts, with the right skills and proper understanding of how the market works. I pray that anyone who reads this will be successful in life..
Ive increased rent for 3 major reasons. The increase has been substantial too but what was needed. 1. Home owners insurance has gone up nearly 40% since covid. Got to pass that on to the renters. 2. Property tax has gone up a bit more than 40%. My town is now appraising every year instead of the usual 3 so they can capitalize on growing house prices quicker. 3 and the most important. The cdc told all my tenants they didnt need to pay rent anymore but forgot to tell my mortgage companies i didnt need to pay my loans. So i was on the hook for thousands every month for god knew how long. So now i have to have piggy bank for each property to cover me against a government agency that doesnt even have the power to make laws regarding rent but some how was able too. So each unit has at least 3 years of operating costs being accumulated currently. Im doing it slowly to not shock the tenants but they are absolutely paying for that themselves. I get called a monster and a thief but im supplying housing to people who could not afford to buy even if they wanted too. Ive sold the ones that i can but some i cant, mostly because i cant get the tenants to leave because or weak landlord laws in the state of mass.
It's not the insurance, that is a small % of the rents collected. It is greed. It's not property tax. Property tax is capped at only 1% in California, and rents are still climbing fast. It is greed. It is not the CDC. These rent increases are happening regardless of whether the landlords were impacted by eviction moratoriums--most were not impacted. Stop lying to justify being a leech on society.
In the USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
It was run by Marisa Breton Dollard, who I learned about and got in touch with thanks to a CNBC interview. Since then, it has served as the point of entry and departure for the games we have emphasized. A search on the internet can be done if tracking is necessary.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
It will, if anything, worsen. Affordable homes won't be available for much longer. Therefore, I will advise everybody who wants to do anything to do it right now because tomorrow's prices will look lower than they did today. I believe that frenzy brought on by rogue inflation will continue until the Fed tightens its controls much further. It is impossible to tear off the bandage halfway.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
My CFA ’’ Sharon Ann Meny , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Prices are too high. With rates not subsidised in ’24 and mortgage still high , currently seeking alternatives to maximize savings without an RV move or taking a loan. I’m seriously contemplating the latter.
if you are looking to invest in the stock market, I suggest you Consider a fiduciary with mortgage-backed securities knowledge for guidance. Prices today may look like dips tomorrow.
True, A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far
PE is also buying up trailer parks, finding elderly owners eager to sell, doing minimal upgrades and jacking up lot rents. This is truly a sign of the ragged edge of peak capitalism.
Yes. Which is why people who live in these parks need to come together to form a cooperative, purchase the land and manage the community directly. Once a unit is permanently attached to a slab, it is no longer a mobile home. Lower income households have no option but to abandon the property to the PE or whatever owner has come aboard.
No wonder rent prices have soared in Colorado, especially for one-bedroom. The cheapest for a one bedroom might be 1300-1500, and that's too expensive. We need to get Wall Street out of the housing
@@tommantek3632 we definitely have more poverty as a result of home prices alone. When the war on poverty started, 15% of Americans lived in poverty. Now it's 43%.
It should be illegal for corporations, hedge funds, investment firms, etc to own homes. Single family homes should be owned by people who can actually live there.
I have been saying this for years. I was lucky that I lived in a family owned apartment complex the last 7 years I was in California. We rarely got rent increases and even got an unasked for refund(s) during covid. Prior to that I lived in corporate owned apartments that sold out to larger corporations who then remodeled them and started charging for absolutely everything including a parking space. The last corporate one charged for a “technology package” that wasn’t optional. When I left California those corporate apartment complexes were going for $2800-3400 for a one bedroom one bath. Plus electricity, gas, sewer, water, technology package, parking space. (Edit) and trash disposal.
@@user-gz4ve8mw9lalso what a patently false conclusion look at what absolute garbage your argument is. Original poster said single family homes you immediately chimed in and take that Venn diagram and just yank it all out of shape and include all rental properties that's completely illegitimate. I wouldn't mind making that kind of thing illegal and making it so that basically any place that has human habitable housing is purchasable only and cannot be hoarded and we can do that with a tax code. But again original poster was only talking about single family homes which would be no skin off the back of most you know landlords since they have to make it more than a single-family home in order to rent it. But again, way to strawman a perfectly reasonable argument.
Definitely. One of the basic principles of being American is property ownership. It's so inherently un-American to make money off of housing as a corporate investor. Rent costs more than actually owning? What in the Hell? That is some ridiculous market manipulation right there. I am a total Libertarian Capitalist; property ownership is the cornerstone of being American, and making money off of housing from socialist bull crap like lobbying and local regulations that favor huge corporations that want to corner particular markets is ridiculous commie nonsense. Property taxes are treason, too. That has GOT to go. And HOAs. I don't know exactly when we lost our way in this country, but people need to own their own homes, and it is NOT healthy when the banks and investors own them. Or when the government can charge you protection money like a Mafia guy in a movie.
This makes me so furious. We really, really need to start protecting actual, physical human beings ahead of corporations and investors. And not just in housing.
Wish that were true. But he either is unable to see that the Dems are part of the problem or knows it, and is kinda running cover for them by not calling them out. Either way, it undermines his message, even though his diagnosis is correct.
@@Photologistic corporations bought tons of units when landlords could not collect rent for a couple years but still had to pay the mortgage. Thanks Dems.
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Rose Strayer
I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
Her good reputation already speaks for her .I’m also one of the beneficiary of Natalie Strayer. So happy I gave it a trial after being skeptic of the process.
If you asked the native inhabitants of Barcelona they’d tell you they are now unable to afford to live in Barcelona and cannot pay their rent . Airbnb landlords can make a bigger profit by short-term rentals and so locals have no choice but to do long commutes . Seems to me airbnb should be banned or at least strictly licensed.
@@timmy-wj2hc The Earth provides for everything on Earth~! But with the Misguided Humans! We need too be educated it does not come Natural anymore~ So we need Money, & things that sparkle back into our eyes to find value! When we can't_ 👀It~! In The Big Picture Of Life On Planet Earth~ We are blind & ignorant to not see... That there is more to life when you find something to offer~! We just don't know our part in the food chain~$..We don't even know how to eat & drink right~ Some use their TasteBuds As a way of thinking~ Trying to make themselves to go extinct! So we all need to eat~ How much is that worth to you~^~? And How much do you think it is for you to have for others! People are educated to get a job and to not know anything else! So they are blinded by their only way of thinking!~ Too think that is all their is! Not willing to learn new ways to have it in perfect results to have it for anyone that has it! Something more than just money~ It starts with you taking care of your self right! To master it so it rubs off on to other in only the best ways & reasons! You have to have the capability to reason it starts there & it ends there!~
Corporate greed won't be stopped because the American people continue to vote for their candidates and some portions of the people continue to apologize for corporations.
One detail you might be ignorant of is that No one dreams of renting for life. Yet you might think it's some gd given right for a minority of the population to own a majority of the homes because of some extraneous, bs supremacist adjacent, economic philosophy.. Kindly rewatch the video, please.
Thank you for saying this. You're absolutely right. Half the problem is Wall Street and half the problem is Nimbies. And the whole problem is falsely treating housing as no limits at-all-costs speculation.
@@impeachy1518why not? If rent was cheap as it should be, and would be in a non-rigged real market, then many people would be perfectly fine with renting for life. Many would prefer it, no maintenance, no grass cutting, etc. There are many examples of people getting older who sell their hard to maintain homes to move into apartments.
@@tw8464 "Yea, Boss!.. You the Massa'.. Sorry, Boss!.. Don't know what I was thinking, that I might want to own a piece.. Nobody thinks like that." FO.
@@impeachy1518 Where are you getting your drivel from? The poster was clearly agreeing with the video and adding in about those who bought the houses now have to be surrounded by corps who rent them out. Where in the world did you get the thought they were in favor of people having to rent?
It's not just corporate greed. No good con suceeds without the greed of the mark. Steinbeck once wrote that socialism never took hold in the U.S. because poor working people do not see themselves as an exploited proletariate but as temporarily embarassed millionaires. People voted for de-regulation for decades based on promises that they would be more prosperous as a result. Well, this video very clearly describes the reality of what happens when you de-regulate. All attempts to restore the protections we used to have meet ferocious resistance from the people most harmed by not having the protections we used to have. They still think they're going to be millionaires someday. Best of luck with that.
Same, worse yet they come in other peoples names sometimes. Which makes even less sense considering I own the home fully paid off, so no mortgage. A simple google search via local county assessor's office could tell them this.
Where are these 'investors' getting all their money?....from the trillions of dollars of 'fake money' created in the last 4 years in the name of 'pandemic emergency' spending. (By BOTH parties).
The same hedge fund/private equity/Wall Street investors are buying up mobile home communities & raising lot rents ever higher and are buying up farmland keeping young farmers priced out of land ownership, too.
Young farmers have been price out of agriculture for generations. Speculation in agricultural land was a major cause of bank failures in the 1920s that carried over into the Great Depression. Economic theory tells us that an annual tax on the ownership of land equal to the potential annual rental value of land (and not taxing a farmer's buildings, equipment, or crops) would bring down agricultural land prices to near zero. All family-owned farms would then have a good opportunity to be profitable.
When somebody resells video game consoles, they’re called scalpers. When they resell sports cards, they’re called scalpers. When they resell housing to a population directly in a housing crisis, they’re called real estate investors
Great observation! Also when its time to get out them out of trouble its called “bail out” but when it comes to people they call it “forgiveness” as if they did something wrong trying to live and survive
@@forsakensavior7316 I think BOTH large scale "bailouts" and "financial forgiveness" are wrong. Never understood why people use one wrong to justify the other. Using the government to transfer large scale wealth from some people to others is wrong. Always has been. Always will be.
Just had a corporate investor mail a check contingent based offer to me on my house. It isn't even on the market and needs about $65k in repairs. Yet somehow they knew it needed $65k in repairs and offered the current value of it minus the repairs. I've had several call offering to buy it I keep telling them no. Worse yet they keep sending contingent check offers in other peoples names. I own the house outright, no mortgage. I do plan to sell, however not until my 50s at least. It's going to take me around 10-15 years to finish renovations and planned addition on it as is.
It doesn't have to be like this. In Austria, Finland and Singapore rents are cheap. You need counsil rentals and lots of them. Like minimum 1/4 of all rentals. If it's left to the market then ordinary people suffer. In Helsinki when there is built a new metro station around the station 1/4 of homes are sold to private citizen, 1/4 to big companys, 1/4 are council housing and 1/4 is partly owned partly rentals. Foreign big companys can buy as much as they wan't and bring money to Finland. They will never be able to double the rents. Rents in Helsinki in private rentals stagnated years ago. Prices are going down in rapidly growing Helsinki because we built what we need and a little extra for imigrants. Wages have gone up. I moved from a studio to a one bedroom apartment. Meny of my single friends live in 2 bedroom apartments because why not. You can have a home office or guest room. I use my extra money on traveling around Europe. I'm a practical nurse.
