Work and save money for years only to find that you are further back than where you started. And what is worse is knowing it’s partially the result of purposeful government policy. There need to be consequences for what the federal reserve has been doing since 2008.
young people buy apt need money from 6 pocket ( mom father grandmother grandfather father in law mother in law) in Chinese. American will become the way soon
The tradition of children doing better financially than their parents is over...gone. We are living in a different reality now. It's sad. My heart goes out to the young people just starting out.
Thanks for the sympathy. I'm genuinely sitting here questioning why I'm even trying at this point. Like, I'm 23 and have nothing to look forward to at this point.
@@synthraofficial5366 oh my please don’t say that… I hope you do accomplish what you are trying to do. 23 is very young and you have your whole life ahead… work hard and it will pay off… it’s going to hard but worth it
@@synthraofficial5366 I agree with Samrah Ahmed. Don't give up. Stay positive. Make goals for yourself and do a few things every week/month toward your goals.
Great move by your neighbor! I have realtor friends, and they ONLY help sellers who will sell to other families, never to corporations, or cash only deals. As well as only represents families/couples looking to buy. But with the huge amount of higher paid transplants moving here (from other states where property rates were waay higher & they had state taxes) too, many families are being priced out, even by other regular families. Some of us are barely able to maintain the rent hikes happening too.
So grateful years after my husband died i had to have cash offer my house was in such bad condition but i found a family who could get cash and wanted to fix it and keep the natural gardens.
Just be patient. Everything in this world, include the economy, has ebbs and flows, peaks and valleys. This will pass and that will be your chance. Yes, the interest rates will be higher then, but if you hold out a little bit those too will fall and you can refinance for a lower rate
Same here. All the older folks say "be patient, get roommates, just save" without realizing that they didn't have to endure the highest inflation in 50 years, social collapse and more. JuSt SaCRiFiCe....
We spent nearly a year throwing bids at houses. Usually, 3-4 properties a week. We were out bid every time by 60-70% above list price by corporate buyers aiming to turn them into rental properties. When every 150k property bids up to 250k, house hunting starts to feel like an effort in futility. We only managed to get lucky on our house because the seller would only deal with local banks to block the realestate vampires. These companies need to be reigned in or America is going to become rent only for the vast majority.
Yep, we only found a house after a year of looking because we caught the listing right away, were first to the seller, and she wasn't a greed monger and just "liked" my wife and I. Otherwise we experienced the exact same experience as you. Blind luck saved us.
@ 100% my town is being completely gentrified to the point recently a developer from Atlanta was run out of town because he wanted to put up housing for people who made less than 60k a year.
We were prepared for a future that doesn't exist. I'm 35, work 50 hours a week and I can't even afford my rent half the time. This was not supposed to happen
@@giovanahc "The reason they call it the American Dream is because you have to be asleep to believe it." -George Carlin If you are going to quote someone, take the 60 seconds of effort to get the actual quote.
@@giovanahc Watch all of it and read his books. I should have replied to the original post, he's the guy that got the quote wrong. Enjoy your Carlin journey.
Greed will ruin everything in this world. This is why so many people are mad. This is why everyone is so into politics because they hope their party will finally do what’s right and help the average citizens. But politicians are rich and will never do anything to stop the money they get
@@UnrulyButEntertaining Term limits would also purge the ol' money bags who've been getting rich from our labor so long that they don't even remember the stories about the working poor who pay the taxes they refuse to pay.
Homes are so expensive, and yet made very cheaply. They used pressed wood and sheet rock.whatever happened too building a house with concrete, steel, solid wood , cement. Have you noticed how easily they’re tore apart from the weather. They used cheap material, and you paying a arm and leg for a home .
You’re not wrong on the “cheaply built” but you’re wrong on how that’s done. Engineered lumber is straighter, stronger and more environmentally friendly then “solid wood” and sheet rock is quicker, easier and healthier then lath and plaster. Concrete is made with cement and most residential homes are not built with steel. Home builders specially track home builders build everything to its max rating meaning that the joists, rafters and studs are at max length for what they are designed to support.
As an european, I never understood why they build homes out of wood in the US. Where I was born, all houses are made out of concrete and bricks (and yeah, steel too, that's what the concrete reinforcement is). And people would laugh you out of the room if you suggested otherwise. It's actually a common joke every time you see someone punch through a wall in an American movie.
I'm tired of getting calls and texts about selling my house, a house that's not on the market. Two houses recently sold in my neighborhood, I searched county property records and both houses were bought by Zillow.
Zillow said Tuesday it is laying off a quarter of the real estate firm's 6,400 employees as it shuts down the company's house-flipping operation, a painful setback for a player that has sought to expand its role linking property buyers and sellers.
Same. I feel like that home owner living in that alternate realty in Back to the Future 2. ...the part where he’s got a bat, protecting his home, wanting to smash that guys head in, and yelling, “You tell that realtor company that we’re not selling, you hear?! We ain’t gonna be terrorized!”
Zillow handles Apts in Denver to them the low income are riff raff and their punklords are snobs, and in violation of CO. housing laws , " every landlord must subsidized...so zillow makes Apts just out of reach
Same here get calls everyday. Zillow got caught holding the bag. The housing crash is coming for companies like zillow evergrande in China. Fantasia holdings Ltd all ready threw in the tile in China 🇨🇳
They aren't just doing it to houses, but apartments too. A property management company bought my apartment from my landlord and I'm terrified of what my rent is going to look like in June, or of being kicked out if they decide to tear down the building and build something else.
As someone who's trying to get into that business, i can assure you that your rents WILL go up unless there are 30,000 new units being built in your area. Sadly that's how capitalism works and I don't see that trend changing ..ever.
The craziest part of home 'ownership' is the property tax. I don't understand how Americans put up with paying tax for the building. I get the land portion, but paying taxes every year for the building on the land is crazy. Every person is therefore not an owner but a renter. The use of these taxes to fund public schools is also the biggest reason for the disparity in white and black outcomes.
Spot on. Or more specifically not just that property taxes fund public schools, but that they only fund those in the immediate vicinity rather than across neighborhoods. (In theory that kind of pooling might work… but how big a pool spread how far is a question I’m not qualified to answer.)
@Be Intelligent if you have to keep paying for something you already bought, you haven't bought it. There are many countries that function with just a land tax, not building and other property. The massive resultant differentials in property tax collection between districts distort social outcomes to an extreme degree ( total collection is more in wealthy areas, but they usually pay a smaller percentage of the property's value so it cuts twice) and also causes phenomenon like white flight and gentrification, keeping places in constant artificial flux
@Be Intelligent seems you have problems with philosophical arguments. This shouldn't be esoteric. Just because some document says something, doesn't mean it is true, or that it is true from all perspectives in all situations. If you stop paying your tax, the govt will take your house in ten years or less. You are basically paying for a new house every 30 years. Other taxes are directly related to the govt actively influencing your life to make it easier, so they collect a fee for it: for maintaining the money you use, infrastructure, justice system etc. Property tax is in a class of its own, it is different in several ways: it is more than regressive, being particularly punishing to the poor, and disabled. It actively causes social dissonance, is a tax on something passive, that the govt has basically no role in, and is used to pay for things you will never use or may never use. I'm not a libertarian, I think education and healthcare should be public or have public option, but only from taxes that mostly directly relate to the benefit. Permits, fines and tolls for roads, vices for healthcare, corporate tax for education and regulation, progressive income tax for social cohesion (justice and law enforcement, welfare (making up education and healthcare when or if the other sources fall a bit short)), value added tax for the environment, money supply, etc. How does property tax directly relate to anything other than streetlights, garbage collection vegetation maintenance, and small roads?
That's why many are not interested in owning a home. Is it ever really yours when after the mortgage is paid, the house can be taken from you for not paying taxes? 🤔
I'm sick of hearing millenials' acts of desperation being described as "creative." As though it's a positive thing, as though it solves the problem, as though we don't need to worry about the housing crisis anymore. Calling it "creative" is a get out of jail free card for those who don't want or care to do anything about it.
I hate the dread that I get when my lease is almost up and I have to renew. Every single time for the last 4 years it's shot up by hundreds. Really don't know how I'm going to keep up at this rate
As a younger Gen X (Xennial), I feel your pain. I stopped being able to afford my rent a couple of years ago. I've got roommates now. Happily, the latest place I'm in has big rooms, reasonable rent, and decent roommates. I'd still like a place to myself though.
seriously. ill never be able to own a home, ever. its just not in the cards. im a teacher. nobody cares about us educators. social media marketers who sit on facebook all day make twice as much as i do helping raise the future generations.
Yet the only apartments are luxury. They buy former schools for two dollars and convert them. There are so many malls and shopping centers standing empty….convert them into affordable housing.
@@mike_azuka those so called Mom/Pop are Scam Artist. They had the nerve to offer us 200k less of what our home was worth back in 2019. Felt like they do this only to black/brown home owners who are in a bind and need quick cash. Thank Goodness we had a Great Realtor.
@@valerielewis7870 most American cities are car dependent and they were built that way on purpose. We don’t have any public trans systems even though owning a car is widely expensive; gas, insurance, parking, maintenance, etc.
@@victorialuxxe are sidewalk illegeal too? A canedian said that there were parts of the suburbs where sidewalks did not exist, so you could not even walk. I live in a town where we have lots of "panelházak"( concrete block of flats) but even that seems more sensible than not being able to walk to the other side of town
@@ritasallai152 not illegal but some older neighborhoods in my city don’t have sidewalks. They made them that way to force everyone to have to drive. We have bike lanes now but most of them are so close to the traffic lanes with no barrier to protect bikers. American cities are not pedestrian friendly
It's sad that the average rent on a one bedroom apartment is alot more than the average Social Security check. Seniors can't even afford to stay in their own homes because property taxes + homeowners insurance = more than their Social Security check too.
@@kcho760 There are different types of Social Security benefits. 1. SSI Supplemental Security income. 2. SSD Social Security Disability. 3. Social Security Retirement. There are also people who have gotten in trouble with the law who have their Social Security checks garnished by the District Attorney's Office. For example, someone who was getting $1000. may have their check garnished and have to pay 90% of their income to the courts, therefore they may only get $100 per month. Did you know that Governor Gavin Newsom just passed a new law allowing foster children who have just turned 18 to receive $1000 a month? I'm not sure how long they get to collect it. They might need to talk to someone at the FREE Legal Aid office.
My parents own their house outright at 66… their retirement income is $2,800/month and property taxes in their houses are $1,000 per year…. They are very lucky.. they bought in 95 in the capital of CA for $66k when my dads income was $50K
@A P not everyone who lives in public housing is poor and living in terrible conditions. There are affordable housing units in many developments where most residents live in townhouses or condos. The affordable housing units are similar in style, but smaller and don’t have garages, just reserved parking spots. Many people who live in these units are working class and aren’t poor, but they’re not wealthy by any means. So yes, it’s too bad that affordable housing was impacted negatively in the infrastructure bill.
I live in a beautiful 2 story, 3bd/2ba 1300sq/ft apartment. They are income based, all remodeled 5 years ago. So yes, the funding for public housing DOES provide decent homes.
Affordable housing is a joke. It is often 80% the cost of housing in the area and if that is 1.5 million dollars then you are looking at a very affordable 1.2 million.
@@exoticalBecky_Miami worth moving there? I love Colorado but if I stay here I will rent forever. Alaska seems more manageable housing price wise. And It seems like a smart place for climate change collapse coming to me
I managed to buy a house right before the prices really took off. I wanted to move to another area and looked at some houses just to discover I'm priced out of the market and every decent place sells the same day it lists. I decided to stay put and hope prices settle back down, but they just keep climbing. After watching this video and knowing a little more of what the problem is, I think I'm lucky to even have a house.
