I really dislike the term starter home. It is condescending and out of touch. For most Americans, a starter home may be the only home that they will ever own.
the definition also varies in a place with sprawl its a 3 bed sub 2k sqft. In a high density place it's a 1 or 2 bedroom Condo. And the latter costs more than the starter home here.
@@RobertJohnson-hp4gz it unfortunately doesn’t matter at this point who wins to handle inflation. Could even be a 3rd party- won’t matter. After the boomers took the US dollar off the value of gold, the dollar lost its ability to handle inflation because the value backing it isn’t as labor intensive to create.
@@RobertJohnson-hp4gz that horse left the barn around the end of the 80s. I used to believe there was a difference, but the last 40 yrs showed me they are but different wings of the same bird.
40 years to know the difference, not just some nut job on either side of the debate. You live long enough you start to see the full picture for what it is. (if you want to) Then that begins to beg the question what even is the American dream anymore.
@@datazndood I retired at 55 and moved to Costa Rica. Not as convenient and life is slow here, but not as much crime on a daily basis. Govt still corrupt, but everyone knows it and deals with it, they don't pretend its not.
@@eksbocks9438 There's more of us than them. We need a major protest all over the country. That will never happen because of the deep state police department.
@@lara-ce2kg the 80s home is on a much bigger lot and has no hoa so is not that comparable. Find a same size lot no hoa new home they are more expensive. New homes are cheap because the yard is the size of a suv.
@@joesmith3590 where I’m at the homes built in the 80s have lead pipes (cancerous), smaller electrical panels (expensive to upgrade), & are not structurally secure (will pancake from a quake, strength/durability does NOT equal flexibility). Some people don’t price these things in
@@joesmith3590 not really. Standards have gotten better. Like we don’t use lead pipes or copper anymore. Pex pipes are the new standard. They don't cause cancer or shorten your lifespan.
@@billlam7756 A brand new car does yes, which is also unaffordable for most people. 1 bedroom 1 bathroom is fine, however good luck finding one for an affordable price either in most areas. My house only cost $1, but its uninhabitable. I have to spend somewhere between $150k-$215k to make it livable. Nearly everything major with it has to be dismantled and rebuilt. So far I've renovated a half bathroom into a full bathroom, replaced the roof, repaired the structural issues in the garage/carport area, replaced 1 window, built temporary wooden steps, replaced 2 rooms flooring, repainted 2 rooms, had to demo an entire wall and rebuild from scratch, replaced the furnace, water heater, electrical panel, added 4 outlets, changed the locks on several doors, installed insulation in 2 crawl spaces, replaced several transition molding strips, replaced the kitchen faucet, etc... The House is 2 bedroom 2 bathroom, but only 1 bedroom and 1 bathroom are habitable so far. The rest of the house functions but is in extreme neglect and disrepair. The house is 1,400 sq ft. It'll take me at least 10-16 years to afford to complete all the repairs. I keep my property stored 100 miles away, while living out of the bedroom and bathroom exclusively.
Adjusted for inflation, that would be about a $107K home in 2000. Might be a bit low... $250K is closer to $135K in 2000. Probably closer to a started home price...
2008 commercial banks were giving away loans and everyone got a home. After the GFC, from Wall Street prospective, why should they risk lending out capital to bra1ndead Americans who bought homes they defaulted. Why not just buy the homes…
Same thing happening to auto industry, everybody rushed out with their covid stimulus free money and bid up cars. Well, now everyone is getting repo. Legacy car makers will not continue to make less profitable low margin vehicles so it will force ppl to hold onto their used cars longer meanwhile less and less affordable new cars will be available. We did this to ourselves ..nobody else is to blame
When people start crying about "greed" that's when I know they are economically illiterate. Did greed just magically show up in 2021 or was it failed policy?
@@WillieFungoAsk builders and those in construction how Trump’s tariffs significantly increased the cost of building materials, increasing the cost of new homes which was passed on to buyers. Once the cost of new homes in the burbs increased, it pushes up the cost of older homes in the city.
Years ago, I could afford a $200,000 now in most areas, 400,000 or more for homes, which is insane. Same thing with condos and apartments they are making it unaffordable on purpose
when i was young in the 50's and 60's they built basic houses. now everything is at least 4 bed 3 bath. the same with cars. they add a bunch of stuff you don't need so they can jack up the prices.
Consumerism brainwashed ppl to think they need media room, gargantuan kitchen among others. Being realistic about budget is what we all need. Mansions are for top 10%. There is nothing wrong with small house or apartment. All is wrong with unrealistic budget.
um i have a debate on this! i LOVE looking at those older homes cause they are massive! here in ohio we have homes from the 60s, many have atleast 5beds and massive covered porch. i wish i could buy and renovate one! so they didnt have all that fancy upgraded stuff but they were so big! now a master bedroom in a new home barely fits a bed comfortably. what the heck happened?
Even one or two bedroom houses are out of reach. It's reaching a senseless point where nothing is the affordable choice. Even just before the recession when I was growing up it was made clear that we couldn't afford a four bedroom and that some of us kids would be squished into a shared room. Each kid having their own room was a luxury, an out there dream, reserved only for families with only two children. At least that made some sense and we could go, oh well we'll make do. Now they want to charge you for making do. People with only two or less kids can't even afford the squeaking by houses.
Completely agree. It's just my husband & I, in our 30s with no kids. We really don't need anything bigger than a 2 bed 1 bath home. But I hardly see any of those around anymore. Just ugly, expensive tract homes & mcmansions.
Interest rate cut will not fix +40% value inflation with wages not adjusting to match. When most US citizens cannot afford to own a simple single family 1500 square foot home, you have 3rd world nation economics. Private equity firms buying out single family homes and not selling them to individuals just makes things worse.
The fact that in 2 yrs the price of the avg home on sale has gone up over 23% is INSANE! Property taxes and inflation is killing us but our govt doesn't want to address it and instead lie to us about it
Yep, if you go woke, you are gonna go broke. People DEMANDED money printing, forced closure of businesses, and heavy regulations. Now people are shocked that everything is expensive?
@@Joe-ti7qd real estate speculation has always been a thing in the market. Some speculators make money. Some go bankrupt. It’s all part of the market. Blaming speculators is lazy and disingenuous.
@@matt19wkthere is no red tape predatory investors bought up the supply creating an artificial shortage and then they release the homes back to the market as either overpriced rentals or houses starting at $500K.
My father bought his 3bdrm, 1.5 bath house for 60k in 2003. There was an identical but neglected house across the street, which sold about 2yrs ago for almost 200k. That house was barely worth the 60k, much less 200k.
it isn’t just houses nowadays, that are unaffordable. I am a blind woman, the only way I can afford an apartment to live by myself, is subsidize housing, I make $1000 a month on Social Security disability, that’s all the income I get, you can’t rent an apartment, and live, and get food, and pay electric, and water, and the other bills, on $1000 a month. It is impossible. Thank God I’m now in sub housing, it took me four years to get in where I’m at now.and I still have to pay my electric, and my water, buy food. Thank God I got in.