The US government must intervene. This is obvious and it is leading to a dystopian hellscape for individual buyers. Certain asset classes must be shielded from these unethical hedge funds.
Unfortunately, corporations have usurped the U.S. government's power by putting their own people in positions meant to regulate corporations and to govern the country to corporate ends.
Half the houses on my street are rentals. You can pick out which ones are and are not. Rentals are terrible for community building. No ownership, no pride, no sense of permeancy
@@karlabritfeld7104 you obviously don't get out very much. Just two doors up from my childhood home of 54 years, foreign buyers bought the house and live in China half the year. Half the year here. The US has SIXTEEEN MILLION EMPTY HOMES. How much more evidence to you need? We do not owe the world a good ROI on their money - especially when it comes to housing. We owe Americans HOMES. That NO ONE is discussing this is very telling. Yes, I know those who own property enjoy some MAJOR equity, thanks to our open real estate market. It would suck to see home values drop, but we owe our children, grandchildren and future generations HOMES to live in. Not profitable line items on a portfolio's balance sheet.
He makes me have good hope in dark places too. He clearly says he is not delusional about it being easy. It will not be easy because so many are hopeless. Keep strong for progress.
The only way my wife and I got our offer accepted was because the seller only wanted to sell to owner-occupants. I nearly wanted to hug him and pick him up off the ground.
Still furious about 2008, the bailouts and no one was held accountable. Was outbid on 8 homes by investors in 2015. Now I'm renting and rent goes up 20% in one year. The American dream is dead thanks to Wall St. and the government allowing the corporate greed to go unchecked. Do not sell your home to cash investors like this.
@@jamiemcgill67 It's rather obvious you can't sell something for exactly what it cost you to make it. Any business has overhead, employees, utilities. The difference is wanting eternal ever growing profits. If you're a business and you make a billion dollars this year and a billion and a half dollars next year, universally, that's going to be considered good. If you make a billion this year and a billion next, that's considered stagnation when I would argue that's stability. Make a billion this year and 900 million the next, shock horror, now you're LOSING money when, in fact, you still made money, just not as much. Greed is the unfulfillable thirst for ever more wealth. There are only so many resources in this world, and allowing so much of it to be controlled by so few people is greed. In old fairy tales, dragons hoarded wealth, destroying the lives and livelihoods of everyone around until a hero came to slay the dragon. Why do you think the French people revolted in their Revolution? Greed, taking far more than you need and hurting everyone around you. But, I kind of figured your question was disingenuous, I'm expecting some pity conservative nonsense in return.
It's not fair, regular people cant compete with a corporation when buying a house, corporations will almost always have better credit options and cash reserves. Corporations should not be allowed to rent properties and even private citizens should have a limit on how many homes can be owned for renting otherwise this will keep happening.
@karlabritfeld7104 what do you mean? If you want capitalism without this craziness, regulations must be made. You could go further but that's what is needed right now.
@@unknownone5314 we have to re-regulate what Reagan de-regulated. I still can’t forget Greenspan saying “I thought that the banks would regulate themselves”.
Republicans made corporations people. Don't vote for Republicans. I'm old have seen this coming since Regan. Mitch McConnell also was responsible and rallied for big money donations and allowing corporations to lobby our government. I remember reading this back when it happened.
The housing bubble did not burst in 08-09. It was a balloon that deflated about 40%. Housing never came back down to correct affordable prices even right after the 08-09 recession.
Because Republicans in Congress blocked and voted against everything Obama & Biden were doing! Look at how they vote before you vote. Construction workers for example voting for someone who voted against infrastructure makes no sense. 🗳↕️💙🇺🇸
Starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn decent payouts, with the right skills and proper understanding of how the market works. I pray that anyone who reads this will be successful in life..
@@JamesBennett-gx6bxA lot of people (myself included) are really making a lot of money from crypto, investing in any of the 3 options is actually a good idea!
Residential homes must be purchased by an individual or a family, NOT corporate entities who can be treated as individual human beings. Take money out of politics to stop corporations from "buying" laws to protect their greed and corruption. This is destroying the country. If people think there have been enough mass protests- see what happens if this is allowed to get worse! VOTE BLUE- and hold them accountable!!
After getting outbid three times by entities with cash willing to close in a week with no contingencies, I started including a letter to the sellers explaining how I wanted to make a home and be part of the community, and asking them not to sell to yet another investor. It made a huge difference. I've already have had investors calling me, trying to get me to sell for cash, and I haven't even been there a year. The last one that called got an earful.
Considering Gen Z hasn't hit 30 yet and some are still pre-teens (12-27) that might be a good thing. 🤔 (Save up funds before leaving so you have an down payment/paid off vehicle & emergency fund) I know that doesn't work for everyone due to family situations, etc. But think about it Millenials are a bit different since they got the great recession shock and now the covid-19 price run up. But if the bulk of them had a job (and kept it) 2012 - 15 would have been good years to purchase. (The younger Millenials are definitely unlucky in the timing of things) And refinance into lower rates during the pandemic low interest rates. The Millenials as a group are as large as the boomers unfortunately; since the housing bust took out many home builders it will be a while to build enough inventory for them. (Where they want to live, price, etc). Housing is being built it's just a matter of time before the real housing price vs. income curves back down. I just wonder by how much builders will over build this time around in the next 5/10/15 years ?
What’s also so disheartening is that in our area even locally owned properties are being rented for outrageous amounts “to keep up with the market.” A one bedroom that is only 700 sq feet total shouldn’t be $1700 per month.
That is the law of supply and demand. If these companies suddenly had to divest it would put an extra 20% of homes on the market. With all the competition prices come down, landlords have to compete since there is less people renting since they can afford a home and those dum asses that were talked into "buy now it's only 3.5% down!" From agents will be upside down over 10% and not be able to refinance into a lower rate.
The damage has already been done. My son spent a good part of his retirement just to buy an overpriced house. Brought on by wall street getting into single family dwellings. This is killing America people have to be able to live.
This has happened in southeast Idaho. The homes were bought up overnight and longtime renters are kicked out without any power to prevent being put on the street and the click of city government does not even say one word of truth about destruction of neighborhoods overnight. It's an atrocity and destroys cohesive histories of community.
The title of the bill is "End Hedge Fund Control of American Homes Act", introduced by Senator Jeff Merkley and Representative Adam Smith. This number was on the text of the bill, but I don't know if it's the bill number. MCG23660 CGR
Legislation needs to happen to stop the out of control greed in this country. It's enough that so many laws & tax loops allow the wealthier to get more and more. So many hard working people who can barely afford rent..some working 2 jobs. This is the American Nightmare. What ever happened to the American Dream, the dream of home ownership. It's a shame, but you are right, we need to keep fighting and always do our best to push back!!
Not only have the done this, many rental companies require you to prove you have 3 x the monthly income. Many of us on disability don't have that cushion which makes us ineligible for an apartment. We are limited in resources and many are on the verge of being homeless. I am close to it myself!!
@@scifirealism5943 because many of the companies buying up the apartments, houses and trailer parks want to make profits for their share holders and themselves!! They are greedy!!
A lot of people also earn low wages, due to wages not keeping pace with inflation for 5 decades now. No way such individuals can afford rent, much less a house.
I bought my small home in 2000, 75% of the homes in the neighborhood were owned by those who lived there, the housing bust took out half of these, then after the pandemic, it took the other quarter, now every home on the block around me is a rental, and at higher rates than my mortgage, all of my friends with full time jobs out of college can't find a home to buy, even if they can afford it because hedge funds are buying up entire blocks of homes. The hope these days is knowing an older relative or friends of relatives who might sell to you at asking price before it goes on the market
My dad a WW2 22yr Navy vet, got a home in Miami in 1966 for $11000. House payment of $120 and he bragged about that . And paid the 30yr mortgage off with double payments. That home now with taxes and insurance with make it impossible for my dad to live in that home. Home value on my childhood home he purchased in 1966 , $450,000. Its sickening. Its a race for the wealthy to get more and more and not looking over their shoulders to see most of Americans old and youngs are way behind. The country is only as strong as its weakest link. When Eisenhower served as President made in American keep good paying jobs in America. Now the middle class slips further behind the working poor just above the homeless and poverty. Finland, Norway , Demark countries with balance creating a sense of harmony. Less stressful society. Quality over quantity.
Yep, your Dad should have a cap on taxes for his home, 'grandfathered in' as they say, and if he sells the home (or you sell it) then that new owner can pay taxes on the value.
Many places have senior property tax exemptions and property tax caps for low income people. Property taxes,like home prices, have gone up exponentially over time. Property taxes are the bailouts for local governments and taxing districts. Not enough money for pensions - budget shortfall -the answer - raise property taxes.
We need more people like Robert Reich. He is a righteous voice in the wilderness right now. Nobody else seems to care about what's happening to our country today.
I live in a Charlotte NC suburb and can confirm this is a huge problem in the real estate market here. They are also trying to build multi-family units in the middle of single family home neighborhoods in the name of “affordable housing “. Building a triplex on a half acre lot that cost the investor $750,000 to develop is never going to result in 3 affordable housing units.
That IS the problem. IDK about Canada, but here, 5 out of the 9 judges on SCOTUS allowed the rich to legally buy politicians in 2010. A case called Citizens United. The ONLY way to fight back now is Americans all staying engaged and voting every damn chance we get for more progressive policies and politicians that can't be bought. The problem is Americans haven't voted in huge numbers like other developed countries always do so whenever there's low voter turnout, the greedy rich win. Americans need to stop bitching and complaining & take action, getting involved with local politics. Change in America ALWAYS starts locally. We are too lazy. That's a fact.
I'm in NC. I work minimum wage while in community college. I make $10.50/hr as a cashier. Most jobs pay less than $15/hr. Even if i made $30/hr, i simply cannot afford $2000 a month rent, plus I must make three times this to qualify.
I honestly wish I had the money to buy land and just develop an intentional village. I'm in the same situation as you. Not in Raleigh but close enough to it that I can't afford the rent either. I came down from Maryland because everyone said it would be cheaper, only for me to find the cost of apartments rapidly reaching the same costs all over the place. It's an impossible situation, especially since homelessness is being criminalized everywhere, so even falling off isn't an option.
In Texas the minimum wage is still $7.25 an hour while single bedroom apartment rent is $1200 - $1400. Even if you somehow paid no income taxes or sales taxes you still can't afford it because they won't rent to you due to income requirements. Yes, homeless are much more numerous than just a few years ago.