Stop giving tax breaks to people who can't "find" a renter. They can find them if they actually follow supply and demand. If that means they make less money on renting than they thought they would, them's the breaks. Those are the risks you take when investing. Then, add multiple home tax and vacancy tax to the people who're still abusing the system. Because housing should be a fundamental right. Because it's a basic need. Allowing it to be run for profit is basically just a legally sanctioned form of highway robbery - "your money or your life" is an easy enough choice to make - that doesn't mean it's moral to allow it to continue.
Depending where you live, the cost to rent is sometimes as much as a monthly mortgage sometimes more. That makes saving for a home harder especially with inflation which then raises rent prices.
Exactly. Its mainly the corporate buyers snapping up everything and then both jacking up the rent astronomically or leaving them empty. Local jurisdictions could do something about this by creating ordinances covering second dwellings, empty rentals, and even modest rent control. This is the direct contributor to homelessness in our area.
Why would the people in power ever do that? They themselves are the rich who are doing the renting. The system is rigged and it has been for decades. EDIT: Forgot to mention that you saying housing being a right is socialism. And that's the problem with capitalism given enough free reign on the market. It becomes crony capitalism and only the people in power and some lucky souls get to participate. Then of course it becomes hyper capitalism as profits are put above everything else for the few who benefit like with this housing crisis. I mean I believe that it was the Nestle president or CEO who mentioned something about water not being a human right, even though we literally can't live without it. These people love in a different world and view us as disposable and barely above an animal.
in my area older people who bought their house in the late 50's early 60's for 100k have just lived there since the beginning and haven't moved. Now that they're aging out, they're selling their property for $900k+ then the new owners are just tearing them down and building mansions. I'm renting one of these old 3 room houses for $2500 that's not even properly grounded with at least 5 houses all around me being built. Hard to save to buy when renting is so much.
It's been like this since the 80's and Reaganomics. I'm not really sure why anyone with any semblance of a college education is even surprised anymore.
Personally I'm an outdoorsy person with a green thumb.. I always thought it would be really cool to do van life or something, not for TikTok or anything like that, don't really need the clout. I just don't want the stress of trying to buy a home, people will try everything to F you over on housing
Even the concept of “owning” a home is hilarious. Pretty sure just borrowing from bank, try missing a payment! Also what about elderly people on fixed income? Where are they supposed to live?
@@MayTheSchwartzBeWithYou Equity, interest rates, repairs, maintenance, insurance, lawyers, brokers, etc. I get it's complicated. What percentage of American's can/will own a home realistically given all the considerations in the near future? 20%?
My oldest brother has been trying to buy a house for months, and he's got plenty of cash. He was outbid in a more rural area even when he went 50% over the asking price. It's ridiculous.
Some rural areas, like western Montana and Idaho, are seeing insane demand since Covid. Remote workers and retiring boomers are looking to leave the big cities on the coasts. They are pushing out the local working class, making offers well above what the locals can afford.
There is plenty of space for homes, just not in the cities where the jobs are. Give us better public transportation. Other countries have light rails, they are able to commute to work without driving two or more hours.
@@The_Eldest_Millenial Definitely a factor. That's why it's be nice if various *regions* (multiple states) set up their own massive public transportation systems, and then the Federal Government steps in to *connect them all* . But we all know that's a pipe dream, nothing gets done in this country due to hyperpartisanship, tribalism, and plain ol' greed. Basically the ONLY way we can have solid countrywide public transportation, is if Extraterrestrials 👽 show up and FORCE us to do it. Even THEN, there would first be the usual resistance ( _"We're Americans, even if you wanna save our lives, nobody tells us what to do! Bubba bring the shotgun! Yee haa!"_ ), followed by a surreal *massacre* as the aliens wipe out those anti-progress ignorant fools. THEN the rest of us can follow our ET visitors into a glorious future as a *Type-1 Civilization* . tl,dr: This country could be SO much better than it is right now, but about 40% of the population has said, _"No, the Dark Ages sound much better"_ 😒
@@The_Eldest_Millenial Other countries weren't dumb enough to adopt suburbia. The US was fine until it adopted Suburbia after WW2, its led to the decline we see today in the housing market.
@@The_Eldest_Millenial They really don't, but what does the size of other countries have to do with whether or not the US can create a functional public transit system? It's about the distance from homes to jobs, not the distance from one border to the other. Nobody needs to cross the entire US to get to work.
I wish there was a more in-depth documentary or piece on what exactly is happening in the housing and rental market. It's a serious issue that is financially debilitating for some and spells homelessness for others. While I appreciate the Daily Show's attention to this problem, it was too short and didn't go into much needed details about boomers living longer, population growth, stagnant wages, low inventory of starter homes and why that is, how the pandemic might exacerbate some of the rural/suburban housing shortage, what if anything the recently passed federal Infrastructure bill does to address this problem, and what can be done to get Wall Street out of the home buying business, etc.
Or people of that age who didn’t come from privilege and are homeless or close to it. Imagine how that feels and then to be told you must have lots of money and the best houses. Can you make distinctions? It’s important.
Was hoping Jon Oliver would do that, but an hour doesn’t even begin to uncover what all is going on. Unless you’re a multibillionaire, you & your offspring are going to be SOOL.
Restrictive zoning laws are a major factor here as well, that was only tangentially addressed (not building enough homes). Too many long-time owners are preventing more. housing in desirable areas from being built and this has major trickle down effects to all parts of the housing market (increasing costs almost everywhere).
@@sunshine3914 I thought John Oliver had done a piece on this a while ago, so I did a search (John Oliver Housing) and I guess he has done about 4 pieces that touch on different reasons. This is something I care deeply about so I've seen many programs about it. PBS Newshour is always airing segments about various aspects of the lack of housing available for different reasons and I thought they did an in-depth program on it as well. The problem has been going on for quite a while and really got traction in different areas after the collapse in 2008 when investors had to drop the bad mortgages packages then did the same thing with actual houses instead of just the loans by setting up portfolios of properties that investors could buy into then letting a management company run the properties... so of course they run them for max profit instead of any long term stability for people, families or communities. It's really awful for our future prosperity. If you have to move every couple of years, you can't build a life as well as if you stay put and integrate fully into your community. Since property laws are set at the local level, we really need city, county, and state governments to incentivize resident homeownership over investors, but the incentive is not there for them since the current market raises base prices and therefore increases property tax revenues for every change of ownership. Until the local governments decide that the cost of home insecurity is a bigger drain on their coffers than the added tax revenue ... I suppose this is how we all live now.
@@nanszoo3092 I don’t own a tv, I only listen in on UA-cam. I know he did excellent coverage of corporate America purchasing mobile home parks, a few years back. They increased the lot rent by 3x... which is twice what my 10 year mortgage was. And yes, this is the future of Americans. So very grateful I never had any kids.
The lazy millennials just need to work harder, in stead of 3 full time jobs they need to fill their entire week with work. Just don’t sleep anymore, don’t eat and no entertainment. Just work, work, work and work some more! And then they can stay at work not needing a house anymore! Win, win, win and win for everybody!
It really does seem like that's what's expected these days! Except that you can't work because there is no child care available! Catch-22s everywhere you turn. Having the employee just live at the workplace-- wish this was just a joke. They actually do it in China.
Perspective: Generation X, $9/hr. FT, wife $12/hr. PT. Rent was $600/mo. Bought $102K 2/2 for $102. 8% interest $850/month mortgage payment. Struggled, sacrificed. Paid it off. Sold in 2017, now single. Bought a fixer all cash 3/2. Struggle/sacrifice/save.
We bought our house LITERALLY by the skin of our teeth just over a year ago, previous owners had done some interior renovations and updated a little, 6 months later an identical house 3 places down that hadn’t had any renovations done to it (still had orange carpets and wood paneling) sold for 30k more than we paid. If we had waited any longer we couldn’t have afforded our house. Add to that that we had to move an hour outside of where we wanted to be in order to even get close to our 320k budget and not be in a double wide.
They're all just boxes. You're asleep 8 hours, working and another 8 and commuting or running errands another 2 hours. This leaves about 6 hours a day that you get to enjoy your box.
Rural housing is completely different at least in my state of WV. There are tons of homes in rural wv for sale and have been for sale for years. Which is sad, because the cost of living out here is way lower than in our cities or other states. Also many of these homes are beautiful and under valued compared to similar homes in the burbs. What I did find scary is corporations buying up homes then renting them...a company should not be able to acquire tons of homes like that. There are entire neighborhoods owned by realty groups.
I am hoping that my job in DC will approve me for out of state telework so that I can move to a cheaper rural area and buy a house. As it stands now, even with a six figure salary, I will never be able to afford a house in this area. Anything under $500K is a complete dump that needs major renovations. Home ownership is a fantasy for anyone living here on a single income
That's actually horrifying if you think of what one realty group could decide for its "community requirements." Slap an HOA label on it and they could get away with nearly anything.
It's student loan debt. You have to make X dollars to pay off your student loans. That can only happen in select areas. That won't include WV. If you need to make an 800$ monthly payment then you will need 50k+ a year or really 75k to afford stuff. What jobs are in WV where you can earn 75k?
I live in a place where investors already managed to drive the market prices so high, that in a very sought after trendy neighbourhood you'll see half a dozen "for sale" signs that have been there for over a year. On top of that, there are plenty of empty homes for rent. It is clear that the supply is higher than the demand, but prices are nowhere near going down because investors keep buying old houses and building blocks of flats instead.
@@upinsmokeproductions6471 rent where I live has almost doubled in the last few years. We are being out bought by the California exodus, and probably also Wall St. Lots of Zillow homes suddenly for sale.
Government needs to regulate the housing market to be sold only to American citizens, not these hedge funds who are just trying to make a profit, while those who need a house to live in get left out of ever being able to achieve the American dream
@@wendel5868 There is no free market. Those private equity firms are getting nearly free loans from banks getting nearly free money from quantitative easing. That's the furthest thing from the free market. That's corporate socialism.
They already have this program with HUD houses they just need to make it mainstream. It allows owner occupants to bid only in the first 14 days and investors can only bid on an offer if there are no buyers in the first round.
Bury kids in debt. Price them out of owning a home, forcing them to rent in perpetuity. Create low wage service oriented economy. Foster competitive consumer over conservative wise spending/saving model, creating a mindset of instant gratification. Addict entire generation to electronic devices. It’s almost like living in a season of Black Mirror.
I bought my first house this year. I made offers on 6 houses for between 70k - 100k over asking and never even got a response. Every winning bid was a cash offer. After 7 months of searching I don’t know how, but I finally got lucky, I had to make a ridiculous offer on a house that was smaller than I was looking for, but I like it. The negotiation process is terrible, there is no negotiation, whatever the seller says you have to say yes. No inspection is a given, but if they want you to get on all fours and bark like a dog you have to do it.
I watched this happen in South Florida until it got too expensive for me to stay ... Now I am watching it happen to a small city in North Carolina... Something needs to give in this country. First Wall street takes over our favorite stores, then our banks and health care, and now they want all the housing stock. It is like a tapeworm, never satisfied ... what is next? our food supply? oops, I think it may also be too late for that as well?
It's not like it's a set up. It IS a set up. Wall Street and Equity Holding groups are manipulating the housing market just like they've been manipulating the stock market. Take this into consideration: if you purchase a mortgage on a home you are theirs (the financial institutions) for a few decades tops until your mortgage is finally paid off. If they buy up all of the available real estate and adjust the prices thereby making the purchase of homes financially unobtainable by the majority of the middle class we will all essentially be forced to become theirs, as renters not as owners, for life. You will own nothing and be happy.
@@emilyreid278 Wrong. If you look at population trends over the last few decades in the United States you will find that the population in this country has experienced very little growth. And now with the Baby Boomers (one of America's largest generations by count) starting to age and eventually starting to die off we should see very little increase in overall population. The one thing that has changed dramatically over the last few decades though is the amount of people born in rural locales who have been relocating to the urban centers. Also, states like California have lost millions of residents to other states (over 5 million in the last decade have fled from that state alone). This may be why you're feeling stifled by the increases of people living in your area.