Solutions 1. Legalize building more townhouses, duplexes, fourplexes, and accessory's dwelling unit 2. Simply build a lot more homes 3. Build smaller homes, i swear homes these days are too big which makes it too expensive 4. End single family zoning, this contributes to expensive housing and suburban sprawl. 5. Legalize microstudio apartments and tiny homes. Some peoples home value are going to decrease as a result of this, but other will now be able to afford a home.
yea... but "americas economy is doing sooo good!!!"- a line only believed by those who dont realize all this inflation was placed so the govt would have more money to use elsewhere, not here at home.. we still let them vote, and now even let migrants vote who cant read the ballots!
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
I bought my house at 25 years old in 2021 and I have 3 bedroom 2 bath home on 16 acres wooded acres across the street from a lake in Minnesota and I live less then one hour from the twin cities. Our home was $380,000
My starter home (small, basic, new construction) in 2003, cost $113K in a Houston suburb. That was a "scary size" purchase as I was making barely $52K per year at that time. When new small homes start at $240K, and fixer-uppers cost about the same, it is very discouraging for prospective first-time buyers.
My starter home is most likely going to be my only home. For people like myself, single, high school only educated, picking's are going to be slim but with persistence can be done. I live in the Sacramento area. I wanted badly to buy home in Sacramento but everything was out of reach. I had to learn to stop looking for turn key homes and expand the area I would like to live. I ended up moving 30 min north and don't regret it at all because although I have a small home, it's mine, in decent shape and I can afford the payments. I would have easily paid around $80,000 more for the same type of home in Sacramento. It had small things that needed to be fixed but with a good agent you can get those small items fixed cheaply with a handyman. Even in California there is still affordable homes. You just have to be patient, persistent, willing to look outside your immediate area and stop looking for perfect homes. With a good inspector and warranty, you'll be on track to getting keys to your home. Homes in my area are still under $300,000 so I know it's possible to still find reasonable homes especially if I'm living in California. It took me almost 6 months to finally get an offer accepted. Stick in there!!!
Our first “starter” home in SFlo was a battle of multiple bidding wars between us and already established real estate landlords with deep pockets looking to scoop up as many reasonably priced houses for their AirBnB and rentals back in 2022. Back then most sellers were easily persuaded to cash only offers leaving us who rely on a moderately sized down payment and mortgage out in the cold. It was tough and very emotional to escape the rental hell hole as apartment rentals were going up by an extra $1000 on lease renewal back then. However we didn’t give up. What saved us was forking an extra couple Gs to persuade the owner that we were serious about the purchase from them. All in all it was a great decision, although it would have been nice if our dollar could stretch further.
I live in the Philippines and let me tell you, it is truly a relief living in a house that is just 5 minutes away walk from the market and convenience store.
The population didn't substantially grow in 5 years (2019-2024. So the demand surge didn't all come from intrinsic demand from owner occupants. It came from individuals buying property for investment purposes using cheap debt thanks to the Fed, where their existing assets were re-leveraged using the cheap debt (cheapest it's ever been in history). In some cases, as much as 24% of all homes sold in cities like Atlanta, were bought by investors. That type of unnatural demand, fuels price increase so much that it puts start family homes out of reach of average Americans.
The new starter home is living in your car. I did this for a period of time in college and it's not bad if you set your car up comfortable. I parked at walmart and took showers at the school gym but you can just get a gym membership. Most people just stare at their phone all day and you can do that easily and cheaply enough from your car. You will need to get your mail sent to someone's house though which is the main issue with this. I was close enough to my parents that it worked out.
Im gen Z, and It is out of reach... Im in the process of buying/building a house right now, and I would have not been able to done it with out help of the VA loan, because I do not have a 20% down. To all the other gen Z that does not the benefits like me, I feel the pain and struggle.
@raxjax8787 you can simply be like me. Change your thought patterns so you can become an engineer, that's what I did. Then move to a cheap city away from family and friends. Now my net worth is above $700k at age 32.
@jabbaweezy I don't understand gen z complaining. Go to school, doesn't matter if it takes you 7 years for an undergrad like me. Take out student loans every year. Never go on spring break vacation. Then when those big fat pay checks start rolling in, study money management. Do your own car maintenance. Take a sandwich to work. Don't drink coffee. Have a prepaid cell phone. Rent a very small space so you don't have room for items. Don't forget to go back to those churches that offered those free or dollar dinners and offer to pay the full cost of the meal for everyone in line.
Does anyone think the rate cuts are going to help? I mean it may be cheaper to borrow the money but it’s the home prices that are crazy and out of touch for most Americans 😢
@@rickhammond2473 I Think what he's trying to say is everyone wants to blame a president, but presidents have very little power. It's the people who vote for congress that have the power, but they are too uneducated to understand how they are being lied to and manipulated.
Raising interest rates won’t solve the 5 million housing inventory shortage. High-income individuals will still be able to purchase homes, while others may be further priced out of the market.
Home prices in the U.S. are a function of where you are, get out of high cost cities, and the pricing is very affordable to any working family or single person with the discipline to cut your spending and increase their savings for the down payment.
lol a starter home? A starter home is usually an older home that needs a few updates not a brand spanking new house that probably needs a lot of work because it wasn’t built right.
What's a starter home ? They don't build anything with that in mind. They build the same Ole 3 bedroom that cost nothing to build but charge life changing money
There is no shortage lol. There is a surplus of renting communities being built by large companies. THAT is the problem. You're MUCH better off buying a plot of land and building your own home, and it is cheaper.
brought my 1550 sq foot ranch home 3bd 2 bath for $190k. Lucky enough to put down 10% before the fed was jumping the rates. Now homes here that used to go for $130k are now going for $220k. Now interest rates are going down those homes for sure will hit $250 by next year.
"Lucky in Maryland" described how my wife and I feel about our house. It's classified as a "starter home" built in 1950, but its OUR home. ...esp when something explodes.
The houses they are showing are not what I consider starter homes a starter home is around a thousand square foot Where I live in Central Illinois a three-bedroom basement one or two stall garage for under $100,000.
