I think back to 1991. I was just 23 and making about 40K a year. My 2 bedroom with fireplace cost in Gilbert was $650 a month. I can't even see how we have a functioning economy anymore with this inflation.
It's not just inflation. We've got corporations & landlords scooping up properties and flipping them as rentals, while simultaneously influencing the housing market prices. This is why people can't even find, let alone afford, a starter home.
@wbay3848 Back then I worked on a commercial fishing boat out of Dutch Harbor Alaska. Now there is a TV show dedicated to this good paying dangerous profession called Deadliest Catch. Nobody knew what I was talking about back then LOL
@tech-bore8839 Very true. I remember the bidding wars in 2000-2008. Phoenix was a hotbed for greedy investors and still is. Pop goes the bubble. We are overdue for a much needed correction. This feels a lot like 2006 and 2007 right now.
We bought our home in 2017. I worked a sales job at Godaddy, and my wife worked at ASU...it was doable then with 2 incomes. It is not doable now with current home prices / rates. You have to be making 175k+ to afford a small home now.
Only issue with your theory. Is all most major cities close by in CA, UT, ID. WA, OR, CO, TX, have same issues or worse. Heck even Vegas is popping. We are still lower in a lot of cases
@@Yasmine91646 well thats the thing is not constant heat all year. Im not a fan of heat however the extreme usually is 4months or less on average. What we get is 6-8 good to great weather months. What most that lived for a while is lower cost of living housing, property taxes some of the lowest states as well as low state taxes. However unlike Texas we dont get tornadoes, freezes, we are not flat and low humidity. We have beautiful Sedona/Flagg which 20-30lower in degrees during summer 2-3hrs away. What we do have is Vegas, Socal within 5hr drive and Mexico 2-3. Every statet has is pros and cons. But CO, TX, WA, OR, CA and other are higher costs and have weather issues as well. And believe it or not there are tom of people here that love the heat im not one though. Were are you from that is wonderful lol
Go back to restricting REIT's to only buying commercial real estate. Allowing these huge REIT's groups to buy residential the house was a big mistake. They are buying up all the residential housing they can...
there are also individuals who want to abuse Airbnb to make more money than long term rentals to local tenants. I think this is changing but the damage has definitely been done.
@@peachmango5347 In a way. NIMBYs and similar people try to restrict the development of new housing as much as possible to keep their property values high. Ironically though, they tend to vote red and its usually Republicans (and a good chunk of Democrats as well) who keep these policies enacted
Arizona, California, Florida, Texas (very soon,) New York and any liveable part of Nevada are unaffordable. You have to live in the middle of nowhere just to live 😂
In NORTH DAKOTA ... a CORPORATION is NOT allowed to own a FARM or even a PHARMACY. Sounds like we need the same RULE for HOMES and APARTMENTS nationwide ... limiting ownership to a single person and limited ownership of multiple properties 🤔
Yep , this slumlord in my city owns 800 homes and he's always on the news for something keeping his tenants without heat during a winter storm etc etc etc .. they have to put a limit on properties and promote poor families buying a house instead of renting forever
@@jackdannyels5059 i don't mind who owns the homes. the law should be that landlords must pay at least 2.5 times as much in property taxes on the homes that they rent out to their tenants.
@@jeffs4483 RIGHT ... but if CAPITALISM cannot HELP to SOLVE THE PROBLEM - and - ONE IT MAY HAVE CREATED then GOVERNMENT will need to HELP. We cannot have PEOPLE LIVING ON THE STREETS because they CANNOT AFFORD a HOUSE! YES, if CAPITALISM can MAKE HOUSES AFFORDABLE ONCE AGAIN then let the MARKETS do their thing, for sure ... but CAPITALISM and the FREE MARKETS have FAILED in this matter as we can currently see.
It's not the governor's fault that the population has exploded in AZ. The legislature could ban corporations from owning rentals which would make it more affordable. But the phoenix area is out of water anyway.
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Having an investment advisor is the best way to go about the stock market right now. I was going solo, 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.
Sounds interesting. I was planning to invest some few £ in some coins, stack them up and leave them for a few years, but seeing this changed my mindset. Thank you very much
The real problem is business gouging Americans. Law should be enacted to this outrageous practice, instead of just making cheap housing for underpaid Americans. That sweeps the real problem under the rug and perpetuates corporate strategy squeezing Americans.
A lousy 550 SQ FT 1 BEDROOM APARTMENT IN Phoenix IS COSTING $1,600 WHAT DO YOU THINK? And with the 120 degree sumers your electric bill for that lousy small 1 bedroom is $200 plus water $100 internet $95 How about car insurance ???? I own a 2001 camry no accidents no Violations for the past 30 years and credit score of 810 Im paying $175 a month for a 23 year old car with over 200k miles !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Nope @@user-rw2uh5bv3o . Been a homeowner for years. Never had a sense of entitlement so I earned my way out of renting into homeownership. You should try it instead of whining.
I'll be 40 in June. Still live at home. Been at my job almost 17 years now and making what I think is good money, but it's still not enough to own and maintain a house, at least not one that isn't in a ghetto area (which let's be honest is well over half of Phoenix and Maricopa county).
I highly doubt that. I am a saver, and If you have had a good paying job for 17 years with no mortgage and living at home with your parents you should have at the very least well over 200k saved. Thats just saving 20k a year which is absolutely doable with no mortgage or rent. Those savings with a good paying job should easily afford you a very nice condo or starter home. If you have been throwing your money away in cars and crap then thats on you.
This is the case all over the country. Real Estate Investment Trusts and private equity buying up houses by the thousands. AirBnBs taking up a percentage of the housing stock as well. That's capitalism for you, though. There's so much money to be made renting out places that it's a good investment, and corporations are buying up everything: mobile home parks, apartment buildings, heck, they are even building single-family tract developments specifically to rent.