And it's even worse if your health insurance is limited to certain areas of each state. For instance to be covered by Kaiser you must live within 75 miles of a Kaiser facility. That means if there are only a few facilities, you can only live in these small areas. In northern CA, the most northern facility is in Santa Rosa, CA. This community has gone through a boom in housing costs and rental costs. There is less expensive housing in some much more northern and eastern areas, but they're not in the 75 mile zone. Similar is true in Oregon and Washington state, and both have even less facilities. And Kaiser is only available in certain states. Then, if you're retired, and you want to stay in the group plan you've paid into, your provider or the pension that's associated with your insurance decides if you can keep the group plan in the new area of another state. So, you get priced out of rentals in the area you worked in and paid into, but you're limited as to where you can move by your insurance company. You could purchase an individual plan but the rates are often higher than the group plan. Limited by housing/rental costs and restricted where you can go by insurance costs. Maybe time to look at another country? Many are.....
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 5%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
Home prices will come down eventually, but for now; get your money as much as you can, out of the housing market and get into the financial markets or gold. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.
Just because there are opportunities in the market doesn’t mean you should go in blindly. To understand the potential factors that contribute to your financial growth, I'll advise you to seek the help of a professional.
The decision on when to pick an Adviser is a very personal one. I take guidance from Sharon Ann Meny to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
I bought my house in 1991. My neighbor's mortgage payment is more than 4 times mine. My property value is 5 times what I paid (tax effect), but even if I sold it, I couldn't afford to replace it.
With the money from the sale, yes you would. It would cost you the sales commission. Think about it. You sell for 5 times what you paid for it and you can buy a similar house for that price. But why would you unless you wanted to move? Move to a cheaper city or house and you've improved your standard of living.
I live in a working class neighborhood in Mesa, AZ. They have all but destroyed one of the most affordable and relatively safe neighborhoods in the E Valley of Maricopa County. I do my best to not top out my rental budget, but a having a 75% raise in rent is not bearable, for anyone, I think it is a big reason so many people feel like they are poor.
...they're not just buying up individual homes but also apartment blocks and complexes as well jacking up rents which in many cities are already far too high and also outpace any wage gaines. Where I live the average rent for a 1 BR apartment is around 1,650$ a month. For someone making 15$ an hour that is 63% of one's monthly gross...just to keep a roof over the head.
Here in Berkeley where i'm a public school teacher . Lots of new apartment buildings have been built supposedly to help with the insane lack of affordable housing . The city forced them to leave a certain number of apartments for " low income" .folks . The problem is many of us make " too much" or " not enough " to qualify . It's so demeaning to work full time ( especially as a Teacher ) and live paycheck to paycheck because rent and health insurance gobbles up so much of our salaries .
Sounds very much like Corvallis, Oregon. Quite a few large complexes have been built, but they haven't relieved my rent increases. Almost half of the enrollment at OSU are international. My experience is that they come from wealth and can afford it.
@@d.e.7467 Hi, Yes that's very similar . I know Corvallis , Oregon well . I used to sell my Jewelry at the Oregon Country Fair. It's such a beautiful area . Here it's also very wealthy International students and Tech workers migrating up here from Silicon Valley . Where are the people who teach their children supposed to live ? It's very frustrating and we're trying to not be angry and resentful ( but it's hard sometimes ...) Have a good summer ! peace
Well, Californians created a nightmare outcome when they voted in Proposition 13. Look up what University of California professor of economics Mason Gaffney wrote on the subject.
And Canada. The far right is using the worldwide housing affordability crisis to blame any center or left government. In Canada, Trudeau is blamed for everything by the extremists. They think inflation etc is only happening here. Sigh.
That is because the way governments everywhere choose to raise public revenue benefits speculators and "free riders". Look up British author Fred Harrison for a thorough analysis of what is wrong and how to fit it.
The economic system is messed up. The current laws allow the very rich to take advantage of everybody. The proposed law to ban wall street investors from buying single family homes sounds like a very good start to a better future.
I just hope that there aren't any obvious "workarounds" like private equity being able to just create subsidiary shell companies and holdings that can circumvent the intent of the law. Usually, there are such loopholes…
Inflation ONLY comes from government. Just a reminder where the problem is. This absolutely ridiculous socialism kick since the 1990s has almost destroyed us.
As a first time homebuyer, I literally experienced exactly this. In 2022 I was working as an AT&T Store Manager, making $8k/m before tax. I had $30k down, 770 credit score. I was pre-approved for a $460k mortgage loan and was looking to buy in Sacramento. I bid on three houses (mind you, $500k houses are glorified shacks here..very low quality), and was outbid all three times. I could not f***** win. So yes, the hyper capitalist oligarchy destroyed the middle class. I would know. My hard work did not pay off. Even being above average wasn’t good enough to buy a basic f**** house.
Keep in mind that during the 80’s people were encouraged to save due to the interest rates. Right now there’s very little incentive to save because those who are saving are watching those who are reckless taking it in. I’ve been trying to save for a home and it’s been discouraging to watch prices continue to not budge because there’s people willing to get into a mortgage where they’re paying 40% of their income. It’s insane.
The housing market poses difficulties due to uncertainties about the Federal Reserve's ability to curb inflation and reduce borrowing costs without adversely affecting demand for assets like homes and automobiles.
Consider shifting from real estate to stocks during severe recessions. While market volatility presents short-term trading opportunities, it's crucial to approach with caution. This isn't financial advice, but investing during such times may be a strategic move, consider adopting the services of a financial expert.
In fact, I had no prior experience or understanding when I began investing in 2020, but by the end of 2023, I had made a profit of almost $850k. All I had been doing was going by what my financial advisor had told me. This demonstrates that all you truly need is a professional to assist you; you don't even need to be a great investor or put in a lot of work.
*Gertrude Margaret Quinto* is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
@@delmofritz3964 With the crisis situation we're in right now capping home ownership at two seems the better bet. If nothing else, just make the taxes on more than two homes insanely high to discourage buying up and flipping homes.
@@delmofritz3964 Tne uber rich often own many homes, but they're not really affecting the housing market for normal people so I don't really think it matters if Jeff Bezos owns a dozen homes.
Why not? I would be destitute if not for corporate home buyers. When I got divorced, I bought a foreclosure home in an area I had good reason to think would soar in value. I hoped to stay there, and I put in a ton of work and a fair amount of money making it livable, but health issues ended that. Last year, with my savings depleted, and no ability to hold down a good paying job, that house was all I had left. But it was still a major project for any buyer if they wanted to really fix it as I had. Retail buyers (if they made any offer at all) low balled the offers ridiculously. By playing off corporate buyers against each other, I got nearly DOUBLE the best offer I had gotten in over 6 months. That money has saved me. If I had had to take Social Security at 62, it would not have been enough to get by on. The best retail offer I got would have bought me maybe a year after buying a different home. Now, even if I can't make much money, I can get to 65 or 67 at least, when my benefits will at least meet my needs. I don't think you know how desperate I was - I was staring down homelessness and at best, might stave it off for a year. I have worked hard all my life, the only "benefits" I ever took were two weeks of unemployment once. That house was worth MORE than I got (otherwise, for profit buyers would not have paid what they did) and it is not my fault that retail buyers either did not see that value, or were unwilling to take on the project of finishing the rehab of the place, or did not have the money for it. Should I be homeless just so that some younger person can get my old home for a bargain price? I rarely disagree with Reich, but he is wrong on one point and right on another - supply is the problem not greedy corporations. They are not paying above market prices just to screw people - they are paying BELOW actual value and making a profit. And only increasing the supply of decent housing can lower that value.
I was looking for a cheap 1 bedroom apt in Denver last night for the hell of it and I found one for $1200/month in one of the shittiest neighborhoods you can find in that city. I used to live in that same neighborhood in 2011 and the 2 bedroom me and my roommate shared was $700/month. So 12plus years ago I was paying 350/month making $16/hr. hardly ever worried about money to now if I wanted to get a place of my own in "shankville" it'll cost more than 3X that, while making $21/hr. Rent went from being around a 1/4 of what I brought in a month to more than HALF of what I bring in a month! And I make more now than I did then. I feel like I'm taking crazy pills.
They want people to be permanent renters where they can be controlled. Although the market is high right now, you should still try to buy a home if you can handle the mortgage payment. Find your forever home now before it's too late. Prices are only going to continue to rise!
I'm currently laid off and going through a difficult time. I applied for a ROOM in a ROOMING HOUSE and the property management company wanted $35 for the application fee PLUS my tax returns from the last 2 years. I laughed at them and did a chargeback on my debit card. They're called SMART ASSET REALITY too. Fuck these companies. Fuck em all to hell. 💯
We refused to sell our home to a subsidiary of Blackrock. They approached us offering twice the value of our home because we are in a very nice community near two good schools.
@@karlabritfeld7104 Even I might be tempted if I were offered twice the value of my home. However corporate investors keep offering me lowball offers, $65k under the value of it. Due to it needing $65k in repairs, they can go screw themselves. They can't even get the name of the home owner correct. Add to that I've no plans to sell this decade or the next in reality.
I am in Dallas, and it’s really bad. We have a new neighborhood popping up every day, and small cities become larger cities because of these new communities being built by Wall Street inventors. It's driving the rent through the roof. I saw a documentary about a company that’s only 10 miles from my house in Richardson, TX, called RealPage. This company located in Dallas is the reason rent is so high across America. One of the biggest lies I hear from Texas Republicans is that we don’t have room for all these migrants. There is so much extra space in Texas that you can build 4 new Dallas/FortWorth, 4 new Houston and 4 new San Antonio, and still have more space to build. There is a lot of empty land in Texas. These could be new taxpayers, but Republicans also fear new voters for Dems.
Corporations support immigration because what corporations want is access to labor forces who cannot afford to argue and will work very hard for very low rates of pay.
This is just another example of a self-centered politician who cares about only themselves and has no interest in their constituency because they are expendable. In contrast, the politician's role is to suck the lifeblood out of their constituents at any cost the better themselves.
Taxes are directly controlled by LOCAL gov'ts. They are our elected officials, usually the city council. They determine the spending priorities and WHERE the money will come from, OUR TAXES! Vote in those that have YOUR priorities in mind, not priorities of corporations.
Liberty Mutual bumped my homeowners insurance by $300 per month. I have no idea why. I’ve owned the house for 21 years and have never made a claim. So my monthly payment has jumped from $1070 to $1400. That’s a lot!
Wall Street is part of the problem for sure, but part of what is making it "profitable" for Wall Street to do this (what attracts the sharks) is artificially manufactured "scarcity" caused by draconian "single 'family' 'zoning.'" That's preventing the density from being built and driving prices and rents into the stratosphere. Robert thanks for mentioning the supply problem.
I used to live in a studio apt for 440/month only two years ago. New landlord bought the apartments, barely renovated them, and doubled the rent to over 800. We need national rent stabilization ASAP.
