Struggling To Buy A Home? You're Not Alone (Here's Why)
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- Опубликовано: 13 июн 2024
- Struggling To Buy A Home? You're Not Alone (Here's Why)
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SOURCES:
www.bankrate.com/real-estate/...
www.cbsnews.com/news/homes-fo...
www.nar.realtor/magazine/real...
www.bls.gov/opub/ted/2024/med...
www.freddiemac.com/fmac-resou...
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You will own nothing and be happy
S&P 500 gives a higher return on money you have and real estate gives you a return on money that didn't come out of your pocket mostly. I'd say, do both if possible
One of the problems with the real estate, is that it's also become a speculative asset, rather than a place to live. People are using their houses as a way to get rich by also utilizing the tax advantages. Plus all these cash out refis are creating the bubble and the neverending debt cycles. Just my two cents!
The commodification of real estate is what causes so much social unrest in capitalist societies.
It's not a free market problem. We have plenty of land. It's the government interfering in the market.
@@someonethirsty1957 Exactly! The game is rigged
@@someonethirsty1957 it’s not just a land issue, it’s an infrastructure issue. You’d have to build out an entire ghost city for years and then lure people in. And the only country with that capability is China.
@@someonethirsty1957 it’s absolutely a Free Market problem. People with money will outbid everyone else to use homes as an investment while out pricing lower income folks from starter homes.
But seriously, are you selling bath water?
Considering it
😂😂😂😂
Asking for a friend
🛀
So THIS IS THE CREEPY GUY 😂
This video is literally the reason baby boomers shouldn’t talk about “back in my days”
Exactly, back in their days they didn't have a vegetable running the country.
Boomers were buying houses as a couple. U guys want a house as single income buyers. 😂
You couldn’t handle the way us boomers grew up.
My parents bought an average sized house in the mid 70s for $45K. The issue not mentioned in this video is the mortgage rate at that time was 14-15%. They ended up paying $180K for that $45K house.
That's on them for not refinancing
@@superjock28They did refinance however rate increases for years after their purchase and got much worse(much worse in the 80s). It took many years for rates to fall low enough to bother to refinance so the damage was mostly done.
It’s true people pay double cuz of the interest.
Exactly! My parents bought a house in the 80s for $67k and my father was only making $3 an hour and made a ton of sacrifices to make it happen, ppl think it was easier in the 70s and 80s but that is far from the truth
Housing price is getting ridiculous. USA housing market will soon resemble what it is in South Korea. It makes no sense to buy a house at this much premium.
Ppl been saying this forever and prices keep increasing.
Buy asap
The average home in my area is 600-700k lol basically impossible to buy off one income
We bought our house in May 2017, thank goodness. Now Zillow says the rent would be 3x what the mortgage is. Rents are also really high.
October 15, 2015. Same thing 3x the price.
I bought my house at the end of 2020 and rent is double and more in my area...I pay under 1k a month
What if the desire to own a house and land isn’t wealth but more for peace and quiet ?
Edit: my comment is referring to his recommendation of… if you’re not interested in equity from real estate, you might as well rent.
Not everyone wants to reside in an accommodation with paper thin walls.
That's what harsh zoning laws are for, make sure to vote for those in your locality!
Move to a smaller town. I’m in the west corner of Texas and I’m looking to move into a smaller town. Tired of traffic and just looking for slower and quieter days 🤣
Amen
It’s true it’s a luxury pretty much. And status thing like Gucci LV
@@300zxturboHah, I was just about to write almost the same exact thing! 😂
I went house shopping when I was about 35 right after the 2008 bubble burst. This is when everyone says houses were affordable and plentiful. What they don't seem to remember was that 70% of them were foreclosures. Properties that have sat on the market for like over a year without running utilities even on. "Suuuure, this is only 250k. It can all be yours. Provided you hire 10 contractors and invest another 100k into necessary renovations and don't mind getting scammed on "buying as is" or the gamble of a sheriff's sale.
edit...turns out MOST people don't keep up with their homes. and this is what's happening again today right now. Because everything is expensive the people who currently have a house...aka Tomorrow's new "foreclosure" listings will be the ones who have lived in that house for like 50 years and still have the original shag carpet from the 70's complete with 50 years of pet pee stains and stink. Old grandma mauve colored bathroom fixtures. The money pit movie where they know all of the little quirks to barely keep their home together..."As long as you go up the stairs on the far right of the steps skipping every other step, that stair case won't collapse on you"
In addition to income not keeping up with the 3-5 times housing rule, it also hasnt kept up with food, medical care, and other necessities.
