The house prices is a global problem now, defin. the developed countries. In Europe having a normal job, being the two of you, means you have no chance on buying your own place. Those who buy their own place, buy it in rural areas (but no jobs there, so long long commute), have massive finacial help from their parents (lucky if they have those, not many do), buy shabby places and then spent still lots of many and many years trying to rebiuld it by themselves... The situation is ridiculously hard... Impossible for most.... Life long renting... 😐😬😔
In my country exactly the same. I have a good job in one of the biggest world corporation, earn more than the everage and I cannot buy a 1 room, 30 M2 flat far away from the city center... Insaine!
Absolutely.. I'm from Germany and especially for people who wanna live in the same city where their university is, is impossible. You have to work a lot to live, study and survive at the same time. Even smaller citys are really expensive
It's the same in England. The average house price is around £200,000 (For one-two bed, one bathroom) and the average gross income is about £20,000 - £25,000 per year, and that's if you're a graduate which is expensive and relies on you having parental financial help to get the degree. For example, my Net income when I worked full time in retail was £14,400. When it comes to rent you're looking at £900PCM minimum for a one bed flat in semi decent condition without parking in the South East outside of London in rural areas, not including bills. For a decent place with parking you're looking at up to £1,500PCM. My monthly income when I worked full time in retail was £1,200. It's not attainable for most people.
I guess this is happening everywhere. Buying a house near to your work place is a luxury so many of us now can't afford. Btw, just curious, how much is the insurance to secure your jeonse? I think this information would be useful for those who have want or are thinking to move to Korea.
The housing situation is disgusting. I'm from Toronto and a lot of people here, even salary workers CANNOT afford to buy anything. condos right now are going for $500,000 for a studio apartment of 350 square feet. There was a condo listing for 900,000 for 1 bedroom AND FOR A PRE CONSTRUCTION UNIT TOO! Banks are not lending out anything. They tell you that you only need to put down 20% but even having 35% down payment, banks won't lend you more than 500k for a place! IT'S DISGUSTING! No one can afford this. The thing i hate the most is that the housing situation makes it literally IMPOSSIBLE to be a single or independent person and trying to live your life. You need someone else to buy the house with you. It's disgusting for us single people in this country.
This was heartbreaking to watch, but it is a problem I know all too well in Seoul. I lived there for a few years and the key money was very high. When I go back now and stay at airbnb's in Seoul, or even some hotels, I am almost amazed at how low priced they are simply because I know what they would rent for. I wish you all the best at eventually getting a puppy in a couple of years. You put out incredible content Rachel, and I am confident better times will prevail. *cheers to moving forward
I think the housing market now suck in big cities all over the world. Here in Prague, prices are basically the same, but we earn less money than people in Korea. And here you can either buy the place or rent it and pay every month. The big deposit system doesn't work here. And 1000$ monthly rent is still a great price even here in Europe.
Even though the occasion for this video is a rather sad one, I still love it! You drew a very detailed, realistic picture of the housing situation in Seoul, in a very authentic and approachable way. I'm sure it can be a great piece of advice for people who are thinking of moving to this city. Thank you, and all the best to you in the next two years! 🌸
I hear you, Rachel. Same in Europe, I also started working 2013, now over 30 and still cannot afford my own place. Last 6-7 years prices almost doubled 😣
Here, in Lithuania, the private places on sale aren't that expensive, unless it's in city centre. But renting is indeed quite unbearable for many people. Especially now, that gas prices became much higher, electricity got more expensive too.
Thank you Rachel for sharing a big light upon this issue. Here in France, well of course depending on the location, prices of real estate vary. As for Paris, the prices you mentionned are quite common, as are they in Nice (among other examples). In the suburbs of Paris (20 km from Paris), to buy a 40-50 square meters appartment, people need to have between 250-300 K€. If people don't earn at least 3 or 4 K € net monthly, they can't afford it and thus are forced on rent for years. As in other countries, real estates prices raise regularly. In Paris for instance, the medium value of a square meter is worth 10 208 €. And so on and so forth. Renting in Paris or in the suburbs varies between 700 and 1300 € monthly
Rachel im so sorry, as a Realtor in Los Angeles every reason you have stated is not just a Korea thing its a World life situation. The deposit system would not work in LA because lending is that much easier than it sounds like in comparison. I hope Realtors your talking to have told you about how lucrative Foreclosure can be but it sounds like Korea its maybe to tough, all you can do is wait it out, I own a home and the Rental value if I rented it out now is 7000.00 a month, thats the price that is market value, No pet either. Utilities are thru the roof in prices, Insurance for Earthquake is sky-high. You stated 2 huge reasons, The River, and Seoul. Good luck, 2 years to figure the next step be happy you have a cozy place you made a great presentation that young couples starting off should hear and see the bottom line with expenses..Something good will happen
When it comes to the pets, i think that’s a thing everywhere. Here in the US, a landlord can say no to having a pet or charge a huge pet deposit which in most cases you do not get back.
I was looking to relocate and most apartments charge pet rent...like monthly rent, apart from a deposit. And the monthly pet rent is per pet...the cheapest I've seen is $50 per pet...dog or cat. It doesn't matter.
Thank you for such a helpful post Rachel, I'm in a similar position and I really appreciate your analysis! It looks like if you could make about 4-1/2% on your money guaranteed then monthly rent would be cheaper but that's really hard to do without risk as you said. Sadly the big problem is that it's pretty much the same anywhere* else that you might want to live, even if you could work remotely. The way the math works though your best chance is to buy whatever you can as soon as possible in the place you want/need to live, even if it's a closet. because that's probably the only way to grow your money/equity at the rate that housing prices are increasing without undue risk. *I live two hours outside of Seattle and prices here are growing as fast or faster than in the city :(
Here in the Netherlands it is impossible to buy a house. 1 million for a house is standaard what is just crazy. I just cannot safe enough money to buy a house. I do rent a house what is assigned by the government. I pay around 700 dollars a month and I have a 3 story house with my own garden. So I cannot complain about that. Still I would like to buy my own house.
It’s a difficult choice you have to make, but I see how hard you work. So this will pay off in the end, even though it is not what you wanted this time. I believe in you and Claire ❤️
Thanks for this interesting video.❤ I'm sorry about the strict rules about pets, but that's exactly how it is here in Austria. The owner decides. The housing prices in the larger cities are also increasing here. Apartments and houses are increasingly becoming more and more objects of speculation.