Maybe make communities around 90k and never allow investors to purchase. House value can never go up, that will keep property taxes low and can only be sold for the price you purchased it
For single guy wanting to buy a home....even in a desert town in California in the middle of nowhere is out of reach for me especially when it's only me paying everything. Going to save up to move out of the USA to south east Asia
*Alot of people can't save because of low paying jobs, inflation and insane rental rates, i was once homeless got addicted to drug's. Thank God I was able to make $279k in forex bought my first house
What a great news you are really doing, my finance are really in mess right now and great tip will really go along way in shaping my life too im open for idea
I started pretty low investing in forex though with $2,300 thereabouts. The returns came massive. My son Joe is very happy now , telling me of new friends he's meeting in our Area . (Alvarez Harry Flectcher ) is a Blessing to my life
Wow 😲I know this Man mentioned here . Alvarez Harry is really good with and on his job. He's helped a couple of families and individuals' finances, I'm huge beneficiary of his platform too
After watching this, I drove over to the Mayberry Homes community here in Houston, just to check it out. It is just 7 minutes from my house. Lovely little community, and the surrounding area is seeing investment/improvement to breathe new life into it. I hope these homes serve those first-time buyers well!
We should just focus on making affordable 1000sq.ft. homes available at a price most families can afford. No reason we can't build these homes for $200k and mortgage them at 4% APR for monthly payment under $2,000 per month. My 1400sq ft. home was $225k new in 2016. Mortgage was $1800/month with 3.9% APR.
The other issue is remote work. Remote work allows people to work anywhere even going back to those dying small towns, rebuilding older homes in renovations and bringing back taxpayer dollars to rebuild local roads, bridges, and local economies. However CEOs want people back in major cities.. If you BAN corps and wall street from buying homes + make remote work an option for roles that can and do and will , the final piece of the formula is change state and local laws to allow cities to either build UP or build down. When you have those three things, you create an atmosphere for companies to start building homes NIMBYS need to get a life..and we need to start build new towns and districts. start building up smaller cities the larger connecting them. Japan is a good example where you can do well with expansion and introduce reliable rail transit to get people moving around.
Hate Habitat for Humanity. My wife and I saved up for our down payment. We fixed our credit. We made good choices and purchased our house. Habitat helps people who made bad choices.
@@matt19wk easier said then done but at the same time companies and most recently the government are getting greedy by jumping up the prices. Aiming for a raise this year but if I have no luck then it’s time to start hunting. 60K is no longer enough, 100K is the new median.
The rate cut will not bring back first time home buyers. Incomes have not kept up with housing cost. Fannie and Freddie applications are at all time lows as are personal savings. People can't afford to spend 60% of their incomes
The greatest threat Americans have ever faced (the fleecing of their homes, their prosperity, their safety and their future) is unfolding in plain sight and with deliberate, sinister intention.
The Colorado housing market has become increasingly unaffordable. Starter homes in the state now fetch a staggering $500,000 on average. Even our modest 4-bedroom, 1500-square-foot home cost us $680,000 - and we considered ourselves fortunate, as comparable properties in our neighborhood are now selling for over $700,000. The skyrocketing prices have made homeownership a significant financial challenge for many Colorado residents.
I was lucky when I got my current home, it was underpriced because it needed work. I have a friend very good friend who helped me fix up the house, he did it at cost. I bought the supplies and he helped me with the work.
My wife and I bought our first home a few years ago (insanely lucky timing), we could’ve done it sooner, but we’re very conservative with our finances. We’re also in the top 10-20% of incomes in the USA. We also left the west coast to do it. People in the middle, or below, are fighting a losing battle. It is bizarre in a country that is so wealthy and with so much land, that a median family income just can’t buy in the places where you can earn a median income.
I remember when my parents bought a 1600sqft house on the north side of Houston for $115k, and that was a high bid cause they already received an offer for their asking price ($105k) but we really wanted it. This was back in 2012. Before that house, back in ‘05 my parents bought a 2000sqft charming 1930s house on 5 acres with a pond for $250k in Magnolia. So we are super disillusioned by the housing prices right now, our max budget is $200k to not become house poor. I have a medical condition and the cost of my quality of life cuts into our housing budget. I don’t want to live in a densely packed highly flammable compound that will be blown over by the next Harvey, these new build houses are so much worse quality than the stuff from the 1950s. My husband and I are moving out of state to a small midwest city where we have friends so we can afford to live and start a family. People are saying we just need more 1000sqft houses but that doesn’t really work with today’s culture and climate. You can no longer keep 4 kids in a small house like that constantly cause it’s too hot to play outside and you would be sending them into the street anyway, theres no yard on these houses. Our ancestors raised a bunch of kids in small spaces because those kids spent most of their hours outside, you cannot safely do that now. Human trafficking, road accidents, lack of third spaces and walkability, etc.
It took subsidies to get the price down to $150 a foot but I’ve built those same homes with a lot for $100 a foot. The subsidies are the profit margin and the only reason why they are building these. As a builder, it is a little difficult to justify a smaller margin than a higher end home with a larger margin. Also here in Houston, people want to move back to the city and that’s driving up costs considerably. Those older homes on large lots are going for a premium now.
If America incentivized marriage, you'd see there is no housing crises... The declining marriage rate is the cause for low home inventory. Both the women in the video are unmarried with low household income. THEY NEED HUSBANDS...
A starter home is a 2 bedroom, 1 bath, no garage house with no frills. Most people trying to buy starter homes are actually trying to buy a luxury home.
Exactly. But try tell that to people making 65k with 2 car payments… 8k in credit card debt… complaining “how unfair America is.” Because they can’t afford a house…. “That is their right to own.”
and that costs $350k where i live so most people aren’t looking for frills. they just want somewhere that isn’t moldy & cost another $150k to fix up be actually livable
They have pretty affordable homes (for our area) due to be built in our development but they build has been delayed for over a year now. They are supposed to start building soon. We shall see. Will be a mix of detached homes, retirement semi-detached villas, and townhouses.
As long as population keeps going up prices will rise, population of USA in 1990 was 250 million now it is 333 mill , that is 83 million more people in 34 years. We have to build a huge amount of apartments in the urban-suburban interface to get everyone housed. Things like rent controls and subsidized housing do not work. Just wait 25 years, these prices will seem dirt cheap.
I'm building a new home in the DFW metro. 3/2/2, right over 2K sq. ft. and right under $500K. It's going to be nicely finished out but by no means a custom build. Same house in far North Dallas is 1.1million. So, my house is a bargain of sorts. I am very blessed because most people will never be able to attain this although it has taken me a lifetime to get here.
Buying a home in America on a mortgage is basically a roulette game. Especially the 30 years mortgage. Something will always happen in 30 years that will threaten you losing it.
In Ca. since the 2005 almost every new build and starter home was purchased by Wall Street and investors. These were all cash offers, they drove up the price. People who also thought their home was a piggy bank of endless cash also drove up the price.
Not “in CA” cut the bull sht!! Move to Victorville! Houses even today cost $280,000!! What the hell do you want? Houses in the Bay Area or LA or San Diego to “cost” $200k? When those areas are as expensive as Tokyo, Paris or Shanghai too?