The part that got forgotten: If only the US (and Canada) overhaul zoning restrictions to allow for different styles of suburbs, they would be both supporting more houses per square foot AND allow people to go to many places without the need for a car (so less roads required and also a safer surrounding for kids etc) AND financially stable burrows that can still maintain all their infrastructure. After that, it’s only about finding the room to build and make new communities.
@@LZKS no one is saying the solution will happen over night but blaming just two groups for something that was bound to happen when you limit supply is wrong too. Limiting the number of buildings being built was definitely the catalyst to the crisis and should be addressed first. Or we could force out boomers from their homes punish companies trying to do what companies are supposed to do which is make profits. I would only solely blame companies if they had a monopoly but they don't at least not this time.
@@thunderslap21 boomers are the residents who, almost always, vote NO on zone changes. They are a part of the problem. No one’s picking on them this is, factually, what’s happening.
I live in South Carolina and people from up north are flocking here and offering way over asking price for the few houses that are available here. Houses here are half the price as they are up north. It’s hard to know that you don’t stand a chance against them even though you’ve lived here your entire life.
Couldn't agree more. Lifelong disabled here and we managed to buy a small family farm with family money buy the industry is so tilted in favor of big business we had to sell. Plus the "house" was a fancy looking but falling apart giant mobile home we couldn't even insure! Have a LGBTQ kid so had to move to the safe school zone and stuck renting from a big company. So far our rent has gone up 40% in just 4 years and I'm sure you're aware, wages aren't going up anywhere near that fast. And it's the same everywhere. The low income apartments used to be around $800/mo, but all these companies have even driven that up to $1400/mo! And they're still buying up homes here! They have taken over whole streets to the point the HOA can't make quarum because there aren't enough homeowners left! They clearly want to take over the whole town and own most of the other neighborhoods as well. It's terrifying! BTW, we rent from invitation homes.
I, a millennial, got very lucky and bought my home in 2014 when prices were super low. My house is now supposedly worth almost double what I paid. Too bad I still need a place to live.
@@eavyeavy2864 millennial doesn't mean you were born after 2000. It's supposed to mean "the generation that were defined by the change of millennium". It usually refers to people from the mid 80s to the late 90s.
@technik27 The youngest Millenial is currently age 25/26. Millennials end up until the mid 90s. You are Gen Z if you are born in the late 90s aka '97, '98, '99.
We kept losing out to all cash offers even though we had a decent payment and to families w kids (we can't have kids)...was hard to even find a rental bc of this: steady jobs, great credit, cash in the bank and a clean past and couldn't get picked.
Regulation is part of the problem: There are many laws that keep you from building stacks of 40m2 apartments on your plot. Artificial scarcity tends to drive up prices. Now, I'm no free market fanboy, I think capitalism is an inherently broken, immoral, and self-destructive system. But one reality is that if you make it harder for people to do stuff, they will do it less. It has become very hard to build cheap housing, therefore people aren't building cheap housing even though it would be crazy profitable right now.
@@bramvanduijn8086 But the problem right now isn't a matter of there not being enough housing. It's a matter of big companies buying up the housing to rent out, keeping people from being able to buy houses for themselves. It's a matter of apartments' owners cranking up the rent because they want more profit out of the properties. Regulation is needed here and it's needed soon.
The reason housing is such a profitable investment for them in the first place is because of the limitations on supply and high demand. Bad regulation tends to try to fix symptoms without fixing underlying problems
I can't believe the housing crisis has hit my tiny neck of the woods, but it has. Home prices are INSANE and up way, way more than 10%. Homes are double what they were pre pandemic.
You forgot to mention all the speculators and foreign buyers (such as Chinese folks who invest their ill-gotten riches in the U.S. (Australia, Canada, etc.) to keep their wealth safe from their government.) Why do corporations, domestic and foreign investors own homes in the U.S. when they can't live there? Change the laws.
Here in Georgia, corporations are building brand new RENT ONLY subdivisions. Just imagine, beautiful new single family homes in great school districts with parks, trails, playgrounds, etc. that are only for rent! This is scary.
Sorry this is not just a American problem. It's happening in Canada, Australia, The UK and other Western countries. There just not building starter homes plain and simple.
"Starter home" my boss has been doing the same job for 15 years and has been living in the same house during all that time. He could afford that house 15 years ago but now it's no longer a "starter" home. it's worth over 500k. He could not afford the house he lives in if he tried to buy it today.
There are homes in small town TN that were valued at approximately $100K in 2019 but are now pricing around $200K to $300K. This is unsustainable. Who's buying these homes at these prices? The BEST jobs in these areas pay around $25 hourly. What is going on?
The truth is there needs to be a change in zoning laws. We need to build more housing and build higher density housing. Until we do that everything else is just rearranging the deck chairs on the Titanic. The problem is that everyone agrees that we need more housing but "our community is different". I was reading an article about Crested Butte and the trouble the businesses couldn't find help because it was too expensive to live there. Everytime someone suggested building more it was a big No! That happens everywhere.
Actually laws favor the tenant. It's the municipalities that profit off these high prices. For instance in NYC no mayor ever tackles the rent prices. The reason being is because 40% of the yearly revenue is from taxing on these high prices
Depending where you are in the country some states have laws that are more in favor of the tenants in a rented home. The hardest thing to do is get out squatters because you can't have them immediately arrested on site and then it takes forever to get them out thru the courts since it's a civil matter.
So we're just not going to talk about the thousands of homes that are just vacated/ foreclosed. Banks have thousands of homes. That are actually still usable but people just don't have the money to pay for them because we live in a rich society with the housing market that drives up. every year
You have no idea how much they do that with businesses in Manhattan, thousands of stores and apartments abandoned and waiting for someone to pay $100,000 a month
@A P Because they make money from that as well. Both sides are part of the problem but they blame each other to make the idiots fight over them. All while they sit back and let the money roll into their accounts.
@A P I don't know what democrats that you know personally. The elected officials living in inner cities with high crime rates discuss it daily. Edit: notice I said crime rates and not black on black crime because the white on white stuff doesn't make the tv news...its does make the local papers though...yeah it's just called crime then. There is a lot of that in my state too. Not as much as other places but too much for such a small state
@A P can you just stop? You know how local leaders are trying to deal with crime when states and the country wants that crime badly for your narrative.
Why isn't the US Government stopping corporate buy ups of residencial properties and allowing highrise rentals instead or ownership units. We should also not allow purchases from non citizens as the Mexican government. This current condition is damaging our young adults and the Country.
THIS is a really BAD sign, having big corporations owning ALL of the real estate. We, the people will own NOTHING in our own country. When you look at the records, you find that a HUGE chunk of US R.E. is owned by foreign investors, Germany and GB are the two biggest owners
in the baby boomers years they didn't compete with nearly enough people to purchase a house of their choice, but now as real estate is considered an asset class, it attracts bigger players interested in a return and not necessarily interested in living in said properties. The boomer generation has enjoyed the luxury of appreciation in house prices, but consider the same appreciation level continues uninterrupted for the next 20 years... how much would a house cost and the effect this would have on first time home buyers.
baby boomers had the best lives in human history. 🤷🏻♀️ Affordable housing in the 50s… One person income could support a whole family… Cheap gas and cheap vehicles… College cost was 1/8 of the cost comparatively. And they have a longer lifespan than we do ‼️ coronavirus… The Boomer remover
@@fern7306 Excuse me, but the youngest boomers, like me, were not even born in the 1950s! My mother, born in 1924, bought a house for about $10,000 in 1963, for her and toddler me plus her mom to live in. When she moved across the country in 1988 to be near me, her house sold for only $13,000 because the area was so depressed. She bought her first car, a very old used one, around the same year. Cars were not "cheap" for people living at that time. My husband (older, age 70) and I also had only inexpensive used cars most of our lives, and had no choice about that. I graduated college into the Reagan recession, coupled with living in the Rust Belt. There was almost no work to be had and what little there was, was at the lowest possible pay. People were pushed out of their well-paying union manufacturing jobs that had benefits when the factories closed, and found themselves faced with working at gas stations or in fast food if they could even get that. Oh, but these were their "best lives"! I am very sympathetic toward millennials and the challenges they face in this very difficult time-- and I have a millennial daughter who is affected by all this-- but as a person who spent most of her life in the lower middle class, I refuse to take blame for a problem created by heartless corporations and the perverse incentives of a government that has worshiped a "free" market. Your "Boomer remover" comment is not only disgusting and cruel, it is inaccurate. I'm sure you've noticed how many younger people have been dying or dealing with disability from long COVID. In short, your contentions, which reflect a common attitude these days, show a lack of understanding both of history and of the present moment.
@@fern7306 Boomers were children in the '50s. Interest rates were 12 - 16% in the '70s on mortgages. Huge inflation hit in mid '70s, doubling the price of cars, quadrupling gas prices. Not all roses, back then.
That is why in countries like Singapore only lets you own max 2 properties (can't remember exact law). Does not matter if one or the other or both are apartments.
@@augustusfukushima5979 You just have to pay higher and higher ABSD and BSD of market price plus other legal fees depending on if it is your 2nd, 3rd. .. etc. They make so you are really discouraged from owning more than two. My uncle said it depends on citizen/visa status also.
this is the problem with housing being treated as for profit and an investment - housing is necessary for life. It should not be treated as a for profit system. Everyone in this country should be housed automatically, before any investors are allowed to touch a single house.
I knew there was nowhere in the US that I could afford, or would want to live, on Social Security. If you don't own a home that's completely paid off before you retire then living in the US isn't a great option. That's why I live in Ecuador.
People need to start looking for houses being sold off by the county for back taxes. One in our neighborhood just sold in July for $6200 it's 2 story 3 bedroom 2 bath and detached garage on an acre. Did need some repairs but they did the work themselves.
@@MayTheSchwartzBeWithYou lol any economic structure is flawed with a authoritarian government. True democratic Socialism isn't nearly as bad as capitalism.
Trevor you're completely oblivious to the problem. The problem is restrictive zoning. Neighborhoods don't want poor people to move in, so they banned affordable housing. Most cities in the US zone a majority of their land for single family houses only. This is extremely low density so this causes a housing shortage which causes home prices to rise. Investors buying houses is a symptom of the problem. If we expand the housing supply, they will no longer be secure investments that rise at 10%+ per year in value. But we have to outlaw restrictive zoning. If that wasn't enough, restrictive zoning was initially put in place to continue to exclude minorities from white neighborhoods after racial covenants were outlawed. Housing discrimination in the 20th century is among the biggest reasons for the wealth gap between white and black households. That gap is over 10:1 Trever, please please please learn about exclusionary zoning. We all need to be talking about it.
Just found out my nephew is renting out a house that is institutional owned. The same institution also owns and renting out a few other houses on the same block. My brother, in a different part of town is on his last month before he has to move out, so that the owner can raise the rent on the next renter. This is where we are headed people. If government doesn’t step-in to regulate institutions from buying entire lots of homes, while rent keeps rising and wages are stagnant; we may see pitches and torches come out.
it's circular logic, isn't it? You rent in order to save to buy a home you currently can't afford but the rent is so high you can never save enough money to buy a home, only to pay more rent.
Because, Gen X couldn't do anything about the situation Boomers created, and they didn't have a world shattering event or financial crises at pivotal moments of their life. As millennials started graduating high school America was all about some war in Afghanistan and Iraq. As they graduated college with crippling debt, bam, housing market crash. When they got to the average home buying age, kapow, Covid-19 and an unforgiving economic landscape.
