HOMEOWNERS GOING BANKRUPT OVER THESE EXPENSES!
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- Опубликовано: 5 окт 2024
- According to ATTOM data solutions, right now the average household is spending upwards of 35% of their gross income just on their mortgage, taxes and insurance. Which obviously does not include any other cost of running a household like utilities, surprise expenses, or repairs, renovations, etc. And since this figure is based on gross income, people are likely spending well over 50% of their take-home pay just to maintain their houses now. This is the highest level we've seen since 2007 before the housing market took a nosedive.
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DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Michael Bordenaro is not a registered financial advisor. Your use of Michael Bordenaro’s RUclips channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, RUclips, E-Mail, and Instagram) for communications with Michael Bordenaro does not establish a formal business relationship.
97% of People ARE NOT MAKING ENOUGH MONEY! ruclips.net/video/RTI4RQp8tuU/видео.html
What percentage of those 97% continue to live above their means?
Why are you comparing the rest of the world to the U.S.? If you want to talk about the U.S. economy, what does the income of people in other nations have to do with it?
Come on, Mike. Not everyone who watches RUclips videos is an idiot, why do you treat them that way? Just recently in a survey of household's financial situations in this country, 73% said they were doing okay or better, almost three-quarters of the U.S.! Wages in this country have been rising faster than inflation for most of the year. That's the truth. I'm sure people in other countries are worse off than we are, and that's because we have the strongest economy in the world.
Wall Street and hedge funds 👈
Facebook unsubscribed me so I had to subscribe again. Damn, that pisses me off that they did that. I'm thinking it's because of some of the things that I say about the fed.
I would have left it right there and went to put up e from the pawn shop.
No financial institution should be allowed to own 40% or more of the single family homes. This recession is paving a way for a monopoly on homes to further rid of the middle class. It would be wise for most Americans to not sell their homes if they're able to.I want to buy houses cheap in 2024 and maybe invest in stocks. When's the best time to buy stocks? Some say they make a lot, others warn the market is risky. Advice?
Many struggle to save due to low wages, rising prices, and high rents. Homeownership is now unattainable for many middle-class Americans, leaving them without a home for retirement. Consider buying stocks during a recession, as it can be a chance to buy low and sell high later.
Having an investment advisor is the best way to go about the stock market right now. I used to depend on RUclips videos but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
Could you recommend your advisor? I'd appreciate some help.
Sharon Marissa Wolfe is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
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.
Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
Not all of us homeowners are going bankrupt. My expense ratio on my house is 24%. Because I bought well below what I "qualified" for, and both of our vehicles are paid for so no stress there. This is called "living within your means". Something most Americans were never taught.
God gave us a conscious. It tells us when things are not right if we listen to it. Too many people ignore it.
@nancysellard6157 correct. I didn't, don't and won't
Same here. I bought a small condo years ago that was very affordable and well within my means. Since I got married a few years ago my wife has been wanting to get a bigger place. But after she realized just how ridiculous the housing market has gotten she appreciates our current affordable situation.
did you buy in the last few years? The difference is usually a matter of timing.
All the school money we spend and not a dime of it educates people about managing money.
We actually closed last night on our first house. I'm 44 and I am officially a homeowner.
Congrats!
Congrats!
If you're making payments on your house you're not a homeowner.. yet
I bought a new riding lawn mower and it was $800 more than it was the year before.. MTD.. and it's the biggest piece of crap lawn mower I've ever owned.. I'm really considering going back mowing with my 1967 gravely.. the United States of America is just a big con game.
MTD has been making all of the name brand mowers for many years since the 80s. MTD is commie. The old gravely's are the very best🎉
It's the same over here in Europe....we are being shafted.
I have good luck with my John Deere
I bought a 12 year old John Deere, do my own repairs which has only been minor, happy with it
Problem solved vote for Democrat Joe Buydin he will fix every thing in 41/2 more years.
I was cleaning my study this holiday weekend. I found a stack of mail from 2020 January. One of them was Giant super market weekly deal brochure. A pound of steak was $6.99. A dozen egg was $1.39. And a local liquor store flyer. 750ml bottle of 1800 tequila was $12.99. A 24 pack of budlite ws $16.
Pretty much every thing inflated by 50% in the last 4 years...... it was nuts
Well, four years... hmm isn't that about the time they ended the pipeline? Gas and diesel went up... prices have been rising.
stolen elections have consequences
The government that led Vietnam, Iraq, and Afghanistan are the same people running Social Security, Medicare, and our economy.
FJB...he ruined America
Bidenomics.
There is something people can do about inflation. QUIT BUYING Sellers will have to lower prices or go bust. People do have power to change things.
I thought so too at first but the trouble with that logic is if the prices go down 2 pennies everybody jumps back into the market again. Driving everything right back up again
Stop buying food, fuel, insurance and property taxes? that's the biggest drain in my paycheck
And if you wait and prices keep going up you will eventually need to buy and you’ll be the one paying more. The answer to inflation is to buy as quickly as possible before the price goes up.
I stopped "buying" two years ago and I've cut my food by half but still pay more than I did two years ago and I have to cut off an item every week or two as the prices continue to rise.
What should I stop instead of eating?
No more electricity?
Stop bathing?
Get rid of the car and start walking everywhere (in Florida)
Stop paying rent maybe?
This is what I keep talking of about the upper classes starting to notice the things that have been devastating the lower and middle class for over two years now.
McD's is failing because the average American cant afford to waste money on a cheeseburger.
Nononono.