It’s definitely not just a problem in Korea. I live in one of the most expensive states in the US and last year I ended up moving back in with my parents after my grandmother died. They all lived in a two family home and I took over the bottom floor. I figured I’d rather pay them rent as opposed to paying some housing corporation. Now, since the county was shut down due to the holocough, many people lost their homes and these places were bought up by foreign investors and prices are skyrocketing.
16:40 I hope I don't come out as rude. $300K USD generating $12K a year as a return of investment would be 4%. You can easily get a 7% or at least a 5% return on investment per year and that would be a low risk investment. Shop around with different investment institutions and banks as long as you get a better return than 4%, that should be the better option. As a disclaimer, I have 0 experience on Korean finances so, I maybe things are different over there. And while I know a thing or two about investing, I'm not an expert.
hearing how sad you were about the deposit situation was tough to hear, hoping you have some luck in having your more preferred type of housing in the future
Besides the high cost of owning a home in Korea, they really seem to have a zombie problem, and they are the fast variety. Sorry watching the new series on Netflix 😂
Oh my goodness. What an eye opening video. I can’t believe that deposit situation. It is scary that you put that much down and possibly you will not get that money back, glad you were able to get insurance. How expensive is to build your own place there is there even places that you can build?
I’m sometimes confused with housing terms used in Korea. For example, in the US: 1) House: a building on land with a yard and grass. You can rent or buy (most people buy a house). 2) Apartment: a room or connecting rooms that you rent in a building. You typically sign a 1 year lease and can renew at the end. 3) Condominium (Condo): an apartment that you buy and own. You take out loans from the bank to purchase condos and houses. For an apartment, you just make a security deposit with the owner at the beginning (usually one month’s rent). So are these Korean apartments really condos since you “buy” them?
@@mr.n0ne They are not Condos. The "Key Money" system is unique to both Korea and Japan. It requires a large deposit (nowadays it is more that fifty per cent of the value of the property). Money is returned usually at the same time as you move to another place. The original deposit is paid back using the new deposit of the next tenant. A moving day is usually coordinated between those moving out and those moving in so that the deposit money can be applied to the next place. So that is two sets of movers, two sets of realtors and one heck of a lot of stress. Her use of the insurance system is the only way to go. I did the same thing as well as doing a check at the deed office for any liens on the property. I left Seoul where my deposit money was 260,000 USD in 2015. The landlord wanted an increase of 40,000 USD Plus 1,000 USD per month. I moved to Pyeongtaek, rather than extend my lease and bought a brand new Condo for 215,000 USD and have never regretted that decision. Sure the commute is about one and one half hours each way, but from one side of Seoul to the other was about an hour each way...
Housing prices and general inflation has been crazy lately. I can’t believe owners would refuse insurance but also the fact you need it because of scams!! 🤯 One day though, great things will happen and the current renewal decision will lead to something absolutely wonderful and amazing we didn’t expect😊🤗
I think the problematic thing about Korea is that the economic planning of the nation has made it far too centered on Seoul. This is also perhaps a symptom of being a smaller country geographically. In America, buying a house is not easy but far from infeasible. You'll see featurettes about the ridiculous housing prices in NYC or LA, but realistically the job prospects are just as good in many other markets like DC, Seattle, Denver, the Texas Triangle, Chicago, Miami, RCD, SF. The housing prices are heavily diluted by each of these cities and their surrounding satellites. If you're perpetually stuck in NYC or LA, that's a decision you made. Korea, perhaps due to geography, seems to lack this option.
Rachel, …… here is what ‘housing’ is happening for our family. Example 1: We live in the northwest suburbs of Chicago Illinois USA. Recently retired. We purchased a 2 bedroom townhouse with a two car garage for $215,000. We paid cash, so no payments other than $300 a month to the Home Owners Association which covers all exterior maintenance, landscaping, snow removal, water, and insurance. Example 2: My oldest son purchased a 3 bedroom 2 bath, 2 car garage about 6 miles from us. Cost was about $265,000 in 2017. He owes about $185,000, and the monthly payments on the loan is about $1,800 a month, and he is sometime paying more to retire the loan early. Current evaluation on the worth of the home if he sold it is $350,000. Example 3: My youngest son lives in Pasadena California. There is a housing shortage there and so homes that become available typically start a bidding war from prospective buyers. He and my daughter in law both work and were able to purchase a nice small 2 bedroom older home, with garage for about $750,000 about five years ago. I’m not sure how he has his loan set up, but I think he is paying about $2,500 per month. Current evaluation of the home if he sold it is estimated to be about $975,000. Note: Before they bought this home, they were paying about $2,250 in rent per month for a small but very nice 2 bedroom townhouse. We helped them with their down payment for the house and so they now have a home that they are building equity in, for only a little more than what their rent was. Example 4: My parents aged 95 and 90 just moved into a senior assistance home. I’m in the process of selling their 3 bedroom, 3 bathroom, condominium here in a suburb of Chicago. They paid $158,000 for it about 15 years ago. The current market indicates I should be able to sell for them for about $350.000. Example 5: I have cousins living in rural Michigan, about a 4 hour drive from me. They have a small farm, about 14 acres, which includes the farmhouse, two small barns, that if listed for sale, the asking cost to buy would be about $300,000. The nearest town is about 20 miles away. So the take away here is owning a home in the USA can be done. Like everywhere else, location and demand are the key factors. The US presently has more job openings than people to fill them. “Yes” some of the ‘starting job’ salaries are a little low, but if you bring a wanted skill set with you, good high paying jobs are available.
Yeah… housing prices/apartment prices are a HUGE problem globally. Especially since minimum wage has barely risen. I can’t even move out of my moms house at 20 years old because the pandemic and rent prices are insane. However, I have to move bc of college for the next semester. (I’m at the campus closer to me rn but the other campus that I need to go in order to further my education is almost 1hr & 40min from my home) .I am so scared because idk what I’m going to do. The gas prices are insanely high as well, so driving back and forth to the campus is not worth it. The gas prices per month = The rent prices per month.. Even food is so expensive. I hope something happens that fixes this bullshit
I wanna move to south korea since my korean girlfriend lives there, I was thinking of having her live with me here in the USA but I don't even like it here. Plus she doesn't speak much english. Luckily I've already been working for a korean company for years so I think moving to korea would be a smooth transition
Increase in house and rent prices here in the UK are set to sky rocket after this year, and even in a small city like York, family house prices average at over £250,000 (more like £300,000). That's almost double than in the Midlands, where I'm from. However me and my partner need to stay here as I'm currently still at University and York has more job opportunities than my hometown.