It's not just REITS and Equity firms in the single family real estate market. Everyone thinks they need to be owning 3-4 rental properties which wasn't always the case. It's time for owner occupied communities.
@@azandy77That's exactly what's happening. People want to blame politicians and equity firms but it's greedy homeowners that have always driven housing bubbles. Everyone in Phoenix is a realtor, landlord, or flipper. People that were lucky enough to buy a home 10-15 years ago turned their homes into free money generators by leveraging historically low rates for investments. What did people think would happen when mortgage rates are 2.6% and the average rate of return in the S&P 500 is 12.6%?
@@JH-tk8gk you know the old saying "what goes around, comes around". All these greedy folks with the airbnb's are gonna try and jump ship when the economy makes it difficult for anyone to travel and use their rentals. They may have basked in it for a while but eventually it will catch up with them. The bubble will pop again and they will be left with no other option but to abandon those properties. It's all a game of patience.
😂. Quit complaining that had happened all over the US. Its a free country and there are many people from different states that move here especilly from IL, WA, TX and many other mid west states
More likely poor infrastructure and inability to handle population. I grew up in the Northeast where it is the highest population density in America. I have never heard of anyone complaining about people moving in. You need to build better cities, roads and better public transportation that can handle population.
Left Gilbert in 2011, and haven't looked back. Texas offers more affordable housing and a better job market than anywhere in Arizona. Phoenix is now basically what L.A./San Fran has been, without the beaches and good weather.
This is nation wide… When companies like Starwood capital comes into Las Vegas or any city and buys 264 homes for 98 million in cash it reduces the supply and drives up the price. Laws should be passed that corporations cannot buy single family homes, or build them with the intent to rent. Rent control as well, and eliminating the antiquated pre qualifier of 3x the income to rent ratio. So many options that politicians can do for the PEOPLE yet they don't because they are ALL bending the knee to corporate donors and special interests.
@@psilocybebae7106 Pathetic, snow-flake excuses. "Everything isn't exactly the way my dream is, it's everyone else's fault, and everyone else should be living the way I expect them to." Enjoy being stupid, Hitler.
There’s a lot of abandoned cities in the Midwest and in the South that’s probably affordable. St. Louis, Birmingham Alabama, Memphis, etc……These cities have turned into ghost towns where people don’t want to live but could be a future option
@@ramencurry6672 There are tons of affordable places to live that are not ghost towns, but people always find things to complain about every single one anybody lists. They rather sit in Cali and wait for the government to pay their way. And St. Louis isn’t a ghost town. It’s just filled with crime and poverty and shitty schools. Some suburbs of St. Louis are really nice. They do need a ton of charter schools though, but they’re working on that.
Yep, My Brother has been living there for about 15 years now the incentives are disappearing fast as landlords want to charge more bc they can make more with more influx of people from CA. My Sister was living outside Phoenix recently but she Moved back to CA Bc she said it was the same bc the high bills and low wages.
My VERY first home was a trailer on a half acre lot right out of HS for cash i earned working as a teen.Sold it for the down payment to buy my next home in the Metrocenter area 39 and Cheryl Dr. At the age of 24 back in '86. Metro was a great area back then. You cant do that here anymore. Unfortunately...nobody has lived here long enough/ recently moved here to watch it turn into a mess and realize they added to this problem incrementally, of course, with denial that " arent hurting anything.
Advertising "Free this Free that", are causing people from all over the world to invade Phoenix AZ. Therefore, keep increasing the Rents, and Housing purchases. They can move on to other states.
When I sold my house in 2021, I was going to rent until I decided what to do. The apartment I had liked in 2019 went from $775 to $1200 in a couple years. What does that have to do with wages?
Yea buying a home in Arizona is defiantly hard especially when you don’t have a perfect family to help out sometimes it’s just two you yourself and mom or just yourself or siblings to go half’s and most don’t even want that
Sooooo much money for wood, chicken wire and stucco. Born and raised there, no way could I afford to move back. Northern Italy is much more affordable, and the food's better and I don't need a car to get me anywhere.
Tell us more! Sounds like a dream. Are you living and working out there or just living? Is this a retirement destination? If so, how's the medical care?
😂😂. Every country has its issues. Mayne in your particular case its working out but Italians especilly young ones are moving out because of low wages high taxes, they dont even want to procreate anymore. Their literal ghost towns that cant give away their homes 😂
The American dream started with people working for years, saving up money for years then buying a home. Home ownership is a honor. I agree the price is out of control but you don’t hand them out as people who don’t work hard to earn something will never respect it
Not true. Many of us work very hard and still can’t come close to home ownership. I work a full time and a part time at night. After my expenses, Id be lucky to even put away $100 into savings a month. I work and my girl works. 3 incomes and we barely make it by.
Part of it is construction (controlled by cities/towns and zoning laws), part of it is the economic policies (federal level) over the past 40-50 years, and part of it is personal choices - most folks do not make fiscally prudent and responsible choices. It should be no surprise to anyone by now that we live in a time where assets (stocks/homes) keeps rising but not incomes so... where should you put your money then? Seems obvious to me. Short term sacrifices for long term gains is a concept most do not adhere by as much as no one wants to admit it.
this is all true but the problem is the average person does not have enough money to get by day by day let alone invest in the future. not everyone can be an AI machine learning engineer and if they were that job would pay minimum wage. The irony is the more rules go in place to help poor people the more expensive everything gets and the more people get left behind. Buying votes may win your election but that is about it.