Read that again.
Cant. Afford. a. Cheeseburger.
Not sure what you are suggesting we stop buying.
😂🍻
Apologies if that came off as rude but I feel like someone in the water with fins circling and a person in the lifeboat 10 feet away is telling me to "Just float a little while longer. Everything is fine".
Well, you're not rude just frustrated. If no one would have overpaid for houses, the houses would still be affordable. I think thats what was meant. However, food will be bugs for us plebs, and they want us out of FL apparently too because we are turning into CA and NY. Whats next a state, local, occupational, privilege, etc...tax?@@randomchord
All of this was done by design...never forget those words..You'll own nothing and be happy..
It's all gearing up to this..
Hasn't anyone took notice of the small tiny home movement...nobody will be able to afford the regular houses come near future and you'll be forced to either be homeless or live in a tiny house...I'm so glad that we own our house...no payment to worry about nor do we have car payments....our property tax did go up but still manageable..our homeowners insurance went up 50%..from 1500 to a little over 3000 a yr...we dropped it all together..even if you do pay those absorbent amounts there is no guarantee they'll pay up if something does happen..
I'll take my chances...I love your walk and talk videos...most of the time you tell us where you are but I don't think you did yesterday...I could have missed it if you did...
15 minute cities in a teeny tiny stack and pack apartment.
My insurance has $4000 deductible, it they keep raising my rate Iam checking to see what a rate with a $10,000 deductible will be. If I don't like their response I'll drop it also.
You nailed it.. You'll own nothing!
@@josephbusemeyer3888 Struggling people will keep repeating this phrase into oblivion until they really do own nothing and miserable af.
Maybe look I to a higher deductible? You need insurance. Your house is the most expensive thing you own. If you have a fire, you will lose your biggest investment. That would be devastating.
I just went to the movies with my kid. Two tickets, a small popcorn, a small Icee and regular candy. $56! How is that even conceivable?
Only going to get worse
Why? Why did you go? There are no good movies
I’m divorced. My father and I used to go catch a movie together once in a while, it’s a sort of tradition and has childhood memories attached to it. The whole thing is creating core moments my kid will remember later on in life.
I bring in my own snacks.
I was talking to one of my older friends about houses, and he said his house is paid off, but now his property taxes each month are the same as his old mortgage payment used to be.
I'd be happier in a van
You don’t have monthly property taxes.. your lying
@candelariaw1668 stop it! Doesn't mean he is lying....he is more than likely breaking it down what it's costing monthly! Use your brain!
@@robertmardis2110 😂😂😂😂 guess they are not using their brain.
@@kellybrandon1179Amen to that! My overpriced apartment is packed up and I’m moving out July 31 and into a Toyota truck and slide in camper.
I'm old enough to remember when rates dropped to 7 percent and it was unbelievable. I owned homes in the 80/90s.
Yeah from 14% . I'm old enough too! 😊
My uncle bought a house in the 70's three blocks off the beach in Long Beach near the pier. He paid around $300 a year in taxes until he died in 2004. Prop. 13 paid off for him.
That is how prop 13 was supposed to work. The issue is that is was expanded to include investors. Investors can no buy units and lock in low rates FOREVER. What they do is transfer ownership of the whole company to the new owner thus the property taxes never increase.
@@redtiger7268 that sounds like a loophole they need to close.
Hug your family tonight and tell them that you love them! Lie to them that everything is going to be ok... because foreclosures and car repos are about to skyrocket. By end of year many will be left homeless and living on the streets. May god help us all...
More people need to be living on the street and taking the bus. They need to feel PAIN
Well said. I am ready.
@@jodrhh,,,people , especially young people have to stop watching TV and the high rolling flashy lift style it projects , people are living well beyond their means and maybe should have their bottom spank ,
You can usually tell if you can afford a $3000 a month mortgage with a $800 car payment on top , plus going out galavanting 3-4 nights a week , ahhh go on b a big shot, throw caution to the wind and live in the moment
"Don't worry about what you are going to eat or drink, or clothes you are going to wear, or your body, your life is more than all these things".
Perhaps most of you commenters would be a little more caring for those who become homeless for uncontrolled emergencies, accidents, etc. which much are more common causes then you would care to admit! I know of someone who lived a life that was compassionate for the poor and dispossessed, he cares for you too, and may arrive sooner than those who are uncaring or selfish may expect! Think carefully who you are!
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
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.
Recently, I have been exploring the possibility of consulting with advisors. As a mature individual, I am in need of guidance, but I am curious to know how truly impactful their services can be?
Ohio is a state that doesn't have alot to offer
They are being bought by REITS and corporate America and turned into rentals.
Yeah I don’t think anyone can afford those homes who work in real jobs. Like actual essential workers (not investors)
I temporarily switched to Aldi when I started hauling ass out of debt and it literally saved my Grocery shopping mental health 😂
It's crazy..not sure how people afford anything anymore?!
Credit cards
Lots of people are thriving, with lots of money. Others are suffering. It's one or the other.
Too many people rely on credit cards also.
@@benton-benton What state and what do the people thriving do?
@@iddddaduncanYou need to own your own business, even if just on the side. You can raise your prices with inflation and benefit off of this terrible economy.
Don’t confuse inflation with price gouging.
EXACTLY .THANK YOU👏👏👏
Yes! Ditto on the thank you!
How about both?