Agree 100% with all points. I recently had to settle a family members estate and worked through an attorney and a seasoned realtor. But I was overwhelmed with cash offers from fast talkers and their all cash offers. The all cash offers were for 30-50% more than the property was actually worth. Yeah! The would have ruined a nice quiet neighborhood with young families. I sold to a young couple with children for a fair price. You are right home ownership is a LARGE chunk of the American dream
Add: Greedy. Greedy Capitalists. You can be a capitalist and pay your fair share in taxes, pay your employees proper living wages OR you can screw everyone around you by buying politicians that are soulless & make rules just to protect the capitalists only.
@@MrMarinus18 Rent is not wealth extraction. That's absurd. Rentals have always been an integral part of the housing market for generations because they're more accessible to the lower class and retirees. The reason why rent is so high is because of artificial housing scarcity caused by single-family zoning, mandatory parking minimums, and restrictive building codes. The whole reason why the missing middle is missing in the first place is because it's illegal to build in most places in the US. Almost of the missing middle housing you find today has just been grandfathered in. This is the biggest cause of housing crisis. We treat space like it's an unlimited resource, but it's not. And the added burden of car dependency has basically become an additional tax that strips every American of their freedom of movement. Building mixed-use transit oriented development and legalizing front yard businesses would work wonders for local entrepreneurs and upward mobility.
Here are the actual reasons: property taxes are way up: often 35%+, often more. Repair/maintenance costs from repair vendors/tradespeople is also up 40% since 2020, home owners insurance is up 30-40% since 2020. News flash: there is significant costs to own and maintain a property and nobody will provide that at cost. Just like you wouldn’t let someone borrow anything you own at your exact cost. If you feel differently, be the example: buy a home you pay all the overhead for and provide the rent at your exact cost
Since 2000, the value of our home is far more than doubled. But the cost of maintaining it is staggering, just compared since 2000. Property taxes have more than doubled. It would not be possible for us to buy it now, and then pay all this expense of living here.
In Seattle, 4 bedroom homes rent for roughly $4,000/month on zillow. Zillow says the same house will cost almost $9,000 a month in mortgage rates. These prices can not sustain themselves this way.
The rentals in the neighborhood also drive down property values of those of us who own our homes, because the renters have little to no incentive to maintain the property and landscaping. I don’t blame them for that specifically, but the rental companies certainly don’t seem interested in taking care of it either, beyond what they legally have to (and sometimes not even then).
Let us not forget the OTHER reason rent prices are so high; They want only people of significant financial standing to pay those $3600+/mo rents. If you're not a doctor or lawyer, etc.... you need not apply. A sort of "ethnic cleansing" or class cleansing.
I own a home in New York, the property taxes are outrageous, but I do own my home outright, the greed of wall street relying on trickle down needs to end when the vonshitzenpants taxes end and raised to fair levels
@@geoffreykeating8172Don't say "government." That's overwhelming and confusing to ppl. Say politicians!! It's certain politicians that are soulless & serve as whores to their donors. That's WHY we need to vote and research those politicians before we do that.
Lots of times you don’t even know it’s being bought by a rental company. They can use an individuals name as the purchaser even though it’s just a front for a company that’s buying it
Apartments require you to make three times the rent to sleep indoors. In Denver, (avg. rent 2200.00 per month), that is $6600.00 per month, approximately $80,000 per year…. Minimum…. For shelter.
@@BradWhite25roommate??? If they can't help they self I don't want them around me ...There's a Reason ... Life tip Hang out with people that have way more money than you ...
@@BradWhite25 it takes 3-5 full time incomes to pay the goddamned rent! So please, don’t give advice and blame the victims of predatory housing prices and policies. We need full on rent control and affordable housing policy to ensure that people have a place to live!
New apartment buildings are popping up all over this area and I don't know a single person who can afford one. I just couldn't figure it out. Now I get it.
PEF are buying all all mom/pop type businesses and setting higher prices while screwing the consumer with poor quality products, MUCH LESS CHOICE, and very bad nonexistant customer service. Greed.
I work but I have no home. It's not allowed because people assume I don't need money to live. They prefer for me to work for rent and food stamps. The laws help keep me afraid.
there are a thousand houses for sale in my city. come buy them. without wall street buyers the average person would have to sit on a house for sale for over a year or take $30k below market. and there wouldnt be as many construction jobs and they would be lower pay. so all i am hearing in this video is lower wages, fewer jobs and sell for a loss.
Yep please control rents . That drives out let’s say all landlords . Some fraction of People needing homes buy up the rental stock now those evil landlords are gone . Oh wait we only satisfied the demand for a few . millions still waiting to buy but no supply . Back to square 1 . Only now you can pitch tents like in California and go to toilet on the roadside . Yep how is rent control working now
In the Great depression people were jumping out of high-rises to take their life. Today people, mostly elderly, are taking their lives because of the cost of living in an apartment. I don't see it stopping.😢😢
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Mind if I ask you to recommend this particular coach you using their service?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
It’s not only Wall Street. In my SoCal neighborhood, Chinese billionaire investors (cloaked under domestic-based LLCs) are buying up both commercial AND residential real estate. Problem is, most of our politicians and council members are either realtors themselves, or whose political campaigns are donated to generously by the real estate industry.
Starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn decent payouts, with the right skills and proper understanding of how the market works. I pray that anyone who reads this will be successful in life..
Investing is a great way to financial freedom and there are few assets that are sure to make one successful in life
1. Crypto
2. Stocks
3. Forex
@@ClaireBrown-tl8vwYou're right, Investing in crypto-currency is the best thing to do especially with the current rise in the market
It is also very profitable and lucrative to invest in forex and stock.
A lot of people (myself included) are really making a lot of money from crypto, investing in any of the 3 options is actually a good idea!
The house my father bought after WW2 for $3,500 sold a year ago for $120K it’s 745 sq ft! Just sold last month $144K!
Ive increased rent for 3 major reasons. The increase has been substantial too but what was needed.
1. Home owners insurance has gone up nearly 40% since covid. Got to pass that on to the renters.
2. Property tax has gone up a bit more than 40%. My town is now appraising every year instead of the usual 3 so they can capitalize on growing house prices quicker.
3 and the most important. The cdc told all my tenants they didnt need to pay rent anymore but forgot to tell my mortgage companies i didnt need to pay my loans. So i was on the hook for thousands every month for god knew how long. So now i have to have piggy bank for each property to cover me against a government agency that doesnt even have the power to make laws regarding rent but some how was able too. So each unit has at least 3 years of operating costs being accumulated currently. Im doing it slowly to not shock the tenants but they are absolutely paying for that themselves.
I get called a monster and a thief but im supplying housing to people who could not afford to buy even if they wanted too. Ive sold the ones that i can but some i cant, mostly because i cant get the tenants to leave because or weak landlord laws in the state of mass.
It's not the insurance, that is a small % of the rents collected. It is greed.
It's not property tax. Property tax is capped at only 1% in California, and rents are still climbing fast. It is greed.
It is not the CDC. These rent increases are happening regardless of whether the landlords were impacted by eviction moratoriums--most were not impacted.
Stop lying to justify being a leech on society.
This is not happening only in USA, but everywhere
In the USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
It was run by Marisa Breton Dollard, who I learned about and got in touch with thanks to a CNBC interview. Since then, it has served as the point of entry and departure for the games we have emphasized. A search on the internet can be done if tracking is necessary.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
It will, if anything, worsen. Affordable homes won't be available for much longer. Therefore, I will advise everybody who wants to do anything to do it right now because tomorrow's prices will look lower than they did today. I believe that frenzy brought on by rogue inflation will continue until the Fed tightens its controls much further. It is impossible to tear off the bandage halfway.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
My CFA ’’ Sharon Ann Meny , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Prices are too high. With rates not subsidised in ’24 and mortgage still high , currently seeking alternatives to maximize savings without an RV move or taking a loan. I’m seriously contemplating the latter.
Affording our mortgage is tough as well. I have suggested cashing in, renting or relocating, and investing the rest in the stock market.
If you can afford to relocate, you should manage the mortgage.
if you are looking to invest in the stock market, I suggest you Consider a fiduciary with mortgage-backed securities knowledge for guidance. Prices today may look like dips tomorrow.
True, A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far
this is all new to me, where do I find a fiduciary, can you recommend any?
PE is also buying up trailer parks, finding elderly owners eager to sell, doing minimal upgrades and jacking up lot rents. This is truly a sign of the ragged edge of peak capitalism.
Yes. Which is why people who live in these parks need to come together to form a cooperative, purchase the land and manage the community directly. Once a unit is permanently attached to a slab, it is no longer a mobile home. Lower income households have no option but to abandon the property to the PE or whatever owner has come aboard.
John Oliver did a story about this year's ago
No wonder rent prices have soared in Colorado, especially for one-bedroom. The cheapest for a one bedroom might be 1300-1500, and that's too expensive. We need to get Wall Street out of the housing
Exactly
2,500 for a studio apartment in San Diego.
@@richardernst8025 how the hell isn't there massive homelessness??
@@scifirealism5943 it's getting that way. I wouldn't doubt it if you told me we have more homelessness now than at any period of time prior.
@@tommantek3632 we definitely have more poverty as a result of home prices alone.
When the war on poverty started, 15% of Americans lived in poverty.
Now it's 43%.
It should be illegal for corporations, hedge funds, investment firms, etc to own homes. Single family homes should be owned by people who can actually live there.
Make being a landlord in general illegal, unless you rent out your own home, or a portion of it.
I have been saying this for years. I was lucky that I lived in a family owned apartment complex the last 7 years I was in California. We rarely got rent increases and even got an unasked for refund(s) during covid. Prior to that I lived in corporate owned apartments that sold out to larger corporations who then remodeled them and started charging for absolutely everything including a parking space. The last corporate one charged for a “technology package” that wasn’t optional. When I left California those corporate apartment complexes were going for $2800-3400 for a one bedroom one bath. Plus electricity, gas, sewer, water, technology package, parking space. (Edit) and trash disposal.
@@user-gz4ve8mw9loh well.
@@user-gz4ve8mw9lalso what a patently false conclusion look at what absolute garbage your argument is. Original poster said single family homes you immediately chimed in and take that Venn diagram and just yank it all out of shape and include all rental properties that's completely illegitimate.
I wouldn't mind making that kind of thing illegal and making it so that basically any place that has human habitable housing is purchasable only and cannot be hoarded and we can do that with a tax code.
But again original poster was only talking about single family homes which would be no skin off the back of most you know landlords since they have to make it more than a single-family home in order to rent it.
But again, way to strawman a perfectly reasonable argument.
Definitely. One of the basic principles of being American is property ownership.
It's so inherently un-American to make money off of housing as a corporate investor. Rent costs more than actually owning? What in the Hell? That is some ridiculous market manipulation right there.
