More than half of young adults just stay with their parents, like it’s not even a stigma anymore😂 I mean in other countries that’s normal even in the US it used to be but yeah…these are the times
@@UzitheSaintI have been in my house my daughters’ whole life. Now her husband and 2 kids live here too. We are planning to stay together and move in to a home with a mother in law suite for me. I will use a chunk of equity from this home to put 30% down on heir new home. They will handle the entire mortgage and living expenses. I wish more young families could do this so I wouldn’t feel like I’m odd for letting my daughter and her family stay with me.
Another way to help making affording a home possible is taking on renters. I bought a townhouse that was way too tight on my budget the first 5 years, but having 2 tenants rent out bedrooms made it possible. Now 5 years later, I don’t need tenants anymore and I’m not house poor anymore either
When he said 3,000 something I just balled up my paper. Smh . .. I'm about to go watch how to build a house out of Mobile containers tutorial. Who's coming?
Your first example is already horrifying. It got way more depressing from there. I've watched a few of your videos now and your math is correct and your information is accurate... I wish it wasn't for the average person's sake. Seven years ago I gave up on the idea of owning a conventional home in a municipality. I saw endless bills and uncontrollable rate hikes as a problem I needed to solve for myself. I designed and built an off-grid house instead. I completed it two years ago. My utilities per month are $150. My mortgage is less than the rent on a studio apartment, yet the house is 3000 sqft. on three acres of land. I'm in my thirties. My advice to people my age is GET OUT OF THE CITIES. Stop trying to buy into ridiculous markets. Re-evaluate what you want out of life and what's actually important. Is a house worth 60% of two people's incomes? Is it worth having no life and doing things with people you love because you're spending everything you make on house? Think long and hard about it. Building for yourself instead of paying for someone else to make a living is a HUGE advantage.
I bring in 100k yr. In order for me to afford a 280k house in my area (not a great home) I need 100k for a down-payment & closing costs and another 20k for 3 months emergency fund. That would give me a monthly payment of 1900$ which is 30% of my monthly take home pay. I can save roughly 800$ a month while living as cheap as possible & I need to save 120k. Awesome, I'll be a homeowner at age 48! Probably won't even live to see my rundown 100 yr old home paid off
I don’t like using gross figures because you don’t actually EARN that amount on a W2 scale. So I gross ~$1550/wk but my take home is $1100/wk. that’s only 70% of my gross income after 401k, premiums, taxes-I mean my Ukrainian war fund fee, etc etc. It’s more realistic
Great video and very informative. To anyone also watching I would add that your monthly payment could also increase. Insurance, your house appraisal value, HOA can all increase throughout the years further increasing your monthly cost. So if you calculate your monthly payment and just have enough to make it you still may not have enough. I did not take this into account and over the past few years my mortgage monthly payment have increased. Please take this into account.
I lucked out. When I bought there was open gunfire in the streets. Now its a well heeled expensive neighborhood. Unlike my upward mobil new neighbors my house payment is a small fraction of what theirs is. In those early days my neighbor said since you are cool with us we are cool with you. He told the truth.
My fiancé and I both have houses. Mine is a 370k home at a 7% interest rate and hers is a 200k house at 5%. Our combined income is 200k and we’re probably selling the 370k (won’t have any sale equity after fees) house and saving like crazy due to inflation.
$1200 HOA is nowhere near the worst I have seen. We have a neighborhood in the northeast that is $1871/month (ridiculously). Then I have seen $10k in Manhattan (157)
Why are housing credit rates in the US at around 7% when the FED central bank rate is around 5%, while the European Central Bank applies a 3,75% central bank rate and German home buyers have to calculate with a 3,5% rate??
After watching your videos and other youtubers that post similar videos. I am unfortunately gonna have to stop watching your videos because, Homeownership is nothing but a dream for me at this point in my life.
$100,000 yearly income is $53/hr for hourly workers working 40 hours a week with no days off.. The average income in the US is around $60,000 a year.. 40% of $60k is $24,000, which is $2,000 a month you would qualify for a monthly mortgage.. Let's be realistic, who has money laying around in their bank accounts for a "down-payment".. With these numbers and bad credit score, you would barely be able to afford a property selling at $200,000.. And good luck trying to find one of those
If speaking of the coast, yes. A lot of people forget that if you drive a few miles inland, you will save lots of dollars. I live in the Sacramento region and all the homes in my area are under $400,000.
