Hopefully your parents will leave a little something for you. Every dog has its day... a windfall, an inheritance, a promotion/bonus. Keep saving and pounce when the time is financially right

Some people Don have parents that have that kind of thing. My mom has no home, she rents an apartment. My dad left nothing as he us now dead and he was renting am apartment too.

@@DB-rp2gj Understood. Use your parents as an example of what not to do. I'd look for ways to save money (live with roommates, share utility/tv/internet bills, buy basic reliable cars like Honda/Toyota, etc.). Buy a house in a decent area further out of town and get roommates to offset mortgage. Make sure your credit is in the 700s+. Take advantage of any 401k matching at work. Try to have several methods of savings/investments going. Start small and make sure you're making the right decisions bc if you don't make a lot of money you might not get a 2nd chance

Child support took most peoples last chsnce

And there's me who is trans and have got to get on her own as soon as possible :3 I think I'm gonna live under the bridge

Part of the problem

@@dariusreedo wdym?

@@myramedchan4775 good question. I agree with the comment. It is like picking your poison. However there are other ways to invest, because the other problem is paying high interest and the rare and tear of the property. 2 problems.

Buying is only better if you live in the house for around 10 years. In a normal environment houses appreciate at the rate of inflation. There’s transaction costs associated with buying and selling a home.

Its basically double rent costs until you pay off the mortgage then its half the rent cost. If you can afford double the rent, then ya why wouldn't you. O wait how many people can afford double the rent for 30 yrs?

False. As a homeowner at least you'll have equity. So in 30 years if u have nothing to your name you can at least sell your house for a million $.

How are you screwed when owning a home? You can use home equity to do things such as starting a business or getting into real estate. This is what all the rich people do. Take out 50k in home equity, use that money to put a down payment on a single family home, fix it up, and either sell it or rent it out. If you rent it, then guess what? Now you have more home equity as the market goes up, and someone else is paying the mortgage, and you might make 200-400 a month. And you dont have to wait for it to paid off. As you pay it off, you have it appraised, and the money you've already paid off will be included in your home equity. You can continuously roll over each house to buy more houses, or you can just use it to store value. Either way, having a home is much better as it gives the owners potential to grow their wealth.

Fool, that mil won't be today's money's worth. Since '71 the $ has lost over 90% of its value; that mil would be pocket change by then.

@@Bennumarkbad comparison. The video compares 30 years apart. Your comparison is 53 years apart. True inflation eats away at the value of your dollar, but that’s just a fact of life and if you don’t get on board, the life train will leave you sitting out in the desert all alone.

​@@nathanh5778 The point is the dollar is becoming worthless with every passing decade. Noticed how expensive everything is? Remember how much you could get with just $20 a few decades ago compared to now? We r living in a time where $100 is considered chump change now; imagine how much it'll be worth in a few decades, if not a few years from now. There will be no pot of gold at the end of the rainbow for the average joe.

I've been squirreling away money for a house for almost 12 years while I was young and city hopping. That plus interest is the only way I can afford a house right now. I'm also looking for something under 400 which is hard but not impossible (450 is the median not the bottom). Hopefully things become more affordable but unfortunately delayed gratification and frugality is the way of the millennial. Good luck to you out there it's rough

It's not that they're really saying you can't afford it; they're saying they don't want to take the risk of lending their money to you. Much of this is a reaction to what happened during the 2009 financial crisis, when there wasn't much concern about the risk and a lot of borrowers defaulted on their loans. That really created a lot of mistrust in the industry... not fair to people like you, who had nothing to do with the crisis, but it is what it is. The reality is that you, as a single person making 80k, can't qualify for that 400k mortgage, but a couple that each makes 80k can easily qualify. And that's how these homes are being sold these days: couples that together have double the average income. (I saw this recently on my street, two homes that sold for about 600k each. New owners in each are a young couple, no kids, both work in some kind of professional job.)