@@peraltaisrael2598 This is the IE in So. Cal. below LA, inland of Orange County and above Sand Diego, so basically where I live So in the IE a new house cost about cheap end 450K with 2% tax plus HOA of 80 to 250. We are considered the affordable area for commuters. Victorville has a longer commute and on Friday Forget About It. .
@@Moondoggy1941 then move!! This is a free country!!! You still want to live all the way there to “afford a house” and drive 2 hours back and forth into LA? That’s your choice!! Not “the country’s fault!”…. I live in LA too! I had the choice and i chose a condo close to my jobs! Nobody forces anyone to anything! Enough BS!
I love that these homes can only be afforded by certain groups of people. You really don't want to move next door to low income families... they bring trouble.
Allowing millions of people in drives up housing prices. Basic supply and demand. For most, apartment or condo living is their future. With SFH way out of reach. Townhomes can be ok for some families, but depends on layout and neighborhood.
@@bigvaxmeanie925 As long as they are rented to someone the owner does not matter. Bottom line is that we need many more apartment buildings completed in USA.
The biggest problem in some states like Texas are the brutally high property tax rates. I’m talking like 15k yearly and some neighborhoods even have muds or pids added on top of that making it taxes 25k yearly. And then there’s the audacity of schools wanting to add piggyback school bonds on top of the ISD taxes they already receive to build highschool football stadiums better than the cowboys stadium😮
Back in the day and I mean way back my parents bought a nice house on long island 3 bedrooms 1 full bath which 5 people used half bath downstairs. Nice big backyard. Basement. In the 50s this cost about 13 thousand. My parents added on to the kitchen and living room. In 2012 sold as is for about 300 thousand. I bought a coop in forest hills 1bedroom in 2012 cash 239 thousand. Times have changed. They always do. Today in 2024 I bought a 2br 2ba condo in Dunedin Florida furnished beautiful cash for 258 thousand. Hoa includes cable 😊
i hope it's not over 30 years old and over 3 stories. and has all the building reserves paid up. if not you might be in for a big shock. hope none of these for your sake.
i got so sick of paying 50 percent of my income on an apartment that i moved to the Chicago South side...i now pay 25 percent ...i love it! (not a joke)
Homes, home insurance, cars, cars insurance, groceries, and literally everything is expensive. So everything is expensive for consumers yet the people working are not being paid enough. Where is that money going?
I do not understand building in certain areas. Shouldn’t we build where people can actually live and want to live. Building homes in Houston does not fix the shortage for homes in Baltimore. I hope I’m making sense, you can not just build homes everywhere when people only need homes in certain areas.
I remember hearing the term starter home a few years ago. Maybe I was 21. I looked at my coworker who was a Boomer in utter confusion. There is no starter home. You either have the house or you dont. If I have the money to buy a home it will be the first and last house I ever buy. I certainly wont have the funds to do anything else. Also they act like families are the only ones looking for a home. Im single. I need a home. I dont have another income to support that. I need a affordable home. Aka one that dosent cause me to go into debt. Going into debt means a product is unaffordable. Its amazing how society just seemed to forget that. This country is a failure. Like most to be fair.
I really dislike the term starter home. It is condescending and out of touch. For most Americans, a starter home may be the only home that they will ever own.
the definition also varies in a place with sprawl its a 3 bed sub 2k sqft. In a high density place it's a 1 or 2 bedroom Condo. And the latter costs more than the starter home here.
I agree with this statement. I want to downsize to a “starter home”, less square footage for me to carry the utilities and taxes.
I get what you mean. It perpetuates the idea that houses are going to be frequently changed like cars.
This is the problem arguing over what things should be called, rather than offer solutions.
@@info781 oh stop.
The term “starter home” is now completely outdated. Nobody buying their first house these days with the thought of buying another
Sad part is, I doubt voting Republican this year will change anything.
@@RobertJohnson-hp4gz it unfortunately doesn’t matter at this point who wins to handle inflation. Could even be a 3rd party- won’t matter. After the boomers took the US dollar off the value of gold, the dollar lost its ability to handle inflation because the value backing it isn’t as labor intensive to create.
@@RobertJohnson-hp4gz that horse left the barn around the end of the 80s. I used to believe there was a difference, but the last 40 yrs showed me they are but different wings of the same bird.
40 years to know the difference, not just some nut job on either side of the debate. You live long enough you start to see the full picture for what it is. (if you want to) Then that begins to beg the question what even is the American dream anymore.
@@datazndood I retired at 55 and moved to Costa Rica. Not as convenient and life is slow here, but not as much crime on a daily basis. Govt still corrupt, but everyone knows it and deals with it, they don't pretend its not.
They raised everything except the paycheck. This country loves to keep people poor.
It's all been engineered this way.
Because when people struggle: The oligarchs enjoy it.
@@eksbocks9438 There's more of us than them. We need a major protest all over the country. That will never happen because of the deep state police department.
34cents rasise
no....not this country....biden does
Poor people have to sell their labor cheap to the oligarchs who take most of the profit.
When a house built in 1980 sells for the same as a brand new house. You can't tell me that is acceptable
@@lara-ce2kg the 80s home is on a much bigger lot and has no hoa so is not that comparable. Find a same size lot no hoa new home they are more expensive. New homes are cheap because the yard is the size of a suv.
@@joesmith3590 where I’m at the homes built in the 80s have lead pipes (cancerous), smaller electrical panels (expensive to upgrade), & are not structurally secure (will pancake from a quake, strength/durability does NOT equal flexibility). Some people don’t price these things in
@@kevinmanan1304 it has been there since the 80s it is fine. You are coping badly lol.
@@joesmith3590 not really. Standards have gotten better. Like we don’t use lead pipes or copper anymore. Pex pipes are the new standard. They don't cause cancer or shorten your lifespan.
@@joesmith3590 Homes in the 80s are only held to foundation by gravity they didn’t know mag9 quakes occur here til 1990s.
A starter home should not cost over 200k
It should be $50k-$150k maximum.
We need more supply not trying fix prices. People demand bigger houses with more features than in the past. Should a new car not cost more than 20k?
@@user-gz4ve8mw9l sound like a 1 bed room 1 bath starter home??? an average car these days cost what, 30-50k? lol
@@billlam7756 A brand new car does yes, which is also unaffordable for most people. 1 bedroom 1 bathroom is fine, however good luck finding one for an affordable price either in most areas.
My house only cost $1, but its uninhabitable. I have to spend somewhere between $150k-$215k to make it livable. Nearly everything major with it has to be dismantled and rebuilt. So far I've renovated a half bathroom into a full bathroom, replaced the roof, repaired the structural issues in the garage/carport area, replaced 1 window, built temporary wooden steps, replaced 2 rooms flooring, repainted 2 rooms, had to demo an entire wall and rebuild from scratch, replaced the furnace, water heater, electrical panel, added 4 outlets, changed the locks on several doors, installed insulation in 2 crawl spaces, replaced several transition molding strips, replaced the kitchen faucet, etc...