@@MrBigTrey I'm Gen X. I graduated college the 2000 dot-com at bust (my career path-I even interned at a dot-com senior year), the next year was 9-11. I graduated grad school at the 2008 bust. Federal student loan interest rates at that time for me were 7% (great timing). We were also preyed upon by credit card companies at college before they were banned from campus. We got hit a bit- not as badly as you guys though; just going through high school with social media must have been horrific. Hiding out was my way of avoiding bullying. I can't imagine not even being able to do that. :(
My brotha from anotha motha! I am planning same! Have you picked a destination country yet? Mine are Thailand, Portugal, or Colombia... I am going to Colombia in Feb (for a few months) to do more research about expats there.
i live in a big RV in a long stay RV park next to a beautiful lake in upstate NY. $2000 a year rent and $15k for the RV. maybe not for everyone but we love it.
Blame Boomers for having worked and saved and retired, instead of acquiring college debt they can't afford to pay back... The housing issue is due to these investors and house flippers, not the relatively few Boomers who are purchasing homes.
The housing market is cornered by corporate speculators and foreign investors who pay the same property tax rates than US individuals. Just increase the property tax rates by 5X to non US citizens and non-individual owners, and there will be a big difference.
@@AB-fq4mr millennials are younger than boomers and they know better. Age has nothing to do with it. It's just that boomers all care about themselves for the most part so I didn't vote on anything that would have a meaningful impact on the future in a positive way.
@@Kit-se3zs I'm a little bit older and, for the first time, bought a house this year because we were extremely fortunate. I've too many X'er friends who just can't do it.
Honestly I would love to build a small house or tiny house but not only is land expensive but there are restrictions on what I can build half the time. Especially in my area(Austin Texas)
Do not rent from invitation home ! If you rent from them you are renting a prison !! It’s a nightmare!!!! 😡😡😡😡Check the customer reviews about them before you rent from invitation home!!!
An important factor that did not get mentioned is the housing crisis of 2008; because of that, the construction of new houses stayed behind while the population kept growing and now that we have sufficient demand again, it will take many years before the construction can keep up with the demand again.
I am getting kicked out of my apartment of 10 years and have to move back in to my family house because I can't afford to live in my town otherwise anymore. Got overrun with NYC people since the pandemic happened and they are flipping and renting for amounts far in excess of what local jobs can handle.
I maintain the mortgage crisis was intentionally manufactured. In my area of rural PA, a lot of the foreclosed homes were bought by investment firms, quartered into apartments, then rented out for around $1250/month. For 4 apartments, that's $5k/month for what used to be a single family home that now houses 4 families. Tenement housing is making a comeback, bigly.
Those companies that buy the houses jack up the rental prices far higher than the properties are worth, pricing people out of even being able to rent. Even if you have the money for rent and deposits, they can always disqualify you for generic/vague credit history issues. We lived out of the country for a decade as expat teachers, which means we technically ceased to exist on paper in America--no house, no utilities or vehicles or phone bills or tax returns--and I now live in a motel because of it.
Same here. We're outgrowing our 950 Sq ft single family house but can't afford to upgrade, even with the increased equity. My mortgage would more than double with the increases we're seeing in my town
@@merrytunes8697 Millennials should have bought in their 20s instead of their 30s. But no they wanted to party and travel instead of working and taking on a mortgage. Zero sympathy here.
I tried buying my 1st home in a major US city (millennial here🙋🏾♀️) & gave up. I had over 20% down pmt, credit score is great, but a $200k house quickly turned to a $260k-$280k home; kept getting bought out. As you say in poker "too rich for my blood". It's ridiculous & I refuse to overpay for a house that's not worth it. Another housing crash will happen & i'll once again sit on the sidelines, popcorn in hand, just waiting til it's safe & financially smart to buy a home. It's a jungle out there. #millennialrenterandproud 🏡. Thanks for discussing this Trevor. I just love you!
So, in other words, you are me. ;-) As much as I love the interest rates, it just isn't worth it. I have the credit, but not the 20% anyway. Like you, I'm just going to wait for another crash. I do want a great home, but I don't want to overpay for one. I won't sacrifice home inspections, appraisals, or anything else to have a better chance of getting the home. I'll just wait.
fun fact, it is illegal to sell a house at lower property values ... no i am not joking there have been many lawsuits against people for underselling their houses because of some BS about causing the other houses to be worth less if you sell yours for less
I will be in the market to buy a home when my lease is up next month. And I noticed all the homes I liked we're either contingent or pending in just a couple weeks! The market is very hot in South FL.
Gas prices from $3.20 to $5 a gallon , grocery from $120 to $150 a week . Homes from $300k to $500k. wages from $14 to $15. LOL
And companies are thinking why people are quitting lol
Work and save money for years only to find that you are further back than where you started. And what is worse is knowing it’s partially the result of purposeful government policy. There need to be consequences for what the federal reserve has been doing since 2008.
@@JSilb since 1980
500k? Lol, thats cheap in my area. Try 700k.
young people buy apt need money from 6 pocket ( mom father grandmother grandfather father in law mother in law) in Chinese. American will become the way soon
It should be illegal what these wall street firms are doing. A handful of companies monopolizing basic needs should be included in antitrust law
That country sounds crazier and crazier these days.
Sellers could go for sale by owner
Also, they'll happily evict tenant after tenant if you can't pay.
This is what you voted for in 2016
Blackrock 10 TRILLION in assets, trulac residential on target to buy 800 single family homes a month...
The tradition of children doing better financially than their parents is over...gone. We are living in a different reality now.
It's sad. My heart goes out to the young people just starting out.
Thanks for the sympathy. I'm genuinely sitting here questioning why I'm even trying at this point. Like, I'm 23 and have nothing to look forward to at this point.
@@synthraofficial5366 oh my please don’t say that… I hope you do accomplish what you are trying to do. 23 is very young and you have your whole life ahead… work hard and it will pay off… it’s going to hard but worth it
@@synthraofficial5366 I agree with Samrah Ahmed. Don't give up. Stay positive. Make goals for yourself and do a few things every week/month toward your goals.
@@samrahahmed6464 work hard and it'll pay off... for someone else.
They're snatching things off the shelves in California now. Along with the older millennials who couldn't make it and have nothing to live for. 🙄
My neighbor did the right thing and sold to a family. Even though she got tons of all cash offers from investors .
This is the solution. Each person taking up their individual responsibility to do what's right.
Great move by your neighbor! I have realtor friends, and they ONLY help sellers who will sell to other families, never to corporations, or cash only deals. As well as only represents families/couples looking to buy.
But with the huge amount of higher paid transplants moving here (from other states where property rates were waay higher & they had state taxes) too, many families are being priced out, even by other regular families. Some of us are barely able to maintain the rent hikes happening too.
So grateful years after my husband died i had to have cash offer my house was in such bad condition but i found a family who could get cash and wanted to fix it and keep the natural gardens.
As a young person on their own trying to buy a house and not even trying to get the best thing out there, this is really depressing
Just be patient. Everything in this world, include the economy, has ebbs and flows, peaks and valleys. This will pass and that will be your chance. Yes, the interest rates will be higher then, but if you hold out a little bit those too will fall and you can refinance for a lower rate
Same here. All the older folks say "be patient, get roommates, just save" without realizing that they didn't have to endure the highest inflation in 50 years, social collapse and more. JuSt SaCRiFiCe....
Hey katherine maybe I can help am in houston # also drowning
@@lalogonzalez8536 oh man 🥲. I'm up here in Rhode Island and unfortunately I don't plan on moving to Texas 👍
As an middle aged person with a young kid trying to buy a house, it’s even more depressing
We spent nearly a year throwing bids at houses. Usually, 3-4 properties a week. We were out bid every time by 60-70% above list price by corporate buyers aiming to turn them into rental properties. When every 150k property bids up to 250k, house hunting starts to feel like an effort in futility. We only managed to get lucky on our house because the seller would only deal with local banks to block the realestate vampires. These companies need to be reigned in or America is going to become rent only for the vast majority.
Yep, we only found a house after a year of looking because we caught the listing right away, were first to the seller, and she wasn't a greed monger and just "liked" my wife and I. Otherwise we experienced the exact same experience as you. Blind luck saved us.
@ 100% my town is being completely gentrified to the point recently a developer from Atlanta was run out of town because he wanted to put up housing for people who made less than 60k a year.
That is the American capitalist economy for you
It happened to me a lot before finding our house. It’s hard bc the rich And companies are driving up prices and buying everything
@ truth. Big city rich
We were prepared for a future that doesn't exist. I'm 35, work 50 hours a week and I can't even afford my rent half the time. This was not supposed to happen
America has been taken over by corporate capitalist for the last 3 decades. I don’t see things getting any better in my lifetime nor yours.
Same here. And we shouldn’t have to work that much to afford basic necessities.
"This was not supposed to happen" is what I've been feeling for years.. I share your sentiment 100%. Maybe we should team up and split rent
Dude same.
I felt this.
"It's called the American Dream because you have to be asleep to believe in it" -- George Carlin
Thank you for this quote 🙏 ❤!!!
@@giovanahc "The reason they call it the American Dream is because you have to be asleep to believe it."
-George Carlin
If you are going to quote someone, take the 60 seconds of effort to get the actual quote.
@@km666 okay cool I was watching his material. He was definitely a philosophy guy!
@@giovanahc Watch all of it and read his books. I should have replied to the original post, he's the guy that got the quote wrong. Enjoy your Carlin journey.
Gotta love George Carlin!
Greed will ruin everything in this world. This is why so many people are mad. This is why everyone is so into politics because they hope their party will finally do what’s right and help the average citizens. But politicians are rich and will never do anything to stop the money they get
some people apply yolo differently..
Nailed it Nathan. Campaign finance reform would solve a lot of our ills
@@UnrulyButEntertaining Term limits would also purge the ol' money bags who've been getting rich from our labor so long that they don't even remember the stories about the working poor who pay the taxes they refuse to pay.
@@UnrulyButEntertaining Sure would. I think that's the only hope.
A real January 6th instead of that joke occurrence is what's needed.
The best decision I ever made was buy my condo almost five years ago. It helped a lot when I was unemployed. My total housing cost is $245.25 a month.
Homes are so expensive, and yet made very cheaply. They used pressed wood and sheet rock.whatever happened too building a house with concrete, steel, solid wood , cement. Have you noticed how easily they’re tore apart from the weather. They used cheap material, and you paying a arm and leg for a home .
You’re not wrong on the “cheaply built” but you’re wrong on how that’s done. Engineered lumber is straighter, stronger and more environmentally friendly then “solid wood” and sheet rock is quicker, easier and healthier then lath and plaster.
Concrete is made with cement and most residential homes are not built with steel.
Home builders specially track home builders build everything to its max rating meaning that the joists, rafters and studs are at max length for what they are designed to support.
Yep….. I would rather buy a house from 1920 then 2020.
As an european, I never understood why they build homes out of wood in the US. Where I was born, all houses are made out of concrete and bricks (and yeah, steel too, that's what the concrete reinforcement is). And people would laugh you out of the room if you suggested otherwise. It's actually a common joke every time you see someone punch through a wall in an American movie.
My house cost $55k in Lansing MI in 2015, built pre 1920 it is built SO WELL, beautiful hardwood floors, I will never sell it too well built!!
Exactly Sis! I agree. Like, the big bad wolf gon blow them mugs down LOL
I'm tired of getting calls and texts about selling my house, a house that's not on the market. Two houses recently sold in my neighborhood, I searched county property records and both houses were bought by Zillow.
Zillow said Tuesday it is laying off a quarter of the real estate firm's 6,400 employees as it shuts down the company's house-flipping operation, a painful setback for a player that has sought to expand its role linking property buyers and sellers.
Same. I feel like that home owner living in that alternate realty in Back to the Future 2. ...the part where he’s got a bat, protecting his home, wanting to smash that guys head in, and yelling, “You tell that realtor company that we’re not selling, you hear?! We ain’t gonna be terrorized!”
I don't even own a house and I'm getting calls about selling my house!!! Smh
Zillow handles Apts in Denver to them the low income are riff raff and their punklords are snobs, and in violation of CO. housing laws , " every landlord must subsidized...so zillow makes Apts just out of reach
Same here get calls everyday. Zillow got caught holding the bag. The housing crash is coming for companies like zillow evergrande in China. Fantasia holdings Ltd all ready threw in the tile in China 🇨🇳
They aren't just doing it to houses, but apartments too.