Thank you Andrei
You are welcome!
HOMEowner vs LOANowner BIG difference in those two terms. Aspire to be the former and not a 30 year slave to the system.
Unless you got a loan at sub-3%, in which case even CDs are paying you more for your money than the bank is making from your mortgage.
You are already a slave to to the system by renting, and in 30 years homeowners at least get all their money back, including equity accrued
That’s what I said when I just bought my house. Officially a loan owner
@@chuckynorris616yeah you probably paid 300k for your house and in 30 years it’ll probably be worth a million but you’ll be old af, I think either way you do it, it’s going to end in the same results, renting and investing in your 401k for 30 years or buying a home and hoping the equity of your home pays off, I’m contemplating on buying a duplex and renting out the other but I just know that’ll be a hassle, I just don’t like having to deal with ppl and then you have squatters rights lol
My tract is Duplex w. Property Management company then graduate to Multi-Apartment Deals Partnerships put your share colect passive income 30+ years.
Wage theft is one of the biggest reasons salaries have yet to be able to keep up with the housing market prices. Only those workers who earn minimum wage receive a raise when the minimum wage increases. This means that if a worker has been with the company for ten years and has worked up to their current wage level, they will not receive a raise when minimum wage workers catch up to their wage level in just three to five levels. This often results in long-time employees feeling undervalued, unfairly treated, and wage theft!
Yep
Easy. If you are a valuable asset to a business leave to another company
@@spencerblair9449 That may be easy for you and I since we both know our worth. The majority of Hard-Working Americans don't!
@@yao_chin1022 then they need to be taught how capitalism works, and that’s how it works. Good talent gets poached my companies willing to pay more. That’s another thing our government has failed at. Teaching the population on how to benefit from capitalism.
Job hop ftw
It would be nice if there were a fixed income investment that paid the typical rent costs plus house price inflation minus a typical house maintenance (if you DIY). REITs should help with it, but it's not really something effective and there's no "starter house / house flipper" REIT that compares with the alternative when you make a purchase.
Gen X is also having a difficult time buying.
The only ones not having issues are the ones working as employees with permanent contracts on highly paid jobs or two income couples.
Good job.
Parents helping their kids out, foreigners and baby boomers moving out of expensive states is artificially increasing the prices of houses.
Drop the link for the bath water Andrei 👀
Appreciate
I'm not a fan of considering my home as apart of my wealth. I don't ever plan on selling it so it maybe worth a certain amount but if I ever wanted to use that money I couldn't unless I sell it or take a loan. I'd rather not put myself into more debt or sell my home unless i absolutely needed too. But I get why they do consider it as a part of your net worth because you can get a loan out on it or sell it.
Tough times yet even more tough times can be soon here. In my opinion, it is more critical to not be overburdened by debt than to own a home.
Why not using median house price instead of average?
Why aren’t people like pushing the govt to fix zoning laws tho. Everyone’s just talking about it like we don’t have a way to get laws enacted in the US….
I love your videos Andrei!!!!
Always enlightening videos.
Hi Andrei, should i buy VT and VTI?
Yes please
I bought a condo last year and im pretty contempt with it. Now that i have this, if i wanted i could just sell it way down the line and use that money to purchase a traditional house.
Truth is most people are working hard making 30,000$-50,000$ a year
Thats probably not very hard work 😂. Unskilled labor that anyone can do.
How many of those homes on the graph are “occupied” that are Vrbo, AirBNB, and any other short term rental?