@bpb5541 its more price gouging..I track prices..I saw a shirt at fred meyers I was going to buy..it was 19.99..decided to wait...a month later it said on sale..so I thought great..so they actually hiked the price to 26.99..but said on sale for 21.99...it was originally 19.99👏👏. These are the tactics to be deceptive.
If the FED drops rates. The shit has already hit the fan. A house won't be a priority, your job will be.
nah, the chatter indicates that inflation will come in at 0% for the second time in a row this month. That happens and they'll definitely cut in september
A job is my priority. I have 4 advanced degrees.
we should be going UP another 1% (yes, ONE PERCENT). the economy is doing too well.... vegas hit record room rates and gambling revue AGAIN. there is waaaaaaay too much easy money right now. inflation needs to STOP.
I hope they don’t cut , making 5.5% on t-bills…😅
Exactly and housing is going to fall of a cliff. Just like a lot of othe things.
I make a 6 figure income, and yet literally half my net income goes to rent for a 2BD apartment down here in SoCal. It sucks. Its impossible to get ahead here. My annual merit raises are barely 4%. the 50% rent increase that slammed us in 2022 has been hard to recover from - Im still struggling.
I went to a sandwich shop with my family this weekend, and we sat at the outside tables.
We noticed a guy get his food and sit down at the table beside us, but he was inside . So, we saw him through the glass. Didn't think much of it.
I went in to use the restroom, and when I walked back out and sat down I said to my husband "do you think he's okay?"
The man had slumped over on top of his phone, and we weren't sure if he had a medical problem or fell asleep.
My husband went in to check on him, and the man woke up startled , but okay.
A few minutes later he came out, and talked to us. Told my husband thank you for checking on him. Said that he had been working 14 hour shifts, and it's been blazing hot . He said he came in got his food, and with the air conditioning he just fell asleep from exhaustion.
We felt bad for the guy, but glad he was alright .
Nah, he got 'the nods'
thats called tranq
Indicative of many Americans today. Thanks for sharing and for your kindness.
@@dertythegroweryou seem familiar 😂
He had been SNORTING METH and had not slept in 4 days.
All I done was paint the metal building and Kentucky raised my property tax for improvements..new tax assessment gained 4000 in value for 3 gallons of paint!! WTF
wow it sounds like ca!! here they tried to raise our property tax for having a rain barrel!
@@larryregal8301 move out of Russia
Unreal on both! Rediculous! 😳
It wasn't because you painted it.
My brother lives in Maine. He & his wife put up a flag pole with a small round flower bed around the bottom of it. His taxes went up $800 per year. The town office said we'll it improved the appearance of your home. Unreal!!
They are hoping that people will get accustomed to seeing higher prices long enough that it will pass as normal eventually and nobody will be surprised anymore.
Not gonna work. Car lots are full. You can hold one bag of groceries in one hand... etc etc etc.
I worked for a company where the owner would periodically just decide to put in 15% - 20% price increases. Our sales team hated it because it made their lives hard. Sometimes if sales got too soft, he’d position himself as being “generous” by rolling back half of the price increase. Guess what? The new price stuck.
I suspect this is a common strategy. Push it as far as you can. When you push too hard, reverse part but not all of the price increase. I suspect that is what’s going to happen in the auto/home market.
Corporations aren’t going to give all of this back unless things get really dire for them. And look at the market.., Wall Street’s anything but desperate.
I'm single and pretty much just eat taco's for lunch and dinner every day at home and I don't get sick of them. I'm able to keep my food bill at right around $120.00 per month. I keep tract of all of my spending and do my accounting about every other day with the receipts that I save from every purchase and put it into a book once a month to tract my monthly and yearly expenses. That's supper cheep. I'm saving up to purchase an apartment building as soon as the crash hits rock bottom again and then sail around the world for a change of pace.
I'm in the same boat (pun intended)😜 I use a spreadsheet to track all my spending and spend about the same on food each month. My mother was from El Salvador, so I grew up on beans and rice which a very cheap and nutritious food source. Just retired a couple of months ago on my 56th birthday. Already did the rental property stuff from 1990 to 2018. So done with being a landlord. House is paid off, no other debts and my hobbies are either cheap or free, hiking, biking, running. Good luck on your endeavors.
What if you buy an apartment building and another "pandemic" sprouts up? California just lifted the rent moratorium this year. Landlords weren't paid rent for 4 years. It could happen again.
@@ChristopherEvans-650 I haven't done the rental property thing yet but have purchased raw land and built several homes that I sold. I did it without hiring any labor except for on concrete days. I did it alone and with my own hands. Now I plan on keeping them for that monthly income rather than depleting my nest egg. I also used to run single tract trails and mountain bike as well as road bike but ended up moving to a colder state about ten years ago and all of that stuff ended. I miss it a lot. Best natural high you can get. I've been basically retired since I was 44.
@@jeffb321 That's why you want to invest in red states. If a renter doesn't pay, they get kicked out right away.
Don't risk your health. Money can't buy it back and medical expenses will ruin you
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
Interesting, This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro Investor?
I feel Investors should exercise caution with their exposure and.exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or a licensed expert in order to navigate this recession and achieve potential high yields
Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.
Brian Humphery Services was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Brian.
I reallywant to get my life together. Really me and my family has been into series of we've faced a lot of trials and tribulations and my income is not just enough
I'm not even looking anymore going to turn off my zillow notifications they are just annoying. I'm renting a really great place at 22% of my monthly take home. Just going to keep saving.
🎉🎉🎉 I cant tell you enough how much I appreciate your channel.