@@ljss6805 that is in the Los Angeles area. Claremont is also a decent area and for 2,000 sq ft, you're not living in anything small. When I'm speaking of inland, I'm not speaking of still being 30 min from the main city, I'm talking about truly inland. Such as past the Redlands, or around the Hesperia and Victorville area. That's truly inland.
This just makes it abundantly clear that housing absolutely should not be allowed to exist as a tradeable commodity. If housing was an asset of the community (i.e. all property is sold to and bought from the municipality), the cost of housing would be much, much lower. Everyone is buying housing as a means to make more money. This obviously has the effect of perpetually increasing the price or there would be no profit in real estate. Housing should be owned by the city/municipality and sold to people who actually intend to live in it. Landlords should not exist (cue every landlord screeching in unison how they're "good" landlords). Landlords, property flippers, real estate equity firms, and the rest are all contributing to the ever increasing cost of housing. NIMBY's actively resist anything that increases the housing supply, because it means high density housing that they fear harms the resale value of their property or spoils what they want their community to resemble. The glut of single family detached homes are bleeding cities dry in terms of low tax revenue and infrastructure costs, which is made worse by suburban sprawl and car dependency.
The municipality would be a landlord in this scenario. If 50% of its 5B budget for a 1.4m person city is property tax. With 32 percent renting. If property taxes will cover this new policy then they need to go up 50% just to cover that. If the aim is to make home ownership easy. The city will now also need a big increase to the infrastructure budget to pay for new housing. Say a need for 23k more houses per year, with the average being around 600k. Requiring around 14B. 2.5B came from property tax before, so this would mean almost a 600% increase and the 50%, and so the property tax rate would go up about 10x. Going from 0.0065 to 0.065 or 6.5%. The cost would be the same if people can bid on it with the municipality being the bank. The cost might be more in the central planning underestimates the number of units needed. Or inefficiency in labour is present with a lack of inputs for them to build or an oversupply of labor. Would the city pay a union labor rate of 50/hr rather than say a 32/hr rate?
As someone who moved out of his parents’ place at 28, here are some options: Live with parents/friends to reduce or eliminate housing costs, eat ramen and cheap foods you can make at home and in bulk, avoid expensive vacations/date nights/weddings/restaurants, buy used cars outright (Hondas/Toyotas exclusively), and/or drive a motorcycle as your daily (if you can). As long as you do the above semi-consistently for 8-10 years while earning 50-75k as a household, you can pay off debts and build a nest egg of anywhere from $80k-$100k. Live life like you’re a rich man that doesn’t care he has money and then you’ll get some. If you can’t afford to be frugal on a low income, you can’t afford to have money. And lastly, the longer to wait to become frugal, the longer it’s going to take to build your future.
So, you're into housing now, Sonny or sorry Freddie? But you haven't done a proper podcast for about a year? When you moved to Florida you said that will be your primary thing making it bigger interviewing celebrities, what happened? I guess things change, speaking of which where is your wife? We also haven't seen her in a year, not even on Instagram. Is everything ok? I hope so. Take care
Invest in Bitcoin before retiring by diversifying across assets, allocating a small portion of your portfolio, staying updated on market trends, and considering long-term holding to balance risk and growth 📈
I recently sold half my tech stock holdings due to all-time highs, leaving me with $400k. Should I invest in ETFs now or wait for a market correction considering potential inflation?
In light of the ongoing global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.
The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.
@@ericgrantl I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 1.2million. I actually subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?
@@EdwinaLis Claire Robert’s Durand is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
@@ericgrantl She appears to be a true authority in her profession with over two decades of experience. I looked her up on the internet and skimmed through her site, very professional. already sent her an inquiry hoping for a response soon.
I'm GenX, bought a home in 2006. 2 years later the market crashed, I had a net worth of -$100k. Fast forward 17 years and I have $650k equity in my home, net worth...millionaire! Every dollar I put into my home is covered, its like I was paid $150k to live here for 18 years. My point is...opps getting old, forgot my point. Oh yeah, you can suck it millennials!
Great video and very informative. To anyone also watching I would add that your monthly payment could also increase. Insurance, your house appraisal value, HOA can all increase throughout the years further increasing your monthly cost. So if you calculate your monthly payment and just have enough to make it you still may not have enough. I did not take this into account and over the past few years my mortgage monthly payment have increased. Please take this into account.
Great video and very informative. To anyone also watching I would add that your monthly payment could also increase. Insurance, your house appraisal value, HOA can all increase throughout the years further increasing your monthly cost. So if you calculate your monthly payment and just have enough to make it you still may not have enough. I did not take this into account and over the past few years my mortgage monthly payment have increased. Please take this into account.