I guess the situation is like that in most countries nowadays. Here in Athens, it's impossible to buy a house these days as the prices are unreachable. And such thing as the deposit system doesn't exist here. Even renting a house is really difficult because prices are almost the amount of the minimum wage which is around 650€ (around 700$). So it's almost impossible for a person to live alone! That's why most young people in Greece live with their parents until their mid 30s. 😂 However, one thing that is REALLY positive is that most landlords allow you to have pets! Thank you so much for this video! It was very interesting and informative! Wish you the best!✨💖
It's the exact condition here in Israel. If our parents were able to already buy their house for 30 years of working then we don't have the ability to pay for a house even if we'll work for our entire life. I think this situation is happening in a lot of countries, living gets highly pricier. and I'm not even speaking about our "main" city and most popular one that have the most working possibilities, I'm speaking about houses farther away and it's still impossible. Can't see the future to be honest. Glad you both are really calculated and that you were able to decided what's best for you.
That was very informative, thank you. I don't want to live in Korea, but it didn't occur to me that the renting system there is actually worse than where I live! I'm a little horrified.
Thank you for this insightful & informative video! Thanks too for sharing your experience, thoughts & feelings. You’re brave & headstrong! And your command of the English language is quite impressive! Stay focused on your goals & be thankful for the good & positive things in your life. I wish you & your sister all the best. I believe that things happen for a reason & things will happen in their own time.
Hopefully, Seoul doesn’t end up like LA or SF with homeless everywhere. I moved to the Midwest from California and couldn’t be happier. In 4 years, my 3,100 sq ft house on 0.5 acres has gone up in value from 580k to 850k. Traffic is reasonable and the people are a lot better. My commute is just 20 minutes. I will never move back to a mega-city. Once cities get over 3 million people, the quality of life suffers. Some countries have moved their capital to ease congestion in mega-cities. Korea should consider moving their capital to a more centralized location (maybe to Daejeon? Kumi?).
In the city where we live in Germany, it's not easy at the moment either. Rents and real estate prices are rising more and more, and some people don't know how they are supposed to pay for it, because... as you can imagine... the salary doesn't automatically rise with it... We bought our own house about 4 years ago, thank god, because now we would have to pay double for our house! Here in Germany, the landlords also decide whether you can keep a dog...with cats I think it's different, they do not need permission...but i'm not Sure... I think every country has its advantages and disadvantages...I would not move away, despite the currently rising gasoline and food prices...it is my home, many of my family members and friends live here! And you are legally insured 😉 what also not every country has 😁
Cats and dogs are the same, we had to get permission for our cats and a lot of places don't allow them 😪 rabbits and smaller animals (that can be kept in cages are different though)
Your first thought at 10:55 at saying "one of the popular ways..." was correct - when you say something is popular, this doesn't have to mean it is widely *admired* but merely that a lot of people *do* - and it can just mean that a lot of people of a certain *group* do. So here no one really admires scamming, not even the criminals, they just like the benefits it brings; and then it is only widely practiced among those who perform *some* bad scheme. Thanks for these insights.
I was considering a move to SK some day but no more...after watching your video I have to admit I am very fortunate here in the US...I live in a big city in the midwest...pay $880 monthly rent for 1600 sq feet and only had to give a month's advance rent to sign a year lease...you can buy a home here for what you have to pay for a down payment there in Seoul...Or course if you want to live in New York City, San Francisco or Chicago if will be a lot more...but the US is a big country and you can find a very affordable and comfortable lifestyle in many places...many Asian communities thrive in the US and there are plenty of jobs too...if you speak some English you will not only survive but will thrive...
We pay (USD)$3000 as rent + $200 for gas n electricity + other utilities + maintenance 😅 Minimum housing prices for a normal home is over 1.5 million US dollars!!
Sorry to hear of your troubles Rachel, you seem like a nice person. I hope things are better for you at the time of this writing. I lived in Korea for seven years, I have an idea of where you're coming from. Always count your blessings, things are not as dark as they appear, but you seem like a very up and capable person, I'm sure things will work out for you and your sister. Take care.
So how is the deposit thing?. You put a lot of money, you live without further payment for the contracted time and the owner does with your money investments or use it?. It's a very hard risk, but if they do return it, isn't like you were living for free?.
The world is shifting to needing at least two successful people to manage a house or rent in a good area and not live away from a city area. I have two places I rent, and sadly, after a few years, I am forced to raise the rent because of taxes, property insurance, property management, upgrades, Business license, utilities, increases, and even my cost of living going up, and I hate to raise the rent on good tenants. Everything always keeps going up and rarely ever goes down. In 50 years, I hope people can adapt to a society like this. The internet has changed the world in my lifetime, and AI is coming. I hope everything works out for you, Rachel.💖
I genuinely would love living in Korea one day but because I know this and needing to fulfill visa requirements etc I'm doing my best to get the language down and preparing to be able to do some kind of work from home option then live somewhere more rural to not be stuck in that stress to this degree... some housing stress is expected of course, especially as renting etc as a foreigner but I know I want to be fluent enough to not fall into scams. I don't mind living small when that day comes as long as there's good public transport because a big house is more work to upkeep, keep warm in the winter, repair if something happens, more to clean, more places ants and spiders can get into and a smaller place was cozier. Whether that day is in 10 years, 20 years or heck in 30 years I don't care. I think Korea is beautiful and no country is perfect, people are people and economy is economy, it is what it is. ^^
Wow can’t believe 300 k as deposit for renting that’s just crazy. You might want to move anyways despite what you have there. Many started somewhere else once but it’s scary. Wish you well.
Unforunately Canada or in a few Provinces it's the same. Buying a house is impossible unless you have a lot of money. Most houses in Toronto (or the smaller cities about 2 hours around it) now go for 1 million dollars so if I want to stay in the city and not live in a really rural area then renting will be my life. Even renting is super expensive though.. $1700-2100 CAD a month plus hydro, food costs, etc.
This is everywhere, but first time hearing about this type of payment. It is kinda nice since you living there rent-free in a way, it's just worrie that they might scam you. I noticed in my state over years so much happen, like 20 years ago you could get house or apartment quite easy. Now everything gets more and more expensive but job payments don't really change much.
This happens in Argentina too, even in towns. As a millennial is almost impossible to buy or build a house unless you get family money or a very high salary, or seasonal hard well paid jobs like going months around the country manning tractors and other machinery.