These walk n talk videos are great! I feel like I’m actually taking a walk with you and you’re talking to me as a friend. Thank you for what you do. Blessings,Carlos ✝️🙏❤️😊🇺🇸
🫶❤️👏🙌💪
The question now is are you walking while you watch his videos or are you just sitting around 👀
@@parka9945 😅😄
Nobody owns their own home as long as they have to pay property taxes. Some of these property taxes cost as much as the average mortgage payment per month.
😮 if you pay 25 million dollars up front for your property taxes you never have to worry about paying for 75 years
people with mortgages are just stable renters paying taxes and insurance for the landlords property.
@@rosspitca9142True now. But up until now you could buy a home live in it for 5-10 years sell and move with your equity and buy again at current prices. Renting literally is throwing money out the window. If you can get in position to buy do everything possible to achieve that. I’m trying to save to move on land eventually but I myself still throw money out the window. It’s a trap hard to escape
It's the banks owning your house, forcing one to buy insurance.... property taxes actually give you the road to drive on and the fire department to show up when it's on fire.
There are places with virtually no property taxes ... go move there ( Google it )
Yeah , but you only pay once a year. Property tax for a 300k house is only 1% you don’t know what you’re talkin about.
Budgets are like a rubber band, you can stretch it to its limits but eventually it'll snap 😬
👍
It's call plastic. Plastic credit cards will be taped out by people NEVER planned on paying the card off!
Yep!
You're right. Unless your income keeps pace with this, you end up being drained dry
There is always places to cut if your honest. I used coupons at a Target last week & the gen z cashier told me we don't take these coupons here. I told her the coupons came off the cans I bought at this store & used them previous weeks shopping here. So she had to call her Manager over to ring up my coupons - which worked fine ! Doesn't anybody else use coupons anymore ?
Since when is shopping at a cheaper grocery store a hack.
My father was a general store manager for Safeway for 18 years.
And my mother not only clipped cupons, but she also went to the competition to shop if it was cheaper. Anyone with a lick of sense would do the same.
I’m just a regular guy with a little job. I can’t understand how people are paying 750,000-1,000,000 for a house. I’ve bought over 20 houses. People are too focused on houses. It’s just a small part of life.
Townhome valued at $300K in North Metro Atlanta area (considered lower middle income) has a tax bill of $4,700 and the county wants another 9% increase that they are requesting. Five years ago the taxes were $1,500 per year. The cities and counties have increased their revenue exponentially the last five years and now they have created jobs programs in their counties/cities with no REAL increase in value to the tax payers. If we go through another severe recession, these counties will try to raise the millage rate again to keep this insane level of taxes coming in. Please tell me how they could run the county for $1,500 a year in 2019 and now the need ~$5,000 a year to run the county? Services have gone down, recycling pick-up reduced from weekly to every other week and they skip days sometimes making it once a month.
I have owned my own home since 2010 and never had an issue until property insurance, homeowners insurance, and furnace and water softener failed at the same time. We are struggling but if we went cheaper we would be living in a home that would be older with even more upkeep. We also need a new deck, better bathroom plumbing etc. I am wondering if renting would not be cheaper right now and think the lucky ones are those who can find a decent place that is affordable rented or owned. These million dollar places are crazy! Pretty soon we will all be living outside and the homes will all be empty.
It's going to get to point where people are going to have to learn to be their own handymen and mechanics to afford to keep up what they got. Just being able to do some basic plumbing work, electrical, drywall and painting has saved me money. I also do as much car repairs as possible on my households cars. Just being able to my own brake work alone has saved me a lot of money over the years.
Including utilities, property tax, mortgage, insurance, maintenance we pay around 50% income on our acreage. We would pay more seeing how city people live in their cage and yearly vacations.
I havent left the property since paradise is always home.
The problem with ALDI is food sources you better read the label, no say no buy
Every employer I have had in South Florida either directly said they don’t care if people quit because there is always more people coming in. Either through immigration or people moving from another state. It’s one of the lowest paying areas in the country and has one of the highest cost of living. So glad I moved to north Florida at least.
Moved to Florida with our business in 2020. Can’t wait to leave yesterday. Selling out the split second that we can locate a semi-nice house that is not in Florida. The cost of living here is insane! Fyi- your kids will no longer go outside due to the heat if you move them to Florida.
I see people leaving Florida more than ever now.
Regular wages won't cut it anymore. And if you buy an over-priced house, you're going to be hit with hugely increased property taxes and insurance bills. Power is going up, too, along with everything else.
Thank a Democrat and the US lab that released the plandemic to kill small businesses across America.
Chances are that we are never going to recover from the $35Trillion national debt... so prepare accordingly. And welcome to the third-world.
Most of Florida is a Snowbird State. Not really good year round.
It just got too expensive to keep a roof over your head! Especially with those over priced insurance premiums!
But did you get your new roof? Most people from Florida did and they ask why their insurance premiums are going up.
cry us a river
Property tax.
Aldis is great
The roof l sleep under comes with my car
Just got a 20 percent hike today in my car insurance though
D'oh!
Michael, you are smart to incur no debt and save every penny you can!
Whats scary is that I prices won't drop! I suspect These large corporations can weather gaps in demand better than traditional sellers.
Beans and rice from dollar tree, eat that everyday it will cost 70.00 a month, throw a few free bugs in there for taste. Good to go says Bill Gates.
