Why You Will NEVER Own a Home Without Going Broke
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- Опубліковано 5 чер 2024
- Hello there!
In this video, I will be sharing my thoughts on the median personal income to median home price ratio, and how this ratio has become more extreme over the last 20 years. Let's hope this trend does not continue...
Link to TED Talk: • How the US Is Destroyi...
Very interesting I never thought about being forced to rent for the rest of my life. I will however be subscribed to this channel forever. Thanks for the helpful insight.
Thank you for the insightful comment. I look forward to your perennial subscription
You can always tell a new content creator when their opening blows my speakers and then they talk on - 200 volume. You should look into this for future videos
My volume was fine never noticed.
Good observation, thanks for the feedback
i only have the ability to purchase because my current housing is cheap due to the locked rates.
buyers keep buying. renters keep renting. shits a ponzi scheme.
To understand what is happening, you really need to dig into first principles of economics. What does it mean to transact, and how does the medium of exchange used impact that process over time?
You'll come to realize that if you need to work for currency that others can freely print at zero cost, the game will always be rigged in their favor. They will eventually print all assets into their own pockets. Wouldn't you, if you had the power to print currency?
At its core, this is a system where criminals (people who steal for a living) write the rules and pretend to helpfully administrate everyone else's behavior and options. Its hard to come to grips with this reality, but once you do, everything that exists makes perfect sense. It's a predatory situation that grew slowly over time like a frog sitting in boiling water. Anyway, good video.
Thanks for the info, sir.
Thanks for the viewership and support!
Live in Southern California and the two problems, I see with entering into home ownership in 2024, are the current high sales prices of real estate and the very high interest rates. It is very hard to deal with both of these issues at the same time. Today if buying, I would have to locate a home at $600,000 or less and need to save $60,000 (10 percent) but would also have to pay monthly for PMI, or save $120,000 (20 percent). At seven (7) percent interest my monthly payments (before Fire insurance and, property taxes) would be $3,175. However, the modest home that, I live in is now valued at $800,000 (smile...smile).
I can't imagine living in SO Cal to be honest. I understand there are definite pros to living in such a scenic area etc, however I cannot understand what kind of crazy salary you would need to make to get ahead financially... Sounds like you have a good understanding of the housing situation though, good on you, and best of luck
@@noah_sato Have found that, living in Southern California is great at any stage of your life. In 1984, I moved to Los Angeles from North Carolina. Now in my early 60's, what I have learned is there is a time to save for a home and, then there is a time to buy your home. Just prior to Covid-19, was an excellent time to buy because, housing prices were about 30 percent less and mortgage loan interest was around three (3) percent. So, using my example above my $800,000 home was only $560,000 and at 3 percent the monthly payments would have been $2,360. While, still not cheap these monthly mortgage payments are a lot more reasonable (smile...smile).
Unreal that you were able to snag that kind of deal... Very jealous over here, but happy you were able to get such a deal on a home. Congrats to you!
@@transitengineer
Good content. I like how you get right to the heart of the issue. I'm already a homeowner with a 3% rate and I feel like a lottery winner today. It was scary when I bought in 2021, but EXTREMELY happy I did. Probably says a lot about how consumers should behave. It's always going to be scary because the future is uncertain to some extent.
Thanks for watching, glad you enjoyed the video. You shouldn't feel like a lottery winner, you ARE a lottery winner. Smart of you to buy when you did, patience pays off!
You can get burnt purchasing a home we did in 1989 I was 23 y/o. The price was $140,000 after the Iraq war, tech bubble and recession our house was now underwater worth $105000 less than 3 years! Lesson learned I rather stick to passive investing for the long term not real estate investing.
I'm sorry to hear about that experience, understandably, every for, of investing can fall victim to bad luck, but it sounds like you have a pretty solid outlook for the future. Thanks for the feedback!
@@noah_sato Thank you for great content. Yes it did take us 12 years to move up in 2001!
Live in Southern California and purchased in 1991, my first home (not as an investment but, to be my residence) at $210,000. Each of the next three (3)-years its value fell lower $195,000, $185,000, and $175,000. Afterward, it turned around and its value began to rise. I then refinanced at a lower interest rate and at a shorter term from a 30-year down to a 17-year period so, my home would be fully paid-off when, I turned age 55. Now in my early 60's, I have no mortgage and my home is valued at $800,000 (smile...smile).
You don't it if you have keep paying taxes for it
Our plan is to die close to zero. We plan on start gifting at 62 y/o in two years.
What can I do to become considered for your gifts?
Controversial statement here
But nobody needs a whole house to themselves. We can live with roommates, family members, spouse, or friends. In fact, only 13% of people live alone. Nearly 90% of Americans live with other people.
A bedroom bathroom suite on bus stops around the country with shared kitchen and laundry, is very accessible for under 200k, new construction. Less if not on bus stops, not new construction.
Move to a place like Prince George's county Maryland, and you get access to more high income jobs nearby RELATIVE TO the cost of a bedroom bathroom suite. No other places have 1400 python job openings in the last 2 weeks and a bathroom for under 200k. That ratio doesn't get any better, globally ❤
I've always been a fan of cohabitating with family/friends, however, the lack of space can be problematic. Thanks for your insight!
Screw off and people like you. Enough about needs, it's what I want. I want to be by myself, I want my own space, I don't want to be near you. Period.
@@noah_sato when money is tight, we live tight. 100k shower in a shared house plus 7k yearly unearned income for property taxes utilities groceries and an unlimited bus pass yearly per person... Easy slow simple living.
Nice video keep it up
Thanks for the support! Glad you enjoyed
What are you getting out of this type of video? Do you think you're delivering a unique message or helping people? The idea that people are unable to own a house is nonsense. Houses are still affordable in most of the country.