You know couples can make that much money pretty easily

@@bluesbrother2383 "You know couples can make that much money pretty easily" Exactly. And that's how people are buying houses these days: young couples with dual income. This is the same way my boomer parents did it back in the 70's and 80's. Which is a big part of what's overlooked in this discussion... the boomers were married couples that had dual income and bought a house with that dual income. More young people these days are staying single and wondering why they can't buy a house on their single income... then complain that it's all the boomers' fault because they were able to buy a house back in the day (with their dual income.) I have a lot of cousins that are millennials or GenZ. All of them that are married and have dual income have bought homes in southern California (and not in the cheaper areas... all of them are $800k+). None of them would have been able to buy their home with a single income.

We also have an issue with work. A concept most fail to realize. 10 years ago, you were proud to have a job. Today, we complain for 20 an hour at Walmart while texting the entire work shift.

I would. I dont have kids and wont. No need to pass on wealth. I have also seen so many of my elders saddled with a home they can no longer care for. No thank you. Im an elder millinial I know I'll never get to retire so Ill keep renting a place that does maintenance for me.

@@22lostservice exactly. The SFH space is good for families. All these single people buying homes makes no sense to me. Why would you want money tied up in an asset that doesn’t make money for you. A primary residence is a liability.

@22lostservice Even if you don’t have kids, the equity is helpful in your old age. You can sell the house or rent it out to pay for independent or assisted living. You don’t have to buy a house, you could buy a small condo just for you.

@@mollygrace3068 except most the time the cost to rent and buy are at parity. Ever since the standard deduction has been increased the only thing making buying cheaper was the lower house prices. Now you might as well just rent and invest the difference.

​@@mollygrace3068 If I don't like the rules where I rent I can find another apartment. Dealing with a condo board would give me nightmares.

Not exactly true. Some wages have stagnated... the wages for people at the low end of the spectrum. Wages for people that are creating the innovation that drives the economy have been increasing quite well. What's happened is that as the economy has progressed, incorporating more technology and allowing us to be more productive, the labor of people that are relatively unproductive and unskilled has become worth relatively less. This is why wages for those people, in the modern economy, have stagnated. The solution is simply that those people need to find the skills and education that allow them to participate in the modern economy. The economy rewards people based on the value of what they contribute, it's as simple as that.

@@IdRatherBeDiving-vr5gk Innovation doesn't drive the economy.

@@iaimboti Maybe my phrasing was misinterpreted. I'll clarify: innovation drives progress, and progress is what causes the economy to grow. When I used the word "drives", this is what I meant. It's why our society today is far more technologically advanced, far more efficient and productive than it was 30 years ago. Innovation creates progress. This is why all the founders of the major tech companies are mega billionaires. They didn't just take all that money... it was given to them. It was society's way of acknowledging the value of the innovation they created, of the progress it gave to the economy. That's how people become wealthy in this country: create a new idea, and if society can use your idea to be more productive, you will be rewarded. If you want to consider what keeps the economy moving forward... then sure, that's all the people working, doing their jobs, producing goods and services. But without innovation and progress, our economy would just do the same thing over and over... i.e. much like Cuba. Innovation grows the economy; workers keep it rolling forward.

@@IdRatherBeDiving-vr5gk A lot of them didn't actually make anything new, they either took the credit for someone else's work, stole it, or lied, Elon is a prime example of at least 2 of those options. Don't forget they also lobby the government to pay way less in taxes, and have loopholes put in intentionally to pay even less, they abuse workers any chance they can, think of normal/poor people as dirt, and they only care about themselves and their money.

​@IdRatherBeDiving-vr5gk There's no reason why everyday Americans can't afford a home and take care of a family. I understand what you're saying, but forgetting about a large part of America is not the answer. A lot of people aren't interested in living in a high-tech society and enjoy simple living and a multitude of jobs that go along with that. They shouldn't be forced to become part of this innovation and have the opportunity to pursue something else they enjoy while being able to afford simple necessities. There's also not enough jobs in the market that you're talking about to support millions of jobs that need to be replaced. You should probably chose you're wording differently because calling the people who have kept society running unskilled and uneducated shows you're youth and lack of life experience. What you explained sounds great on paper but the reality of the situation is more complex and intricate.