I live in a coastal town in Southern California and I gave up on buying a house. Everything I like is close to a million. I honestly don't know how some people do it. Everyone I know that has gotten their own place their families have helped them with down payments/loans. But that means living further in land for a lot of them or in a not-so-nice area in town. AND all they're building now is luxury apartments averaging 2,500-3k a month D:
I just hear the sadness in your voice, I can tell you have lost sleep over this and have also cried. My heart goes out to you and your sister. I hope these next two years you can save a lot and buy your own house. Life’s hard but I think it worth it! Thank you for sharing I hope it helped. You got this!
I'm gonna study abroad but i didn't know if i should put korea on my list ... by the way korea is a nice place for a foreigner! Maybe because of kdrama or kpop! But thanks for your video! It was so useful 💕💜🌸🥰
Perhaps it's similar in developing countries as well, housing prices are increasing way faster. In some cases, prices in smaller cities are same as that in satellite areas of bigger cities, mostly to "local demand". Owning house in today's times is probably the biggest achievement one can have.
I live in Chattanooga, Tennessee USA.I'm on Sect 8 and ha:e been living in my duplex with my daughter for almost 9 years. I want to move, but the housing situation here and the rent or buying prices are skyrocketing. My duplex may not be the best, but for now I'm grateful that I still have a roof over Mine and my daughter's head. Last year I paid my rent in advance for 13 months. And did the same this year. $300k for deposits is insane:(
Yeah Houses are just global. Like HOUSES here are MINIMUM 1m+ and 500k+ MIN for small 300 sq feet box apartements. Also I thought no pet thing was global; at least it is here. It's up to the owner of the house/apartement/place you went if they want you to no smoking,. no pets ect.
I am unsure if this is an option for you Rachel, but about that deposit, cant you in turn place a lien onto the property your living in as collateral for your deposit? That would force the owner to not be able to take out loans or mortgages against that apartment or sell it until you have been paid back. That prevents the property being auctioned off as well. Now i am basing this off of canadian rules as i believe it, but if you are in canada and place a lien against someones property then you are considered the first loaner. That gives the owner incentive to ensure they pay you back or else you can foreclose on the debt they owe you and end up owning the home you live in. Talk to your lawyer and see if thats even a viable action in Korea,.. it may not be. I am curious however, it would be worth your while looking into it to preserve your capitol.
In the case I mentioned, the owner took a loan when there is a tenant already. When the owner can't pay it back, the house will be a property of the creditor who bought it at the auction market. And the order of payment of the owner might not be you first. Tax for the government is the first, debt for the financial institutions will be the second, and then the other creditors... and oh, if the owners credit is shit(most cases is this, when they scam people) you can't really expect to get paid back. You can't stay at the place legally, because it has nothing to do with the owner anymore. I know. The law sucks!! I hope Korea makes better laws that protect the rights of tenant.
I know the feeling. The the States it's so expensive to buy a house or to rent from anywhere. Me and my husband can't even afford to buy our own groceries but we manage and It leaves us with hardly any money for the money
It is impossible for most people in America too. We are looking at 300,000 USD right now for a basic home to buy. double or triple that in cities. Apartment rental is about 1600 minimum for a crap 1 bdrm in most cities. It is horrible 40,000 dollars for a deposit is insane. How on earth are you paying these insane size deposits??? Do you get your deposit back? Can you use it to buy a house?
It’s kinda like trying to buy in NYC. Both places are big cities. There is no way to buy or rent without high prices. So sorry the only other option is to commute.🙁
I live in Florida Rachel! I own my house & I bought it 4 58 thousand dollars! It is worth 400 thousand now but if I sold it I would have 2 pay that much 4 a new place! U just can't seem 2 win now days! Take care Rachel! I think about U every day! UR really smart! ❤️❤️❤️❤️❤️
Thank you so much, Rachel, it's sooooo useful! Even tho Matt and I don't plan on living in Korea, I think it's always good to know about the realia in other countries to broaden my horizons and understanding.
I was trying to find a place to stay in 동탄 with 2.5억 전세 that you can have insurance and can register the house properly... Zero. Only one 반전세 that I had no choice but to get...
With the lack of middle class in so many countries, who in the hell are buying houses?! It's so crazy, even for people can scrape by it's becoming less of a good investment.
Unfortunately, this is happening everywhere. Three women, my Mom, sister, and I live together and if one check bounces, we are F*cked and out of our place of living. Three people's income together cannot buy a decent house in a decent area. If by some miracle we came into money we could only live on the modest end. You probably won't outrun it. It is the sad truth.
on one side, I really feel bad for you, and all your points are valid, on the other, I really don't think it is better anywhere else where you can maintain the same overall quality of life
The house prices is a global problem now, defin. the developed countries. In Europe having a normal job, being the two of you, means you have no chance on buying your own place. Those who buy their own place, buy it in rural areas (but no jobs there, so long long commute), have massive finacial help from their parents (lucky if they have those, not many do), buy shabby places and then spent still lots of many and many years trying to rebiuld it by themselves...
The situation is ridiculously hard...
Impossible for most....
Life long renting... 😐😬😔
In my country exactly the same. I have a good job in one of the biggest world corporation, earn more than the everage and I cannot buy a 1 room, 30 M2 flat far away from the city center... Insaine!
Absolutely.. I'm from Germany and especially for people who wanna live in the same city where their university is, is impossible. You have to work a lot to live, study and survive at the same time. Even smaller citys are really expensive
It's the same in England. The average house price is around £200,000 (For one-two bed, one bathroom) and the average gross income is about £20,000 - £25,000 per year, and that's if you're a graduate which is expensive and relies on you having parental financial help to get the degree. For example, my Net income when I worked full time in retail was £14,400.
When it comes to rent you're looking at £900PCM minimum for a one bed flat in semi decent condition without parking in the South East outside of London in rural areas, not including bills. For a decent place with parking you're looking at up to £1,500PCM. My monthly income when I worked full time in retail was £1,200. It's not attainable for most people.
I guess this is happening everywhere. Buying a house near to your work place is a luxury so many of us now can't afford. Btw, just curious, how much is the insurance to secure your jeonse? I think this information would be useful for those who have want or are thinking to move to Korea.
Totally agree 💯
i knew this from somewhere that korea does"nt give loans or insurance to foreigner until you have a permanent decision of living there.