A property management company bought my apartment from my landlord and I'm terrified of what my rent is going to look like in June, or of being kicked out if they decide to tear down the building and build something else.
Same thing happened to me. My rent went up 300 bucks. I couldn't negotiate my rent or even the term/length of my lease.
Is there no law in the US that protects you from this?
@@mariaazul9152 not in my state
As someone who's trying to get into that business, i can assure you that your rents WILL go up unless there are 30,000 new units being built in your area. Sadly that's how capitalism works and I don't see that trend changing ..ever.
Same thing happened to me too. My rent increased $500 which is insane.
The craziest part of home 'ownership' is the property tax. I don't understand how Americans put up with paying tax for the building. I get the land portion, but paying taxes every year for the building on the land is crazy. Every person is therefore not an owner but a renter. The use of these taxes to fund public schools is also the biggest reason for the disparity in white and black outcomes.
Spot on. Or more specifically not just that property taxes fund public schools, but that they only fund those in the immediate vicinity rather than across neighborhoods. (In theory that kind of pooling might work… but how big a pool spread how far is a question I’m not qualified to answer.)
That's how they pay for the schools and teachers salaries
@Be Intelligent if you have to keep paying for something you already bought, you haven't bought it. There are many countries that function with just a land tax, not building and other property. The massive resultant differentials in property tax collection between districts distort social outcomes to an extreme degree ( total collection is more in wealthy areas, but they usually pay a smaller percentage of the property's value so it cuts twice) and also causes phenomenon like white flight and gentrification, keeping places in constant artificial flux
@Be Intelligent seems you have problems with philosophical arguments. This shouldn't be esoteric. Just because some document says something, doesn't mean it is true, or that it is true from all perspectives in all situations. If you stop paying your tax, the govt will take your house in ten years or less. You are basically paying for a new house every 30 years. Other taxes are directly related to the govt actively influencing your life to make it easier, so they collect a fee for it: for maintaining the money you use, infrastructure, justice system etc. Property tax is in a class of its own, it is different in several ways: it is more than regressive, being particularly punishing to the poor, and disabled. It actively causes social dissonance, is a tax on something passive, that the govt has basically no role in, and is used to pay for things you will never use or may never use. I'm not a libertarian, I think education and healthcare should be public or have public option, but only from taxes that mostly directly relate to the benefit. Permits, fines and tolls for roads, vices for healthcare, corporate tax for education and regulation, progressive income tax for social cohesion (justice and law enforcement, welfare (making up education and healthcare when or if the other sources fall a bit short)), value added tax for the environment, money supply, etc. How does property tax directly relate to anything other than streetlights, garbage collection vegetation maintenance, and small roads?
That's why many are not interested in owning a home. Is it ever really yours when after the mortgage is paid, the house can be taken from you for not paying taxes? 🤔
I'm sick of hearing millenials' acts of desperation being described as "creative." As though it's a positive thing, as though it solves the problem, as though we don't need to worry about the housing crisis anymore. Calling it "creative" is a get out of jail free card for those who don't want or care to do anything about it.
What can we do?
romanticizing resilience, as if we have a choice.
Right..we aren’t being creative..we are literally trying to survive.
PREACH.
As a millennial, I’ll count myself lucky if I can still afford my rent in the years to come.
Same 😭 and people have the audacity to ask when I’m planning on buying a home!
I hate the dread that I get when my lease is almost up and I have to renew. Every single time for the last 4 years it's shot up by hundreds. Really don't know how I'm going to keep up at this rate
As a younger Gen X (Xennial), I feel your pain. I stopped being able to afford my rent a couple of years ago. I've got roommates now. Happily, the latest place I'm in has big rooms, reasonable rent, and decent roommates. I'd still like a place to myself though.
seriously. ill never be able to own a home, ever. its just not in the cards. im a teacher. nobody cares about us educators. social media marketers who sit on facebook all day make twice as much as i do helping raise the future generations.
No path is easy but at least with a mortgage your housing cost is locked in.
The DEMAND is Always for AFFORDABLE HOUSING, whether renting/buying.
A house, apt, Condo, cabin, Whatever.
....and it's not a Dream, it's a Necessity.
@@lourdesbernardstudio EXACTLY!!!
Yet the only apartments are luxury. They buy former schools for two dollars and convert them. There are so many malls and shopping centers standing empty….convert them into affordable housing.
You know how you can tell which people in the US are middle class?
They're living in vans instead of tents.
@The Cozy Road Congratulations, I just have a car, maybe one day I can be as successful as you.
...down by the river!
This is so true…
This is why I always destroy signs that say “we pay cash for homes” like it’s my civic duty.
Those aren't typically large corporation but smaller mom-and-pop companies but yeah
@@mike_azuka those so called Mom/Pop are Scam Artist. They had the nerve to offer us 200k less of what our home was worth back in 2019. Felt like they do this only to black/brown home owners who are in a bind and need quick cash. Thank Goodness we had a Great Realtor.
Me too! If I see one in my neighborhood it’s going in the trunk
Make a complaint to your Code Enforcement team, many areas outlaw those signs (bandit signs)
All house flippers are evil and should be shot on sight.
You forgot to mention restrictive zoning, lack of multi family housing construction for 75 years, and the car dependency fetish
The car dependency is so annoying! I hate having to drive everywhere
Car dependency fetish?
@@valerielewis7870 most American cities are car dependent and they were built that way on purpose. We don’t have any public trans systems even though owning a car is widely expensive; gas, insurance, parking, maintenance, etc.
@@victorialuxxe are sidewalk illegeal too? A canedian said that there were parts of the suburbs where sidewalks did not exist, so you could not even walk. I live in a town where we have lots of "panelházak"( concrete block of flats) but even that seems more sensible than not being able to walk to the other side of town
@@ritasallai152 not illegal but some older neighborhoods in my city don’t have sidewalks. They made them that way to force everyone to have to drive. We have bike lanes now but most of them are so close to the traffic lanes with no barrier to protect bikers. American cities are not pedestrian friendly
It's sad that the average rent on a one bedroom apartment is alot more than the average Social Security check. Seniors can't even afford to stay in their own homes because property taxes + homeowners insurance = more than their Social Security check too.
At least today’s retirees will get social security…
wait...you guys get social security?
@@kcho760
There are different types of Social Security benefits.
1. SSI Supplemental Security income.
2. SSD Social Security Disability.
3. Social Security Retirement.
There are also people who have gotten in trouble with the law who have their Social Security checks garnished by the District Attorney's Office. For example, someone who was getting $1000. may have their check garnished and have to pay 90% of their income to the courts, therefore they may only get $100 per month.
Did you know that Governor Gavin Newsom just passed a new law allowing foster children who have just turned 18 to receive $1000 a month? I'm not sure how long they get to collect it. They might need to talk to someone at the FREE Legal Aid office.
My parents own their house outright at 66… their retirement income is $2,800/month and property taxes in their houses are $1,000 per year…. They are very lucky.. they bought in 95 in the capital of CA for $66k when my dads income was $50K
Bezos needs his rocket money, and paying an effective tax rate above 1.5% makes him sadder than employees unionizing.
This is the epitome of greed. It’s so sad. We don’t have remotely any checks and balances.
Too bad Affordable and Public housing was axed so hard in the infrastructure bill.
@A P not everyone who lives in public housing is poor and living in terrible conditions. There are affordable housing units in many developments where most residents live in townhouses or condos. The affordable housing units are similar in style, but smaller and don’t have garages, just reserved parking spots. Many people who live in these units are working class and aren’t poor, but they’re not wealthy by any means. So yes, it’s too bad that affordable housing was impacted negatively in the infrastructure bill.
I live in a beautiful 2 story, 3bd/2ba 1300sq/ft apartment. They are income based, all remodeled 5 years ago. So yes, the funding for public housing DOES provide decent homes.
@A P Or call them homeless!
Affordable housing is a joke. It is often 80% the cost of housing in the area and if that is 1.5 million dollars then you are looking at a very affordable 1.2 million.
In the end, blame the red party oligarchs who want you dying in a labor camp. Huh? Commu-what now? Nah man, Republicans.
It's a sobering moment when you realize that you have a better chance of dating Pete Davidson than owning a home.
🤣🤣🤣
I would trade my house for a date with PD ;)
Edit:
Jk no I wouldn't. My house in Alaska. Alaska is amazing 😍
F*cked up. For real.
@@exoticalBecky_Miami worth moving there? I love Colorado but if I stay here I will rent forever. Alaska seems more manageable housing price wise. And It seems like a smart place for climate change collapse coming to me
@@HybridHalfie it is the greatest state. Do it!! You makes great money... Ppl are amazing...
I managed to buy a house right before the prices really took off. I wanted to move to another area and looked at some houses just to discover I'm priced out of the market and every decent place sells the same day it lists. I decided to stay put and hope prices settle back down, but they just keep climbing. After watching this video and knowing a little more of what the problem is, I think I'm lucky to even have a house.
I managed to buy some houses before the real estate disater in 2008.
Hang onto your house because buying another house in a more preferred desirable area is going to be cost prohibitive.
Stop giving tax breaks to people who can't "find" a renter. They can find them if they actually follow supply and demand. If that means they make less money on renting than they thought they would, them's the breaks. Those are the risks you take when investing.
Then, add multiple home tax and vacancy tax to the people who're still abusing the system. Because housing should be a fundamental right. Because it's a basic need. Allowing it to be run for profit is basically just a legally sanctioned form of highway robbery - "your money or your life" is an easy enough choice to make - that doesn't mean it's moral to allow it to continue.
a-freaking-men!!!
Depending where you live, the cost to rent is sometimes as much as a monthly mortgage sometimes more. That makes saving for a home harder especially with inflation which then raises rent prices.
right. being a landlord is equivalent to owning a business. Where's the tax breaks for the other business owners then.
Exactly. Its mainly the corporate buyers snapping up everything and then both jacking up the rent astronomically or leaving them empty. Local jurisdictions could do something about this by creating ordinances covering second dwellings, empty rentals, and even modest rent control. This is the direct contributor to homelessness in our area.
Why would the people in power ever do that? They themselves are the rich who are doing the renting. The system is rigged and it has been for decades.
EDIT: Forgot to mention that you saying housing being a right is socialism. And that's the problem with capitalism given enough free reign on the market. It becomes crony capitalism and only the people in power and some lucky souls get to participate. Then of course it becomes hyper capitalism as profits are put above everything else for the few who benefit like with this housing crisis.
I mean I believe that it was the Nestle president or CEO who mentioned something about water not being a human right, even though we literally can't live without it. These people love in a different world and view us as disposable and barely above an animal.
in my area older people who bought their house in the late 50's early 60's for 100k have just lived there since the beginning and haven't moved. Now that they're aging out, they're selling their property for $900k+ then the new owners are just tearing them down and building mansions. I'm renting one of these old 3 room houses for $2500 that's not even properly grounded with at least 5 houses all around me being built. Hard to save to buy when renting is so much.
So the American Dream of helping the rich get richer while the working middle class struggles.... continues...
It's an undying tradition.
That's the true American experiment
You think there’s a middle clas.???🤣🤣
Yes, you’re spot on Mate.
It's been like this since the 80's and Reaganomics. I'm not really sure why anyone with any semblance of a college education is even surprised anymore.
We need to create a culture of making tiny houses for ourselves so that these firms can’t find people to rent to.
Oooooo yeessss, small business opportunities 😍
Personally I'm an outdoorsy person with a green thumb.. I always thought it would be really cool to do van life or something, not for TikTok or anything like that, don't really need the clout. I just don't want the stress of trying to buy a home, people will try everything to F you over on housing
Exactly, im sure the government would find ways to stop that
@@keny9981 Youre def right about that. In my home state of Jersey for example you can’t build tiny homes lol.