This is why I bought a studio condo for $200k because that's all I could reasonably afford. I live in a high demand area with very limited supply. I do work a lot of OT as well, so I am not struggling financially at all but without the OT, I probably wouldn't be able to save much. The way I look at it, I'm in a studio but once it's paid off. I could literally sell it and buy a house in another state or just keep saving like crazy to buy a house in my state.
I would actually buy your magic course!
Love you too😊
ive got the "you'll own nothing" part down but im still waiting on the "be happy" part 😂
12:54 never go full "Saltburn"😂😂😂
So?.... How much is that bathwater?
A Legend grapples with how to deal with the rising house costs!
Except renting is about 200 bucks less than an actual mortgage so might as well buy right?
Wow andrei looks like you got a sunglasses tan 😎😂
The problem I’m having now is not finding homes but being able to bid. I see one, tell my realtor, and it’s gone before I can see it.
Adapt to change. Somehow, this is an opportunity. Keep investing and continue to search for opportunities
Voters will always vote for harsh zoning laws, it keeps the local population low so that public services, which no one wants to maintain are not overwhelmed! As an added bonus the value of their homes skyrockets! Builders like zoning laws because the can build the same crappy house as before, but just a little bit bigger and sell it for multiples of what it is really worth! Local governments love zoning laws because they can charge a higher property tax without having to raise property tax rates! As an added bonus, less people are paying these taxes so they don't have to improve or expand services like roads, sidewalks, traffic lights, schools, hospitals and so on. Local leaders can now vote themselves a raise and then be able to afford their new homes! Win win for everyone! No one will ever vote to relax zoning laws, its what every one wants!
That shack in the thumbnail would sell for over a million in Toronto Canada, no exaggeration. The last time a house cost 450k in Toronto was about 2012 lol.
The delusion tricks are cool 😎!!-- that's all are remember😂-- keep up the good work 👏
That was funny the lending tree
Hello 👋 Andrei Jikh, hope you’re doing good 👍 and I’m really appreciate it for all your great contents every time bro 😎, you are the Koolest Man on Earth 🌍
I've been trying to get home insurance because my current insurance (Farmers) raised the premium tremendously. Thanks Andrei! I'll check it out right now.
Jikh
I can afford a house. A house that's run down and a real p.o.s any decent home is basically out of my reach. When i actually catch up the goal post moves.
I get that maybe the monthly payments and liabilities are less by renting right now, but renting is still not ideal. Every month your money that goes to rent is essentially going into an incinerator. Owning an asset is essentially means the money you put into it each month is still yours, you just can’t access it. Renting is never preferable to owning as a long-term plan.
Banter vid, loved it! 🤣
Great job Andre bro 👊
I agree! Is a very stressful process! We make 500k combined. Closing our first home April 27th🙏🏼 it seems to be our dream home, I guess we will find out soon😭😂
House price is 985k
Area?
I hope the closing went well
Not sure how I feel about the statement of a lower percentage of entry level homes. It feels like a conclusion is being drawn against manipulated data.
So I ask, did the price index for inflation? Or was $200k in 2010 the same as $200k today?
I was thinking the same thing. I'm not saying it's easy to buy a house right now but all of the graphs he showed were cherry picked and could easily be picked apart with additional data. I particularly liked the one that compared income to house price over the same decade using the same axis values. I'm sure gas prices would look like a flat line as well when used on a $500K chart.
Can you do a video on Roth 401k vs traditional 401k and when it would make sense for each?
Here’s the video: Always choose Roth. 🥸
How much for some bathwater Brav? 😅. I only need a couple liters
This guy sounds like Ed Norton. 🙌
You bought a Cartier crash? Niiiice
Comparing 1981 to today. 1981 average rate was 16.63% now it is 7.93% For the same payment a $400k house at 7.93% would need to drop to $209K at 16.63% at the same payment ($2,910/month) So when you look at prices have gone up monthly payment comparison is what needs to be looked at since most house are bought with loans not cash.
If interest rates went that high, then real estate prices would drop accordingly. It’s very rare to be able to hit the sweet spot of low price and low interest rate.