I am a total Libertarian Capitalist; property ownership is the cornerstone of being American, and making money off of housing from socialist bull crap like lobbying and local regulations that favor huge corporations that want to corner particular markets is ridiculous commie nonsense.
Property taxes are treason, too. That has GOT to go. And HOAs. I don't know exactly when we lost our way in this country, but people need to own their own homes, and it is NOT healthy when the banks and investors own them. Or when the government can charge you protection money like a Mafia guy in a movie.
This makes me so furious. We really, really need to start protecting actual, physical human beings ahead of corporations and investors. And not just in housing.
Nothing will happen until We the People protest.
Corporations run the government
What's your plan!!
@@scifirealism5943 Biden said Hush ...
Not gonna happen.
Robert is a warrior for the common man. We need more like him.
No. He is a warrior for government.
He’s a warrior propagandist for the Democratic Party who couldn’t care less about doing the right thing for the people.
Wish that were true. But he either is unable to see that the Dems are part of the problem or knows it, and is kinda running cover for them by not calling them out. Either way, it undermines his message, even though his diagnosis is correct.
@@Photologistic corporations bought tons of units when landlords could not collect rent for a couple years but still had to pay the mortgage. Thanks Dems.
@@Photologistic And you're obviously a gullible sponge for the alt-right. Go take your trolling someplace else.
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Rose Strayer
I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
This sounds so good and I would like to be a party to it, is there any way I can speak with her?
Her good reputation already speaks for her .I’m also one of the beneficiary of Natalie Strayer. So happy I gave it a trial after being skeptic of the process.
Another huge problem is Airbnb. If corporations aren't buying houses to rent them out, rich individuals will.
Exactly. "Airbnb" is a huge part of the problem.
If you asked the native inhabitants of Barcelona they’d tell you they are now unable to afford to live in Barcelona and cannot pay their rent . Airbnb landlords can make a bigger profit by short-term rentals and so locals have no choice but to do long commutes .
Seems to me airbnb should be banned or at least strictly licensed.
@@MookMineolaP000
@@MookMineolaqqq
@@MookMineolaqq
Corporate Greed will not be stopped.
Because Corporations pay for laws that protect them.
Abolish capitalism
@@timmy-wj2hc And replace it with the anarchy you lefties worship. Dream on comrade because it ain't happening.
and over half of congress are millionaires - before they get there - so that's 50% representation for less than 1% of the population.
@@timmy-wj2hc The Earth provides for everything on Earth~! But with the Misguided Humans! We need too be educated it does not come Natural anymore~
So we need Money, & things that sparkle back into our eyes to find value! When we can't_ 👀It~! In The Big Picture Of Life On Planet Earth~ We are blind & ignorant to not see...
That there is more to life when you find something to offer~! We just don't know our part in the food chain~$..We don't even know how to eat & drink right~
Some use their TasteBuds As a way of thinking~ Trying to make themselves to go extinct! So we all need to eat~ How much is that worth to you~^~?
And How much do you think it is for you to have for others! People are educated to get a job and to not know anything else! So they are blinded by their only way of thinking!~
Too think that is all their is! Not willing to learn new ways to have it in perfect results to have it for anyone that has it! Something more than just money~
It starts with you taking care of your self right! To master it so it rubs off on to other in only the best ways & reasons!
You have to have the capability to reason it starts there & it ends there!~
Corporate greed won't be stopped because the American people continue to vote for their candidates and some portions of the people continue to apologize for corporations.
One detail that gets left out of this video is that nobody who buys a home wants to be surrounded by homes that are rental properties.
One detail you might be ignorant of is that No one dreams of renting for life.
Yet you might think it's some gd given right for a minority of the population to own a majority of the homes because of some extraneous, bs supremacist adjacent, economic philosophy..
Kindly rewatch the video, please.
Thank you for saying this. You're absolutely right. Half the problem is Wall Street and half the problem is Nimbies. And the whole problem is falsely treating housing as no limits at-all-costs speculation.
@@impeachy1518why not? If rent was cheap as it should be, and would be in a non-rigged real market, then many people would be perfectly fine with renting for life. Many would prefer it, no maintenance, no grass cutting, etc. There are many examples of people getting older who sell their hard to maintain homes to move into apartments.
@@tw8464 "Yea, Boss!.. You the Massa'.. Sorry, Boss!.. Don't know what I was thinking, that I might want to own a piece.. Nobody thinks like that."
FO.
@@impeachy1518 Where are you getting your drivel from? The poster was clearly agreeing with the video and adding in about those who bought the houses now have to be surrounded by corps who rent them out. Where in the world did you get the thought they were in favor of people having to rent?
AirBNB and VRBO are a problem as well.
It's not just corporate greed. No good con suceeds without the greed of the mark. Steinbeck once wrote that socialism never took hold in the U.S. because poor working people do not see themselves as an exploited proletariate but as temporarily embarassed millionaires. People voted for de-regulation for decades based on promises that they would be more prosperous as a result. Well, this video very clearly describes the reality of what happens when you de-regulate. All attempts to restore the protections we used to have meet ferocious resistance from the people most harmed by not having the protections we used to have. They still think they're going to be millionaires someday. Best of luck with that.
👏👏👏
I get bombarded with mail ads from investors wanting to buy my home, plus endless ads on TV from investors saying "we'll buy your home".
Yep and ProPublica recently investigated "We Buy Ugly Homes" finding their deceptive practices and getting them shut down.
I’ve even gotten those in the mail and I rent my apartment from my daughter. She owns the 3 flat home.
They call my mom weekly, asking if she wants to sell. It's disgusting 😔
Same, worse yet they come in other peoples names sometimes. Which makes even less sense considering I own the home fully paid off, so no mortgage. A simple google search via local county assessor's office could tell them this.
Where are these 'investors' getting all their money?....from the trillions of dollars of 'fake money' created in the last 4 years in the name of 'pandemic emergency' spending. (By BOTH parties).
The same hedge fund/private equity/Wall Street investors are buying up mobile home communities & raising lot rents ever higher and are buying up farmland keeping young farmers priced out of land ownership, too.
Young farmers have been price out of agriculture for generations. Speculation in agricultural land was a major cause of bank failures in the 1920s that carried over into the Great Depression. Economic theory tells us that an annual tax on the ownership of land equal to the potential annual rental value of land (and not taxing a farmer's buildings, equipment, or crops) would bring down agricultural land prices to near zero. All family-owned farms would then have a good opportunity to be profitable.
When somebody resells video game consoles, they’re called scalpers. When they resell sports cards, they’re called scalpers. When they resell housing to a population directly in a housing crisis, they’re called real estate investors
totally agree
Great observation! Also when its time to get out them out of trouble its called “bail out” but when it comes to people they call it “forgiveness” as if they did something wrong trying to live and survive
@@forsakensavior7316 I think BOTH large scale "bailouts" and "financial forgiveness" are wrong. Never understood why people use one wrong to justify the other. Using the government to transfer large scale wealth from some people to others is wrong. Always has been. Always will be.
Just had a corporate investor mail a check contingent based offer to me on my house. It isn't even on the market and needs about $65k in repairs. Yet somehow they knew it needed $65k in repairs and offered the current value of it minus the repairs. I've had several call offering to buy it I keep telling them no. Worse yet they keep sending contingent check offers in other peoples names. I own the house outright, no mortgage.
I do plan to sell, however not until my 50s at least. It's going to take me around 10-15 years to finish renovations and planned addition on it as is.
@@JohnSmith-ks5xw it is never wrong to return wealth back to the rightful owners which has and will always be the people!
It doesn't have to be like this. In Austria, Finland and Singapore rents are cheap.
You need counsil rentals and lots of them. Like minimum 1/4 of all rentals.
If it's left to the market then ordinary people suffer.
In Helsinki when there is built a new metro station around the station 1/4 of homes are sold to private citizen, 1/4 to big companys, 1/4 are council housing and 1/4 is partly owned partly rentals. Foreign big companys can buy as much as they wan't and bring money to Finland. They will never be able to double the rents.
Rents in Helsinki in private rentals stagnated years ago. Prices are going down in rapidly growing Helsinki because we built what we need and a little extra for imigrants.
Wages have gone up. I moved from a studio to a one bedroom apartment. Meny of my single friends live in 2 bedroom apartments because why not. You can have a home office or guest room.
I use my extra money on traveling around Europe. I'm a practical nurse.
What is counsil housing? We don't use that term
@@claytonjames4779 Public housing? Helsinki city owns my home and rents it to me
Take personhood away from corporations as well.
The US government must intervene. This is obvious and it is leading to a dystopian hellscape for individual buyers. Certain asset classes must be shielded from these unethical hedge funds.
Unfortunately, corporations have usurped the U.S. government's power by putting their own people in positions meant to regulate corporations and to govern the country to corporate ends.
The wealthy have exploited everything else except for your RETIREMENT!!! They're coming for that next.
Half the houses on my street are rentals. You can pick out which ones are and are not. Rentals are terrible for community building. No ownership, no pride, no sense of permeancy
Yeah, like they did for the Average American in 2008. 😂
As long as people vote along party lines, nothing will change.
Intervening would be communism. End of discussion!
No Hedge funds, no foreign investors in single family home mkt
There's nothing foreign. It's all American
@@karlabritfeld7104 you obviously don't get out very much. Just two doors up from my childhood home of 54 years, foreign buyers bought the house and live in China half the year. Half the year here.
The US has SIXTEEEN MILLION EMPTY HOMES.
How much more evidence to you need?
We do not owe the world a good ROI on their money - especially when it comes to housing.
We owe Americans HOMES.
That NO ONE is discussing this is very telling. Yes, I know those who own property enjoy some MAJOR equity, thanks to our open real estate market. It would suck to see home values drop, but we owe our children, grandchildren and future generations HOMES to live in. Not profitable line items on a portfolio's balance sheet.
Yes, and NO MORE MASS IMMIGRATION, either!!!
Wrong, we need Hedge Funds and foreign investors
purpose built units. dont let them buy up already built stuff and force them to build their own they have the money. its very simple actually.
Thank you for being a sanity check.
little robbie reich ain't even a sanity clause.
He makes me have good hope in dark places too. He clearly says he is not delusional about it being easy. It will not be easy because so many are hopeless. Keep strong for progress.
@@perlman7376 Yet you're here, chief. Take a hike.
@@brucebasile5083 I'm here to see what evil creatures are up to.
@@perlman7376you mean you? I don't need your opinion & I certainly don't want it.
The only way my wife and I got our offer accepted was because the seller only wanted to sell to owner-occupants. I nearly wanted to hug him and pick him up off the ground.
Still furious about 2008, the bailouts and no one was held accountable. Was outbid on 8 homes by investors in 2015. Now I'm renting and rent goes up 20% in one year. The American dream is dead thanks to Wall St. and the government allowing the corporate greed to go unchecked. Do not sell your home to cash investors like this.