Great video and very informative. To anyone also watching I would add that your monthly payment could also increase. Insurance, your house appraisal value, HOA can all increase throughout the years further increasing your monthly cost. So if you calculate your monthly payment and just have enough to make it you still may not have enough. I did not take this into account and over the past few years my mortgage monthly payment have increased. Please take this into account.
So even earning six figures would just barely qualify you for a home. How are people affording houses nowadays??? That's what's crazy.
More than half of young adults just stay with their parents, like it’s not even a stigma anymore😂 I mean in other countries that’s normal even in the US it used to be but yeah…these are the times
@@UzitheSaintI have been in my house my daughters’ whole life. Now her husband and 2 kids live here too. We are planning to stay together and move in to a home with a mother in law suite for me. I will use a chunk of equity from this home to put 30% down on heir new home. They will handle the entire mortgage and living expenses. I wish more young families could do this so I wouldn’t feel like I’m odd for letting my daughter and her family stay with me.
They lie! Have seen it first hand just to get an apartment. High housing prices creates dishonesty.
We aren't lol
@@davidmazza5631please expand on that? How did lying help a young person afford a home
Love that you get straight to the point. So many other videos have unnecessary yapping.
Another way to help making affording a home possible is taking on renters. I bought a townhouse that was way too tight on my budget the first 5 years, but having 2 tenants rent out bedrooms made it possible. Now 5 years later, I don’t need tenants anymore and I’m not house poor anymore either
When he said 3,000 something I just balled up my paper. Smh . .. I'm about to go watch how to build a house out of Mobile containers tutorial. Who's coming?
LMAOOOOOO BIG FACTZ
Can't afford a damn thing now. Life could have been comfortable if I were born 40 years earlier.
That is "progress". I wish people would stop voting "progressive"
Awesome job and to-the-point~!! Thank you! I am pretty sure most people are too strapped these to purchase a $400k home. Especially first time buyers!
In my midwestern city, I've found it's cheaper for me to live in Extended Stay hotels than it is to buy a house here. I'm just gonna wait....
Your first example is already horrifying. It got way more depressing from there. I've watched a few of your videos now and your math is correct and your information is accurate... I wish it wasn't for the average person's sake. Seven years ago I gave up on the idea of owning a conventional home in a municipality. I saw endless bills and uncontrollable rate hikes as a problem I needed to solve for myself. I designed and built an off-grid house instead. I completed it two years ago. My utilities per month are $150. My mortgage is less than the rent on a studio apartment, yet the house is 3000 sqft. on three acres of land. I'm in my thirties. My advice to people my age is GET OUT OF THE CITIES. Stop trying to buy into ridiculous markets. Re-evaluate what you want out of life and what's actually important. Is a house worth 60% of two people's incomes? Is it worth having no life and doing things with people you love because you're spending everything you make on house? Think long and hard about it. Building for yourself instead of paying for someone else to make a living is a HUGE advantage.
You might be "qualified" for a house payment that is 40% of your gross income, but that doesn't mean you can afford the payment. 40% is way too high.
This is really the only way to do it at this point. Find some land and build a self sufficient homestead.
I bring in 100k yr. In order for me to afford a 280k house in my area (not a great home) I need 100k for a down-payment & closing costs and another 20k for 3 months emergency fund. That would give me a monthly payment of 1900$ which is 30% of my monthly take home pay. I can save roughly 800$ a month while living as cheap as possible & I need to save 120k. Awesome, I'll be a homeowner at age 48! Probably won't even live to see my rundown 100 yr old home paid off
This video made me realize I will never be able to buy a house. Nice!
I don’t like using gross figures because you don’t actually EARN that amount on a W2 scale. So I gross ~$1550/wk but my take home is $1100/wk. that’s only 70% of my gross income after 401k, premiums, taxes-I mean my Ukrainian war fund fee, etc etc. It’s more realistic
Great video and very informative. To anyone also watching I would add that your monthly payment could also increase. Insurance, your house appraisal value, HOA can all increase throughout the years further increasing your monthly cost. So if you calculate your monthly payment and just have enough to make it you still may not have enough. I did not take this into account and over the past few years my mortgage monthly payment have increased. Please take this into account.
I lucked out. When I bought there was open gunfire in the streets. Now its a well heeled expensive neighborhood. Unlike my upward mobil new neighbors my house payment is a small fraction of what theirs is. In those early days my neighbor said since you are cool with us we are cool with you. He told the truth.