The housing situation is disgusting. I'm from Toronto and a lot of people here, even salary workers CANNOT afford to buy anything. condos right now are going for $500,000 for a studio apartment of 350 square feet. There was a condo listing for 900,000 for 1 bedroom AND FOR A PRE CONSTRUCTION UNIT TOO! Banks are not lending out anything. They tell you that you only need to put down 20% but even having 35% down payment, banks won't lend you more than 500k for a place! IT'S DISGUSTING! No one can afford this.
The thing i hate the most is that the housing situation makes it literally IMPOSSIBLE to be a single or independent person and trying to live your life. You need someone else to buy the house with you. It's disgusting for us single people in this country.
This was heartbreaking to watch, but it is a problem I know all too well in Seoul. I lived there for a few years and the key money was very high. When I go back now and stay at airbnb's in Seoul, or even some hotels, I am almost amazed at how low priced they are simply because I know what they would rent for. I wish you all the best at eventually getting a puppy in a couple of years. You put out incredible content Rachel, and I am confident better times will prevail. *cheers to moving forward
I think the housing market now suck in big cities all over the world. Here in Prague, prices are basically the same, but we earn less money than people in Korea. And here you can either buy the place or rent it and pay every month. The big deposit system doesn't work here. And 1000$ monthly rent is still a great price even here in Europe.
Even though the occasion for this video is a rather sad one, I still love it!
You drew a very detailed, realistic picture of the housing situation in Seoul, in a very authentic and approachable way.
I'm sure it can be a great piece of advice for people who are thinking of moving to this city.
Thank you, and all the best to you in the next two years! 🌸
I hear you, Rachel. Same in Europe, I also started working 2013, now over 30 and still cannot afford my own place. Last 6-7 years prices almost doubled 😣
Here, in Lithuania, the private places on sale aren't that expensive, unless it's in city centre. But renting is indeed quite unbearable for many people. Especially now, that gas prices became much higher, electricity got more expensive too.
I thought Lithuania was a bearable. It’s happening everywhere.
Thank you Rachel for sharing a big light upon this issue. Here in France, well of course depending on the location, prices of real estate vary. As for Paris, the prices you mentionned are quite common, as are they in Nice (among other examples). In the suburbs of Paris (20 km from Paris), to buy a 40-50 square meters appartment, people need to have between 250-300 K€. If people don't earn at least 3 or 4 K € net monthly, they can't afford it and thus are forced on rent for years. As in other countries, real estates prices raise regularly. In Paris for instance, the medium value of a square meter is worth 10 208 €. And so on and so forth. Renting in Paris or in the suburbs varies between 700 and 1300 € monthly
It doesn't seem legal to pay a deposit every year. In America you pay a deposit once. If you renew your lease you don't have to pay another deposit.
Rachel im so sorry, as a Realtor in Los Angeles every reason you have stated is not just a Korea thing its a World life situation. The deposit system would not work in LA because lending is that much easier than it sounds like in comparison.
I hope Realtors your talking to have told you about how lucrative Foreclosure can be but it sounds like Korea its maybe to tough, all you can do is wait it out, I own a home and the Rental value if I rented it out now is 7000.00 a month, thats the price that is market value, No pet either.
Utilities are thru the roof in prices, Insurance for Earthquake is sky-high. You stated 2 huge reasons, The River, and Seoul.
Good luck, 2 years to figure the next step be happy you have a cozy place you made a great presentation that young couples starting off should hear and see the bottom line with expenses..Something good will happen
When it comes to the pets, i think that’s a thing everywhere. Here in the US, a landlord can say no to having a pet or charge a huge pet deposit which in most cases you do not get back.
I was looking to relocate and most apartments charge pet rent...like monthly rent, apart from a deposit. And the monthly pet rent is per pet...the cheapest I've seen is $50 per pet...dog or cat. It doesn't matter.
Thank you for such a helpful post Rachel, I'm in a similar position and I really appreciate your analysis! It looks like if you could make about 4-1/2% on your money guaranteed then monthly rent would be cheaper but that's really hard to do without risk as you said. Sadly the big problem is that it's pretty much the same anywhere* else that you might want to live, even if you could work remotely. The way the math works though your best chance is to buy whatever you can as soon as possible in the place you want/need to live, even if it's a closet. because that's probably the only way to grow your money/equity at the rate that housing prices are increasing without undue risk. *I live two hours outside of Seattle and prices here are growing as fast or faster than in the city :(
Here in the Netherlands it is impossible to buy a house. 1 million for a house is standaard what is just crazy. I just cannot safe enough money to buy a house. I do rent a house what is assigned by the government. I pay around 700 dollars a month and I have a 3 story house with my own garden. So I cannot complain about that. Still I would like to buy my own house.
It’s a difficult choice you have to make, but I see how hard you work. So this will pay off in the end, even though it is not what you wanted this time. I believe in you and Claire ❤️
Thanks for this interesting video.❤ I'm sorry about the strict rules about pets, but that's exactly how it is here in Austria. The owner decides. The housing prices in the larger cities are also increasing here. Apartments and houses are increasingly becoming more and more objects of speculation.
It’s definitely not just a problem in Korea. I live in one of the most expensive states in the US and last year I ended up moving back in with my parents after my grandmother died. They all lived in a two family home and I took over the bottom floor.
I figured I’d rather pay them rent as opposed to paying some housing corporation.
Now, since the county was shut down due to the holocough, many people lost their homes and these places were bought up by foreign investors and prices are skyrocketing.
16:40 I hope I don't come out as rude. $300K USD generating $12K a year as a return of investment would be 4%. You can easily get a 7% or at least a 5% return on investment per year and that would be a low risk investment. Shop around with different investment institutions and banks as long as you get a better return than 4%, that should be the better option.
As a disclaimer, I have 0 experience on Korean finances so, I maybe things are different over there. And while I know a thing or two about investing, I'm not an expert.
hearing how sad you were about the deposit situation was tough to hear, hoping you have some luck in having your more preferred type of housing in the future
Besides the high cost of owning a home in Korea, they really seem to have a zombie problem, and they are the fast variety. Sorry watching the new series on Netflix 😂
Lol that reminds me of the old man at the end of Lost Boys. “One thing I could never stomach about living in Santa Clara...all the damn vampires.’
Oh my goodness. What an eye opening video. I can’t believe that deposit situation. It is scary that you put that much down and possibly you will not get that money back, glad you were able to get insurance. How expensive is to build your own place there is there even places that you can build?
I’m sometimes confused with housing terms used in Korea. For example, in the US:
1) House: a building on land with a yard and grass. You can rent or buy (most people buy a house).
2) Apartment: a room or connecting rooms that you rent in a building. You typically sign a 1 year lease and can renew at the end.