The House is 2 bedroom 2 bathroom, but only 1 bedroom and 1 bathroom are habitable so far. The rest of the house functions but is in extreme neglect and disrepair. The house is 1,400 sq ft. It'll take me at least 10-16 years to afford to complete all the repairs. I keep my property stored 100 miles away, while living out of the bedroom and bathroom exclusively.
Adjusted for inflation, that would be about a $107K home in 2000.
Might be a bit low...
$250K is closer to $135K in 2000. Probably closer to a started home price...
Probably much more effective to limit wall street's buying homes
Agreed. House prices increased by 50% in just 3-4 years since Covid. Who else could afford them?
The number of homes being bought by corporations has increased. There should be a law forbidding corporate from buying homes.
@@hocutmeo3318I agree completely.
2008 commercial banks were giving away loans and everyone got a home. After the GFC, from Wall Street prospective, why should they risk lending out capital to bra1ndead Americans who bought homes they defaulted. Why not just buy the homes…
Same thing happening to auto industry, everybody rushed out with their covid stimulus free money and bid up cars. Well, now everyone is getting repo. Legacy car makers will not continue to make less profitable low margin vehicles so it will force ppl to hold onto their used cars longer meanwhile less and less affordable new cars will be available.
We did this to ourselves ..nobody else is to blame
As soon as they go up,Blackrock buys them and raises the price
Not to mention that they are reacting to BRICS
This news is 7 years too late
Haha, more like since 2008 late.
"Starter homes?" Most people will be lucky to ever buy a house at all in their entire lives.
Black rock , Vanguard and all these other private equity firms laughing at this.
As greed destroys capitalism and America people ignore it.
When people start crying about "greed" that's when I know they are economically illiterate. Did greed just magically show up in 2021 or was it failed policy?
@@WillieFungo failed policies, since Reagan
@@WillieFungoAsk builders and those in construction how Trump’s tariffs significantly increased the cost of building materials, increasing the cost of new homes which was passed on to buyers. Once the cost of new homes in the burbs increased, it pushes up the cost of older homes in the city.
What happens if a fire is ignored?
Capitalism breeds greed
Years ago, I could afford a $200,000 now in most areas, 400,000 or more for homes, which is insane. Same thing with condos and apartments they are making it unaffordable on purpose
Home ownership is not the same in America.
"They"?
@@williamwilson6499 Wall Street private investors shall I continue??
when i was young in the 50's and 60's they built basic houses. now everything is at least 4 bed 3 bath. the same with cars. they add a bunch of stuff you don't need so they can jack up the prices.
Consumerism brainwashed ppl to think they need media room, gargantuan kitchen among others. Being realistic about budget is what we all need. Mansions are for top 10%. There is nothing wrong with small house or apartment. All is wrong with unrealistic budget.
um i have a debate on this! i LOVE looking at those older homes cause they are massive! here in ohio we have homes from the 60s, many have atleast 5beds and massive covered porch. i wish i could buy and renovate one! so they didnt have all that fancy upgraded stuff but they were so big! now a master bedroom in a new home barely fits a bed comfortably. what the heck happened?
Even one or two bedroom houses are out of reach. It's reaching a senseless point where nothing is the affordable choice. Even just before the recession when I was growing up it was made clear that we couldn't afford a four bedroom and that some of us kids would be squished into a shared room. Each kid having their own room was a luxury, an out there dream, reserved only for families with only two children. At least that made some sense and we could go, oh well we'll make do. Now they want to charge you for making do. People with only two or less kids can't even afford the squeaking by houses.
The small homes back then have all been torn down only the mansions were kept.
Completely agree. It's just my husband & I, in our 30s with no kids. We really don't need anything bigger than a 2 bed 1 bath home. But I hardly see any of those around anymore. Just ugly, expensive tract homes & mcmansions.
Starter home? Get with the times. Just owning a home is a lifetime achievement
Interest rate cut will not fix +40% value inflation with wages not adjusting to match. When most US citizens cannot afford to own a simple single family 1500 square foot home, you have 3rd world nation economics.
Private equity firms buying out single family homes and not selling them to individuals just makes things worse.
Hardly. Most people who do not live in the country live in apartments in poorer countries. 1500 sq feet is massive.
You forgot to mention that this is Harris fault,
All the spending of money
The fact that in 2 yrs the price of the avg home on sale has gone up over 23% is INSANE! Property taxes and inflation is killing us but our govt doesn't want to address it and instead lie to us about it
Supply and demand. Roll back all the bs red tape and other requirements that delay construction and raise costs.
Yep, if you go woke, you are gonna go broke. People DEMANDED money printing, forced closure of businesses, and heavy regulations. Now people are shocked that everything is expensive?
@@matt19wk 23% in two years is NOT supply and demand. Thats SPECULATION!
@@Joe-ti7qd real estate speculation has always been a thing in the market. Some speculators make money. Some go bankrupt. It’s all part of the market. Blaming speculators is lazy and disingenuous.
@@matt19wkthere is no red tape predatory investors bought up the supply creating an artificial shortage and then they release the homes back to the market as either overpriced rentals or houses starting at $500K.
My father bought his 3bdrm, 1.5 bath house for 60k in 2003. There was an identical but neglected house across the street, which sold about 2yrs ago for almost 200k. That house was barely worth the 60k, much less 200k.
This makes Me sick. Young people and families can't get ahead and this is a shame
it isn’t just houses nowadays, that are unaffordable. I am a blind woman, the only way I can afford an apartment to live by myself, is subsidize housing, I make $1000 a month on Social Security disability, that’s all the income I get, you can’t rent an apartment, and live, and get food, and pay electric, and water, and the other bills, on $1000 a month. It is impossible. Thank God I’m now in sub housing, it took me four years to get in where I’m at now.and I still have to pay my electric, and my water, buy food. Thank God I got in.
Solutions
1. Legalize building more townhouses, duplexes, fourplexes, and accessory's dwelling unit
2. Simply build a lot more homes
3. Build smaller homes, i swear homes these days are too big which makes it too expensive
4. End single family zoning, this contributes to expensive housing and suburban sprawl.
5. Legalize microstudio apartments and tiny homes.
Some peoples home value are going to decrease as a result of this, but other will now be able to afford a home.
Yeah we're living in a dystopian nightmare.
Last four years brought much change
In 2020 Trump tried to ignore covid by playing it down. Seems like MAGAs have amnesia about it.
yea... but "americas economy is doing sooo good!!!"- a line only believed by those who dont realize all this inflation was placed so the govt would have more money to use elsewhere, not here at home.. we still let them vote, and now even let migrants vote who cant read the ballots!