@@katydid2877 yeah, I could understand your point of view. If you live in Chicago or the suburbs then yes, property taxes are very high there. But where I live, I live a little over four hours away from Chicago. I paid $68,000 for my move-in ready home And my neighborhood is safe. My last property tax bill was a little over $700, which is a bit high, but it’s not outrageous. My mortgage, property, taxes and insurance all cost me under 600 a month which is pretty affordable. The county that I live in the property tax rate, here is actually lower than the states average. When I was living in Florence, my one bedroom apartment cost me $1400 a month. I actually make more money here and I’m doing quite well. I have things here that I could not afford when I lived in Arizona.
certainly higher then many other areas but these days there isn't much of anything ANYWHERE in the USA that is affordable and if you find something you think is affordable you probably wouldn't want to live in it.
I moved to Colorado from CA escaping high prices as well. Now the land on my mountain has been bought and being converted into housing at 5k each unit a month. Thinking of moving back to CA now..HA HA
I bought my modest home in Chandler, a suburb of Phoenix, in 1995 for $69,000. I had a 30 year mortgage, which I paid off in 18 years. I am now retired, with an annual net income of around $63,000. I have no house payments and no car payments. I am having to help my oldest daughter, son in law, and 3 year old grandson living in an apartment in Mesa, another suburb of Phoenix.
I think we all know that several issues have caused this. Our landlord at first would raise it $25 to $50 per month. Then it was $100 per month. Then in 2017 they raised our rent $260. It's funny that they're HOA costed exactly that per month. Since then they raise it to pay they're taxes. We have to pay all the water, sewage and trash. We pretty much pay everything. We should own this place. We can't afford to buy a house or find a place to rent. The cost is too high. At the same time you have people from California selling there very expensive homes so they can retire better. Well how nice of you all to turn Arizona into California. Still no beach people. Now it's overcrowded, with way too any drivers on the road who drive like they're from somewhere else. I'm not blaming all Californian's. But, realitors and firm's from there took advantage of the reasonable prices to rent and own here. Realtors here have been in a boon for years now.
Tax breaks for 1 home that will depreciate, hedge funds get no bail out for whole communities they purchased for rent to manipulate existing housing communities inflated prices…..maybe all those old investors who convinced you to buy and flip houses so they can get out, can also help new real estate moguls to sell at a much more realistic price
A government fix is the 2nd best way to resolve the issue - all the other ideas tied for #1. The market will address this issue if government will stop writing regulations and get out of the way. With a democrat governor this of course won't happen.
Why does the Phoenix area have to build such large and luxurious homes in their area that their locals cannot afford? And to make matters worse, they have the nerve to attach money hungry HOAs to these homes.
Greed, it all comes down to greed. Not only new homes, but vehicles, and used homes, including manufactured homes. Here in Flagstaff people are wanting to sell their 30 year old trailers/manufactured homes for $85K and above. Vehicles that are 20 years old for $10 to 15K. Greed!
So AZ just got snowbirds in the last few years? Snowbirds have been in AZ for many, many decades. Snowbirds have condos or have homes or mobile homes in 55+ communities.
need to start by changing building codes. minimum sq footage has always baffled me. if 2 older people just want a small house for themselves they dont need 2000 sq ft of space
I honestly, like lots and lots of Americans, will not be able to buy until those prices at least " at least will come down to 70% " those investors are very bad people, besides most of Californian they sold their house running away from the corrupt liberal State of California and came to Phoenix area and "jacked up the prices paying CASH 70-80% above the value" that is very bad. beside the interest rate is very high 7% that is ridiculous, AND the inflation- No jobs- high gas prices- high food prices, in conclusion I honestly will not even think of buying or renting until thing gose back to before 2019.
And go where? A lot of people could sell for more than their asking price, but then they have to see where they can go and if there's available space to move into.
We have lost trust in our capitalistic democracy because the middle class is being wiped out from the top 1% lobbying to change economic laws and now the social contract is unraveling. Young people are saying, What's the point? We can't afford our basic needs anymore. This is why demagogues like Trump seem so appealing, but he's the 1% too 😂. Eventually we'll all become poor and there will be no middle class. Taxing the top to death is unefficient, we need a restructuring of the laws to restore economic balance.
YES poverty rate is going UP AND UP AND UP. Nobody wants to pay a DECENT wage and big corp is out of touch with reality. When people stop working for these companies, MAYBE they'll pay a FAIR LIVING WAGE
If you want affordable housing then make it a state law that no corporation, hedge fund, wall street etc can purchase residential properties in any County or Municipality in Arizona. For those individuals who own several rental properties, you increase the tax they owe with each property they own. For example: Individual owns 1 rental property=5% property tax. Individual owns 20 rental properties=65% property tax. Stop using homes as investments is the message!
It's because of suburbia. As simple as that. There's only so many single-family homes that can be built until land runs and the city becomes too spread out.
@@katydid2877 "actually, arizona is not 'full' we can fit another 46 trillion humans in here if we grind them into a fine powder and store them in giant grain silos that will occupy every inch of the state."
None of the presidential candidates from either major party are worth electing if they don't discuss affordable housing and investors buying homes for the sake of turning it into an investment property.
Your grandfather has Parkinson's and you are trying to find him a place to live, SO BE THE DAMN FAMILY and take care of him and keep him with you. He raised your damn mother or father now return the favor.
Do your research. Texas has a lot higher property taxes. Its nearly as hot but with high humidity, flat and boring. Heck major cities like Austin and Dallas maybe higher in cost of homes as well good luck 😂
@@underground9260 Illinois is literally the definition of a failed state. The taxes are extremely high. People moved to Florida to escape state income tax but believe me they get in from you in so many other ways. Its like death by a thousand cuts. Punitive HOA and insurance bills coupled with sea level rise and more powerful storms are the last nails in the coffin.