3) Condominium (Condo): an apartment that you buy and own.
You take out loans from the bank to purchase condos and houses. For an apartment, you just make a security deposit with the owner at the beginning (usually one month’s rent).
So are these Korean apartments really condos since you “buy” them?
Not sure, but may be yes.
@@mr.n0ne They are not Condos. The "Key Money" system is unique to both Korea and Japan. It requires a large deposit (nowadays it is more that fifty per cent of the value of the property). Money is returned usually at the same time as you move to another place. The original deposit is paid back using the new deposit of the next tenant. A moving day is usually coordinated between those moving out and those moving in so that the deposit money can be applied to the next place. So that is two sets of movers, two sets of realtors and one heck of a lot of stress. Her use of the insurance system is the only way to go. I did the same thing as well as doing a check at the deed office for any liens on the property. I left Seoul where my deposit money was 260,000 USD in 2015. The landlord wanted an increase of 40,000 USD Plus 1,000 USD per month. I moved to Pyeongtaek, rather than extend my lease and bought a brand new Condo for 215,000 USD and have never regretted that decision. Sure the commute is about one and one half hours each way, but from one side of Seoul to the other was about an hour each way...
Housing prices and general inflation has been crazy lately. I can’t believe owners would refuse insurance but also the fact you need it because of scams!! 🤯
One day though, great things will happen and the current renewal decision will lead to something absolutely wonderful and amazing we didn’t expect😊🤗
I think the problematic thing about Korea is that the economic planning of the nation has made it far too centered on Seoul. This is also perhaps a symptom of being a smaller country geographically. In America, buying a house is not easy but far from infeasible. You'll see featurettes about the ridiculous housing prices in NYC or LA, but realistically the job prospects are just as good in many other markets like DC, Seattle, Denver, the Texas Triangle, Chicago, Miami, RCD, SF. The housing prices are heavily diluted by each of these cities and their surrounding satellites. If you're perpetually stuck in NYC or LA, that's a decision you made. Korea, perhaps due to geography, seems to lack this option.
✨✨✨sending positive energy to you and your sister , so you can get through these two years, save up more money, move and get that puppy ✨✨✨✨
Rachel, …… here is what ‘housing’ is happening for our family.
Example 1: We live in the northwest suburbs of Chicago Illinois USA. Recently retired. We purchased a 2 bedroom townhouse with a two car garage for $215,000. We paid cash, so no payments other than $300 a month to the Home Owners Association which covers all exterior maintenance, landscaping, snow removal, water, and insurance.
Example 2: My oldest son purchased a 3 bedroom 2 bath, 2 car garage about 6 miles from us. Cost was about $265,000 in 2017. He owes about $185,000, and the monthly payments on the loan is about $1,800 a month, and he is sometime paying more to retire the loan early. Current evaluation on the worth of the home if he sold it is $350,000.
Example 3: My youngest son lives in Pasadena California. There is a housing shortage there and so homes that become available typically start a bidding war from prospective buyers. He and my daughter in law both work and were able to purchase a nice small 2 bedroom older home, with garage for about $750,000 about five years ago. I’m not sure how he has his loan set up, but I think he is paying about $2,500 per month. Current evaluation of the home if he sold it is estimated to be about $975,000. Note: Before they bought this home, they were paying about $2,250 in rent per month for a small but very nice 2 bedroom townhouse. We helped them with their down payment for the house and so they now have a home that they are building equity in, for only a little more than what their rent was.
Example 4: My parents aged 95 and 90 just moved into a senior assistance home. I’m in the process of selling their 3 bedroom, 3 bathroom, condominium here in a suburb of Chicago. They paid $158,000 for it about 15 years ago. The current market indicates I should be able to sell for them for about $350.000.
Example 5: I have cousins living in rural Michigan, about a 4 hour drive from me. They have a small farm, about 14 acres, which includes the farmhouse, two small barns, that if listed for sale, the asking cost to buy would be about $300,000. The nearest town is about 20 miles away.
So the take away here is owning a home in the USA can be done. Like everywhere else, location and demand are the key factors. The US presently has more job openings than people to fill them. “Yes” some of the ‘starting job’ salaries are a little low, but if you bring a wanted skill set with you, good high paying jobs are available.
Living in Korea at present & I totally get you. Thank you for always being the most sincere Korean UA-camr. Stay amazing & beautiful, young lady.
Is it true people in Korea drink a lot? Like, making Europe look sober? Because this is my biggest con in order to live there when I get the chance
The deposit scam sucks. That's why in my country you can deposit it in an escrow account in the tenant's name...this makes scams like this impossible.
Yeah… housing prices/apartment prices are a HUGE problem globally. Especially since minimum wage has barely risen. I can’t even move out of my moms house at 20 years old because the pandemic and rent prices are insane. However, I have to move bc of college for the next semester. (I’m at the campus closer to me rn but the other campus that I need to go in order to further my education is almost 1hr & 40min from my home) .I am so scared because idk what I’m going to do. The gas prices are insanely high as well, so driving back and forth to the campus is not worth it. The gas prices per month = The rent prices per month.. Even food is so expensive. I hope something happens that fixes this bullshit
I wanna move to south korea since my korean girlfriend lives there, I was thinking of having her live with me here in the USA but I don't even like it here. Plus she doesn't speak much english. Luckily I've already been working for a korean company for years so I think moving to korea would be a smooth transition
Increase in house and rent prices here in the UK are set to sky rocket after this year, and even in a small city like York, family house prices average at over £250,000 (more like £300,000). That's almost double than in the Midlands, where I'm from. However me and my partner need to stay here as I'm currently still at University and York has more job opportunities than my hometown.
I guess the situation is like that in most countries nowadays. Here in Athens, it's impossible to buy a house these days as the prices are unreachable. And such thing as the deposit system doesn't exist here. Even renting a house is really difficult because prices are almost the amount of the minimum wage which is around 650€ (around 700$). So it's almost impossible for a person to live alone! That's why most young people in Greece live with their parents until their mid 30s. 😂
However, one thing that is REALLY positive is that most landlords allow you to have pets!
Thank you so much for this video! It was very interesting and informative! Wish you the best!✨💖
It's the exact condition here in Israel. If our parents were able to already buy their house for 30 years of working then we don't have the ability to pay for a house even if we'll work for our entire life. I think this situation is happening in a lot of countries, living gets highly pricier. and I'm not even speaking about our "main" city and most popular one that have the most working possibilities, I'm speaking about houses farther away and it's still impossible. Can't see the future to be honest. Glad you both are really calculated and that you were able to decided what's best for you.
