High cost of buying a home could impact presidential race
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- Опубликовано: 29 май 2024
- President Biden and former President Donald Trump have talked about the high cost and supply of housing on the campaign trail. Some voters in key swing states say it will be a factor in how they vote this fall.
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This country is spiraling out of control and the media will not talk about it
@@Gone_huntinggbuying a home before Covid wasn’t exactly easy. The problem is homes were affordable after 2008, but jobs weren’t good. More ppl are employed now, but pay isn’t good enough for the prices. You are always behind
They are being warned not to by government, not just 1 side, most all government. A few do speak out, it will be interesting to see what happens to them.
And our administration denies it.
@@mtmg3648 Denies what?
The left wants to re-engineer our society from home ownership which is the largest asset the average person has which means it will take away their wealth wealth is power and freedom they want to control more including the demise of the family keep voting the way you do
They could build 100 million homes tomorrow and some massive, corrupt investor will buy it up to rent them out.
My complex raised everyone rent and with that money built another complex with higher rents
That’s what’s keeping the home prices stable, and the economy floating well you want a lot of investors that’s why we will never have a recession or a home crisis anymore in the future
@@producermogul223 You 🤡 for that comment. You are really trying to sell us that logic as if investors are doing Americans a favor by jacking up home prices and creatinv a shortage. No one is falling for your propaganda
They could only build 100 million homes with our money, but they won't do it but will give 100 trillion to ukraine.
Or the Chinese will buy it.
The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
I've made multiple attempts at stock market investment, but the value swings of the stocks always deterred me. I am prepared to follow the path of passive income, therefore I would be grateful if you could offer me some advice based on how you approached yours!
I'm being aided by an advisor, i don’t have any special strategy Sharon Ann Meny 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.
She appears to be a true authority in her profession with over two decades of experience. I looked her up on the internet and skimmed through her site, very professional. already sent her an inquiry hoping for a response soon.
You don’t say? I think a 10yr old could come up with the same conclusion
This needs to be the #1 issue, especially regulation and cap on rent.
what about a cap on other things that relate to housing? Insurance rates, cost to repair/maintain/upgrade are skyrocketing but lanlords and home owners are suppose to eat all those costs while being limited on what they can earn?
Why stop there? Let’s cap how much electricity and water cost to be piped to the house. Let’s cap the cost of fertilizer for the lawn. Let’s cap how much groceries for your family cost and cap how much fast food must cost…..
itll be immigration, again
Typical houses today in the USA are double to triple what the typical working American can afford to buy. Not the sign of a healthy nation or society.
in Toronto, Canada, it's even worse. A 3 bedroom, 1500 square foot house house can easily cost 1.5 million dollars.
Sends trillions overseas?
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I think you're better off with majority investment in bitcoin and uprising equities cos they always outperform. Alternatively speaking to a certified market strategist can help with pointers on which to acquire
wow massive gains! my partner recently hinted on going same direction.. what did you invest in, and who is your investment advisr please, if you don’t mind me asking? in dire need of asset allocation.
ashley airagahi is the licensed advisor I use. Just research the name. You'd find necessary details to work with to set up an appointment.
Thank you for this amazing tip. I just looked the name up, wrote her explaining my financial market goals.
The standard of living is going down in the US.
Buying is great if you find a great deal in great location. It's not really a "profit" until you sell, though. So your networth will climb, which feels pretty good, but you would still have to pay rent or buy a new house if you were to sell. You would have collateral, though, which means you could borrow money for other things. Or you become a landlord like Graham and you get other people to pay your mortgages for your downpayment/investment. But owning a house will soak up a lot of your income compared to finding cheaper rent. Mortgages kind of suck, because they make you pay more towards the interest than the towards the actual ownership of the house.
That's great! A colleague made this suggestion but I didn't know how to go about it. Can you tell how I can get in touch with yours?
Thank you so much! I found her webpage and left a message. Hopefully, she responds
When inflation impacts the bottom 70%, the sitting president likely serves 1 term. That has been true for the past 50 years.
Yeah but we also never had these two clown presidents either
Yeah but this is Trump we’re dealing with not a normal candidate.
True, but we have 2 clowns running.
So much for "Tax the rich"
@@TheNewChevyRoll48 Those are the majority of the "celebs" or the billionaire liberals that endorse him when they're onstage or accepting an award. He will always give them tax breaks whenever possible.