Then just have a property problem, maybe people join property together so we have a place to put them. See movie Nomadland!
Even the concept of “owning” a home is hilarious. Pretty sure just borrowing from bank, try missing a payment! Also what about elderly people on fixed income? Where are they supposed to live?
You've got a lot to learn about leverage.
Are you that poor to own a house?
Even if your house is mortgage free...just stop paying your taxes and see what happens.
@@freetolook3727 Having to pay taxes don't mean you don't own your house. It means you live in a society and enjoy the benefits conferred by that.
@@MayTheSchwartzBeWithYou Equity, interest rates, repairs, maintenance, insurance, lawyers, brokers, etc. I get it's complicated. What percentage of American's can/will own a home realistically given all the considerations in the near future? 20%?
My oldest brother has been trying to buy a house for months, and he's got plenty of cash. He was outbid in a more rural area even when he went 50% over the asking price. It's ridiculous.
Some rural areas, like western Montana and Idaho, are seeing insane demand since Covid. Remote workers and retiring boomers are looking to leave the big cities on the coasts. They are pushing out the local working class, making offers well above what the locals can afford.
Tell him to check out new construction homes. Takes a little longer but higher probability of success.
Maybe he could buy a lot and build?
@@MH-ru8he in my area those come at a premium - they cost more because there is no imminent systems or roof replacement cost etc b
@@grmpEqweer It's way more complicated than you think. Also costly.
There is plenty of space for homes, just not in the cities where the jobs are. Give us better public transportation. Other countries have light rails, they are able to commute to work without driving two or more hours.
Yeah but "mAh fREeDoMs" 😒
Other countries end in under two hours; you forget the size of the US.
@@The_Eldest_Millenial Definitely a factor. That's why it's be nice if various *regions* (multiple states) set up their own massive public transportation systems, and then the Federal Government steps in to *connect them all* . But we all know that's a pipe dream, nothing gets done in this country due to hyperpartisanship, tribalism, and plain ol' greed.
Basically the ONLY way we can have solid countrywide public transportation, is if Extraterrestrials 👽 show up and FORCE us to do it.
Even THEN, there would first be the usual resistance ( _"We're Americans, even if you wanna save our lives, nobody tells us what to do! Bubba bring the shotgun! Yee haa!"_ ), followed by a surreal *massacre* as the aliens wipe out those anti-progress ignorant fools. THEN the rest of us can follow our ET visitors into a glorious future as a *Type-1 Civilization* .
tl,dr: This country could be SO much better than it is right now, but about 40% of the population has said, _"No, the Dark Ages sound much better"_ 😒
@@The_Eldest_Millenial Other countries weren't dumb enough to adopt suburbia.
The US was fine until it adopted Suburbia after WW2, its led to the decline we see today in the housing market.
@@The_Eldest_Millenial They really don't, but what does the size of other countries have to do with whether or not the US can create a functional public transit system? It's about the distance from homes to jobs, not the distance from one border to the other. Nobody needs to cross the entire US to get to work.
I wish there was a more in-depth documentary or piece on what exactly is happening in the housing and rental market. It's a serious issue that is financially debilitating for some and spells homelessness for others. While I appreciate the Daily Show's attention to this problem, it was too short and didn't go into much needed details about boomers living longer, population growth, stagnant wages, low inventory of starter homes and why that is, how the pandemic might exacerbate some of the rural/suburban housing shortage, what if anything the recently passed federal Infrastructure bill does to address this problem, and what can be done to get Wall Street out of the home buying business, etc.
Or people of that age who didn’t come from privilege and are homeless or close to
it.
Imagine how that feels and then to be told you must have lots of money and the best houses.
Can you make distinctions?
It’s important.
Was hoping Jon Oliver would do that, but an hour doesn’t even begin to uncover what all is going on.
Unless you’re a multibillionaire, you & your offspring are going to be SOOL.
Restrictive zoning laws are a major factor here as well, that was only tangentially addressed (not building enough homes). Too many long-time owners are preventing more. housing in desirable areas from being built and this has major trickle down effects to all parts of the housing market (increasing costs almost everywhere).
@@sunshine3914 I thought John Oliver had done a piece on this a while ago, so I did a search (John Oliver Housing) and I guess he has done about 4 pieces that touch on different reasons. This is something I care deeply about so I've seen many programs about it. PBS Newshour is always airing segments about various aspects of the lack of housing available for different reasons and I thought they did an in-depth program on it as well.
The problem has been going on for quite a while and really got traction in different areas after the collapse in 2008 when investors had to drop the bad mortgages packages then did the same thing with actual houses instead of just the loans by setting up portfolios of properties that investors could buy into then letting a management company run the properties... so of course they run them for max profit instead of any long term stability for people, families or communities. It's really awful for our future prosperity. If you have to move every couple of years, you can't build a life as well as if you stay put and integrate fully into your community.
Since property laws are set at the local level, we really need city, county, and state governments to incentivize resident homeownership over investors, but the incentive is not there for them since the current market raises base prices and therefore increases property tax revenues for every change of ownership. Until the local governments decide that the cost of home insecurity is a bigger drain on their coffers than the added tax revenue ... I suppose this is how we all live now.
@@nanszoo3092 I don’t own a tv, I only listen in on UA-cam. I know he did excellent coverage of corporate America purchasing mobile home parks, a few years back. They increased the lot rent by 3x... which is twice what my 10 year mortgage was.
And yes, this is the future of Americans. So very grateful I never had any kids.
The lazy millennials just need to work harder, in stead of 3 full time jobs they need to fill their entire week with work. Just don’t sleep anymore, don’t eat and no entertainment. Just work, work, work and work some more! And then they can stay at work not needing a house anymore! Win, win, win and win for everybody!
Haha! For a second there you were sounding like my mom...
It really does seem like that's what's expected these days! Except that you can't work because there is no child care available! Catch-22s everywhere you turn.
Having the employee just live at the workplace-- wish this was just a joke. They actually do it in China.
Perspective: Generation X, $9/hr. FT, wife $12/hr. PT. Rent was $600/mo. Bought $102K 2/2 for $102. 8% interest $850/month mortgage payment.
Struggled, sacrificed. Paid it off.
Sold in 2017, now single. Bought a fixer all cash 3/2. Struggle/sacrifice/save.
We bought our house LITERALLY by the skin of our teeth just over a year ago, previous owners had done some interior renovations and updated a little, 6 months later an identical house 3 places down that hadn’t had any renovations done to it (still had orange carpets and wood paneling) sold for 30k more than we paid. If we had waited any longer we couldn’t have afforded our house. Add to that that we had to move an hour outside of where we wanted to be in order to even get close to our 320k budget and not be in a double wide.
They're all just boxes. You're asleep 8 hours, working and another 8 and commuting or running errands another 2 hours. This leaves about 6 hours a day that you get to enjoy your box.
Don’t think you know what morally means
Rural housing is completely different at least in my state of WV. There are tons of homes in rural wv for sale and have been for sale for years. Which is sad, because the cost of living out here is way lower than in our cities or other states. Also many of these homes are beautiful and under valued compared to similar homes in the burbs.
What I did find scary is corporations buying up homes then renting them...a company should not be able to acquire tons of homes like that. There are entire neighborhoods owned by realty groups.
I receive letters from them constantly trying to buy my house. They think it's still apartments. Smh
I am hoping that my job in DC will approve me for out of state telework so that I can move to a cheaper rural area and buy a house. As it stands now, even with a six figure salary, I will never be able to afford a house in this area. Anything under $500K is a complete dump that needs major renovations. Home ownership is a fantasy for anyone living here on a single income
That's actually horrifying if you think of what one realty group could decide for its "community requirements." Slap an HOA label on it and they could get away with nearly anything.
It's student loan debt. You have to make X dollars to pay off your student loans. That can only happen in select areas. That won't include WV. If you need to make an 800$ monthly payment then you will need 50k+ a year or really 75k to afford stuff. What jobs are in WV where you can earn 75k?
Your absolutely right People don't want nature We bought a home on a mountain we love it
I live in a place where investors already managed to drive the market prices so high, that in a very sought after trendy neighbourhood you'll see half a dozen "for sale" signs that have been there for over a year. On top of that, there are plenty of empty homes for rent. It is clear that the supply is higher than the demand, but prices are nowhere near going down because investors keep buying old houses and building blocks of flats instead.
It's like diamonds, but they are required for staying alive and healthy.
Same. It's been absolutely awful and even rent in the past three years has gone up by almost 30% around me.
@@upinsmokeproductions6471 rent where I live has almost doubled in the last few years. We are being out bought by the California exodus, and probably also Wall St. Lots of Zillow homes suddenly for sale.
@@cheezykrafts8134
Absolutely insane. I couldn't imagine but I'm sure soon enough, I won't have to.
Exactly this! But the developers want you to think that it is a problem of not enough building and too much regulation.
Government needs to regulate the housing market to be sold only to American citizens, not these hedge funds who are just trying to make a profit, while those who need a house to live in get left out of ever being able to achieve the American dream
I thought americans loved the free market. Maybe only when its convenient.
@@wendel5868 About 1% of the US loves the free market. The rest of us depend on the government to regulate things a bit in order to afford life.
@@wendel5868 There is no free market. Those private equity firms are getting nearly free loans from banks getting nearly free money from quantitative easing. That's the furthest thing from the free market. That's corporate socialism.
They already have this program with HUD houses they just need to make it mainstream. It allows owner occupants to bid only in the first 14 days and investors can only bid on an offer if there are no buyers in the first round.
@@yuppers1 i bet all the money that has been given to the rich via QE could've bought every poor American a home.
Bury kids in debt. Price them out of owning a home, forcing them to rent in perpetuity. Create low wage service oriented economy. Foster competitive consumer over conservative wise spending/saving model, creating a mindset of instant gratification. Addict entire generation to electronic devices.
It’s almost like living in a season of Black Mirror.
I bought my first house this year. I made offers on 6 houses for between 70k - 100k over asking and never even got a response. Every winning bid was a cash offer. After 7 months of searching I don’t know how, but I finally got lucky, I had to make a ridiculous offer on a house that was smaller than I was looking for, but I like it. The negotiation process is terrible, there is no negotiation, whatever the seller says you have to say yes. No inspection is a given, but if they want you to get on all fours and bark like a dog you have to do it.
I watched this happen in South Florida until it got too expensive for me to stay ... Now I am watching it happen to a small city in North Carolina... Something needs to give in this country. First Wall street takes over our favorite stores, then our banks and health care, and now they want all the housing stock. It is like a tapeworm, never satisfied ... what is next? our food supply? oops, I think it may also be too late for that as well?
They bought the farms & the mobile home parks.
There’s no turning back the clock. Thank the gods I’m old!
This is called capitalism
wall street needs to be disbanded
They are already taking our water supplies too.
Bill Gates ring a bell? Yeah, that computer, vaccine, nuclear power guy, and now one of the largest private farmland owners in America.
It’s ridiculous how much it costs to buy a home NOT in the boonies. It’s like it’s set up to keep people as renters
I bought my house 2 years ago, now I couldn't even afford to buy the same house.
That's exactly what it's set up to do. But we fell prey to overpopulation as a society. And now we'll be living on top of each other .
I’d have to sell my house in order to purchase a new car.
It's not like it's a set up. It IS a set up. Wall Street and Equity Holding groups are manipulating the housing market just like they've been manipulating the stock market. Take this into consideration: if you purchase a mortgage on a home you are theirs (the financial institutions) for a few decades tops until your mortgage is finally paid off. If they buy up all of the available real estate and adjust the prices thereby making the purchase of homes financially unobtainable by the majority of the middle class we will all essentially be forced to become theirs, as renters not as owners, for life. You will own nothing and be happy.