Greed destroys everything.
It's going to be the end of humanity.
@@funkenstien1155 That should fix the greed.
Likely just America. The world capital of greedy and stupid.
Tell us the difference between greed and profit.
@@jamiemcgill67 It's rather obvious you can't sell something for exactly what it cost you to make it. Any business has overhead, employees, utilities. The difference is wanting eternal ever growing profits. If you're a business and you make a billion dollars this year and a billion and a half dollars next year, universally, that's going to be considered good. If you make a billion this year and a billion next, that's considered stagnation when I would argue that's stability. Make a billion this year and 900 million the next, shock horror, now you're LOSING money when, in fact, you still made money, just not as much. Greed is the unfulfillable thirst for ever more wealth. There are only so many resources in this world, and allowing so much of it to be controlled by so few people is greed. In old fairy tales, dragons hoarded wealth, destroying the lives and livelihoods of everyone around until a hero came to slay the dragon. Why do you think the French people revolted in their Revolution? Greed, taking far more than you need and hurting everyone around you. But, I kind of figured your question was disingenuous, I'm expecting some pity conservative nonsense in return.
Kudos to RR for the drawing skills! Really helps get the point across.
He is multi talented!
It's not fair, regular people cant compete with a corporation when buying a house, corporations will almost always have better credit options and cash reserves.
Corporations should not be allowed to rent properties and even private citizens should have a limit on how many homes can be owned for renting otherwise this will keep happening.
Yep.
Nothing you can do about that when you want capitalism.
@karlabritfeld7104 what do you mean? If you want capitalism without this craziness, regulations must be made. You could go further but that's what is needed right now.
@@unknownone5314 we have to re-regulate what Reagan de-regulated. I still can’t forget Greenspan saying “I thought that the banks would regulate themselves”.
Republicans made corporations people. Don't vote for Republicans. I'm old have seen this coming since Regan. Mitch McConnell also was responsible and rallied for big money donations and allowing corporations to lobby our government. I remember reading this back when it happened.
The housing bubble did not burst in 08-09. It was a balloon that deflated about 40%. Housing never came back down to correct affordable prices even right after the 08-09 recession.
Because Republicans in Congress blocked and voted against everything Obama & Biden were doing! Look at how they vote before you vote. Construction workers for example voting for someone who voted against infrastructure makes no sense. 🗳↕️💙🇺🇸
Starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn decent payouts, with the right skills and proper understanding of how the market works. I pray that anyone who reads this will be successful in life..
Investing is a great way to financial freedom and there are few assets that are sure to make one successful in life
1. Crypto
2. Stocks
3. Forex
@@JamesBennett-gx6bxYou're right, Investing in crypto-currency is the best thing to do especially with the current rise in the market
It is also very profitable and lucrative to invest in forex and stock.
@@JamesBennett-gx6bxA lot of people (myself included) are really making a lot of money from crypto, investing in any of the 3 options is actually a good idea!
Residential homes must be purchased by an individual or a family, NOT corporate entities who can be treated as individual human beings. Take money out of politics to stop corporations from "buying" laws to protect their greed and corruption. This is destroying the country. If people think there have been enough mass protests- see what happens if this is allowed to get worse! VOTE BLUE- and hold them accountable!!
And.. ask about your buyers! Sell to the young families, or at least people! Owners can choose.
After getting outbid three times by entities with cash willing to close in a week with no contingencies, I started including a letter to the sellers explaining how I wanted to make a home and be part of the community, and asking them not to sell to yet another investor. It made a huge difference. I've already have had investors calling me, trying to get me to sell for cash, and I haven't even been there a year. The last one that called got an earful.
Unfortunately the companies hire actors.
Righttttttt
@@DJTI99 i hope you make a beautiful life❤️🤗🗣️🥳
Thanks to Wall Street, Millennials and Gen Zers still live with their parents.
Yep.
While baby boomers talk about how they were so independent immediately after high school
@@time2livelife"Well just pull yourself up from your bootstraps, buy less avocado toast and deliver a few pizzas!" 🥴🥴🥴
Considering Gen Z hasn't hit 30 yet and some are still pre-teens (12-27) that might be a good thing. 🤔
(Save up funds before leaving so you have an down payment/paid off vehicle & emergency fund) I know that doesn't work for everyone due to family situations, etc. But think about it
Millenials are a bit different since they got the great recession shock and now the covid-19 price run up. But if the bulk of them had a job (and kept it) 2012 - 15 would have
been good years to purchase. (The younger Millenials are definitely unlucky in the timing of things) And refinance into lower rates during the pandemic low interest rates.
The Millenials as a group are as large as the boomers unfortunately; since the housing bust took out many home builders it will be a while to build enough inventory for them. (Where they want to live, price, etc).
Housing is being built it's just a matter of time before the real housing price vs. income curves back down. I just wonder by how much builders will over build this time around in the next 5/10/15 years ?
That is a good thing. When people stop paying rent investors will leave and prices will fall like a rock.
What’s also so disheartening is that in our area even locally owned properties are being rented for outrageous amounts “to keep up with the market.” A one bedroom that is only 700 sq feet total shouldn’t be $1700 per month.
Are those property owned for real or just purchased with borrowed money by so call investors.
That is the law of supply and demand. If these companies suddenly had to divest it would put an extra 20% of homes on the market. With all the competition prices come down, landlords have to compete since there is less people renting since they can afford a home and those dum asses that were talked into "buy now it's only 3.5% down!" From agents will be upside down over 10% and not be able to refinance into a lower rate.
The damage has already been done. My son spent a good part of his retirement just to buy an overpriced house. Brought on by wall street getting into single family dwellings. This is killing America people have to be able to live.
Everyone loves unregulated free enterprise until they realize they're just a pawn in the game.
Exactly. Libertarians are corporatists and anarchists. They just don't realize it.
Right!!
We don't want unregulated free enterprise, we want *fair* market enterprise! It's the greedy corporations that want it unregulated.
@@denisemayosky1955 Greedy corporations and the Republican party, whose whole platform revolves around deregulation.
@@denisemayosky1955 I agree, but everyone I talk to hates government regulation.
This has happened in southeast Idaho. The homes were bought up overnight and longtime renters are kicked out without any power to prevent being put on the street and the click of city government does not even say one word of truth about destruction of neighborhoods overnight. It's an atrocity and destroys cohesive histories of community.
Rule of life: If anything is any good, everyone will jump in and ruin it.
What's the bill number of the legislation to ban hedge funds owning houses? I'll call my reps and tell them to support it.
Too bad for you they don't work for you. They work for the corporations, the rich and themselves. The sooner you realize this the better.
The title of the bill is "End Hedge Fund Control of American Homes Act", introduced by Senator Jeff Merkley and Representative Adam Smith.
This number was on the text of the bill, but I don't know if it's the bill number.
MCG23660 CGR
Right. Corporate entities should not be allowed to own a single family home!
Legislation needs to happen to stop the out of control greed in this country. It's enough that so many laws & tax loops allow the wealthier to get more and more. So many hard working people who can barely afford rent..some working 2 jobs. This is the American Nightmare. What ever happened to the American Dream, the dream of home ownership. It's a shame, but you are right, we need to keep fighting and always do our best to push back!!
Not only have the done this, many rental companies require you to prove you have 3 x the monthly income. Many of us on disability don't have that cushion which makes us ineligible for an apartment. We are limited in resources and many are on the verge of being homeless. I am close to it myself!!
43% of the population makes poverty wages. You aren't alone.
Why have such a high multiplier when these people know wages are low and inflation is high?
@@scifirealism5943 because many of the companies buying up the apartments, houses and trailer parks want to make profits for their share holders and themselves!! They are greedy!!
@@OLIVE_ARROW1969 very true!
A lot of people also earn low wages, due to wages not keeping pace with inflation for 5 decades now. No way such individuals can afford rent, much less a house.
I bought my small home in 2000, 75% of the homes in the neighborhood were owned by those who lived there, the housing bust took out half of these, then after the pandemic, it took the other quarter, now every home on the block around me is a rental, and at higher rates than my mortgage, all of my friends with full time jobs out of college can't find a home to buy, even if they can afford it because hedge funds are buying up entire blocks of homes. The hope these days is knowing an older relative or friends of relatives who might sell to you at asking price before it goes on the market
My dad a WW2 22yr Navy vet, got a home in Miami in 1966 for $11000. House payment of $120 and he bragged about that . And paid the 30yr mortgage off with double payments. That home now with taxes and insurance with make it impossible for my dad to live in that home. Home value on my childhood home he purchased in 1966 , $450,000. Its sickening. Its a race for the wealthy to get more and more and not looking over their shoulders to see most of Americans old and youngs are way behind. The country is only as strong as its weakest link. When Eisenhower served as President made in American keep good paying jobs in America. Now the middle class slips further behind the working poor just above the homeless and poverty. Finland, Norway , Demark countries with balance creating a sense of harmony. Less stressful society. Quality over quantity.
Yep, your Dad should have a cap on taxes for his home, 'grandfathered in' as they say, and if he sells the home (or you sell it) then that new owner can pay taxes on the value.
Many places have senior property tax exemptions and property tax caps for low income people. Property taxes,like home prices, have gone up exponentially over time. Property taxes are the bailouts for local governments and taxing districts. Not enough money for pensions - budget shortfall -the answer - raise property taxes.
The wealthy (as usual) have no long game. This price gouging will sooner or later lead to another Great Depression that will eventually hurt the rich.
@@Magazine_stitcher wow
He doesn't get any property tax exemption. I'm 100%, and I do not have to pay property taxes in Texas.
We need more people like Robert Reich. He is a righteous voice in the wilderness right now. Nobody else seems to care about what's happening to our country today.
Yes, but not sure he does not have its own agenda.
I live in a Charlotte NC suburb and can confirm this is a huge problem in the real estate market here. They are also trying to build multi-family units in the middle of single family home neighborhoods in the name of “affordable housing “. Building a triplex on a half acre lot that cost the investor $750,000 to develop is never going to result in 3 affordable housing units.
Same thing in Canada, how is this legal??? Wtf are politicians and the law for if they allow this??
That IS the problem. IDK about Canada, but here, 5 out of the 9 judges on SCOTUS allowed the rich to legally buy politicians in 2010. A case called Citizens United.
The ONLY way to fight back now is Americans all staying engaged and voting every damn chance we get for more progressive policies and politicians that can't be bought.
The problem is Americans haven't voted in huge numbers like other developed countries always do so whenever there's low voter turnout, the greedy rich win.
Americans need to stop bitching and complaining & take action, getting involved with local politics. Change in America ALWAYS starts locally.
We are too lazy. That's a fact.
People are easily mislead into voting their enemies into office.
I'm in NC.
I work minimum wage while in community college.
I make $10.50/hr as a cashier.