…..the problem in Arizona, and Nevada (and other states) are the Californians who SOLD their houses for millions $$$, and paid all cash for a bigger, better home in THEIR state…(that probably cost HALF what they sold for in California). 🤷🏼♂️🤷🏼♂️🤷🏼♂️
Exactly
Then the problem also lies with the locals who sold those properties to non-locals. Also, not to mention all the private equity companies buying up properties creating an artificial housing shortage.
@@jennifergarza7766 ……my “native Nevadan local” neighbor was VERY HAPPY to take all CASH for his home, well above asking price from an L.A. couple 🤷🏼♂️🤷🏼♂️🤷🏼♂️
Exactly! Now imagine with those from California are doing to the Texas market 🙄
People haven’t made up their mind?! I think it’s obvious which way I’m voting
Problem is not interest rates, home prices are the problem and that’s throughout the United States. 7-10% is ok if home prices are affordable.
Na its only the south and west, here in the midwest things havent changed much.
@@boristheamerican2938 I'm in IL and our home price values are up a lot b/c of lack of inventory. Then, throw in 6-7% 30-year rates. Some of the new construction homes have a special 4.99% 30-year but the home price of those homes are averaging about 425k in the Greater Chicago area (Cook, DuPage, Lake, Kane, McHenry, Will, Kendal Counties). I can't really speak for Rockford area or down south in Peoria or Decatur.
NO!!! Under 4.0% is! Even that is high! ;)
This story is full of crap. Tell the real truth. Companies didn't keep up with increasing employees pay. That is the issue. But the 1% are richer than ever. I'm sure you won't mention that since the 1% own all the Communication in this Country. They tell you what to believe and what to think.
Companies can't keep up with the rate the FED can literally type $$$ into existence, shocker. The rich are richer than ever for the same reason, the creation of money that juicess the asset values of the wealthy. They make this money not on salary, but through capital gains. You thinking its "just corporate greed" is ironically exactly what "they" want you to think despite your false sense of certainty.
Im a firefighter/paramedic in Massachusetts. And can't afford to buy a home. We are reting a 1 bedroom cause 2 and 3 bedrooms are 3-4k. a month. And back in 2020 when I started if I had saved even just 6 months without a doubt I could have purchased but terrible timing I suppose. House prices and interest rates are absurd. Everyone is up under the Biden administration.
I'm in the same boat here in Kansas.
here in california la you can rent a 2 bed 2 bath home for 3900$
Interest rates are no where near historic highs.
at that point buy some land and park a trailer on it.
@@user-cq9ph5pz1jYou realize rent prices alone keep people poor enough so they'll never afford land and a trailer?
The American dream is dead.
Its slavery
Thanks 0BBIDEN FOR this mess! LOL
What is your America dream? To not work and have money coming in every month? Like food stamps?
This guy is a fool😃☝🏼
Says the lazy man
Just wondering; Exactly, when was the last time buying a house was affordable???? It was way before either Trump or Biden was President
It was so much easier under Trump because of the interest rates.
2019
We bought ours during Trump. Definitely couldn't afford during the current administration.
@@MrBrewman95 Thank you!!! In the 80's when I bought my first house in an upscale neighborhood as an investment, not married at the time, no kids, not much of a social life because of it interest rates were 12 -16% depending on how much you put down. Sold it 5 years later and turned a big profit then I had one heck of a social life, got married and got on with my life.
@@MrBrewman95 he had nothing to do with how high/low interest rates were. not sure why that's hard to understand
At least these folks were given down payment assistance from family or a place to move into to save for a down payment . The worst they could do was chuckle about the “third or fourth offer “ most people today have neither option.
Don't find many realtors who speak with honesty.
In my experience I have known 3 in my entire 67 years.
I’m not voting for biden
F J B
595K in AZ = way Over-Priced!!!
Greedy sellers!
Yeah… obviously. At the moment neither presidential option is viable ✌️ going independent and looking for someone more progressive and younger. No one can afford anything thsese days.
forget about buying, rent itself is ridiculous
Prices for houses go up in 2018 and start going up down 2023 because people buy homes with no real value is like Buss administration everyone buy houses later they lose
Okay, but neither candidate can really do much about many of these issues.
1. Housing has been artificially stimulated for years, and trying to lower rates artificially would be disasterous.
2. The number of companies buying up properties can't be stopped at this time unless congress does something about it.
3. It's gonna take time for new homes to be built and supply is years behind. Every 1st world nation is going through these same problems. Canada, UK, Australia, Germany, etc.