What happened to Your eyes area?
Bro, your videos just keep getting better
I appreciate that
Dude... there is a Realtor in Henderson,NV that I am connected with on LinkedIn. Let's just say that in her marketing videos, she accentuates the postives ! 😂
One major factor missed or avoided to mention is inflation on everything today which further significantly set people back in trying to save foe a house.
Well for a couple it is qyite possible
Average price is now 495 k.
I am completely out of debt, I don’t owe anything to anyone, I just don’t want to go back in debt and owe anyone anything, I’m confused on if I want to buy a house or not or just rent forever
In my opinion the best choice is to own a house, either way you gotta pay to live somewhere but owning means eventually it will be paid off and you'll be able to retire much easier not paying rent or mortgage
I can't afford bath water, do you have anything cheaper for sale such as hotdog water?
i'll see what i can do
I want tha bathwater!!!!
tbf its now literally part of your retirement plan.
I would buy your Magic courses for real tho.
Great video!!!! You’re incredibly smart and talented. Thanks for sharing it with the rest of us 🙃
Thanks so much! 😊
But renting is getting substantially higher as well so I'm saving nothing at all.
You sure you didn't make this video for us Aussie's? same-same here - except rentals are also ridiculously unaffordable too. Only way to flood the market with properties (we're building less too) is to waive the capital gains tax and see how many investors opt in!
Tanning bed goggles
it's because of hgtv show from 98
What about the 15 year mortgage being the norm in the past? Now isn’t the 30 year mortgage the norm?
I know a different saying about opinions...
The unsubscribe bit during your outro was unexpected and pretty funny (:
I purchased a townhouse back in 2009. Should I pay it off or invest my money in Bitcoin?
Both. Build equity in the townhouse, but also prioritize diversification in the market 😇
Are you selling a course? What is it? Im not interested in the bath water.
I’m also feeling guilty for buying my first house at a young age. Specially in the times we’re living. All my friends are also working extremely hard, hoping that one day they’ll be able to buy a house. I don’t know how to feel about it tbh.
But rents are at all time heights!!
Trying to buy a home right now is like trying to buy a rare Bentley almost impossible
Now think of remote workers. Only 54% of American workers have to go to the office today.
A house for 100k in 2000 was 45 minutes from the closest store. The town has one bonking red light. No Walmart. No Lowe’s or Home Depot. No movie theatre.
Houses with the same criteria are still under 100k. But people want a “walkability score” and think it should be affordable.
Housing is more affordable now than ever.
But Bitcoin 💪🏽💯💰
My power went out
Last year, I bought my home built 2017, which was $317k and got in $299k. The only grace was using my VA Home Loan & Closing Grant; otherwise, still would be renting. The market is broken w. GREED.
35 and a half over here too😅😂😊
I love your educational video. Not only I am learning new things but also laughing 🤣 a lot.
Glad you enjoyed it!
Everyone is bloviating about home ownership generating wealth. It’s generated wealth and now we’re upset?
Ayeeee that Cartier Crash! 👀
I wish! It's not that baller, just a salvador dali watch
Nice linking ring. Voon’s really well. Also loved the card flourish as well.
If you worked hard and was smart with your money and was able to save enough for a down payment. There is absolutely zero reason to feel bad about buying a house yourself. You can still feel bad for others who cannot, but be proud of yourself.
Hi are you suffering from vitiligo?
Everything has a different risk. A house u live in and owned is a nice feeling to have. Investing is also nice. I prefer both
We need the magic channel come on make it happen
39 ab regret not buying years ago now totally fuckd an probably never be able to buy
How can you have a vacancy rate of 0.9 but so many people squatting in them, something isn't adding up. the sheer amount of tiktok you can see if you speak spanish heck even in creole
I think people are just flat out living outside their means and it's pushing the average house price up.
I just want a starter home and a camry
Remember runes
Buy what you can afford, not your dream house. Build equity to the dream house.
However, if you’re not willing to sacrifice your spending habit and stay disciplined, it’ll be difficult.