@@CoolHand273 I do agree with you on that. I do live in downstate and luckily, our property taxes here are below the states average. In Chicago and the suburbs it’s pretty high there. Even with the higher property taxes here in Illinois, the state is still affordable since our housing is lower here in downstate
Curious to see if we see a mass exodus in the next 7-10 years depending how this water shortage plays out. I wouldn’t be surprised if housing developments have to slow substantially as they have to prove they can provide water for at least 100 years.
Rent control, limit Wall Street land lords and stop apartments from colluding with each other for prices, encourage furthering education and build more homes and apartments
All they want is more homeless people. An then turn around and act as if its the homeless persons fault. When they created the problem with there greed.
People have always been migrating since the dawn of time from lands to lands to countries and from state to state and that will be a never ending thing here on this earth which belongs neither to you or me to complain about people moving around. And it’s not just Californians because it’s silly to forget how many outsiders also migrated there to California and also no different that other people from other states have also migrated into Az. It’s a world of constant migration just look at how all living beings in nature also do it.
@@longiusaescius2537😂. Stop looking for scapegoats. This issues are going all over the world. Every major desirable city is dealing with this not only is the US but in Spain, Mexico, Panama, CR. Heck even Thailand is getting pricey do some research if you cate instead of regurgitating the same old BS 😂
It's affordable if you're very wealthy, or have 5 roommates
Who da heel wants to live in hell. kingdom of da spiders!
@@user-jc7jb3bu5shuh 😮
I think back to 1991. I was just 23 and making about 40K a year. My 2 bedroom with fireplace cost in Gilbert was $650 a month. I can't even see how we have a functioning economy anymore with this inflation.
This is not inflation, this is GREED by the investors who have turned real estate into a 'stock market'
Too many people now have zero disposable income to spend so the economy seizes up.
It's not just inflation. We've got corporations & landlords scooping up properties and flipping them as rentals, while simultaneously influencing the housing market prices. This is why people can't even find, let alone afford, a starter home.
@wbay3848 Back then I worked on a commercial fishing boat out of Dutch Harbor Alaska. Now there is a TV show dedicated to this good paying dangerous profession called Deadliest Catch. Nobody knew what I was talking about back then LOL
@tech-bore8839 Very true. I remember the bidding wars in 2000-2008. Phoenix was a hotbed for greedy investors and still is. Pop goes the bubble. We are overdue for a much needed correction. This feels a lot like 2006 and 2007 right now.
Rent is too damn high.
It is high in a lot of places but there still deals in maybe not the most desirable locations
Haha I remember that..
Yep, these greedy landlords are finally realizing that $1,800/month base rent for a “luxury” studio _may_ be a little too much 😅
This is happening in MANY states. Americans are suffering and politicians don't care. GREED.
If we ask politicians to be anything other then Capitalist. People start freaking out.
Isnt happening in my state, we vote blue.
@@boristheamerican2938 I live in a blue state and it is happening in our state.
@@mjblue84 lies
Dems destroyed commyfornia.. 8,000 a DAY leave, this drove up prices in well run states.. which are now bad states because of that state west of here.
Can’t afford food, can’t afford kids, can’t afford rent, can’t afford anything!!! This is hell!
This is the end of your blessings.
Wait until August.....then, you will literally be in hell.
Keep voting democrat and watch it get worse in every way.
The American Dream has turned into a nightmare....
“It’s called the American dream because you have to be asleep to believe it” -George Carlin
The dream is still there. You’re just not entitled to it. You have to earn it.
@@GeorgeSkinner-eq1jdit was always just for white people..but now it's only for some white people not all
@@GeorgeSkinner-eq1jd What a dipshit comment.
@@GeorgeSkinner-eq1jdhard to earn something that costs so much for no other reason than greed, good try though
Arizona hasn’t been affordable for a long time
az turns into ca
Before covid and fleeing California's it was awesome
@@aaaggg6303and people working from home can live anywhere 😮
Calizona.
We bought our home in 2017. I worked a sales job at Godaddy, and my wife worked at ASU...it was doable then with 2 incomes. It is not doable now with current home prices / rates. You have to be making 175k+ to afford a small home now.
6 months of 100+ degree temps, lack of water, and now extreme unaffordability should make Arizona a place for no one to live.
It's not stopping your liberal friends from CA
Only issue with your theory. Is all most major cities close by in CA, UT, ID. WA, OR, CO, TX, have same issues or worse. Heck even Vegas is popping. We are still lower in a lot of cases
😂 heat is in all the southern states and water is fine
Who the hell would want to live in Arizona just because of the constant heat alone???
@@Yasmine91646 well thats the thing is not constant heat all year. Im not a fan of heat however the extreme usually is 4months or less on average. What we get is 6-8 good to great weather months. What most that lived for a while is lower cost of living housing, property taxes some of the lowest states as well as low state taxes. However unlike Texas we dont get tornadoes, freezes, we are not flat and low humidity. We have beautiful Sedona/Flagg which 20-30lower in degrees during summer 2-3hrs away. What we do have is Vegas, Socal within 5hr drive and Mexico 2-3. Every statet has is pros and cons. But CO, TX, WA, OR, CA and other are higher costs and have weather issues as well. And believe it or not there are tom of people here that love the heat im not one though. Were are you from that is wonderful lol
It stopped being affordable when rent doubled in 2016
My rent didn't double until 2021... It was nice and steady for many years prior
Go back to restricting REIT's to only buying commercial real estate. Allowing these huge REIT's groups to buy residential the house was a big mistake. They are buying up all the residential housing they can...
@madbug1965 exactly
there are also individuals who want to abuse Airbnb to make more money than long term rentals to local tenants. I think this is changing but the damage has definitely been done.
Cities want higher property values and taxes. That's not who Hobbs should be listening to.