You think you fell out of a coconut tree ??? 😂
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
How can I reach this person?
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
I checked Aileen up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.
I bought my house at 25 years old in 2021 and I have 3 bedroom 2 bath home on 16 acres wooded acres across the street from a lake in Minnesota and I live less then one hour from the twin cities. Our home was $380,000
My starter home (small, basic, new construction) in 2003, cost $113K in a Houston suburb. That was a "scary size" purchase as I was making barely $52K per year at that time. When new small homes start at $240K, and fixer-uppers cost about the same, it is very discouraging for prospective first-time buyers.
Ya think? It's been ridiculous. Maybe do a segment on groceries prices and energy costs.
My starter home is most likely going to be my only home. For people like myself, single, high school only educated, picking's are going to be slim but with persistence can be done. I live in the Sacramento area. I wanted badly to buy home in Sacramento but everything was out of reach. I had to learn to stop looking for turn key homes and expand the area I would like to live. I ended up moving 30 min north and don't regret it at all because although I have a small home, it's mine, in decent shape and I can afford the payments. I would have easily paid around $80,000 more for the same type of home in Sacramento. It had small things that needed to be fixed but with a good agent you can get those small items fixed cheaply with a handyman. Even in California there is still affordable homes. You just have to be patient, persistent, willing to look outside your immediate area and stop looking for perfect homes. With a good inspector and warranty, you'll be on track to getting keys to your home. Homes in my area are still under $300,000 so I know it's possible to still find reasonable homes especially if I'm living in California. It took me almost 6 months to finally get an offer accepted. Stick in there!!!
Our first “starter” home in SFlo was a battle of multiple bidding wars between us and already established real estate landlords with deep pockets looking to scoop up as many reasonably priced houses for their AirBnB and rentals back in 2022. Back then most sellers were easily persuaded to cash only offers leaving us who rely on a moderately sized down payment and mortgage out in the cold. It was tough and very emotional to escape the rental hell hole as apartment rentals were going up by an extra $1000 on lease renewal back then.
However we didn’t give up. What saved us was forking an extra couple Gs to persuade the owner that we were serious about the purchase from them. All in all it was a great decision, although it would have been nice if our dollar could stretch further.
3 bedroom 1600 ft. for $250k. Damn if that was out here in Tacoma, I'd be in a new house already.
I live in the Philippines and let me tell you, it is truly a relief living in a house that is just 5 minutes away walk from the market and convenience store.
They used to also build “starter homes” with less square feet than quoted, but builders aren’t doing it.
because the overhead cost is the same, why build smaller?
Cheaper land, smaller lots. But, even the new non-starter homes nowadays sit on tiny split lots where you’re looking into your neighbors house.
The population didn't substantially grow in 5 years (2019-2024. So the demand surge didn't all come from intrinsic demand from owner occupants. It came from individuals buying property for investment purposes using cheap debt thanks to the Fed, where their existing assets were re-leveraged using the cheap debt (cheapest it's ever been in history). In some cases, as much as 24% of all homes sold in cities like Atlanta, were bought by investors. That type of unnatural demand, fuels price increase so much that it puts start family homes out of reach of average Americans.
The new starter home is living in your car. I did this for a period of time in college and it's not bad if you set your car up comfortable. I parked at walmart and took showers at the school gym but you can just get a gym membership. Most people just stare at their phone all day and you can do that easily and cheaply enough from your car. You will need to get your mail sent to someone's house though which is the main issue with this. I was close enough to my parents that it worked out.
Im gen Z, and It is out of reach... Im in the process of buying/building a house right now, and I would have not been able to done it with out help of the VA loan, because I do not have a 20% down. To all the other gen Z that does not the benefits like me, I feel the pain and struggle.
Bla bla bla. I built my first house at 29 in 2021 with a 20% down payment.
@@thedude5040 congratulations… you want a cookie? You wanna sit on Santa lap for being a good boy?
@raxjax8787 you can simply be like me. Change your thought patterns so you can become an engineer, that's what I did. Then move to a cheap city away from family and friends. Now my net worth is above $700k at age 32.
Just be an engineer bro. Buy a house at 2.5% interest. Time travel man.
@jabbaweezy I don't understand gen z complaining. Go to school, doesn't matter if it takes you 7 years for an undergrad like me. Take out student loans every year. Never go on spring break vacation. Then when those big fat pay checks start rolling in, study money management. Do your own car maintenance. Take a sandwich to work. Don't drink coffee. Have a prepaid cell phone. Rent a very small space so you don't have room for items. Don't forget to go back to those churches that offered those free or dollar dinners and offer to pay the full cost of the meal for everyone in line.
Does anyone think the rate cuts are going to help? I mean it may be cheaper to borrow the money but it’s the home prices that are crazy and out of touch for most Americans 😢
This country is cooked! Let’s be honest! The next 10 to 15 years is going to be crazy
and its not because of the leaders its because of the people
@@amadeus6312naw its the leaders being bought out by bankers & corporate execs
@@amadeus6312 You must be young because you have no idea what you are talking about.
@@rickhammond2473 I Think what he's trying to say is everyone wants to blame a president, but presidents have very little power. It's the people who vote for congress that have the power, but they are too uneducated to understand how they are being lied to and manipulated.
Yup it's gonna be very bad unless the issues get addressed!
They still don't want to increase interest rates to control inflation.
Because they can’t without popping the bubble that’s been inflated, as it would cause massive losses for the banks, who the Fed ultimately works for.
Raising interest rates won’t solve the 5 million housing inventory shortage. High-income individuals will still be able to purchase homes, while others may be further priced out of the market.
In Hawai'i, it's 800 K to 1.5 Million.
How much is the monthly mortgage?
Home prices in the U.S. are a function of where you are, get out of high cost cities, and the pricing is very affordable to any working family or single person with the discipline to cut your spending and increase their savings for the down payment.
people did that and the real estate vultures went to these cheaper areas creating the same havoc that were seeing in the coastal cities
The higher paying jobs are in the city though.
Not many high paying jobs in rural towns.
lol a starter home? A starter home is usually an older home that needs a few updates not a brand spanking new house that probably needs a lot of work because it wasn’t built right.
What's a starter home ? They don't build anything with that in mind. They build the same Ole 3 bedroom that cost nothing to build but charge life changing money
There is no shortage lol. There is a surplus of renting communities being built by large companies. THAT is the problem. You're MUCH better off buying a plot of land and building your own home, and it is cheaper.
Blackrock is the problem
brought my 1550 sq foot ranch home 3bd 2 bath for $190k. Lucky enough to put down 10% before the fed was jumping the rates. Now homes here that used to go for $130k are now going for $220k. Now interest rates are going down those homes for sure will hit $250 by next year.