Most jobs pay less than $15/hr.
Even if i made $30/hr, i simply cannot afford $2000 a month rent, plus I must make three times this to qualify.
I honestly wish I had the money to buy land and just develop an intentional village. I'm in the same situation as you. Not in Raleigh but close enough to it that I can't afford the rent either. I came down from Maryland because everyone said it would be cheaper, only for me to find the cost of apartments rapidly reaching the same costs all over the place. It's an impossible situation, especially since homelessness is being criminalized everywhere, so even falling off isn't an option.
@@butterfish-g9f that's messed up
Move to Canada. Minimum wage is $15 per hour
@@karlabritfeld7104avoid Vancouver as rent here for a 1 bedroom averages $3000/mo. Toronto is similar.
In Texas the minimum wage is still $7.25 an hour while single bedroom apartment rent is $1200 - $1400. Even if you somehow paid no income taxes or sales taxes you still can't afford it because they won't rent to you due to income requirements. Yes, homeless are much more numerous than just a few years ago.
The legislation is called 'End Hedge Fund Control of American Homes Act'.
And it's even worse if your health insurance is limited to certain areas of each state. For instance to be covered by Kaiser you must live within 75 miles of a Kaiser facility. That means if there are only a few facilities, you can only live in these small areas. In northern CA, the most northern facility is in Santa Rosa, CA. This community has gone through a boom in housing costs and rental costs. There is less expensive housing in some much more northern and eastern areas, but they're not in the 75 mile zone. Similar is true in Oregon and Washington state, and both have even less facilities. And Kaiser is only available in certain states. Then, if you're retired, and you want to stay in the group plan you've paid into, your provider or the pension that's associated with your insurance decides if you can keep the group plan in the new area of another state. So, you get priced out of rentals in the area you worked in and paid into, but you're limited as to where you can move by your insurance company. You could purchase an individual plan but the rates are often higher than the group plan. Limited by housing/rental costs and restricted where you can go by insurance costs. Maybe time to look at another country? Many are.....
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 5%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
Home prices will come down eventually, but for now; get your money as much as you can, out of the housing market and get into the financial markets or gold. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.
Just because there are opportunities in the market doesn’t mean you should go in blindly. To understand the potential factors that contribute to your financial growth, I'll advise you to seek the help of a professional.
Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
The decision on when to pick an Adviser is a very personal one. I take guidance from Sharon Ann Meny to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
I just googled her now and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
I bought my house in 1991. My neighbor's mortgage payment is more than 4 times mine. My property value is 5 times what I paid (tax effect), but even if I sold it, I couldn't afford to replace it.
Wow
That would Be Dumb to sale Don't do it ...I want to pay tax on a 100k Home that's worth a Million ...
With the money from the sale, yes you would. It would cost you the sales commission. Think about it. You sell for 5 times what you paid for it and you can buy a similar house for that price. But why would you unless you wanted to move? Move to a cheaper city or house and you've improved your standard of living.
I live in a working class neighborhood in Mesa, AZ. They have all but destroyed one of the most affordable and relatively safe neighborhoods in the E Valley of Maricopa County. I do my best to not top out my rental budget, but a having a 75% raise in rent is not bearable, for anyone, I think it is a big reason so many people feel like they are poor.
...they're not just buying up individual homes but also apartment blocks and complexes as well jacking up rents which in many cities are already far too high and also outpace any wage gaines. Where I live the average rent for a 1 BR apartment is around 1,650$ a month. For someone making 15$ an hour that is 63% of one's monthly gross...just to keep a roof over the head.
Here in Berkeley where i'm a public school teacher . Lots of new apartment buildings have been built supposedly to help with the insane lack of affordable housing . The city forced them to leave a certain number of apartments for " low income" .folks . The problem is many of us make " too much" or " not enough " to qualify . It's so demeaning to work full time ( especially as a Teacher ) and live paycheck to paycheck because rent and health insurance gobbles up so much of our salaries .
Sounds very much like Corvallis, Oregon. Quite a few large complexes have been built, but they haven't relieved my rent increases. Almost half of the enrollment at OSU are international. My experience is that they come from wealth and can afford it.
@@d.e.7467 Hi, Yes that's very similar . I know Corvallis , Oregon well . I used to sell my Jewelry at the Oregon Country Fair. It's such a beautiful area . Here it's also very wealthy International students and Tech workers migrating up here from Silicon Valley . Where are the people who teach their children supposed to live ? It's very frustrating and we're trying to not be angry and resentful ( but it's hard sometimes ...) Have a good summer ! peace
My point exactly: If anything is any good, everyone will jump in and ruin it. Govt is the CAUSE of this problem, not the solution.
Well, Californians created a nightmare outcome when they voted in Proposition 13. Look up what University of California professor of economics Mason Gaffney wrote on the subject.
Single family homes are for families NOT HEDGE FUNDS ...Vote 💙keep fighting ...don't give up ...!
This problem is not only happening in the US by the way, also in Europe.
And Canada. The far right is using the worldwide housing affordability crisis to blame any center or left government. In Canada, Trudeau is blamed for everything by the extremists.
They think inflation etc is only happening here.
Sigh.
That is because the way governments everywhere choose to raise public revenue benefits speculators and "free riders". Look up British author Fred Harrison for a thorough analysis of what is wrong and how to fit it.
The economic system is messed up. The current laws allow the very rich to take advantage of everybody.
The proposed law to ban wall street investors from buying single family homes sounds like a very good start to a better future.
I just hope that there aren't any obvious "workarounds" like private equity being able to just create subsidiary shell companies and holdings that can circumvent the intent of the law. Usually, there are such loopholes…
Then when you pass these laws you will be living in Russia
When salaries have been stagnant for 40 years, the minimum wage is 7.25 and the average price of a home is 400,00.00 it's not cynicism it's a fact.
This is the transfer of wealth to the very wealthy soon there will be the very wealthy and the serfs which one do you think you will be?
Inflation ONLY comes from government. Just a reminder where the problem is.
This absolutely ridiculous socialism kick since the 1990s has almost destroyed us.
Then start a business . Take the risks associated with starting a business . You then can hand out your money to whoever you please . Sheesh !
@@craigshak My statement was simply saying that it's not cynicism when you have a 40-year history of stagnant or declining income/quality of life.
@@craigshakMmmk boomer
As a first time homebuyer, I literally experienced exactly this. In 2022 I was working as an AT&T Store Manager, making $8k/m before tax. I had $30k down, 770 credit score. I was pre-approved for a $460k mortgage loan and was looking to buy in Sacramento. I bid on three houses (mind you, $500k houses are glorified shacks here..very low quality), and was outbid all three times. I could not f***** win. So yes, the hyper capitalist oligarchy destroyed the middle class. I would know. My hard work did not pay off. Even being above average wasn’t good enough to buy a basic f**** house.
Keep in mind that during the 80’s people were encouraged to save due to the interest rates. Right now there’s very little incentive to save because those who are saving are watching those who are reckless taking it in. I’ve been trying to save for a home and it’s been discouraging to watch prices continue to not budge because there’s people willing to get into a mortgage where they’re paying 40% of their income. It’s insane.
The housing market poses difficulties due to uncertainties about the Federal Reserve's ability to curb inflation and reduce borrowing costs without adversely affecting demand for assets like homes and automobiles.
Consider shifting from real estate to stocks during severe recessions. While market volatility presents short-term trading opportunities, it's crucial to approach with caution. This isn't financial advice, but investing during such times may be a strategic move, consider adopting the services of a financial expert.
In fact, I had no prior experience or understanding when I began investing in 2020, but by the end of 2023, I had made a profit of almost $850k. All I had been doing was going by what my financial advisor had told me. This demonstrates that all you truly need is a professional to assist you; you don't even need to be a great investor or put in a lot of work.
@@ThomasChai05I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
*Gertrude Margaret Quinto* is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Corporations shouldn't be allowed to buy homes. People shouldn't be allowed to own more than five homes tops.
I agree. I'm all for living a good life, but not at other's expense. Nobody needs 5 plus home to "get by."
How about more than 2?
@@delmofritz3964 With the crisis situation we're in right now capping home ownership at two seems the better bet. If nothing else, just make the taxes on more than two homes insanely high to discourage buying up and flipping homes.
@@delmofritz3964 Tne uber rich often own many homes, but they're not really affecting the housing market for normal people so I don't really think it matters if Jeff Bezos owns a dozen homes.
Why not? I would be destitute if not for corporate home buyers. When I got divorced, I bought a foreclosure home in an area I had good reason to think would soar in value. I hoped to stay there, and I put in a ton of work and a fair amount of money making it livable, but health issues ended that. Last year, with my savings depleted, and no ability to hold down a good paying job, that house was all I had left. But it was still a major project for any buyer if they wanted to really fix it as I had. Retail buyers (if they made any offer at all) low balled the offers ridiculously. By playing off corporate buyers against each other, I got nearly DOUBLE the best offer I had gotten in over 6 months. That money has saved me. If I had had to take Social Security at 62, it would not have been enough to get by on. The best retail offer I got would have bought me maybe a year after buying a different home. Now, even if I can't make much money, I can get to 65 or 67 at least, when my benefits will at least meet my needs.
I don't think you know how desperate I was - I was staring down homelessness and at best, might stave it off for a year. I have worked hard all my life, the only "benefits" I ever took were two weeks of unemployment once. That house was worth MORE than I got (otherwise, for profit buyers would not have paid what they did) and it is not my fault that retail buyers either did not see that value, or were unwilling to take on the project of finishing the rehab of the place, or did not have the money for it. Should I be homeless just so that some younger person can get my old home for a bargain price?
I rarely disagree with Reich, but he is wrong on one point and right on another - supply is the problem not greedy corporations. They are not paying above market prices just to screw people - they are paying BELOW actual value and making a profit. And only increasing the supply of decent housing can lower that value.
I was looking for a cheap 1 bedroom apt in Denver last night for the hell of it and I found one for $1200/month in one of the shittiest neighborhoods you can find in that city. I used to live in that same neighborhood in 2011 and the 2 bedroom me and my roommate shared was $700/month. So 12plus years ago I was paying 350/month making $16/hr. hardly ever worried about money to now if I wanted to get a place of my own in "shankville" it'll cost more than 3X that, while making $21/hr. Rent went from being around a 1/4 of what I brought in a month to more than HALF of what I bring in a month! And I make more now than I did then. I feel like I'm taking crazy pills.
They must want ppl to be homeless, in this country...... 😮
Actions speak louder than words. That's how you know you are right
many many are...
Vote Blue and Have a Poop Map near you ....
They want people to be permanent renters where they can be controlled. Although the market is high right now, you should still try to buy a home if you can handle the mortgage payment. Find your forever home now before it's too late. Prices are only going to continue to rise!
@@rpstephans we found our house 3 years ago. Low mortgage. We live rural. Cheaper.