She wasn't here when all this started. Look to Doug Ducey for all of this. The most greedy governor I've seen here since the 1970' and 80's.
its affordable to all the rich people moving here
Arizona was nice and affordable when it was a red state.
@circesoul2218 exactly
@@circesoul2218 So you're saying the government makes it unaffordable? Hmmm...
@@peachmango5347exactly whats happened...how do you losers act like gov has no control over the economy...like its some big mystery
@@peachmango5347 In a way. NIMBYs and similar people try to restrict the development of new housing as much as possible to keep their property values high. Ironically though, they tend to vote red and its usually Republicans (and a good chunk of Democrats as well) who keep these policies enacted
Arizona, California, Florida, Texas (very soon,) New York and any liveable part of Nevada are unaffordable. You have to live in the middle of nowhere just to live 😂
Washington state is the same too
If they can do what’s done in Asia by building affordable high rise apartments
In NORTH DAKOTA ... a CORPORATION is NOT allowed to own a FARM or even a PHARMACY. Sounds like we need the same RULE for HOMES and APARTMENTS nationwide ... limiting ownership to a single person and limited ownership of multiple properties 🤔
But....Muh Capitalism.
Yep , this slumlord in my city owns 800 homes and he's always on the news for something keeping his tenants without heat during a winter storm etc etc etc .. they have to put a limit on properties and promote poor families buying a house instead of renting forever
@@jackdannyels5059 i don't mind who owns the homes. the law should be that landlords must pay at least 2.5 times as much in property taxes on the homes that they rent out to their tenants.
That is Constitutionally Lawful! What's happening in Californication is not! But is Legal Chicanery!
@@jeffs4483
RIGHT ... but if CAPITALISM cannot HELP to SOLVE THE PROBLEM - and - ONE IT MAY HAVE CREATED then GOVERNMENT will need to HELP. We cannot have PEOPLE LIVING ON THE STREETS because they CANNOT AFFORD a HOUSE! YES, if CAPITALISM can MAKE HOUSES AFFORDABLE ONCE AGAIN then let the MARKETS do their thing, for sure ... but CAPITALISM and the FREE MARKETS have FAILED in this matter as we can currently see.
It's not the governor's fault that the population has exploded in AZ. The legislature could ban corporations from owning rentals which would make it more affordable. But the phoenix area is out of water anyway.
Take a look how America is treating there children and seniors. That pretty much shows how horrible they treat people
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Having an investment advisor is the best way to go about the stock market right now. I was going solo, 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.
I'm surprised that you just mentioned and recommend Mr Brian Nelson. I met him at a conference in 2018 and we have been working together ever since.
Sounds interesting. I was planning to invest some few £ in some coins, stack them up and leave them for a few years, but seeing this changed my mindset. Thank you very much
get these hedge fund companies out of investing and buying up the homes.
It kills me how they try to explain it with graphs and such when the answer is much more simple. Greed.
Easy and quick answer is Greed
Too much of anything is fatal
In 2008, our home dropped from 400k to 175. I saw just now that is up to 450 again. That took a long time.
it still went up, which makes housing so valuable. Its the first time home buyers who are suffering.
@@christinahinojosa9104 point is, it is going to go down again. And then it will be affordable. Be ready when it does.
The real problem is business gouging Americans. Law should be enacted to this outrageous practice, instead of just making cheap housing for underpaid Americans. That sweeps the real problem under the rug and perpetuates corporate strategy squeezing Americans.
A lousy 550 SQ FT 1 BEDROOM APARTMENT IN Phoenix IS COSTING $1,600 WHAT DO YOU THINK? And with the 120 degree sumers your electric bill for that lousy small 1 bedroom is $200 plus water $100 internet $95 How about car insurance ???? I own a 2001 camry no accidents no Violations for the past 30 years and credit score of 810 Im paying $175 a month for a 23 year old car with over 200k miles !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
But the profits!!!!!!! Lets go!!!!
Stop whining.
@@GeorgeSkinner-eq1jdyou must be living with mommy and daddy
Move to the Slope
Nope @@user-rw2uh5bv3o . Been a homeowner for years. Never had a sense of entitlement so I earned my way out of renting into homeownership. You should try it instead of whining.
I'll be 40 in June. Still live at home. Been at my job almost 17 years now and making what I think is good money, but it's still not enough to own and maintain a house, at least not one that isn't in a ghetto area (which let's be honest is well over half of Phoenix and Maricopa county).
I highly doubt that. I am a saver, and If you have had a good paying job for 17 years with no mortgage and living at home with your parents you should have at the very least well over 200k saved. Thats just saving 20k a year which is absolutely doable with no mortgage or rent. Those savings with a good paying job should easily afford you a very nice condo or starter home. If you have been throwing your money away in cars and crap then thats on you.
@@DeezNuts-ik6xl I currently have about $115 to my name, and I have a title max loan. 👀
Facts. The American Dream is dead.
You got to be very incompetent in handling your money.
@@smujer1
Someone doesn't know the real world. Times have changed.
This is the case all over the country. Real Estate Investment Trusts and private equity buying up houses by the thousands. AirBnBs taking up a percentage of the housing stock as well. That's capitalism for you, though. There's so much money to be made renting out places that it's a good investment, and corporations are buying up everything: mobile home parks, apartment buildings, heck, they are even building single-family tract developments specifically to rent.
Trickle up economics.
It's not just REITS and Equity firms in the single family real estate market. Everyone thinks they need to be owning 3-4 rental properties which wasn't always the case. It's time for owner occupied communities.
@@azandy77That's exactly what's happening. People want to blame politicians and equity firms but it's greedy homeowners that have always driven housing bubbles. Everyone in Phoenix is a realtor, landlord, or flipper. People that were lucky enough to buy a home 10-15 years ago turned their homes into free money generators by leveraging historically low rates for investments. What did people think would happen when mortgage rates are 2.6% and the average rate of return in the S&P 500 is 12.6%?