@@emilyreid278 Wrong. If you look at population trends over the last few decades in the United States you will find that the population in this country has experienced very little growth. And now with the Baby Boomers (one of America's largest generations by count) starting to age and eventually starting to die off we should see very little increase in overall population. The one thing that has changed dramatically over the last few decades though is the amount of people born in rural locales who have been relocating to the urban centers. Also, states like California have lost millions of residents to other states (over 5 million in the last decade have fled from that state alone). This may be why you're feeling stifled by the increases of people living in your area.
The part that got forgotten:
If only the US (and Canada) overhaul zoning restrictions to allow for different styles of suburbs, they would be both supporting more houses per square foot AND allow people to go to many places without the need for a car (so less roads required and also a safer surrounding for kids etc) AND financially stable burrows that can still maintain all their infrastructure.
After that, it’s only about finding the room to build and make new communities.
Exactly i don't think it's boomers fault or wall st fault this time.
You live in lalaland if you think those big apartments are going to be built in a year to fix this crisis.
@@LZKS no one is saying the solution will happen over night but blaming just two groups for something that was bound to happen when you limit supply is wrong too. Limiting the number of buildings being built was definitely the catalyst to the crisis and should be addressed first. Or we could force out boomers from their homes punish companies trying to do what companies are supposed to do which is make profits. I would only solely blame companies if they had a monopoly but they don't at least not this time.
Maybe 50-70 years ago. That's not at all realistic now.
@@thunderslap21 boomers are the residents who, almost always, vote NO on zone changes. They are a part of the problem. No one’s picking on them this is, factually, what’s happening.
I live in South Carolina and people from up north are flocking here and offering way over asking price for the few houses that are available here. Houses here are half the price as they are up north. It’s hard to know that you don’t stand a chance against them even though you’ve lived here your entire life.
The housing market is quickly turning into the new health care industry
That right there is the most accurate comment I've heard describing what's going on.
Tax them out if they are firms
It's time to storm the government for letting Wallstreet create mass homelessness.
"Meanwhile I read reviews for 6 months before I finally decide which water bottle to buy"
Same here my man, same here.😂
It's adorable that Trevor thinks there's still any semblance of an American dream left for millennials.
Lol I know right!
It takes a lot of luck and generational wealth to get anywhere close.
There is but you likely can't live anywhere close to where you grew up. It will change the entire country. New centers will shift everything.
Couldn't agree more. Lifelong disabled here and we managed to buy a small family farm with family money buy the industry is so tilted in favor of big business we had to sell. Plus the "house" was a fancy looking but falling apart giant mobile home we couldn't even insure! Have a LGBTQ kid so had to move to the safe school zone and stuck renting from a big company. So far our rent has gone up 40% in just 4 years and I'm sure you're aware, wages aren't going up anywhere near that fast. And it's the same everywhere. The low income apartments used to be around $800/mo, but all these companies have even driven that up to $1400/mo! And they're still buying up homes here! They have taken over whole streets to the point the HOA can't make quarum because there aren't enough homeowners left! They clearly want to take over the whole town and own most of the other neighborhoods as well. It's terrifying!
BTW, we rent from invitation homes.
there is lol have you heard of Shib?
I, a millennial, got very lucky and bought my home in 2014 when prices were super low. My house is now supposedly worth almost double what I paid. Too bad I still need a place to live.
You bought house when you were 14 and no one ask?
No… In 2014, I was 22.
@@eavyeavy2864 millennial doesn't mean you were born after 2000. It's supposed to mean "the generation that were defined by the change of millennium". It usually refers to people from the mid 80s to the late 90s.
@technik27 The youngest Millenial is currently age 25/26. Millennials end up until the mid 90s. You are Gen Z if you are born in the late 90s aka '97, '98, '99.
We kept losing out to all cash offers even though we had a decent payment and to families w kids (we can't have kids)...was hard to even find a rental bc of this: steady jobs, great credit, cash in the bank and a clean past and couldn't get picked.
This needs to be regulated... like water, housing cannot be seen as a commodity.
Regulation is part of the problem: There are many laws that keep you from building stacks of 40m2 apartments on your plot. Artificial scarcity tends to drive up prices.
Now, I'm no free market fanboy, I think capitalism is an inherently broken, immoral, and self-destructive system. But one reality is that if you make it harder for people to do stuff, they will do it less. It has become very hard to build cheap housing, therefore people aren't building cheap housing even though it would be crazy profitable right now.
@@bramvanduijn8086 But the problem right now isn't a matter of there not being enough housing. It's a matter of big companies buying up the housing to rent out, keeping people from being able to buy houses for themselves. It's a matter of apartments' owners cranking up the rent because they want more profit out of the properties. Regulation is needed here and it's needed soon.
The reason housing is such a profitable investment for them in the first place is because of the limitations on supply and high demand. Bad regulation tends to try to fix symptoms without fixing underlying problems
I can't believe the housing crisis has hit my tiny neck of the woods, but it has. Home prices are INSANE and up way, way more than 10%. Homes are double what they were pre pandemic.
Is it double or 10%?
Starting prices in my area are triple and quadruple what they were 4 years ago.
@@anah3864 And why do you think that is?
You forgot to mention all the speculators and foreign buyers (such as Chinese folks who invest their ill-gotten riches in the U.S. (Australia, Canada, etc.) to keep their wealth safe from their government.) Why do corporations, domestic and foreign investors own homes in the U.S. when they can't live there? Change the laws.
Not just the Chinese; its anyone, anywhere who wants to hide their money.
Are they necessarily ill-gotten?
@@iliakatster
If it's being hidden from taxation, then yes.
I was waiting for that. There are Chinese companies buying up property here and driving up the prices as well.
@@ianashmore9910 "ill-gotten" means they acquired it unethically or illegally. Tax evasion is a crime but is not retroactive.
Here in Georgia, corporations are building brand new RENT ONLY subdivisions.
Just imagine, beautiful new single family homes in great school districts with parks, trails, playgrounds, etc. that are only for rent!
This is scary.
Not everyone is ever going to be "allowed" to buy a home.the criminal credit goons are going to keep people out.
Holy moly
"You can rent the American dream"
-Tricon Residential CEO
Our country never learns. Wall street already ruined the housing market in 2008. Why are they allowed to do this again??
It took me 10 months to buy a house last year. Market right now is crazy and I am glad I finally got one and on time.
WOW are you single?
Wanna sell. Lol
@@SurajKumar-bb5zs 😆 we should just wait for section 8 or a tiny home, *OR THE END OF THE WORLD*
@@SurajKumar-bb5zs no. Lol
@@newtempphone-ash9507 thats a weird question but Yes I am single. Lol
Trevor you may never read this but i watch your shows because their both informative and entertaining.
Sorry this is not just a American problem. It's happening in Canada, Australia, The UK and other Western countries. There just not building starter homes plain and simple.
The question is .... Why? .... No matter what country that you are talking about.
"Starter home" my boss has been doing the same job for 15 years and has been living in the same house during all that time. He could afford that house 15 years ago but now it's no longer a "starter" home. it's worth over 500k. He could not afford the house he lives in if he tried to buy it today.
There are homes in small town TN that were valued at approximately $100K in 2019 but are now pricing around $200K to $300K. This is unsustainable. Who's buying these homes at these prices? The BEST jobs in these areas pay around $25 hourly. What is going on?
The truth is there needs to be a change in zoning laws. We need to build more housing and build higher density housing. Until we do that everything else is just rearranging the deck chairs on the Titanic. The problem is that everyone agrees that we need more housing but "our community is different". I was reading an article about Crested Butte and the trouble the businesses couldn't find help because it was too expensive to live there. Everytime someone suggested building more it was a big No! That happens everywhere.
Laws and tax codes favor landlords over home-owners. It’s America after all.
Except no. The tax code favors homeowners whether they rent the home out or live in the home they own.
You realise a home owner and a land lord are the same thing. When you rent an appartments you don’t own it 😂😂
Actually laws favor the tenant. It's the municipalities that profit off these high prices. For instance in NYC no mayor ever tackles the rent prices. The reason being is because 40% of the yearly revenue is from taxing on these high prices
hahahahah how do 44 people liked this comments. landlords and homeowners are the same thing
Depending where you are in the country some states have laws that are more in favor of the tenants in a rented home.
The hardest thing to do is get out squatters because you can't have them immediately arrested on site and then it takes forever to get them out thru the courts since it's a civil matter.
So we're just not going to talk about the thousands of homes that are just vacated/ foreclosed. Banks have thousands of homes. That are actually still usable but people just don't have the money to pay for them because we live in a rich society with the housing market that drives up. every year
You have no idea how much they do that with businesses in Manhattan, thousands of stores and apartments abandoned and waiting for someone to pay $100,000 a month
@A P Because they make money from that as well. Both sides are part of the problem but they blame each other to make the idiots fight over them. All while they sit back and let the money roll into their accounts.
@A P I don't know what democrats that you know personally. The elected officials living in inner cities with high crime rates discuss it daily.
Edit: notice I said crime rates and not black on black crime because the white on white stuff doesn't make the tv news...its does make the local papers though...yeah it's just called crime then. There is a lot of that in my state too. Not as much as other places but too much for such a small state
@A P can you just stop? You know how local leaders are trying to deal with crime when states and the country wants that crime badly for your narrative.
@A P Blacks aren’t getting away with it. You know it - we all know it.
2:23 you forgot apartment rents skyrocketing..!
Nobody cares about renters 😅
Not even ghosts ! 🤔
U ever herd of a haunted apartment ?
Either have I 🤣
Oh it’s horrible. My apartment was $750 6 years ago and now is renting at $1400….
I saw the prices in Texas go up 30% in two months last summer.
Why isn't the US Government stopping corporate buy ups of residencial properties and allowing highrise rentals instead or ownership units. We should also not allow purchases from non citizens as the Mexican government. This current condition is damaging our young adults and the Country.
THIS is a really BAD sign, having big corporations owning ALL of the real estate. We, the people will own NOTHING in our own country. When you look at the records, you find that a HUGE chunk of US R.E. is owned by foreign investors, Germany and GB are the two biggest owners
The housing market was ridiculously competitive way before the pandemic. It took me 2 years before I was finally able to purchase my house.
in the baby boomers years they didn't compete with nearly enough people to purchase a house of their choice, but now as real estate is considered an asset class, it attracts bigger players interested in a return and not necessarily interested in living in said properties. The boomer generation has enjoyed the luxury of appreciation in house prices, but consider the same appreciation level continues uninterrupted for the next 20 years... how much would a house cost and the effect this would have on first time home buyers.
It’s not people who own homes it’s rich corporations buying up houses on spec
@@cynthiajohnson6747 exactly
baby boomers had the best lives in human history. 🤷🏻♀️
Affordable housing in the 50s… One person income could support a whole family… Cheap gas and cheap vehicles… College cost was 1/8 of the cost comparatively.
And they have a longer lifespan than we do ‼️
coronavirus… The Boomer remover
@@fern7306 Excuse me, but the youngest boomers, like me, were not even born in the 1950s! My mother, born in 1924, bought a house for about $10,000 in 1963, for her and toddler me plus her mom to live in. When she moved across the country in 1988 to be near me, her house sold for only $13,000 because the area was so depressed.
She bought her first car, a very old used one, around the same year. Cars were not "cheap" for people living at that time. My husband (older, age 70) and I also had only inexpensive used cars most of our lives, and had no choice about that.
I graduated college into the Reagan recession, coupled with living in the Rust Belt. There was almost no work to be had and what little there was, was at the lowest possible pay. People were pushed out of their well-paying union manufacturing jobs that had benefits when the factories closed, and found themselves faced with working at gas stations or in fast food if they could even get that. Oh, but these were their "best lives"!
I am very sympathetic toward millennials and the challenges they face in this very difficult time-- and I have a millennial daughter who is affected by all this-- but as a person who spent most of her life in the lower middle class, I refuse to take blame for a problem created by heartless corporations and the perverse incentives of a government that has worshiped a "free" market.