I’m a teacher first time home buyer and I can’t afford to live in the city I was born in Las Vegas
You have no family to help with bills? You live alone in that house? You should not be able to afford it by yourself self.
@@MrNsoeanyone who is single is really having a tough time for sure
@@colettespencer3357 that is true.
houses in NY are having bidding wars. Someone has the money!
This is nation wide. Should limit houses per person or family to 2-3 & you have you're solutions.
No its not, midwest hasnt been affected much.
Why would housing costs affect one's voting decision? The interest rate is not why buying a house is unaffordable. It's the price sellers are asking for that is the problem. People think their homes are worth what they were a couple of years ago when everyone was in a buying frenzy. It's not the same today. It's interesting. The same homeowners who want to sell their home for way more than it's worth also complain about inflation, like the costs at the grocery store and fast food places. Talk about not being able to look within. THEY are part of the reason inflation is high. Selling something for way more than it's worth, just like with food, causes inflation. How affordable housing is, is one of the measurements used when calculating inflation.
When interest rates triple it becomes a much larger part if the payment than any increase in value.
So...they should sell cheaper?...nobody does that.
@@rack9458 A. They didn’t triple. Maybe doubled. B. home prices are about 30% higher than they should be. Even at 7% interest rate, if the home price was where it’s supposed to be, the price would be lower than if you dropped interest by a point. Which I doubt the Fed will do. Maybe 1/2 a point.
@@spankyssurprise1361 if what you’re selling is overpriced, and not selling, then yes you would sell it cheaper. Otherwise why wouldn’t someone just sell it for millions of dollars instead of the 400 to 500,000 it’s worth? That’s capitalism. Supply and demand. If demand slows for what you’re selling then you lower the price. But that’s not what homeowners are doing.
If people get the high price they're asking, then no, they don't "think" their houses are worth what they're asking: THEY ARE worth what they're asking. And if they're literally asking too much, then no sale happens. This is simply definitional.
There's nothing wrong with a seller seeking what the market will bear, just as there's nothing wrong with a buyer offering 30% off and hoping it works (or that they meet in the middle).
Either supply needs to increase (for example: new homes being built, or people with excess space deciding to take in lodgers) or demand to decrease (for example: people deciding not to buy second homes, or young adults living with their parents for longer, or 2 would-be households deciding to be a single household, e.g., as roommates). There's absolutely no reason to think that the answer is for people who are selling to choose to accept sub-market prices.
The price of homes is the same worth in gold as it was 5 years ago. But hyperflation due to printing trillions artificially inflated prices.
Immm cbs is now just understanding this?
The goal post keeps moving further away.
Did you all not see how this happened?
Realtor rigged pricing is a component of unaffordable housing. See Burnett v. NAR et al lawsuit. The verdict was GUILTY on the rigged pricing.
Dang, the questions asked by the journalist are so dumb. “The cost of housing is……” and ‘Is the cost of a house more than 4 years ago “. Like seriously? And he is a senior CBS correspondent?
The corporate ownership of single family homes is the biggest problem.
The housing lobby says "We just need to build more homes!"
Except a significant percentage of those homes get bought by corporations and investment groups too. And the problem is that once a corporation owns a home, it's gone. A corporation never needs to move, never has kids and needs a bigger home, never dies and leaves the home to its kids.
We will never be able to make homes affordable to working class families again unless we institute progressive land/property taxes and/or ban corporate ownership of single family homes entirety. It will be painful, and almost certainly require a taxpayer bailout. But this time, we should bail out the single homeowners and not the banks and investors.
the same house in LA County/OC County is easily over 1 million 💀
Housing shortage is mostly a local government problem. They write the local zoning laws! There is plenty of money but NIMBY local residents keep housing development out! Plus Arizona is a drought state! Hot as hell!
Interest rates are no where near historic highs. This is more due to a lack of housing stock. The work at home change also impacted home values. It also depends a lot on where you are.
Remote jobs come with unexpected financial issues. If you work remote in an area with a higher cost of living then move to another with a lower cost of living, you will likely take a cut in pay. Unfortunately companies can do this and more people are finding this out.
Funny, because these "home shortages" are caused by blackrock buying up homes and renting them out.