😂
😂
Or go to Costco. Buy a 50 lb bags of rice and black beans for $85 that should last the year, coming out to just $7 a month. Yes, I know that you are joking. I'm just rolling with it. 😜
🤣😂🤣😂
It’s nice hearing about,people getting smarter with their spending. I’m like you, I only spend money on bills,& treat myself on occasion with foods I like. Steak,& seafood. I’ve been doing this for years now. Watching channels like yours, keeps me on track,happy,smarter,& stress free. Combined makes me a lot healthier. Thanks 🙏🏾😀💯💜✝️🙏🏾🇺🇸
That $7,400 property tax bill vs $60,000 for the new owner on a $3.8 million purchase is just an incredible stat. No incentive to sell the house and no incentive to buy the house. Not sure why anyone would sell the house, just borrow against it and rent it out.
Mike, I live in the orange county Californian bubble and no one is losing sh-it in this recession. The greed here is God level.
I grew up in Irvine in the 80’s and 90’s. Moved away 2004. Bc I saw the writing on the wall.
How are things now?
I went back to visit some friends and my old neighborhood and just found it was replaced by Chinese. Even the stores were all Asian.
The residents and friends seemed deluded. All making barely enough to keep their over priced homes . Think of a townhome built in the 70’s now worth a supposed million 😂
They all acted like snobs but had jobs that paid less than 100k. And they acted so ghetto. Nothing but cliches everywhere
My homeowners insurance went up 47% from 2023!
You must live in Florida. I’m in western Broward County and have never had a claim, but every year insurance costs go up. Don’t think I’ll stay here much longer.
Got ya beat, in 13 months up just over 100%, thats right, doubled in price
Same with my property tax.
WOW! 😮
I lived in Alberta Canada and 2 years ago my insurance on my truck went up 35% without any notification so the insurance company told me the government allowed them to go unrestricted in their profit margin so that's what they did they added 35%
Nobody cares. But. When we replaced the DB Pension with 401k. That was it. Now you work until you die.
Yep..
BS. You put $200 a month in an S&P 500 fund from age 25 to age 65. It grows to $1.1 million.
True
Unrealistic to just have an extra 200 month lying around
@@chrispyott4083 It’s not “lying around“. It’s prioritizing. Don’t go out to eat, don’t go out to happy hour, if you’re a woman, don’t go to nail salons and don’t have hairstyles and color that require frequent salon visits. Put that money away for retirement.
Literally true that we are working just to keep our home 🏡 We are struggling to a point we are looking for a second job 😩
House sales may have slowed down and inventory may be increasing. However, none of this matters because house prices are still going up.
Oh no I got in on a good deal.
I have a 2 bathroom 1 bedroom house all of my utilities my taxes, my insurance and my mortgage amounts to $750 a month.. My criteria was a new roof, new siding,new energy efficient appliances and new insulation. I chose 530 square feet with a full clean liveable dry basement and a detached garage.. My friends who live in $300,000 houses are paying too much...You can put Corian countertops in any place and you can add gold faucets if you feel like it. My neighborhood is comfortable..no crime in the 8 years since I moved here... I think it is a matter of people choosing too many square feet and two expensive of a property at the get go. I live in a city of one million people. .. Subzero temperatures for at least 3 months out of the year so I do have to run my furnace.If I were to buy this same house today it would be $129,000.
Do you live in Florida?
@@scorpiodurango6163Not if he has sub zero temps for 3 months!
Sounds like Minnesota or North Dakota
$129k would not buy a parking space in most of SE Florida at this point…possibly a condo someone is dumping with a $500 to $600 monthly condo fee + condo insurance + prop tax +utilities….would be at least 900 per month with NO mortgage…
Can you share the state, or region of the country? Thanks!
Neighbor just took their $650,000 home off the market here in Florida. No takers in 4 months.
Has he thought about lowering price.? Just an idea
He can just put a sign up himself, lower the price a tiny bit...see what happens!
You can always hire a lawyer yourself when ready to deal, get your deed copy in your hand, get your tax info from your town hall.
They don't lower prices. It's an American scam thing.
Things are so uncertain now, I hardly spend any money. After I pay bills and buy necessities, I give myself a $25 month discretionary budget. The rest goes in the bank for now. I'm cool.......I learned from 2008.
We ALL got that lesson, some of us haven't forgotten it, but there is a fool born every minute, lol!
A lot of people can't afford to live by themselves obviously.
I was buying California Olive Ranch olive oil at Walmart for $16 for years. It's now $28. I quit buying it last year when it went to $18.
In a world far far away....A young man in Miami beach bought an electric blanket....
Is it electric cooling blanket?
At least we finally beat Medicare!
And corn Pop
And what is gong to replace it may I ask?
@@bpb5541 Trump Don't Care Health Plan ! You get get a free bottle of Ajax Bleach.
Huge success!!!
They think they're lucky because they own a house and that is not true between the house payments the taxes are going sky high maintenance alone no one will come out to service anything under $500 forget about owning a home today you're better off renting.And not worry about the responsibilities That goes along with owning a home and how much time do you actually spend in the home besides sleeping so you're working your job you're working on the house Taking the kids to the activities how much time do you really spend in a home Not that much, You're a slave to your house
Hello, Michael! Thank you for your wise words as always. I've been shopping at Aldi ever since they first opened stores in Central Florida back in 2009. Aldi and Walmart are my go-to grocery stores. There are certain items that I will buy at Publix, but just about everywhere else is too rich for my blood. Speaking of which, I just had some groceries delivered from Aldi tonight. I used a 15% off virtual coupon. My total bill came out to about $87, almost identical to what your friend paid! Thank you for providing such great value through your channel. Best wishes!