Houses that look identical looks like public Housing idc what anyone says.
Investment companies are snatching up properties and renting them out. That’s the problem. End corporate greed.
"Lucky in Maryland" described how my wife and I feel about our house. It's classified as a "starter home" built in 1950, but its OUR home.
...esp when something explodes.
The houses they are showing are not what I consider starter homes a starter home is around a thousand square foot
Where I live in Central Illinois a three-bedroom basement one or two stall garage for under $100,000.
Thank u for trying to look out for American citizens
Maybe make communities around 90k and never allow investors to purchase. House value can never go up, that will keep property taxes low and can only be sold for the price you purchased it
For single guy wanting to buy a home....even in a desert town in California in the middle of nowhere is out of reach for me especially when it's only me paying everything.
Going to save up to move out of the USA to south east Asia
Real estate investment trusts and foreign wealth funds keep prices elevated and will not let the market correct naturally.
what's needed are changes in zoning laws, innovations in construction and more multi-family homes. A lot more building is the way to fix this issue.
*Alot of people can't save because of low paying jobs, inflation and insane rental rates, i was once homeless got addicted to drug's. Thank God I was able to make $279k in forex bought my first house
What a great news you are really doing, my finance are really in mess right now and great tip will really go along way in shaping my life too im open for idea
I started pretty low investing in forex though with $2,300 thereabouts. The returns came massive. My son Joe is very happy now , telling me of new friends he's meeting in our Area . (Alvarez Harry Flectcher ) is a Blessing to my life
Wow 😲I know this Man mentioned here . Alvarez Harry is really good with and on his job. He's helped a couple of families and individuals' finances, I'm huge beneficiary of his platform too
Talking of been successful I think I'm blessed if not I wouldn't have met someone who is as spectacular Mr Alvarez
Having a perfect manager like Mr Alvarez has save me alot it's high time I do what's is right and recommend him to vervonel
After watching this, I drove over to the Mayberry Homes community here in Houston, just to check it out. It is just 7 minutes from my house. Lovely little community, and the surrounding area is seeing investment/improvement to breathe new life into it. I hope these homes serve those first-time buyers well!
We should just focus on making affordable 1000sq.ft. homes available at a price most families can afford. No reason we can't build these homes for $200k and mortgage them at 4% APR for monthly payment under $2,000 per month. My 1400sq ft. home was $225k new in 2016. Mortgage was $1800/month with 3.9% APR.
People fight high density. Most houses should be town homes or row houses.
Can you also get rid of HOA.
I narrowly got myself a 2020 car. I know it will be a long shot for a house, but I will make that attempt.
The other issue is remote work. Remote work allows people to work anywhere even going back to those dying small towns, rebuilding older homes in renovations and bringing back taxpayer dollars to rebuild local roads, bridges, and local economies. However CEOs want people back in major cities..
If you BAN corps and wall street from buying homes + make remote work an option for roles that can and do and will , the final piece of the formula is change state and local laws to allow cities to either build UP or build down. When you have those three things, you create an atmosphere for companies to start building homes
NIMBYS need to get a life..and we need to start build new towns and districts. start building up smaller cities the larger connecting them. Japan is a good example where you can do well with expansion and introduce reliable rail transit to get people moving around.
Hate Habitat for Humanity. My wife and I saved up for our down payment. We fixed our credit. We made good choices and purchased our house. Habitat helps people who made bad choices.
You guys, in Canada we wish we could purchase a home for such prices in the USA. We have it way worse in Canada. Be grateful for what you have
Drop it to 200,000 and I could afford it
👍🏽 Drop it to 200k with Low to No DP or Down Payment Assistance, Closing Costs paid by Seller, No Credit Check and I could afford it 😂😂
Earn more.
I got 1 for 99,000 in 2003 in the country …This is insane , in the city the cost Was $130,000
@@iketiffany7123 I was in 2nd at that time lol 😂 I wish houses were that cheap
@@matt19wk easier said then done but at the same time companies and most recently the government are getting greedy by jumping up the prices.
Aiming for a raise this year but if I have no luck then it’s time to start hunting.
60K is no longer enough, 100K is the new median.
The rate cut will not bring back first time home buyers. Incomes have not kept up with housing cost. Fannie and Freddie applications are at all time lows as are personal savings. People can't afford to spend 60% of their incomes
Soon it will be cheaper to use dollar bills than to buy a roll of toilet paper.
The greatest threat Americans have ever faced (the fleecing of their homes, their prosperity, their safety and their future) is unfolding in plain sight and with deliberate, sinister intention.
The Colorado housing market has become increasingly unaffordable. Starter homes in the state now fetch a staggering $500,000 on average. Even our modest 4-bedroom, 1500-square-foot home cost us $680,000 - and we considered ourselves fortunate, as comparable properties in our neighborhood are now selling for over $700,000. The skyrocketing prices have made homeownership a significant financial challenge for many Colorado residents.
I was lucky when I got my current home, it was underpriced because it needed work. I have a friend very good friend who helped me fix up the house, he did it at cost. I bought the supplies and he helped me with the work.
My wife and I bought our first home a few years ago (insanely lucky timing), we could’ve done it sooner, but we’re very conservative with our finances. We’re also in the top 10-20% of incomes in the USA. We also left the west coast to do it.
People in the middle, or below, are fighting a losing battle.
It is bizarre in a country that is so wealthy and with so much land, that a median family income just can’t buy in the places where you can earn a median income.
I remember when my parents bought a 1600sqft house on the north side of Houston for $115k, and that was a high bid cause they already received an offer for their asking price ($105k) but we really wanted it. This was back in 2012. Before that house, back in ‘05 my parents bought a 2000sqft charming 1930s house on 5 acres with a pond for $250k in Magnolia. So we are super disillusioned by the housing prices right now, our max budget is $200k to not become house poor. I have a medical condition and the cost of my quality of life cuts into our housing budget.
I don’t want to live in a densely packed highly flammable compound that will be blown over by the next Harvey, these new build houses are so much worse quality than the stuff from the 1950s. My husband and I are moving out of state to a small midwest city where we have friends so we can afford to live and start a family.
People are saying we just need more 1000sqft houses but that doesn’t really work with today’s culture and climate. You can no longer keep 4 kids in a small house like that constantly cause it’s too hot to play outside and you would be sending them into the street anyway, theres no yard on these houses. Our ancestors raised a bunch of kids in small spaces because those kids spent most of their hours outside, you cannot safely do that now. Human trafficking, road accidents, lack of third spaces and walkability, etc.
It took subsidies to get the price down to $150 a foot but I’ve built those same homes with a lot for $100 a foot. The subsidies are the profit margin and the only reason why they are building these. As a builder, it is a little difficult to justify a smaller margin than a higher end home with a larger margin. Also here in Houston, people want to move back to the city and that’s driving up costs considerably. Those older homes on large lots are going for a premium now.
