The bes "apples to apples" comparison for home price affordability is average home price in a given year divided by average household income in that year. The average is between 4 and 5. Today it is at a record high of above 7x. In Canada its even worse. They are well above 10x. But I agree with you that work ethic has declined over the last 4 decades
@8:50. To your point about insurance rates going up, last year, 2023, State Farm lost 4.7 Billion in thier real estate division. We will very likely see premiums go up again in 2025
Yes, I agree. And, like I said on stream, with all the environmental events we continue to see...there is no reason insurance will not keep going up. I do worry for the residents of Florida and all of the southeast.
@@JoeRealtor Housing in Florida isnt facing a financial problem, its a physics problem. Unless you can build a waterproof house that can withstand 200mph+ winds, you cant build a house on certain parts of the Florida coast anymore. The next 10 years will be a slow painful realization of this fact
It is definitely something you should check on with your insurance provider. It may cause your rate to go up (understandably so) but it would be TERRIBLE to have your claim denied because you simply had the wrong insurance! Thanks for watching and I'm glad it was helpful.
Boomers are the most entitled generation ever. Boomer's ancestors fought WW2, WW1 and endured the great depression. Boomers could pay for their higher education working a summer job. Same with housing and other unskilled wages. Boomers enjoyed rock bottom p/e stock prices during their working years. Boomers also collect massive social security entitlement checks handed over to them by workers struggling to stay afloat. Boomers collect more social security than they paid in after just a couple years of entitelments. The worker to entitlement collector ratio has been on a steady decline no one will benefit from social security like boomers are now. Every boomer i know has more money than they know what to do with but are still collecting massive entitlement checks every month from social security off the backs of the working people. Boomers want to think they had it tought because they didnt grow up with cell phones and computers and and its the stupidest tripe. Boomers are the most entitled generation. Boomer social security entitlements as well as boomer healthcare costs namely diabetes and obesity are steadly bankrupting this country.
You definitely are not wrong. There’s no doubt that many boomers worked incredibly hard to achieve their financial goals, and that hard work is something to admire. At the same time, it’s worth considering how the economy has changed over the decades. For example, housing prices were much more affordable relative to income in the past. In the 1970s, the average home price was about 3-4 times the median household income. Today, in many areas, it’s closer to 7-8 times or more, making it much harder for younger generations to achieve homeownership even if they’re working just as hard. It’s fascinating to see how different generations have faced unique challenges and opportunities, and I think these conversations are valuable for understanding each other better
Price is more important than intrest rate. Build up your savings and reduce your expenses. If you cannot save at least 10k/year renting, you should not buy. You will not be able to handle the big maintainence expenses that come along with ownership.
The interest rate was normal at around 7 or 7.5 in 1985, but the homes were alot cheaper. But then wages were alot lower too.
The bes "apples to apples" comparison for home price affordability is average home price in a given year divided by average household income in that year. The average is between 4 and 5. Today it is at a record high of above 7x. In Canada its even worse. They are well above 10x. But I agree with you that work ethic has declined over the last 4 decades
Spot on, Innovative!
@8:50. To your point about insurance rates going up, last year, 2023, State Farm lost 4.7 Billion in thier real estate division. We will very likely see premiums go up again in 2025
Yes, I agree. And, like I said on stream, with all the environmental events we continue to see...there is no reason insurance will not keep going up. I do worry for the residents of Florida and all of the southeast.
@@JoeRealtor Housing in Florida isnt facing a financial problem, its a physics problem. Unless you can build a waterproof house that can withstand 200mph+ winds, you cant build a house on certain parts of the Florida coast anymore. The next 10 years will be a slow painful realization of this fact
I had no idea additional insurance was needed for short term rental properties. Good to know.
It is definitely something you should check on with your insurance provider. It may cause your rate to go up (understandably so) but it would be TERRIBLE to have your claim denied because you simply had the wrong insurance! Thanks for watching and I'm glad it was helpful.
Boomers worked hard for their money. At least the ones I knew did. Nothing was handed to us.
Boomers are the most entitled generation ever. Boomer's ancestors fought WW2, WW1 and endured the great depression. Boomers could pay for their higher education working a summer job. Same with housing and other unskilled wages. Boomers enjoyed rock bottom p/e stock prices during their working years. Boomers also collect massive social security entitlement checks handed over to them by workers struggling to stay afloat. Boomers collect more social security than they paid in after just a couple years of entitelments. The worker to entitlement collector ratio has been on a steady decline no one will benefit from social security like boomers are now. Every boomer i know has more money than they know what to do with but are still collecting massive entitlement checks every month from social security off the backs of the working people. Boomers want to think they had it tought because they didnt grow up with cell phones and computers and and its the stupidest tripe. Boomers are the most entitled generation. Boomer social security entitlements as well as boomer healthcare costs namely diabetes and obesity are steadly bankrupting this country.
You definitely are not wrong.
There’s no doubt that many boomers worked incredibly hard to achieve their financial goals, and that hard work is something to admire. At the same time, it’s worth considering how the economy has changed over the decades.
For example, housing prices were much more affordable relative to income in the past. In the 1970s, the average home price was about 3-4 times the median household income. Today, in many areas, it’s closer to 7-8 times or more, making it much harder for younger generations to achieve homeownership even if they’re working just as hard.
It’s fascinating to see how different generations have faced unique challenges and opportunities, and I think these conversations are valuable for understanding each other better
Price is more important than intrest rate. Build up your savings and reduce your expenses. If you cannot save at least 10k/year renting, you should not buy. You will not be able to handle the big maintainence expenses that come along with ownership.