@@linger4605 There's that to. Equity firms and hedge funds have been buying up apartment buildings and new development tracts. Goldman Sachs bought a new neighborhood of 84 homes last year.
How about building cheap 3 room apartments.. in a 40 storey apartment built by govt and leased to ppl for 3 to 5 years at $500 a month?
Who does the preliminary research for these journalists? Seriously. What does a national election have anything to do with a local issue? The housing issue is solved by increasing supply by building more units and increasing housing density. You can't have a healthy market when your only two options are single detached family homes and luxury high rises. A presidential election has nothing to do with this problem. You need to fix local zoning and regulations which can only be handled at the state and municipal levels. Look to cities like Houston or Minneapolis for inspiration. P.S. People who paid too much when they bought need to suck it up and take the loss when they sell.
However, most of the cost of buying a home has to deal with the supply of homes. That is controlled by state and local governemnts. Meaning VOTE LOCAL PEOPLE. Vote in people who will help raise the housing supply if you want homes to be more affordable again. Supply and zoning laws control most of the pricing built into home prices. Unfortunately, many of the local city and county government officials are probably on the take from the banks, large builders, and commercial property owners.
"They haven't made up their mind on who they'll vote for in November?????" You gotta be effing kidding me!!
Blame the stupid & rich buyers! They are keeping the prices high and IRs high!!!
Homes were cheaper when immigrants were the builders. Now the guys pouring concrete think they should make $40 hr to stand around the truck. It’s a double edged sword we are dealing with.
Boy these media personalties with their 4 college education. My 12 year old common sense son could of said the same thing and the networks would not have today him the 100,000 salary they pay her.
why?
Bidenomics=Bidenflation
Of course it is. Remember the saying. “It’s the economy stupid “?
DUH!
Do ya think??
Sit right down, nobody is going anywhere. Either you already got it, or you ain't gettin' it
The people that think they can buy a house cheaper.If donald trump is in the office, are allowed to vote. But if he wins, How many of them will get to vote next time.
your Breaking your Buying
The election of the convict vs the corpse.
I’m glad i had my VA loan benefit.
Democrats should propose the immediate overturn of Trump’s tax policies that capped deductibility of mortgage interest and property taxes. That would help some homeowners fairly soon.
What were the caps amounts on mortgage interest and property tax?
It would only help people who already have a house. That does nothing for affordability.
Inflation + illegal border trespassers = Just 4 years, I do declare.
LMAO
okay the news is misleading. TONS OF HOMES AVAILABLE!. HOWEVER Investors and banks BUY blocks at a time on cookie cutter homes n rent them out on zillow. Needs to be restrictions on banks and investors. Solves a chunk about the shortage on homes!
Finally someone knows the truth
When they dropped mortgage rates to 2% what did they think investors were going to do? Jerome Powell should be jailed for that BS.
More walking communities.
F J B!!!
This is capitalism. I'm sure fascism is going to be so much greater!! Let's get the rich richer DAs.
"still havent made up their minds" lol
Very, VERY happy I could pay all CASH for my home back in 2020. 😀😎👌🥂
congratulations! do you mind saying how you were able to come up with the cash?
@@Maryanne-xo5ip I started working my primary job at 23, and by 26 was made manager. I worked my manager restaurant job day in, day out at the SAME place for 21 years! (age 26-47). I bought my first home , a 3 bedroom, 2 bath townhouse in Seattle back in 1996 with 20% down (avoiding PMI, or mortgage insurance) for $220,000. I crammed into an apartment with 3 guys for almost 4 years to save up the 20% (not fun, and crowded!). After I bought my townhome, I immediately MOVED IN two of those roommates and charged them rent (their two rent payments paid my mortgage, including property taxes, and insurance!, but it was cheaper than what their share at the apartment was….and my new townhome was MUCH bigger, and nicer!). With my primary home basically being paid for by my buddies, I saved every PENNY at work to save up 30% down on a rental house. By 2003 I’d saved the 30% down on a $320,000 home, and purchased a small Craftsman style home, and moved my two buddies into that home! (finally they’re out of my place! 😂). Now with two places, and living alone in my townhouse, I continued to keep working, and was offered a FREE refinance from a 30 year fixed mortgage to a 15 year fixed. I took the offer. The bank noticed me making my consistent payments, usually adding more $$$ on every month to go to the PRINCIPLE specifically, so they wanted to string me along for 15 more fresh years. My interest rate dropped a whole point, and the refi was FREE, but my monthly mortgage payment of course went up (going from a 30 year, to a 15 year mortgage). But what I did was double down on my payments, usually adding another $1-$2 thousand PER MONTH! to my mortgage payment (I was lucky, ate for free at work, rarely had to buy groceries…..for over 20 years!). So after about 8 more years I PAID OFF my townhouse!! A few years later I bought a modest condo to also rent out (not in a great part of town, but it’s still an investment). By 2020 all of my real estate had TRIPLED in value (thanks to Seattle’s tremendous growth), and I decided to sell my townhouse, AND the Craftsman rental home (which was about 80% paid off by then). I was sick and tired of Seattle’s gloomy weather, and cold, endless rain, so I found a big, beautiful, new home with a pool that’s guard-gated in Las Vegas, and paid ALL CASH for it, and I RETIRED at age 48! I still have the condo up there that also provides me monthly income, since I eventually paid off the condo some years later. …..now I’ve got a few old Seattle friends that want to relocate and move in! (Las Vegas sunshine, pool, no more Seattle rain!). Who knows?! Maybe 🤷🏼♂️😀. Good luck!!