Thank you Michael. Your analysis is spot on about the housing market. The costs are prohibited. Keep preparing people, chaos looming, prepare accordingly. Blessings to all.
Citizens not buying anything but what their family's need to live for 60 days, would put most retail "corporations" in a panic; we are the solution to this mess.
NO CHANGE IF WE DON'T CHANGE OUR WAYS.
I agree completely
The Canadian Government is looking at taxing your principal residence. That will be the nail in the coffin for home ownership. Another tax on top of property tax and everything else. We have to vote these politicians out so they can figure out how to live in this country without their cushy political jobs. Of course after eight years they get a great pension.
We tried that in the US last year and they still cheated.
What do u mean your principal residence? We pay taxes on ALL our residences .
50 percent of the profit haha what a joke voting conservative
@@ChildofGodforevrwhen you sell you starter house to upgrade they want 50 percent of the profit lmao. What a joke these clowns 🤡
Unfortunately everyone in any government always governs like everyone else has a government job &/ position, benefits & pension, especially in America, yet they do all in their powers to ensure that no one else can ever get any government job &/ position, benefits & pension ⁉️📣 Go figure 🤔 Their perceptions and refusals to live & see outside of their salaries+ accepted standards of living have been destroying all of the North Americas ever since Nixon ‼️📣 Like giving the rich, corporations, the wealthy & businesses huge amounts of expensive welfare via their tax deductions, while they especially all conservatives& of the gop& republicans steal from everyone else, especially steal from social security& their taxes, in order to pay for it ‼️📣 Dumbest 💲 policy, theory& plan ever right 🤬‼️📣 Yet this is the only 💲 policy, theory& plan that all conservatives& of the gop& republicans have repeatedly& consistently voted for, elected+ forced, pushed onto& imposed upon the people in America ever since they elected Alzheimer's having Ronald Reagan to be the president 🤬‼️📣
The fed should raise the interest higher and then all resign!
why nobody is talking about the outrageously high income tax rates? It's insane, i know we all need to contribute but the rates are basically legal theft, highway robbery whatever you want to call it.
Gotta pay for all the millions of asylum seekers. Takes billions to take care of those poor desperate people coming to America to escape the brutality of their homelands. LOL
Well if the Uber rich paid their fair share for the amount of money they have... there would be no problem.
Income taxes now are historically pretty low, especially on the Federal side. In the 1980s you had brackets that went to 50%
My effective tax rate is in the 20s despite making $400k+ lol
@@Rew123 , so you're kinda shady huh? lol
We are buying a house for 335 and the property taxes are $6000/yr absolutely insane.
"The rent is too damn high"
Should have bought a house
Walking in such serene backdrops presents a sense of prosperity juxtaposed to your verbal presentation. Perhaps walking during a hurricane or some other form of severe inclement weather may help get your message across more precisely.
If you can wait for a market crash, Homes will be far cheaper, The bankers was smart this time, Homes will be the last bubble, Gov will do whatever they can to keep the bubble going, A ton of tax money in higher cost of home, Bought my home for 75k 6 years ago, Spent 20k to fix it up, Now they tell me my home is worth $205k, And I get taxed on that amount. Make sure you have $1000 to spare after bills to play with, Insurance will keep going up and if they can, So will your land tax
Similar situation. I paid 109K for my home 6 yrs ago. Spent about $15K to make some repairs including new roof and full set of hurricane shutters. In 2018 HO ins was $694, rising every year, now just under $1800, had increase in tax of $80 (tax on my home still pretty low). Last month my home value was $225K, on four different sites. now showing average $205k. Hope it comes down more, I don't plan on selling. My mortgage, tax, ins in escrow still under $1000. Your are right about having a spare $1000. I did but things come up, truck got me last month, along with vet bill. Still trying to get that $1000 cushion back.
Life will not be better. When a weight is lifted on one side of the scale the other side will be off balance. We want it to be gradual but it doesn’t seem it will play out slowly.
The bankers were not smart. They just repacked into new CDOs. They're doing the same thing they've always done
@@stevew6910 mine is cheap 5500 home owners insurance 4400 property tax.
@@zsigzsagI had my well go out (Michigan). Replaced the pump, had a leak that they found afterward and had to dig down to fix. 5400 is a lot to cough up for emergency fix
Hurrricane Beryl just hit us today. Many people had trees fall. They're already crying that they cant afford to pay anyone to pickup a tree that fell in their yard.
Get a saw and some sweat equity
@@scallywags8306 They're too lazy- they'll blame the government for not helping them. Had everything picked up and on the curb after 6 hours. My neighbor just tossed some limbs on the street and said the city can pick up that s**t.
@@scallywags8306 better yet, get to know your neighbors so you can form a clean-up crew for these disasters.
It's true in Florida
Our house is paid off..we only pay $4000 a year for taxes and insurance. $334 a month vs $1400 for rent in my area. I put the thousand dollars in savings for upkeep and repairs
Our little zombie apocalypse house is paid for as well. We have a sinking fund where we set aside $100 a month to cover both insurance and taxes. I feel like i have found the only place in the US where a person can survive on SS.
It’s a scam! No reason for anything to be so expensive. This is why I refuse to participate in this debt game. Bust your behind for things that you will never truly own. It is all rented till you die and gets passed to the next sucker.
I know, right! We've all been scammed! I refuse to pay $300,000 for a house that 3 years ago was only $100,000! And, everything just keeps going up and up!