My fiancé and I both have houses. Mine is a 370k home at a 7% interest rate and hers is a 200k house at 5%. Our combined income is 200k and we’re probably selling the 370k (won’t have any sale equity after fees) house and saving like crazy due to inflation.
Man I’ve given up on home ownership, I’m just trying to survive now.
Property tax, and home insurance goes up every year so factor that in too.
I can't even afford rent. I'm 47 and my 18 year old son and I have lived with my parents for the last 17 years.
100K. In a SINGLE year? Thank you for the concise, well-researched, updated simulation as to what people with GOOD jobs do to own a house 😂
$1200 HOA is nowhere near the worst I have seen. We have a neighborhood in the northeast that is $1871/month (ridiculously).
Then I have seen $10k in Manhattan (157)
Great real advice!
Good video. No house for me.
Why are housing credit rates in the US at around 7% when the FED central bank rate is around 5%, while the European Central Bank applies a 3,75% central bank rate and German home buyers have to calculate with a 3,5% rate??
The way i looked for a house was i to my annual salary and then doubled it... that's the max i self qualified for
I can afford a $67k house. 🥴
Well, you can move to West Virginia or Mississippi where houses are… still 100K+ you know what? I’m done
After watching your videos and other youtubers that post similar videos. I am unfortunately gonna have to stop watching your videos because, Homeownership is nothing but a dream for me at this point in my life.
$100,000 yearly income is $53/hr for hourly workers working 40 hours a week with no days off..
The average income in the US is around $60,000 a year.. 40% of $60k is $24,000, which is $2,000 a month you would qualify for a monthly mortgage.. Let's be realistic, who has money laying around in their bank accounts for a "down-payment".. With these numbers and bad credit score, you would barely be able to afford a property selling at $200,000.. And good luck trying to find one of those
The average wage in the country doesn't mean much. It varies far too much from state to state. Housing is becoming unaffordable though
400,000 dollar home. Dude, I'm laughing in Californian. That doesn't get you anything in Cali. Let's start at 600K.
If speaking of the coast, yes. A lot of people forget that if you drive a few miles inland, you will save lots of dollars. I live in the Sacramento region and all the homes in my area are under $400,000.
@vj5225 Dude, I'm in Claremont, 60 miles inland and we paid 1M for our 2,000 sq ft single family home and it's basic.
@@ljss6805 that is in the Los Angeles area. Claremont is also a decent area and for 2,000 sq ft, you're not living in anything small. When I'm speaking of inland, I'm not speaking of still being 30 min from the main city, I'm talking about truly inland. Such as past the Redlands, or around the Hesperia and Victorville area. That's truly inland.
30% DTI seems high after you factor income taxes and retirement.
I wish my parents saw this video before buying their house
im on social security disability $960 a month what can i afford
not even a cat
It's about time to have a level-headed video, rather than one based on generational hatred.
The adults are back in the room.
LOL!! Your comment, your thumbnail! Are you a troll just trying to impersonate the stereotypical boomer?
Why not NY ?
That 400k house is actually only worth 275k, also! Pretty cool.
I can afford a shack near the river/railroad tracks
I can afford a typical home at $450k, but wow, that is a lot.
You can afford a house for wholesale, not profit, let's be real. We gotta give real people real prices
Loans at no interest?
Why can’t you give us advice in New York?
Move. That is your advice.
This just makes it abundantly clear that housing absolutely should not be allowed to exist as a tradeable commodity. If housing was an asset of the community (i.e. all property is sold to and bought from the municipality), the cost of housing would be much, much lower. Everyone is buying housing as a means to make more money. This obviously has the effect of perpetually increasing the price or there would be no profit in real estate. Housing should be owned by the city/municipality and sold to people who actually intend to live in it. Landlords should not exist (cue every landlord screeching in unison how they're "good" landlords). Landlords, property flippers, real estate equity firms, and the rest are all contributing to the ever increasing cost of housing. NIMBY's actively resist anything that increases the housing supply, because it means high density housing that they fear harms the resale value of their property or spoils what they want their community to resemble. The glut of single family detached homes are bleeding cities dry in terms of low tax revenue and infrastructure costs, which is made worse by suburban sprawl and car dependency.