That was very informative, thank you. I don't want to live in Korea, but it didn't occur to me that the renting system there is actually worse than where I live! I'm a little horrified.
Thank you for this insightful & informative video! Thanks too for sharing your experience, thoughts & feelings. You’re brave & headstrong! And your command of the English language is quite impressive! Stay focused on your goals & be thankful for the good & positive things in your life. I wish you & your sister all the best. I believe that things happen for a reason & things will happen in their own time.
Hopefully, Seoul doesn’t end up like LA or SF with homeless everywhere. I moved to the Midwest from California and couldn’t be happier. In 4 years, my 3,100 sq ft house on 0.5 acres has gone up in value from 580k to 850k. Traffic is reasonable and the people are a lot better. My commute is just 20 minutes. I will never move back to a mega-city. Once cities get over 3 million people, the quality of life suffers. Some countries have moved their capital to ease congestion in mega-cities. Korea should consider moving their capital to a more centralized location (maybe to Daejeon? Kumi?).
In the city where we live in Germany, it's not easy at the moment either. Rents and real estate prices are rising more and more, and some people don't know how they are supposed to pay for it, because... as you can imagine... the salary doesn't automatically rise with it... We bought our own house about 4 years ago, thank god, because now we would have to pay double for our house! Here in Germany, the landlords also decide whether you can keep a dog...with cats I think it's different, they do not need permission...but i'm not Sure...
I think every country has its advantages and disadvantages...I would not move away, despite the currently rising gasoline and food prices...it is my home, many of my family members and friends live here! And you are legally insured 😉 what also not every country has 😁
Cats and dogs are the same, we had to get permission for our cats and a lot of places don't allow them 😪 rabbits and smaller animals (that can be kept in cages are different though)
Your first thought at 10:55 at saying "one of the popular ways..." was correct - when you say something is popular, this doesn't have to mean it is widely *admired* but merely that a lot of people *do* - and it can just mean that a lot of people of a certain *group* do. So here no one really admires scamming, not even the criminals, they just like the benefits it brings; and then it is only widely practiced among those who perform *some* bad scheme. Thanks for these insights.
I was considering a move to SK some day but no more...after watching your video I have to admit I am very fortunate here in the US...I live in a big city in the midwest...pay $880 monthly rent for 1600 sq feet and only had to give a month's advance rent to sign a year lease...you can buy a home here for what you have to pay for a down payment there in Seoul...Or course if you want to live in New York City, San Francisco or Chicago if will be a lot more...but the US is a big country and you can find a very affordable and comfortable lifestyle in many places...many Asian communities thrive in the US and there are plenty of jobs too...if you speak some English you will not only survive but will thrive...
You can buy a big house near the sea in Spain with lovely weather and view. That's crazy. (and I'm not even from there lol)
We pay (USD)$3000 as rent + $200 for gas n electricity + other utilities + maintenance 😅
Minimum housing prices for a normal home is over 1.5 million US dollars!!
Sorry to hear of your troubles Rachel, you seem like a nice person. I hope things are better for you at the time of this writing. I lived in Korea for seven years, I have an idea of where you're coming from. Always count your blessings, things are not as dark as they appear, but you seem like a very up and capable person, I'm sure things will work out for you and your sister. Take care.
So how is the deposit thing?. You put a lot of money, you live without further payment for the contracted time and the owner does with your money investments or use it?. It's a very hard risk, but if they do return it, isn't like you were living for free?.
It's the same where I live. My only option is to rent somewhere as well. Totally understand.
The world is shifting to needing at least two successful people to manage a house or rent in a good area and not live away from a city area. I have two places I rent, and sadly, after a few years, I am forced to raise the rent because of taxes, property insurance, property management, upgrades, Business license, utilities, increases, and even my cost of living going up, and I hate to raise the rent on good tenants. Everything always keeps going up and rarely ever goes down. In 50 years, I hope people can adapt to a society like this. The internet has changed the world in my lifetime, and AI is coming. I hope everything works out for you, Rachel.💖
Just keep fighting Rachel, your life will be better soon 💫
I genuinely would love living in Korea one day but because I know this and needing to fulfill visa requirements etc I'm doing my best to get the language down and preparing to be able to do some kind of work from home option then live somewhere more rural to not be stuck in that stress to this degree... some housing stress is expected of course, especially as renting etc as a foreigner but I know I want to be fluent enough to not fall into scams. I don't mind living small when that day comes as long as there's good public transport because a big house is more work to upkeep, keep warm in the winter, repair if something happens, more to clean, more places ants and spiders can get into and a smaller place was cozier. Whether that day is in 10 years, 20 years or heck in 30 years I don't care. I think Korea is beautiful and no country is perfect, people are people and economy is economy, it is what it is. ^^
Wow can’t believe 300 k as deposit for renting that’s just crazy. You might want to move anyways despite what you have there. Many started somewhere else once but it’s scary. Wish you well.
Unforunately Canada or in a few Provinces it's the same. Buying a house is impossible unless you have a lot of money. Most houses in Toronto (or the smaller cities about 2 hours around it) now go for 1 million dollars so if I want to stay in the city and not live in a really rural area then renting will be my life. Even renting is super expensive though.. $1700-2100 CAD a month plus hydro, food costs, etc.
This is everywhere, but first time hearing about this type of payment. It is kinda nice since you living there rent-free in a way, it's just worrie that they might scam you. I noticed in my state over years so much happen, like 20 years ago you could get house or apartment quite easy. Now everything gets more and more expensive but job payments don't really change much.
This happens in Argentina too, even in towns. As a millennial is almost impossible to buy or build a house unless you get family money or a very high salary, or seasonal hard well paid jobs like going months around the country manning tractors and other machinery.
House prices in Germany tripled up :/
I live in a coastal town in Southern California and I gave up on buying a house. Everything I like is close to a million. I honestly don't know how some people do it. Everyone I know that has gotten their own place their families have helped them with down payments/loans. But that means living further in land for a lot of them or in a not-so-nice area in town. AND all they're building now is luxury apartments averaging 2,500-3k a month D:
I just hear the sadness in your voice, I can tell you have lost sleep over this and have also cried. My heart goes out to you and your sister. I hope these next two years you can save a lot and buy your own house. Life’s hard but I think it worth it! Thank you for sharing I hope it helped. You got this!