Your "Boomer remover" comment is not only disgusting and cruel, it is inaccurate. I'm sure you've noticed how many younger people have been dying or dealing with disability from long COVID.
In short, your contentions, which reflect a common attitude these days, show a lack of understanding both of history and of the present moment.
@@fern7306 Boomers were children in the '50s. Interest rates were 12 - 16% in the '70s on mortgages. Huge inflation hit in mid '70s, doubling the price of cars, quadrupling gas prices. Not all roses, back then.
That is why in countries like Singapore only lets you own max 2 properties (can't remember exact law). Does not matter if one or the other or both are apartments.
There’s no such law. And housing is just as unaffordable in Singapore. Maybe you’re thinking of some other place.
@@augustusfukushima5979 You just have to pay higher and higher ABSD and BSD of market price plus other legal fees depending on if it is your 2nd, 3rd. .. etc. They make so you are really discouraged from owning more than two. My uncle said it depends on citizen/visa status also.
this is the problem with housing being treated as for profit and an investment - housing is necessary for life. It should not be treated as a for profit system. Everyone in this country should be housed automatically, before any investors are allowed to touch a single house.
@Katie Taylor - TRUTH
This goes with food and education too but everyone knows it isn't true
True housing is necessary for life!!! Homelessness is out of control
Great point!
I knew there was nowhere in the US that I could afford, or would want to live, on Social Security. If you don't own a home that's completely paid off before you retire then living in the US isn't a great option. That's why I live in Ecuador.
A lot of the "homebuyers" are leveraged buyout firms and foreign investors
People need to start looking for houses being sold off by the county for back taxes. One in our neighborhood just sold in July for $6200 it's 2 story 3 bedroom 2 bath and detached garage on an acre. Did need some repairs but they did the work themselves.
You’re still having to compete with Wall Street. There’s a slumlord in town who’s been doing just that for decades. His wife was a CPA for Enron.
Reality is that, "the rich will get richer, as the poor get poorer." I've only seen the financial divide get worse over several decades.
But Socialism is bad... hmm
@@SARA0766 Yes, it is.
@@MayTheSchwartzBeWithYou lol any economic structure is flawed with a authoritarian government. True democratic Socialism isn't nearly as bad as capitalism.
@@SARA0766 There are no true democratic socialist countries. Scandinavia is capitalist.
@@MayTheSchwartzBeWithYou Actually, the Nordic model is both. A mixed market. Heavily regulated.
Trevor you're completely oblivious to the problem. The problem is restrictive zoning. Neighborhoods don't want poor people to move in, so they banned affordable housing. Most cities in the US zone a majority of their land for single family houses only. This is extremely low density so this causes a housing shortage which causes home prices to rise.
Investors buying houses is a symptom of the problem. If we expand the housing supply, they will no longer be secure investments that rise at 10%+ per year in value. But we have to outlaw restrictive zoning.
If that wasn't enough, restrictive zoning was initially put in place to continue to exclude minorities from white neighborhoods after racial covenants were outlawed. Housing discrimination in the 20th century is among the biggest reasons for the wealth gap between white and black households. That gap is over 10:1
Trever, please please please learn about exclusionary zoning. We all need to be talking about it.
Just found out my nephew is renting out a house that is institutional owned. The same institution also owns and renting out a few other houses on the same block. My brother, in a different part of town is on his last month before he has to move out, so that the owner can raise the rent on the next renter. This is where we are headed people. If government doesn’t step-in to regulate institutions from buying entire lots of homes, while rent keeps rising and wages are stagnant; we may see pitches and torches come out.
So invest in that institution.
Apartments and rental homes are super expensive, so you can't save money to buy.
it's circular logic, isn't it? You rent in order to save to buy a home you currently can't afford but the rent is so high you can never save enough money to buy a home, only to pay more rent.
@SciFi Realism Exactly. With renting, you'd be stuck paying for housing that you'll never own.
Why is it that Generation X is left out of everything...ALWAYS?!!!
There are people in-between the Millennials and the Boomers! 🤬
Because, Gen X couldn't do anything about the situation Boomers created, and they didn't have a world shattering event or financial crises at pivotal moments of their life. As millennials started graduating high school America was all about some war in Afghanistan and Iraq. As they graduated college with crippling debt, bam, housing market crash. When they got to the average home buying age, kapow, Covid-19 and an unforgiving economic landscape.
Just stay down. As a millennial, I envy the fact that you guys are invisible most of the time. Far better than being blamed for everything. ;-)
@@MrBigTrey I'm Gen X. I graduated college the 2000 dot-com at bust (my career path-I even interned at a dot-com senior year), the next year was 9-11. I graduated grad school at the 2008 bust. Federal student loan interest rates at that time for me were 7% (great timing). We were also preyed upon by credit card companies at college before they were banned from campus.
We got hit a bit- not as badly as you guys though; just going through high school with social media must have been horrific. Hiding out was my way of avoiding bullying. I can't imagine not even being able to do that. :(
Yep. And my plan is to take advantage of this this sell my house for double what I paid 7 years ago. And use that money to leave the states.
My brotha from anotha motha! I am planning same! Have you picked a destination country yet? Mine are Thailand, Portugal, or Colombia... I am going to Colombia in Feb (for a few months) to do more research about expats there.
I am hoping to get TRIPLE what I paid for my house. And I'm in no hurry either.
@@ChineduOpara congrats. And yep. UK. Everyone needs nurses. I do know someone that did this and went to Columbia. He's enjoying himself.
@@amp7980 This past July I spent 2 weeks in Cartagena, Colombia. Also enjoyed myself. *Immensely* . Almost abandoned my return flight.
Couple this with the inhumane view people have on homelessness and we're facing a whole next level crisis. 😰
The financialization of basic human needs is the root of at least half of the issues Americans are currently facing.
i live in a big RV in a long stay RV park next to a beautiful lake in upstate NY. $2000 a year rent and $15k for the RV. maybe not for everyone but we love it.
I’m Gen Z, getting my future opportunities destroyed by boomers and Wall Street is just expected at this point.
Blame Boomers for having worked and saved and retired, instead of acquiring college debt they can't afford to pay back...
The housing issue is due to these investors and house flippers, not the relatively few Boomers who are purchasing homes.
Jesus, watch something besides CNN. Ffs, boomers aren't doing this. IF they are boomers, they are Wall Street boomers, not your average person.
It is a 10 year housing shortage. Greed killed the real estate market. No doc loans. That was completely irresponsible and ridiculous. Greed.
Hey, lay off the boomers, there are more of us who are poor, than rich. We didn't pick when to be born, either.
don't worry, it already happened. Luckily they are living longer, so they will stay fresh when there is nothing else to eat.
The housing market is cornered by corporate speculators and foreign investors who pay the same property tax rates than US individuals. Just increase the property tax rates by 5X to non US citizens and non-individual owners, and there will be a big difference.
If the speculators are renting out the property, they will pass the increased tax along to the renters in the form of higher rent.
can't. Corporations are people too! Whatever.
And when you're young, you have the physical strength and motivation to fix it up
Forgot to mention the *overseas investors* who are looking to stash their $$$ somewhere other than the Stock Market.
🔥🔥
We should require residency for buyers and full occupancy like some other countries.
Imagine that boomers and Wall Street ruining everything for everyone else. I mean that's never happened in the past.
It’s not like we didn’t see that play before. We were just younger back then and could show our teeth.
@@AB-fq4mr millennials are younger than boomers and they know better. Age has nothing to do with it. It's just that boomers all care about themselves for the most part so I didn't vote on anything that would have a meaningful impact on the future in a positive way.
And of course, no one realizes GenX would also like to buy a home. Still forgotten. ;)
Yup I'm 45 and still renting. 😔
@@Kit-se3zs I'm a little bit older and, for the first time, bought a house this year because we were extremely fortunate. I've too many X'er friends who just can't do it.
Yes, although I still really worry about the following generations, who have it even worse than us.
That $500 billion corporate stimulus became a $5 trillion loan to buy $50 trillion in real estate. That’s why
Honestly I would love to build a small house or tiny house but not only is land expensive but there are restrictions on what I can build half the time. Especially in my area(Austin Texas)
Do not rent from invitation home ! If you rent from them you are renting a prison !! It’s a nightmare!!!! 😡😡😡😡Check the customer reviews about them before you rent from invitation home!!!
Going to college and buying a home (up front!) used be relatively affordable. Neither is any more.
it's still affordable...for millionaires and billionaires...
An important factor that did not get mentioned is the housing crisis of 2008; because of that, the construction of new houses stayed behind while the population kept growing and now that we have sufficient demand again, it will take many years before the construction can keep up with the demand again.
I am getting kicked out of my apartment of 10 years and have to move back in to my family house because I can't afford to live in my town otherwise anymore. Got overrun with NYC people since the pandemic happened and they are flipping and renting for amounts far in excess of what local jobs can handle.
I maintain the mortgage crisis was intentionally manufactured.
In my area of rural PA, a lot of the foreclosed homes were bought by investment firms, quartered into apartments, then rented out for around $1250/month. For 4 apartments, that's $5k/month for what used to be a single family home that now houses 4 families. Tenement housing is making a comeback, bigly.
I believe that four apartments @ $1,250 each would total $5,000 a month.
@@susankennedy5739 Yup! Thank you, bad mental math at work 😅
Those companies that buy the houses jack up the rental prices far higher than the properties are worth, pricing people out of even being able to rent.
Even if you have the money for rent and deposits, they can always disqualify you for generic/vague credit history issues.
We lived out of the country for a decade as expat teachers, which means we technically ceased to exist on paper in America--no house, no utilities or vehicles or phone bills or tax returns--and I now live in a motel because of it.
I'd love to sell my house, but I can't afford to buy a new one, even with the insane price I could ask for my current place.
Exactly why most of us boomers are stuck.
I’d love an even smaller place, but even if they gave 5x the value, there’s no place available.
Same here. We're outgrowing our 950 Sq ft single family house but can't afford to upgrade, even with the increased equity. My mortgage would more than double with the increases we're seeing in my town
@@sunshine3914 I’m sorry, but I can’t muster the pity to feel sorry for a member of the generation that had the BEST LIFE POSSIBLE.
@@merrytunes8697 Millennials should have bought in their 20s instead of their 30s. But no they wanted to party and travel instead of working and taking on a mortgage. Zero sympathy here.
I tried buying my 1st home in a major US city (millennial here🙋🏾♀️) & gave up. I had over 20% down pmt, credit score is great, but a $200k house quickly turned to a $260k-$280k home; kept getting bought out. As you say in poker "too rich for my blood". It's ridiculous & I refuse to overpay for a house that's not worth it. Another housing crash will happen & i'll once again sit on the sidelines, popcorn in hand, just waiting til it's safe & financially smart to buy a home. It's a jungle out there. #millennialrenterandproud 🏡. Thanks for discussing this Trevor. I just love you!
So, in other words, you are me. ;-) As much as I love the interest rates, it just isn't worth it. I have the credit, but not the 20% anyway. Like you, I'm just going to wait for another crash. I do want a great home, but I don't want to overpay for one. I won't sacrifice home inspections, appraisals, or anything else to have a better chance of getting the home. I'll just wait.
Where can you buy a home for 280k? The homes in my neighborhood start at a million. My tiny condo cost me 700k.
Same here. Had 20% down now have 40% down a year later. Looking at the positive.
@@AB-fq4mr true that. About to sell and try to get a detached condo for 1 mill. Fml. This some bs.
If you are a first time buyer do you really need 20% ?
fun fact, it is illegal to sell a house at lower property values ... no i am not joking there have been many lawsuits against people for underselling their houses because of some BS about causing the other houses to be worth less if you sell yours for less
Buying a house may no longer be the American dream.
“The missions change. They always do.”
I will be in the market to buy a home when my lease is up next month. And I noticed all the homes I liked we're either contingent or pending in just a couple weeks! The market is very hot in South FL.