If America incentivized marriage, you'd see there is no housing crises... The declining marriage rate is the cause for low home inventory. Both the women in the video are unmarried with low household income. THEY NEED HUSBANDS...
I wish i could find a home in the $400k - $500k range. $800k gets you a fixer upper in my city out in CA. 😢
With the Feds rate cut prices are going to be even more ridiculous.
A starter home is a 2 bedroom, 1 bath, no garage house with no frills. Most people trying to buy starter homes are actually trying to buy a luxury home.
Exactly. But try tell that to people making 65k with 2 car payments… 8k in credit card debt… complaining “how unfair America is.” Because they can’t afford a house…. “That is their right to own.”
and that costs $350k where i live so most people aren’t looking for frills. they just want somewhere that isn’t moldy & cost another $150k to fix up be actually livable
Look what happened to the American dream in 2008. The economy is bad currently. To buy a home today has lots of uncertainty today .
They have pretty affordable homes (for our area) due to be built in our development but they build has been delayed for over a year now. They are supposed to start building soon. We shall see. Will be a mix of detached homes, retirement semi-detached villas, and townhouses.
I’m selling my starter home right now in Columbia, SC.
As long as population keeps going up prices will rise, population of USA in 1990 was 250 million now it is 333 mill , that is 83 million more people in 34 years. We have to build a huge amount of apartments in the urban-suburban interface to get everyone housed. Things like rent controls and subsidized housing do not work. Just wait 25 years, these prices will seem dirt cheap.
I'm building a new home in the DFW metro. 3/2/2, right over 2K sq. ft. and right under $500K. It's going to be nicely finished out but by no means a custom build. Same house in far North Dallas is 1.1million. So, my house is a bargain of sorts. I am very blessed because most people will never be able to attain this although it has taken me a lifetime to get here.
Buying a home in America on a mortgage is basically a roulette game. Especially the 30 years mortgage. Something will always happen in 30 years that will threaten you losing it.
wages are too damn low compared to housing cost
O_O
This pricing is not much compare to Nor And So Cal state...
“When the system fails you, you create your own system.” Williams, Michael K.
Starter homes aren’t a new construction in a development with an HOA. expectations exceed their income.
In Ca. since the 2005 almost every new build and starter home was purchased by Wall Street and investors. These were all cash offers, they drove up the price.
People who also thought their home was a piggy bank of endless cash also drove up the price.
Not “in CA” cut the bull sht!! Move to Victorville! Houses even today cost $280,000!! What the hell do you want? Houses in the Bay Area or LA or San Diego to “cost” $200k? When those areas are as expensive as Tokyo, Paris or Shanghai too?
@@peraltaisrael2598 This is the IE in So. Cal. below LA, inland of Orange County and above Sand Diego, so basically where I live So in the IE a new house cost about cheap end 450K with 2% tax plus HOA of 80 to 250. We are considered the affordable area for commuters. Victorville has a longer commute and on Friday Forget About It. .
@@Moondoggy1941 then move!! This is a free country!!! You still want to live all the way there to “afford a house” and drive 2 hours back and forth into LA? That’s your choice!! Not “the country’s fault!”…. I live in LA too! I had the choice and i chose a condo close to my jobs! Nobody forces anyone to anything! Enough BS!
I love that these homes can only be afforded by certain groups of people. You really don't want to move next door to low income families... they bring trouble.
Allowing millions of people in drives up housing prices. Basic supply and demand. For most, apartment or condo living is their future. With SFH way out of reach. Townhomes can be ok for some families, but depends on layout and neighborhood.
That is the way it is in Europe mostly apartments and town houses.
Black rock is buying up all the supply
@@bigvaxmeanie925 As long as they are rented to someone the owner does not matter. Bottom line is that we need many more apartment buildings completed in USA.
Nah. Allowing Real Estate Holding companies to buy out inventory of single family homes drives up housing prices.
@@info781 oh they are renting and they expect their tenets to be making over 100k a year or they can't live there.
The biggest problem in some states like Texas are the brutally high property tax rates. I’m talking like 15k yearly and some neighborhoods even have muds or pids added on top of that making it taxes 25k yearly. And then there’s the audacity of schools wanting to add piggyback school bonds on top of the ISD taxes they already receive to build highschool football stadiums better than the cowboys stadium😮
It's only gonna get worse this has been happening for years! pure greed!
Back in the day and I mean way back my parents bought a nice house on long island 3 bedrooms 1 full bath which 5 people used half bath downstairs. Nice big backyard. Basement. In the 50s this cost about 13 thousand. My parents added on to the kitchen and living room. In 2012 sold as is for about 300 thousand. I bought a coop in forest hills 1bedroom in 2012 cash 239 thousand. Times have changed. They always do. Today in 2024 I bought a 2br 2ba condo in Dunedin Florida furnished beautiful cash for 258 thousand. Hoa includes cable 😊
i hope it's not over 30 years old and over 3 stories. and has all the building reserves paid up. if not you might be in for a big shock. hope none of these for your sake.
The twist here is that it's in cities, so leave the city where you can't buy a home
Doesn’t help that everyone wants to rent out homes now. Homes that could be sold at an affordable price for someone who just wants a place to live in.
More building of homes need to happen. If not this housing crisis will continue.
i got so sick of paying 50 percent of my income on an apartment that i moved to the Chicago South side...i now pay 25 percent ...i love it! (not a joke)
Homes, home insurance, cars, cars insurance, groceries, and literally everything is expensive. So everything is expensive for consumers yet the people working are not being paid enough. Where is that money going?
A 90 year old small house sold in my neighborhood for half a million dollars
Holy crap. Where is that?
I do not understand building in certain areas. Shouldn’t we build where people can actually live and want to live. Building homes in Houston does not fix the shortage for homes in Baltimore. I hope I’m making sense, you can not just build homes everywhere when people only need homes in certain areas.
A starter home is no longer a house. It is now a 1-bedroom apartment or condo.
Wow, Houston houses are so cheap. They’re less than the 20% down payment for a crappier house in the Bay Area.
I remember hearing the term starter home a few years ago. Maybe I was 21. I looked at my coworker who was a Boomer in utter confusion.
There is no starter home. You either have the house or you dont. If I have the money to buy a home it will be the first and last house I ever buy. I certainly wont have the funds to do anything else.
Also they act like families are the only ones looking for a home. Im single. I need a home. I dont have another income to support that.
I need a affordable home. Aka one that dosent cause me to go into debt. Going into debt means a product is unaffordable. Its amazing how society just seemed to forget that.
This country is a failure. Like most to be fair.
High property Taxes. Hoa Fees, high insurance is more that your actual mortgage payment