@@JH-tk8gk you know the old saying "what goes around, comes around". All these greedy folks with the airbnb's are gonna try and jump ship when the economy makes it difficult for anyone to travel and use their rentals. They may have basked in it for a while but eventually it will catch up with them. The bubble will pop again and they will be left with no other option but to abandon those properties. It's all a game of patience.
Its all those damn Californians coming over
😂. Quit complaining that had happened all over the US. Its a free country and there are many people from different states that move here especilly from IL, WA, TX and many other mid west states
More likely poor infrastructure and inability to handle population. I grew up in the Northeast where it is the highest population density in America. I have never heard of anyone complaining about people moving in. You need to build better cities, roads and better public transportation that can handle population.
Left Gilbert in 2011, and haven't looked back. Texas offers more affordable housing and a better job market than anywhere in Arizona. Phoenix is now basically what L.A./San Fran has been, without the beaches and good weather.
This is nation wide… When companies like Starwood capital comes into Las Vegas or any city and buys 264 homes for 98 million in cash it reduces the supply and drives up the price.
Laws should be passed that corporations cannot buy single family homes, or build them with the intent to rent.
Rent control as well, and eliminating the antiquated pre qualifier of 3x the income to rent ratio.
So many options that politicians can do for the PEOPLE yet they don't because they are ALL bending the knee to corporate donors and special interests.
Thanks Californians and wall st
Sending good vibes your way 🔫
A good reason to leave. Why live in poverty in a scorching sand box?
Families lives friends careers
@@psilocybebae7106 Pathetic, snow-flake excuses. "Everything isn't exactly the way my dream is, it's everyone else's fault, and everyone else should be living the way I expect them to." Enjoy being stupid, Hitler.
Or you could move to CO and live in poverty in 2 feet of snow.
There’s a lot of abandoned cities in the Midwest and in the South that’s probably affordable. St. Louis, Birmingham Alabama, Memphis, etc……These cities have turned into ghost towns where people don’t want to live but could be a future option
@@ramencurry6672 There are tons of affordable places to live that are not ghost towns, but people always find things to complain about every single one anybody lists. They rather sit in Cali and wait for the government to pay their way. And St. Louis isn’t a ghost town. It’s just filled with crime and poverty and shitty schools. Some suburbs of St. Louis are really nice. They do need a ton of charter schools though, but they’re working on that.
Yep, My Brother has been living there for about 15 years now the incentives are disappearing fast as landlords want to charge more bc they can make more with more influx of people from CA. My Sister was living outside Phoenix recently but she Moved back to CA Bc she said it was the same bc the high bills and low wages.
My VERY first home was a trailer on a half acre lot right out of HS for cash i earned working as a teen.Sold it for the down payment to buy my next home in the Metrocenter area 39 and Cheryl Dr. At the age of 24 back in '86.
Metro was a great area back then.
You cant do that here anymore.
Unfortunately...nobody has lived here long enough/ recently moved here to watch it turn into a mess and realize they added to this problem incrementally, of course, with denial that " arent hurting anything.
Arizona is so beautiful. What a shame!
Advertising "Free this Free that", are causing people from all over the world to invade Phoenix AZ. Therefore, keep increasing the Rents, and Housing purchases. They can move on to other states.
😂😂😂 it's happening everywhere not just Arizona..
Too many people and too few homes. What could o wrong??
There is a "shortage" of homes because too many people moved to the state. Housing was fine until more people moved to Phoenix.
Rent isn't too high. Wages are too low.
When I sold my house in 2021, I was going to rent until I decided what to do. The apartment I had liked in 2019 went from $775 to $1200 in a couple years. What does that have to do with wages?
Yea buying a home in Arizona is defiantly hard especially when you don’t have a perfect family to help out sometimes it’s just two you yourself and mom or just yourself or siblings to go half’s and most don’t even want that
When you figure out the difference between to, too and two you might have a chance.
Sooooo much money for wood, chicken wire and stucco. Born and raised there, no way could I afford to move back. Northern Italy is much more affordable, and the food's better and I don't need a car to get me anywhere.
Tell us more! Sounds like a dream. Are you living and working out there or just living? Is this a retirement destination? If so, how's the medical care?
@macuff4149 how long had you been here?
😂😂. Every country has its issues. Mayne in your particular case its working out but Italians especilly young ones are moving out because of low wages high taxes, they dont even want to procreate anymore. Their literal ghost towns that cant give away their homes 😂
Black live matter really hurt America
I remember back in 2010 my rent was like $620 a month in the Gilbert/Mesa area. Then in 2023 a studio was $1,300 in the West Valley. It doubled.
The American dream started with people working for years, saving up money for years then buying a home. Home ownership is a honor. I agree the price is out of control but you don’t hand them out as people who don’t work hard to earn something will never respect it
Not true. Many of us work very hard and still can’t come close to home ownership. I work a full time and a part time at night. After my expenses, Id be lucky to even put away $100 into savings a month. I work and my girl works. 3 incomes and we barely make it by.
Housing is going crazy across the board. Even in the south east where I moved to from Az prices are going up and getting stupid.
Ha the new Arifornia.
Nope Phoenix area got most of the Californians
60K of them.
2019: Move your family here and enjoy!
2024: Dystopian Hellscape - The Entire Country.
Thanks Californians! You’ve done the same to us here in Austin. I’ve lived here 25 years and my rent is triple.