Exactly what we think also! Just not going to pay triple for a house that didn't get any larger and nothing was improved inside of it, but now they want me to just give them $300, 000.00 more than they paid just because they got to it first. Just keep your house, no, I will not do it!!! I've waited this long I will continue to be patient a little longer, then when the "implosion" happens I will pick up a bargain! We did that during the last crash, so we know it pays off, so don't fool yourself, it will happen, just be patient!!!
It's inflation. And folks have no idea where it came from. They just blame Biden which is not really fair. Trump with his stimis, largest tax cuts in hisotry and shutting down the economy sure didn't help.
@@nelitatanner2277you don’t want my house for 300,000? Okay, fine…I got 20 other suckers to look at my property this week. You continue to be patient.
I'm always very nice to the cashiers when I go grocery shopping. There are two cashiers at my local Kroger that are working there as a second job. One is a full-time insurance agent, and the other is an IT/data specialist. These are careers that should be enough to provide for a family. Yet here they are working full time at a professional career and having to work another 20 hours to make ends meet.
Shopping at a Aldi is awesome. Best value for high quality food. Amazing how much you can save! Another great video.
And privately owned. No CEO and investors to pay dividends to.
Agreed, but I don't buy meats there. I find those cheaper at local stores and farmers markets.
Thank the Germans 👍🏻
We live in Florida and shop at Aldi's. Last week I ask a clerk at Aldis where the "seafood sauce" was located and she actually told me (with a straight face, I might add) that seafood sauce was a seasonal item and I thought the customer behind me was going to have a stroke when she blurted out, duh, we live in Florida and we eat seafood year round! I added, unless I missed them, we don't have seasons here like in the north, unless you count the two chilly days we have every year seasonal and the other 363 days of what seems like what you might be quite sure Hell must be like! So I asked her to please indulge me and ask the head honcho buyer if he would please learn the difference between ordering for his Florida market and his northern market, this fifth generation Floridian would be forever grateful! Oh and while you have his ear, please tell him we also eat tartar sauce year round as well!
I’am so grateful that I left San Diego & moved to Arizona when I did. I would’ve been homeless if I had stayed in San Diego + more then half of my friends, connections not only have left San Diego. They’ve left California and parts of the whole West Coast…
Most people move to Florida and Texas😂🤣🤣😂🤡👍
@@jabreck1934and driving our prices through the roof with their big East/West coast money.
Hopefully, our lovely hurricane season, 90f/90% humidity and the big flying roaches will beat them back to their respective states to fight whatever is screwing them up.
@@Mhel2023 yes I love it & I used to live in Tampa bay Florida back in the day like 06
@@Mhel2023 Yep, unbearable weather hot or cold has a tendency to weed out the riff raff.
For the algorithm, Thank you Michael. Stay safe bro.
Mike you live like my husband Steve & I do. We do own our home, Thank you Lord. We pay our bills, are still able to put money away. We don't spend money on things that are unnecessary. This is the only way to stay on top of things😊
There are Real Estate agents and sellers that are unrealistic about price to sell the house. They think the higher prices are going to continue. The homes are over priced. That's why the remain on the market.
@@angelinaferguson1307 a house sells in 26 days in my area
My Wife June and I follow you everyday thanks so much,
Tennessee will be the legitimate definition of a state that went from quiet to ruined. The asking prices are 3x or 4x. There are single wide trailers on 20 acres for $1m
Tell me about it! I live in southern middle Tennessee. Its ruined all right. Nashville is destroyed. Several people got hit by random bullets from "celebratory" gunfire in downtown Nashville 4th of July night at the fireworks show! Unbelievable! Were slowly turning into another Chicago. I want out, but where am I gonna go, Mississippi?
@@joeimj6203hills of Pennsylvania. I’ve spent the last handful of years traveling the country, or New York. Pennsylvania is more friendlier about 2A.
@@joeimj6203Pennsylvania is a historically important state like no other state in this country. The people here are the kind of people you want to be around when it gets ugly. It’ll be one of the better off areas if not best off in my opinion.
Buying? Even renting is unaffordable. I work 6 days a week college , veteran and healthy. I have to camp out.
you get 0 percent home loan, bro...
you get 0 percent home loan, bro... for va loan program.. also usda farm rural down payment
@dertythegrower u mean 0 down.
@@dertythegrowerFor 3 years. I've got VA guaranteed home loan pwk too. There's more to it than meets the eye.
I love this channel. I actually am closing on my dream house with my wife this week. We actually sold our house in Columbus Ohio in one day. All the intel and google money is coming in here. But we wouldn’t have been able to afford a new house if I didn’t have over 200k of equity in my home. But really I do love this channel I pretty much every video
Congratulations! 🎉
I close on mine tmrw.up in Maumee/ Monclova, I'm not paying these property taxes in this neighborhood.
👏👏❤️🍾🥂
. I live in a 27 year old paid off mobile home and am grateful to have that. I can barely afford basics now and don't wish myself in debt for a house. I do not care about keeping up with the Jones. I do not care about vacations and other luxuries I could afford just 5 years ago. Paying the bills and having food will suffice.
Gordon Gekko character in the movie Wall Street said Greed is Good.. he was the bad guy in the films by the way. Our richest members of society took it literally
Gecko’s speech about greed was fantastic!
Wall Street goobers were greedy way before Gordon Gekko showed up...
“The richest one percent of this country owns half our country’s wealth, five trillion dollars…We make the rules, pal. The news, war, peace, famine, upheaval, the price per paper clip. We pick that rabbit out of the hat while everybody sits out there wondering how the hell we did it. Now you’re not naive enough to think we’re living in a democracy, are you buddy?”