Private equity made healthcare unaffordable in this country, now its making housing unaffordable.
I'm currently laid off and going through a difficult time. I applied for a ROOM in a ROOMING HOUSE and the property management company wanted $35 for the application fee PLUS my tax returns from the last 2 years.
I laughed at them and did a chargeback on my debit card. They're called SMART ASSET REALITY too.
Fuck these companies. Fuck em all to hell. 💯
We refused to sell our home to a subsidiary of Blackrock. They approached us offering twice the value of our home because we are in a very nice community near two good schools.
So then you sold.
@@karlabritfeld7104 Even I might be tempted if I were offered twice the value of my home. However corporate investors keep offering me lowball offers, $65k under the value of it. Due to it needing $65k in repairs, they can go screw themselves. They can't even get the name of the home owner correct. Add to that I've no plans to sell this decade or the next in reality.
Thank you💪🥳
Uhm, Blackrock is NOT STUPID! Why would they offer you double the value of your home? So they can lose money, LOL!
@@karlabritfeld7104 no. We have 2.5% interest and need to live somewhere.
I am in Dallas, and it’s really bad. We have a new neighborhood popping up every day, and small cities become larger cities because of these new communities being built by Wall Street inventors. It's driving the rent through the roof. I saw a documentary about a company that’s only 10 miles from my house in Richardson, TX, called RealPage. This company located in Dallas is the reason rent is so high across America. One of the biggest lies I hear from Texas Republicans is that we don’t have room for all these migrants. There is so much extra space in Texas that you can build 4 new Dallas/FortWorth, 4 new Houston and 4 new San Antonio, and still have more space to build. There is a lot of empty land in Texas. These could be new taxpayers, but Republicans also fear new voters for Dems.
Corporations support immigration because what corporations want is access to labor forces who cannot afford to argue and will work very hard for very low rates of pay.
This is just another example of a self-centered politician who cares about only themselves and has no interest in their constituency because they are expendable. In contrast, the politician's role is to suck the lifeblood out of their constituents at any cost the better themselves.
and of course there's no good public transportation and only more cars will be on the road
@@helpanimals- exactly
I live in the far north area of Fort Worth, and new housing communities are constantly being built.
Don't forget to mention the fact that homeowners insurance and property taxes are also a big factor in the unaffordablity of homes today.
My county, Douglas County, Georgia has a "homestead exemption" for owners who actually live on their property.
@@jimcapps5330 you still have to pay property taxes and hoi.
Taxes are directly controlled by LOCAL gov'ts. They are our elected officials, usually the city council. They determine the spending priorities and WHERE the money will come from, OUR TAXES! Vote in those that have YOUR priorities in mind, not priorities of corporations.
Liberty Mutual bumped my homeowners insurance by $300 per month. I have no idea why. I’ve owned the house for 21 years and have never made a claim. So my monthly payment has jumped from $1070 to $1400. That’s a lot!
And higher home prices means higher property taxes. Again, corporations are pricing us out of homes
Not if you Bought under Trump or Back under Obama with all his Foreclosures ....
Wall Street is part of the problem for sure, but part of what is making it "profitable" for Wall Street to do this (what attracts the sharks) is artificially manufactured "scarcity" caused by draconian "single 'family' 'zoning.'" That's preventing the density from being built and driving prices and rents into the stratosphere. Robert thanks for mentioning the supply problem.
I used to live in a studio apt for 440/month only two years ago. New landlord bought the apartments, barely renovated them, and doubled the rent to over 800. We need national rent stabilization ASAP.
poor developers boohoo
@@gabetalks9275 lets stop wasting time thinking about incentivizing rich people okay
But you didn't want socialism so how is that going to happen??!
ruclips.net/video/oJvTTGOHFkU/видео.htmlsi=9xZhMXkPHHYJXVBh. Rent control is one of the things that creates the short supply.
nah, it's a free market. Just pay up.
Agree 100% with all points. I recently had to settle a family members estate and worked through an attorney and a seasoned realtor. But I was overwhelmed with cash offers from fast talkers and their all cash offers. The all cash offers were for 30-50% more than the property was actually worth. Yeah! The would have ruined a nice quiet neighborhood with young families. I sold to a young couple with children for a fair price.
You are right home ownership is a LARGE chunk of the American dream
Evil capitalists are the reason rents are high.😛
“Capitalist” are the reason rents are high. FTFY
Ironically, Robert’s son sells shirts that explicitly say “Capitalism is the Bad Guy”
In the wealth of nations it's called "economic rent" and treated as the enemy of wealth creation. Rent is wealth extraction.
Add: Greedy. Greedy Capitalists. You can be a capitalist and pay your fair share in taxes, pay your employees proper living wages OR you can screw everyone around you by buying politicians that are soulless & make rules just to protect the capitalists only.
@@MrMarinus18 Rent is not wealth extraction. That's absurd. Rentals have always been an integral part of the housing market for generations because they're more accessible to the lower class and retirees. The reason why rent is so high is because of artificial housing scarcity caused by single-family zoning, mandatory parking minimums, and restrictive building codes. The whole reason why the missing middle is missing in the first place is because it's illegal to build in most places in the US. Almost of the missing middle housing you find today has just been grandfathered in. This is the biggest cause of housing crisis. We treat space like it's an unlimited resource, but it's not. And the added burden of car dependency has basically become an additional tax that strips every American of their freedom of movement. Building mixed-use transit oriented development and legalizing front yard businesses would work wonders for local entrepreneurs and upward mobility.
Here are the actual reasons: property taxes are way up: often 35%+, often more. Repair/maintenance costs from repair vendors/tradespeople is also up 40% since 2020, home owners insurance is up 30-40% since 2020. News flash: there is significant costs to own and maintain a property and nobody will provide that at cost. Just like you wouldn’t let someone borrow anything you own at your exact cost. If you feel differently, be the example: buy a home you pay all the overhead for and provide the rent at your exact cost
Since 2000, the value of our home is far more than doubled. But the cost of maintaining it is staggering, just compared since 2000. Property taxes have more than doubled. It would not be possible for us to buy it now, and then pay all this expense of living here.
Corporate landlords should pay a 10% property tax to help increase the supply of subsidized housing
In Seattle, 4 bedroom homes rent for roughly $4,000/month on zillow. Zillow says the same house will cost almost $9,000 a month in mortgage rates. These prices can not sustain themselves this way.
In other words that rent should be raised to at least $9000 per month!
@@rack9458 I Do ....
The rentals in the neighborhood also drive down property values of those of us who own our homes, because the renters have little to no incentive to maintain the property and landscaping.
I don’t blame them for that specifically, but the rental companies certainly don’t seem interested in taking care of it either, beyond what they legally have to (and sometimes not even then).
Read the room.
Let us not forget the OTHER reason rent prices are so high; They want only people of significant financial standing to pay those $3600+/mo rents. If you're not a doctor or lawyer, etc.... you need not apply. A sort of "ethnic cleansing" or class cleansing.
I own a home in New York, the property taxes are outrageous, but I do own my home outright, the greed of wall street relying on trickle down needs to end when the vonshitzenpants taxes end and raised to fair levels
Some corporation has been asking me to sell my house to them. F**K them.
Can refuse to sell our homes to corporate interests?
gov needs to regulate buying up of homes by investors, and that includes foreign investors.
Agree ! Wall Street shouldn't be allowed to purchase single family homes , but government is letting them
@@geoffreykeating8172Don't say "government." That's overwhelming and confusing to ppl.
Say politicians!! It's certain politicians that are soulless & serve as whores to their donors.
That's WHY we need to vote and research those politicians before we do that.
Lots of times you don’t even know it’s being bought by a rental company. They can use an individuals name as the purchaser even though it’s just a front for a company that’s buying it
We can, but it's hard to buy a new house without that high money from a sale to corporation. It's a sucky trap that shouldn't be legal.
Apartments require you to make three times the rent to sleep indoors. In Denver, (avg. rent 2200.00 per month), that is $6600.00 per month, approximately $80,000 per year…. Minimum…. For shelter.
Plus you don't get to build equity. The middle class gets poorer every day, while the poor becomes destitute.
Vote Different ....
So get a roommate or spouse and have a 2-income household to keep your personal rent expense under 30% of your income. This really isn't that hard.
@@BradWhite25roommate??? If they can't help they self I don't want them around me ...There's a Reason ... Life tip Hang out with people that have way more money than you ...
@@BradWhite25 it takes 3-5 full time incomes to pay the goddamned rent! So please, don’t give advice and blame the victims of predatory housing prices and policies. We need full on rent control and affordable housing policy to ensure that people have a place to live!
New apartment buildings are popping up all over this area and I don't know a single person who can afford one. I just couldn't figure it out. Now I get it.
You forgot to mention that foreign buyers (be it in the form of individuals or entities) are also significant players working against the US consumer.
Dont forget Airbnb's and large amount of land being bought by people from overseas or other governments.
I've been saying this since the financial crises. Private equity is buying up all the real estate.
PEF are buying all all mom/pop type businesses and setting higher prices while screwing the consumer with poor quality products, MUCH LESS CHOICE, and very bad nonexistant customer service.
Greed.
I work but I have no home. It's not allowed because people assume I don't need money to live. They prefer for me to work for rent and food stamps. The laws help keep me afraid.
And now you see the purpose in giving corporations the right to be classified as "People."
there are a thousand houses for sale in my city. come buy them. without wall street buyers the average person would have to sit on a house for sale for over a year or take $30k below market. and there wouldnt be as many construction jobs and they would be lower pay. so all i am hearing in this video is lower wages, fewer jobs and sell for a loss.
This is what you get when you deregulate.
Or Vote Wrong ...
We need to build more starter homes like they built in the 40's and 50's. Make it law that only individuals can purchase them as a primary residence.
Possible solution: sliding property tax rates. Tax on 1st home is very low, then tax each additional home at a higher and higher rate.
I'm sure the rich will find a loophole. They always do.
Yes, that could help.
Each property is under its own LLC. This just won't work. Rent control would probably work better to curb investor appetite.
Yep please control rents . That drives out let’s say all landlords . Some fraction of People needing homes buy up the rental stock now those evil landlords are gone . Oh wait we only satisfied the demand for a few .
millions still waiting to buy but no supply . Back to square 1 . Only now you can pitch tents like in California and go to toilet on the roadside . Yep how is rent control working now
And you can make the Renter pick up the slack ...Right
I’m in southern California, and know all this to be absolutely true. Get the greedy corporations out of the housing market.
In the Great depression people were jumping out of high-rises to take their life. Today people, mostly elderly, are taking their lives because of the cost of living in an apartment.
I don't see it stopping.😢😢
They should have waited you don't lose unless you sell Market hit over 40k yesterday
In Utah one bedroom apartment is $1700.00 a month😢