Thank joe Rogan...lol
Part of it is construction (controlled by cities/towns and zoning laws), part of it is the economic policies (federal level) over the past 40-50 years, and part of it is personal choices - most folks do not make fiscally prudent and responsible choices. It should be no surprise to anyone by now that we live in a time where assets (stocks/homes) keeps rising but not incomes so... where should you put your money then? Seems obvious to me. Short term sacrifices for long term gains is a concept most do not adhere by as much as no one wants to admit it.
this is all true but the problem is the average person does not have enough money to get by day by day let alone invest in the future. not everyone can be an AI machine learning engineer and if they were that job would pay minimum wage. The irony is the more rules go in place to help poor people the more expensive everything gets and the more people get left behind. Buying votes may win your election but that is about it.
Arizona stopped being affordable in 2017, and it has progressively gotten worse as the years have gone on. This news segment is LONG OVERDUE.
My transgendered dad moved to Arizona a few years ago and I'm homeless in California now.
I hope they find a cure 🙏🙏🙏
I could be wrong, but has corporations purchased all the homes and apartments?
You are correct. Rampant buying from Zillow and other corporations. Regular people didn't stand a chance.
I was born here and have lived here my whole life I'm moving to California or Nevada rents are the same as Bakersfield
I left Arizona back in 2022 and moved to Illinois. Cost of living here is a lot lower than it was in Arizona.
GL in Chiraq
@@longiusaescius2537 Illinois is a lot more than just Chicago! And I don’t even live near Chicago either!
@@underground9260 that's not what the millions of migrants in IL say
@@underground9260 There’s Chicago, then there’s Illinois. Not even the same thing. Middle of IL is beautiful, but those property taxes are harsh.
@@katydid2877 yeah, I could understand your point of view. If you live in Chicago or the suburbs then yes, property taxes are very high there. But where I live, I live a little over four hours away from Chicago. I paid $68,000 for my move-in ready home And my neighborhood is safe. My last property tax bill was a little over $700, which is a bit high, but it’s not outrageous. My mortgage, property, taxes and insurance all cost me under 600 a month which is pretty affordable. The county that I live in the property tax rate, here is actually lower than the states average. When I was living in Florence, my one bedroom apartment cost me $1400 a month. I actually make more money here and I’m doing quite well. I have things here that I could not afford when I lived in Arizona.
This problem is all over the world,not just here.
Not in Japan, but I'm general you are correct
Even Sun city with it's 55+ age limit has no cheap houses 300k up seniors usually live on SSI.
certainly higher then many other areas but these days there isn't much of anything ANYWHERE in the USA that is affordable and if you find something you think is affordable you probably wouldn't want to live in it.
Tell everyone that’s not from here to leave they are the reason why it’s unaffordable
I moved to Colorado from CA escaping high prices as well. Now the land on my mountain has been bought and being converted into housing at 5k each unit a month. Thinking of moving back to CA now..HA HA
Are you serious?
I bought my modest home in Chandler, a suburb of Phoenix, in 1995 for $69,000. I had a 30 year mortgage, which I paid off in 18 years. I am now retired, with an annual net income of around $63,000. I have no house payments and no car payments. I am having to help my oldest daughter, son in law, and 3 year old grandson living in an apartment in Mesa, another suburb of Phoenix.
I think we all know that several issues have caused this. Our landlord at first would raise it $25 to $50 per month. Then it was $100 per month. Then in 2017 they raised our rent $260. It's funny that they're HOA costed exactly that per month. Since then they raise it to pay they're taxes. We have to pay all the water, sewage and trash. We pretty much pay everything. We should own this place. We can't afford to buy a house or find a place to rent. The cost is too high. At the same time you have people from California selling there very expensive homes so they can retire better. Well how nice of you all to turn Arizona into California. Still no beach people. Now it's overcrowded, with way too any drivers on the road who drive like they're from somewhere else. I'm not blaming all Californian's. But, realitors and firm's from there took advantage of the reasonable prices to rent and own here. Realtors here have been in a boon for years now.
Tax breaks for 1 home that will depreciate, hedge funds get no bail out for whole communities they purchased for rent to manipulate existing housing communities inflated prices…..maybe all those old investors who convinced you to buy and flip houses so they can get out, can also help new real estate moguls to sell at a much more realistic price
My home is valued over a million dollars, cant wait to sell and go back to Yuma, AZ out in the desert😎
😭 I'm trying to leave but my job won't let me transfer
A government fix is the 2nd best way to resolve the issue - all the other ideas tied for #1. The market will address this issue if government will stop writing regulations and get out of the way. With a democrat governor this of course won't happen.
Why does the Phoenix area have to build such large and luxurious homes in their area that their locals cannot afford? And to make matters worse, they have the nerve to attach money hungry HOAs to these homes.
Greed, it all comes down to greed. Not only new homes, but vehicles, and used homes, including manufactured homes. Here in Flagstaff people are wanting to sell their 30 year old trailers/manufactured homes for $85K and above. Vehicles that are 20 years old for $10 to 15K. Greed!
Nowhere in America is affordable right now. Good job, US gov
Get over it! Not everyone gets a home. Get an apartment.. It is supply and demand.
Too many people in AZ, the US, and the world. It's not a god-given right to have children... you have to be able to AFFORD them!
I'm sure snowbirds are playing a big role in this. They buy houses up only to leave them vacant half the year. It removes housing from the market.
So AZ just got snowbirds in the last few years? Snowbirds have been in AZ for many, many decades. Snowbirds have condos or have homes or mobile homes in 55+ communities.
need to start by changing building codes. minimum sq footage has always baffled me. if 2 older people just want a small house for themselves they dont need 2000 sq ft of space
America Dream has died
I honestly, like lots and lots of Americans, will not be able to buy until those prices at least " at least will come down to 70% " those investors are very bad people, besides most of Californian they sold their house running away from the corrupt liberal State of California and came to Phoenix area and "jacked up the prices paying CASH 70-80% above the value" that is very bad. beside the interest rate is very high 7% that is ridiculous, AND the inflation- No jobs- high gas prices- high food prices, in conclusion I honestly will not even think of buying or renting until thing gose back to before 2019.