I’m curious to know how you stocked up on $500k in solid cash as well
Also how old are you?
Did you sell another house and use the money?
Please tell me
Migrants attack take his property 😂😢
@@Reykjavic ……Luckily I’m in a GUARD-gated property. 24/7 surveillance
Go look at the ants" the Holy Bible says that,. Work hard ,save, love better , walmart agrees
Thanks joe Biden
Biden inflation
Bidne harros ❤ I will celebrate 2024 with a dilly in my arse❤
Convicted felon former president Donald Trump - get it right reporters
Say no to Joe. 🟥 up and down the ballot.
No thanks, every red state is a burden on democratic states in regards to tax revenue. Have you been to rural Alabama?
F J B
Trumpflation!!!
Yup, vote for Biden. I'm a landlord and inflation is my friend, as my rents have trippled. Withn Biden in office "rich" people will "get" their fair share.
Biden is absolutely making the rich richer....too many people sadly aren't figuring this out
Where in the constitution does it say Americans are entitled to own a home? There were a few decades where a large group of people could afford to own their own 4 walls but that time is long gone. Get over it folks, move on.
Yes homes in 2019 were 60k now its 300k so we gotta get that dude out of here so prices can drop
So how will Trump lower home prices exactly?
@@marlondavis5128 let me tell you exactly how it works because it's already working in one Florida town first you do massive deportation efforts by requiring jobs to everify their employees then the illegals will lose their jobs then hire 100,000 ice agents to deport millions once millions of illegals are deported that will open up the rental market leading to thousands of vacancies lowering rents in turn lowering housing prices to compete with rents and with millions less people that will make the demand for gas groceries go down making gas and food prices go down and mass deportation will open up thousands of jobs for Americans who will get raises to fill vacancies leading to 2019 levels when Americans had 2.00 gallon gas $50 a month grocery bills pp and home prices were at 60-100,000 I can't wait for him to get back in office.
Trump knows nothing about buying a home.
His start was in real estate back in the 70s, he was NYC real estate tycoon in the 80s. Before you post a comment, do research so you dont embarrass yourself.
No, he only knows how to rent them. Keep Biden in and NOBODY will be able to buy a house. RENT ONLY FOR EVERYBODY., AS THE RICH WILL DICTATE THE HOUSING MARKET.
The fact people are considering Trump because of housing prices shows how moronic our voters are. This problem will NOT get better with Trump.
Very much. 🤪 "But I had more money when Trump was in office"... And Grandma had more money when Carter was in office so???
But you can get worse with Biden over $34 trillion debts currently and counting by the second.
It'll get worse under Brandon. Stagflation is pretty much a guarantee with Brandon if he gets a second term which means it wont be till the end of the decade until things turn around again. You're already seeing cracks in the economy and he's not going to cut spending especially when his green agenda will have no impediments. With Trump it'll be a short lived recession if he gets re-elected. A short recession is a much better economic outcome than stagflation that lingers will past a second Brandon term...
Nosotros votamos por Trump! 45/47
No more Bribenomics!
@@Chad_MaxGlad you admit anything bad will happen under Trump 2.0. That alone is progress. He is no panacea to our problems, he will exacerbate them.
Sad but it is happening. We are at the point of decline.