People work hard and sacrifice to become wealthy by the time that they are old, their kids benefit from it.
My mortgage is like 75% off my net income and like 25% of that is just property taxes i never have fun or go out to eat or out anywhere . I feel so awkward in shopping malls like why am I here I can’t afford anything. And it’s always awkward when family invites me out to eat I don’t even make excuses like I’m busy. I’m like it’s too expensive and I don’t want you to offer to pay .
we should have land value tax instead of property taxes. You pay much lower taxes if you're in a less populated area like a suburb, or if your home uses land efficiently like 2 stories
@@grimaffiliations3671 Property/land tax should not exist at all. It is unfair to a purchaser that they spend their entire life paying taxes on land their own outright (in some cases).
@@divergentone7491 Land value taxes should exist in my opinion. If you want to wall off a piece of nature and exclude other from it, you should have to contribute to the society that allows you to do so in peace, not just from individuals but foreign states as well. And that tax only applies to the unimproved value of the land your property is on, not the property itself which is currently the case
A lot of us don't have a choice about spending half our income on housing.
Exactly. I know the Ramsey team suggest not to spend more than 30% (or maybe it’s 25%) of your income on housing. Good luck with that unless you make good money. Rent & housing is through the roof. Especially tough if one is single.
This sucks I only have 10,000 a month left over after bills it used to be a lot more
@ihave35cents95, why you bragging .
@lilycat1694 Right. 25-30% was an OLD Formula from 50s and 60s. I'm single and retired - living on Social Security - and can't find a Studio apartment in Pittsburgh for under $1,000 plus some utilities. Also they all charge incredible Pet Fees - like $300-500 up front AND $50/month for a little Cat!
See what you can do to make more money.
My current mortgage rate is 2.5%. Don’t think I’ll be moving for quite a while! If I purchased the same house today as I did 4 years ago my payment would be almost $700 more per month.
Maybe more! It’s insane. We bought at end of last crash and got such a deal. No way I’d move with the price of everything now, everywhere! It’d cost a fortune just to downsize. Forget it.
Same here....golden handcuffs! But Ill take the 2.625 rate we have....We will never see those rates again.....everrrrr!
(17:51) Exactly! You go to Whole Foods to get the items (and ONLY those items) you cannot get anywhere else. I do the same thing.
You should live in Australia look at our housing market. My homes value which I own freehold has risen from $365,000 to $856,000 in five years. Sounds good but with it council rates etc goes up. My city is now in the top ten least affordable in the world for housing.
I never understand why people think their home should be a profit maker. For you to win someone has to lose, on something fundamental like a shelter.
As a loan signing agent in the DFW area of Texas I can tell you we’re extremely slow.
It's great if you don't mind the BEI's that are in most Aldi products! 🤮BioEngineered Ingredients are not natural . . . and are in most food items . . . especially at WFM! M&M's, Snickers, Kit-Kat, Twix, Oreo's, Chips Ahoy, and most cereals contains BEI's.
The items you listed are not “food.”
As much as I don't want to agree, I do. Got to watch what you buy at Aldi, especially if you want to eat healthy. When I was young and poor I shopped there. Then, I thought things were looking up, but nope. Now that, I'm getting older and poor again...I might have to shop there again😖 Saving those quarters though for the carts😉
I find lots of good products for good prices at Aldi. Dairy products, breads canned goods and frozen veggies
5 years ago I was going to move and retire to Delray Beach but while there I saw the prices in the supermarket and the restaurants weren’t any cheaper than where I was ( NYC ) yeah buying a condo was and insurance was but nothing else was so I didn’t buy, now I don’t see any benefits in moving there especially when your governor says he’s in charge of Gods waiting room…. Nope not for me
But if interest rate falls and people have no jobs; who’s gonna run to buy a house?
It is an expense 💯 having dual income eases things incredibly
Is it really inflation or is it corporate greed you tell me
Something and someone is funding corporate America's subterranean world
ALDI is the way to go if you want to save money on great quality foods without the ridiculous prices of Whole Foods or even your local supermarkets. Lidl too!!
A heated mattress pad is better than a blanket. Because the heat comes from the bottom up, the blanket heat escapes right away from the top. I have had a heated mattress pad for over 20 years now. Not the same one, but continuous for all those years. I bought my renters one for Christmas about 4 years ago.
Heated mattress pads are wonderful! As for losing heat from an electric blanket, I just toss a light blanket or comforter on top of it, problem with heat loss solved!
I only buy meat that is marked down because it's at the expiration date. Discount can be as much as 40-50% which makes it more affordable.
I got 77 acres for sale in Ohio 20 minutes from the Ohio river . It’s got a natural gas well on it . The property is cut in half buy a county road , lots of road front property. It’s a gravel road some spots are one lane . I’ve dropped my price to 190k . For 77 acres with a paying well . Catcher is it’s a 3 hour drive one way to a job that pays more than 15 bucks .. it’s beautiful! Lots of wild life including bears .
Im in Ohio, sounds too far up the river. Where abouts?
That is a big catch. I am not surprised that most people pass.
Organic has more glyphosate than conventional.
Yes, because glyphosate is classified as a broad spectrum antibiotic ‼️
Isn't that crazy.
Wow that 1700 sq ft house on a tenth acre lot is such a steal. You have room for a family of two plus a dog, all at just four times the lifetime wages of a typical service employee.