At this rate we going to have to move to North Dakota to be able to live in the United States
Can't wait to sell my $39,000 condo for $300,000 and get the hell out of here.
And go where? A lot of people could sell for more than their asking price, but then they have to see where they can go and if there's available space to move into.
The rich folks and THEIR CORRUPTION
We have lost trust in our capitalistic democracy because the middle class is being wiped out from the top 1% lobbying to change economic laws and now the social contract is unraveling. Young people are saying, What's the point? We can't afford our basic needs anymore. This is why demagogues like Trump seem so appealing, but he's the 1% too 😂. Eventually we'll all become poor and there will be no middle class. Taxing the top to death is unefficient, we need a restructuring of the laws to restore economic balance.
YES poverty rate is going UP AND UP AND UP. Nobody wants to pay a DECENT wage and big corp is out of touch with reality. When people stop working for these companies, MAYBE they'll pay a FAIR LIVING WAGE
If you want affordable housing then make it a state law that no corporation, hedge fund, wall street etc can purchase residential properties in any County or Municipality in Arizona. For those individuals who own several rental properties, you increase the tax they owe with each property they own. For example: Individual owns 1 rental property=5% property tax. Individual owns 20 rental properties=65% property tax. Stop using homes as investments is the message!
How much is rent in Arizona
Average 1200
I pay 1500 for a 1 bed in Tempe
It's because of suburbia. As simple as that.
There's only so many single-family homes that can be built until land runs and the city becomes too spread out.
Also because the feds gave a gigacorp a ton of houses here for free in 2008
@@longiusaescius2537 Really? I lived in Tempe in 2008. Who got free houses?
There’s more than one city in the PHX metro area and tons more land to build on. The east valley just keeps going on and on.
@@katydid2877 megacorps did
@@katydid2877 "actually, arizona is not 'full' we can fit another 46 trillion humans in here if we grind them into a fine powder and store them in giant grain silos that will occupy every inch of the state."
AZ AG is suing RealPage, Inc and 9 major residential apartment landlords for conspiring to illegally raise rents. Maybe something will come of that.
Rental is the new American dream
How much money does the state of Arizona spend on liability insurance with all the corruption?
None of the presidential candidates from either major party are worth electing if they don't discuss affordable housing and investors buying homes for the sake of turning it into an investment property.
Thank all the Californians who moved there and raised the prices.
Your grandfather has Parkinson's and you are trying to find him a place to live, SO BE THE DAMN FAMILY and take care of him and keep him with you. He raised your damn mother or father now return the favor.
We need more condos.. You can’t have country style living in the middle of Downtown. These NIMBYs are keeping prices high.
Wow I was gonna relocate to Arizona but now maybe Texas. 😭
Do your research. Texas has a lot higher property taxes. Its nearly as hot but with high humidity, flat and boring. Heck major cities like Austin and Dallas maybe higher in cost of homes as well good luck 😂
Just move to Illinois. Cost of living there is way more affordable.
@@underground9260people are fleeing Illinois for 10 years straight
@@underground9260 Illinois is literally the definition of a failed state. The taxes are extremely high. People moved to Florida to escape state income tax but believe me they get in from you in so many other ways. Its like death by a thousand cuts. Punitive HOA and insurance bills coupled with sea level rise and more powerful storms are the last nails in the coffin.
@@CoolHand273 I do agree with you on that. I do live in downstate and luckily, our property taxes here are below the states average. In Chicago and the suburbs it’s pretty high there. Even with the higher property taxes here in Illinois, the state is still affordable since our housing is lower here in downstate
Curious to see if we see a mass exodus in the next 7-10 years depending how this water shortage plays out. I wouldn’t be surprised if housing developments have to slow substantially as they have to prove they can provide water for at least 100 years.
SRP and APS are ridiculous in rates!
Work sixty hours a week, get roommates, invest in good index fund, get a good partner.if not you sunk
The Rent is too high!
Is this the new Dubai?!
Rent control, limit Wall Street land lords and stop apartments from colluding with each other for prices, encourage furthering education and build more homes and apartments
You have to be rich to afford anything nowadays
WOW you guys are 5 years too late, What a stupid question !!!!!
I hope they will start talking about the real problem - central banking and fiat currency.
All they want is more homeless people. An then turn around and act as if its the homeless persons fault. When they created the problem with there greed.
I’m not voting for any of these politicians.Thats all imma say! Keep your votes people
No reasons for it in the report, just regurgitating stats. Stop scrolling and go to college you kids, or learn a good trade. you'll be fine.
All thoes Californians doing what they do best
That map on 2:19 have one thing in common: Californians.
People have always been migrating since the dawn of time from lands to lands to countries and from state to state and that will be a never ending thing here on this earth which belongs neither to you or me to complain about people moving around. And it’s not just Californians because it’s silly to forget how many outsiders also migrated there to California and also no different that other people from other states have also migrated into Az. It’s a world of constant migration just look at how all living beings in nature also do it.
@robertvazquez2964 az was pretty empty for millennia, it's Californians and illegals
@@longiusaescius2537 It’s the year 2024 for any lands to be empty with people so if there’s still room and work then there’s a place for migrants
@robertvazquez2964 there's not infinite water in the desert 🤡
@@longiusaescius2537😂. Stop looking for scapegoats. This issues are going all over the world. Every major desirable city is dealing with this not only is the US but in Spain, Mexico, Panama, CR. Heck even Thailand is getting pricey do some research if you cate instead of regurgitating the same old BS 😂