The municipality would be a landlord in this scenario. If 50% of its 5B budget for a 1.4m person city is property tax. With 32 percent renting. If property taxes will cover this new policy then they need to go up 50% just to cover that. If the aim is to make home ownership easy. The city will now also need a big increase to the infrastructure budget to pay for new housing. Say a need for 23k more houses per year, with the average being around 600k. Requiring around 14B. 2.5B came from property tax before, so this would mean almost a 600% increase and the 50%, and so the property tax rate would go up about 10x. Going from 0.0065 to 0.065 or 6.5%.
The cost would be the same if people can bid on it with the municipality being the bank. The cost might be more in the central planning underestimates the number of units needed. Or inefficiency in labour is present with a lack of inputs for them to build or an oversupply of labor. Would the city pay a union labor rate of 50/hr rather than say a 32/hr rate?
Calculating how much house:
...
Barbie Dreamhouse
Taxes and insurance.
Who has $40,000 laying around in their bank account? 😅
I can barely afford my rent
As someone who moved out of his parents’ place at 28, here are some options:
Live with parents/friends to reduce or eliminate housing costs, eat ramen and cheap foods you can make at home and in bulk, avoid expensive vacations/date nights/weddings/restaurants, buy used cars outright (Hondas/Toyotas exclusively), and/or drive a motorcycle as your daily (if you can).
As long as you do the above semi-consistently for 8-10 years while earning 50-75k as a household, you can pay off debts and build a nest egg of anywhere from $80k-$100k.
Live life like you’re a rich man that doesn’t care he has money and then you’ll get some. If you can’t afford to be frugal on a low income, you can’t afford to have money. And lastly, the longer to wait to become frugal, the longer it’s going to take to build your future.
I’m just ready to give up
no more real estate
So, you're into housing now, Sonny or sorry Freddie? But you haven't done a proper podcast for about a year? When you moved to Florida you said that will be your primary thing making it bigger interviewing celebrities, what happened? I guess things change, speaking of which where is your wife? We also haven't seen her in a year, not even on Instagram. Is everything ok? I hope so. Take care
You a weirdo
Invest in Bitcoin before retiring by diversifying across assets, allocating a small portion of your portfolio, staying updated on market trends, and considering long-term holding to balance risk and growth 📈
Many new tra-ders struggle without proper guidance. I found success through James Clark's expertise.
@@bayhunter6exactly that's why I always seek Mr J Clark's guidance in all I do 😊
James Clark's market insights have consistently led to profitable decisions.
I recently sold half my tech stock holdings due to all-time highs, leaving me with $400k. Should I invest in ETFs now or wait for a market correction considering potential inflation?
Celebrating a $30k stock portfolio today from a $6k start. Investing wisely has given me time for family and future plans.
👍
Is any body listening? While the Government is spending billions on immigrants. We are not being able to pay our school loans.
Was the loan for something more like nursing or a more a finishing school thing like English?
None.
In light of the ongoing global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.
The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.
@@ericgrantl I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 1.2million. I actually subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?
@@EdwinaLis Claire Robert’s Durand is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
@@ericgrantl She appears to be a true authority in her profession with over two decades of experience. I looked her up on the internet and skimmed through her site, very professional. already sent her an inquiry hoping for a response soon.
In bidens America...most W2 employees can't afford the average house price.
I'm GenX, bought a home in 2006. 2 years later the market crashed, I had a net worth of -$100k. Fast forward 17 years and I have $650k equity in my home, net worth...millionaire! Every dollar I put into my home is covered, its like I was paid $150k to live here for 18 years. My point is...opps getting old, forgot my point. Oh yeah, you can suck it millennials!
Great video and very informative. To anyone also watching I would add that your monthly payment could also increase. Insurance, your house appraisal value, HOA can all increase throughout the years further increasing your monthly cost. So if you calculate your monthly payment and just have enough to make it you still may not have enough. I did not take this into account and over the past few years my mortgage monthly payment have increased. Please take this into account.
Great video and very informative. To anyone also watching I would add that your monthly payment could also increase. Insurance, your house appraisal value, HOA can all increase throughout the years further increasing your monthly cost. So if you calculate your monthly payment and just have enough to make it you still may not have enough. I did not take this into account and over the past few years my mortgage monthly payment have increased. Please take this into account.
Great video and very informative. To anyone also watching I would add that your monthly payment could also increase. Insurance, your house appraisal value, HOA can all increase throughout the years further increasing your monthly cost. So if you calculate your monthly payment and just have enough to make it you still may not have enough. I did not take this into account and over the past few years my mortgage monthly payment have increased. Please take this into account.