I'm gonna study abroad but i didn't know if i should put korea on my list ... by the way korea is a nice place for a foreigner! Maybe because of kdrama or kpop! But thanks for your video! It was so useful 💕💜🌸🥰
Perhaps it's similar in developing countries as well, housing prices are increasing way faster. In some cases, prices in smaller cities are same as that in satellite areas of bigger cities, mostly to "local demand". Owning house in today's times is probably the biggest achievement one can have.
Why do you have to pay a deposit every new contract? Do you pay something every month as well?
So true. Same in Europe. Maybe not to this extreme extent but still pretty similar.
Such an interesting video! Thank you, Rachel! In insurance open for foreigners?
I live in Chattanooga, Tennessee USA.I'm on Sect 8 and ha:e been living in my duplex with my daughter for almost 9 years. I want to move, but the housing situation here and the rent or buying prices are skyrocketing. My duplex may not be the best, but for now I'm grateful that I still have a roof over Mine and my daughter's head. Last year I paid my rent in advance for 13 months. And did the same this year. $300k for deposits is insane:(
Yeah Houses are just global. Like HOUSES here are MINIMUM 1m+ and 500k+ MIN for small 300 sq feet box apartements. Also I thought no pet thing was global; at least it is here. It's up to the owner of the house/apartement/place you went if they want you to no smoking,. no pets ect.
it must be too stressful for you & your sister.. i hope you have lots of strength, dont give up, you can do it
I am unsure if this is an option for you Rachel, but about that deposit, cant you in turn place a lien onto the property your living in as collateral for your deposit? That would force the owner to not be able to take out loans or mortgages against that apartment or sell it until you have been paid back. That prevents the property being auctioned off as well. Now i am basing this off of canadian rules as i believe it, but if you are in canada and place a lien against someones property then you are considered the first loaner. That gives the owner incentive to ensure they pay you back or else you can foreclose on the debt they owe you and end up owning the home you live in. Talk to your lawyer and see if thats even a viable action in Korea,.. it may not be. I am curious however, it would be worth your while looking into it to preserve your capitol.
In the case I mentioned, the owner took a loan when there is a tenant already. When the owner can't pay it back, the house will be a property of the creditor who bought it at the auction market. And the order of payment of the owner might not be you first. Tax for the government is the first, debt for the financial institutions will be the second, and then the other creditors... and oh, if the owners credit is shit(most cases is this, when they scam people) you can't really expect to get paid back. You can't stay at the place legally, because it has nothing to do with the owner anymore. I know. The law sucks!! I hope Korea makes better laws that protect the rights of tenant.
rachel gives me so much good vibesss
Wait why are some house owners not allowing that insurance? 😬
I know the feeling. The the States it's so expensive to buy a house or to rent from anywhere. Me and my husband can't even afford to buy our own groceries but we manage and It leaves us with hardly any money for the money
Is a portion of the deposit money a loan, if so how big? If not, how did you save up that much?
Ohhh girl, Colombia is kinda cheap for that but the average of work paying is 500 usd, and that is a “nice deal”.
You can huy a HUGE house in Florida for 300k dollars. In case you were thinking of moving lol.
Fighting Rachel.. 🌹🌹
It is so scared the third point you told.
$1000 rent a month thats cheaper than 90% of places in my country XD
It is impossible for most people in America too. We are looking at 300,000 USD right now for a basic home to buy. double or triple that in cities. Apartment rental is about 1600 minimum for a crap 1 bdrm in most cities. It is horrible 40,000 dollars for a deposit is insane. How on earth are you paying these insane size deposits??? Do you get your deposit back? Can you use it to buy a house?
My deposit is 290,000 USD, not 40k 😂😭😭😭
It’s kinda like trying to buy in NYC. Both places are big cities. There is no way to buy or rent without high prices. So sorry the only other option is to commute.🙁
I live in Florida Rachel! I own my house & I bought it 4 58 thousand dollars! It is worth 400 thousand now but if I sold it I would have 2 pay that much 4 a new place! U just can't seem 2 win now days! Take care Rachel! I think about U every day! UR really smart! ❤️❤️❤️❤️❤️
Omg, I am moving there next week, so this is very foreboding.
If you moved out, would you get your deposit back?
Thank you so much, Rachel, it's sooooo useful! Even tho Matt and I don't plan on living in Korea, I think it's always good to know about the realia in other countries to broaden my horizons and understanding.
🥰🥰 thank you for the video ... sorry for your housing issues ... thanks for he insight
The situation in Seoul sounds exactly like life in coastal California. So Expensive. Sucks!
Housing price is insane across the world. Same case here in Mumbai
What is the link to the other video where you discuss jeonsae from last year?
Your English is very good! I love your accent!
Don't worry rachel i hope you get a new and a affordable house next time . Stay strong
That socks, lousy option, and I thought we had it bad in Australia
Omgosh I'm so early, Hii Rachel, you are so beautiful! I enjoy watching your videos so much!🥺
That is insane! I live in Los Angeles and it’s not near as bad. 😱😱😱
290.000$ OF DEPOSIT MONEY ?????? 😳😳😳😳😳😳😳😳😳😳
That is completely and utterly nuts !!!! How is this even allowed ?!?!?
how on earth do you get 300k in the first place..??!
Is living in Pyongyang easier than Seoul?
I was trying to find a place to stay in 동탄 with 2.5억 전세 that you can have insurance and can register the house properly... Zero. Only one 반전세 that I had no choice but to get...
₹$40,000???!! It could pay for someone’s education.. omg..so shocked
what are you thoughts about moving to Australia?
With the lack of middle class in so many countries, who in the hell are buying houses?! It's so crazy, even for people can scrape by it's becoming less of a good investment.
In Texas you can you buy a house and lot in cash for $300K!
Unfortunately, this is happening everywhere. Three women, my Mom, sister, and I live together and if one check bounces, we are F*cked and out of our place of living. Three people's income together cannot buy a decent house in a decent area. If by some miracle we came into money we could only live on the modest end. You probably won't outrun it. It is the sad truth.
on one side, I really feel bad for you, and all your points are valid, on the other, I really don't think it is better anywhere else where you can maintain the same overall quality of life
Where would you move if you could? You know, what country? Have a beautiful day and God bless you Rachel. Good luck 🤞
$12k per year from a base of $300k is 4% return on your investment yearly. That's very realistic. I think you're making a terrible deal.
The average S&P500 yearly return is 7%. And that's already adjusted for inflation.
Come to canada, you could get a good condo for 300k$ even a single family house outside of the big cities