Oh that's adorable that you think eggs will still be legal to buy in 2054....

Nobody said anything about legality. Preppers will be outlawed, and you will not own anything and be happy eating bugMac ​@SirReptitious

@@SirReptitiousyea according to the WEF we will be eating bugs, own nothing, and be happy about it by 2030. Looking at how good their puppets has done the past few years- it’s scary how hard they’re pushing for it.

@@SirReptitious why would eggs be illegal to buy in 30 years? All the chickens going to die? Because I’m pretty sure the farmers still want to sell as many eggs as they can.

@@rathelmmc3194 globalism

And if you pay house off the taxes insurance amd whatever breaks on your home cha..new roof new plumbing etc...wiring..it's a hot mess...

Also, if any repairs come up ...good luck. I would rather rent and still have a life than be a home owner and poor.

Renting is worse

That´s why you have to bring socialism to USSA.

Debt slavery

So we can be sad about it

Boo Hoo! 67% of people own a house. Do better than just complaining on social media.

@@FooFan-b3k does anyone like you?

@@oscarguzman3017 Your mom sure does.

@@FooFan-b3k She doesn't have an eye for people, so that doesn't really help your case

I'm very sorry, dude. May nothing get worse, but only better. God bless you.

If you're making payments on your car, turn that into your rent. Having transportation and doors that lock is better than being on the streets.

praying for you Don’t give in .eat only foods that nerdish you and don’t invest your time in activities that steal your health.Stay strong,be safe.

Dude, cut to the chase and live in your car already. I make "okay" money and live in my car after I purchased a small plot of undeveloped land last year and am working to make it liveable with full utilities. I'm saving about $1k/month by not paying rent! Closer to $800-900 after additional expenses and I am living pretty damn well with a hefty investment into solar, large capacity lifepo4 battery and portable power station, as well as a 12v fridge, but that stuff is a one and done and it costs me nothing to maintain. If you're unsure about making the complete switch, try it out while you still have your place so you don't end up effing yourself in the long run. Truck stops and abandoned parking lots are my typical go tos until my property is tire safe (tons of brush stumps to be removed). Live like you're truly free!

The boomers pulled up the ladder along time ago. They gambled our future away so really theyre the last generation that has home buying power. You just got really lucky.

Happy for your success, hope my generation figure something out

@@SneedChuck-vm7gv I find it ridiculous people can’t qualify for a $2500/mon mortgage despite the fact they show up with that rent payment every month, that is often higher than a potential mortgage payment. I’d like to see the return of “starter homes” and programs to drastically reduce the entry fees to a first mortgage. It absolutely can be done, but we’ll have to fight the out of control corporate greed.

Only way to build wealth for most people and create generation wealth, which is huge for your children and their children.

@@NotSure-cz8xsyeah, tell me about it. Then they wonder why we complain about the world that they left us. I’m literally thinking about leaving earth altogether. What a sad world. Can’t even afford babies with my beautiful husband.

I have that much, its easier when you have few expenses and a sibling or spouse to save with you and share living expenses

Don't you live at home for free into your 30s? Save some money instead of wasting it and feeling sorry for yourself

@@bluesbrother2383 Honestly, that's great advice... for anyone who doesn't have a toxic family. Unfortunately, that's not everyone.

If you can't save a down payment, you shouldn't be buying a home. It generally means you're living paycheck to paycheck, which is nothing new in this country.

it takes 10 all in to turn 100 bucks into 100gs. oppertunity is always out there

"Truth"

lol such triggered children

​@@pmscalisi triggered at who who are the children triggered at

Why would a boomer hate him speaking the truth.

The reality is that there is no "hate"; boomers don't care. My mom is a boomer, she's doing just fine. If I told my mom "hey, this guy on YT made a video that compared the cost of renting to the cost of buying a home for the next 30 years", she would not care a bit. She would probably say "that's nice... why are you telling me this?" But there is exactly zero percent chance that she would "hate" this guy. And this is the real problem: young people that are frustrated with their inability to move forward in life like to project their frustration onto older generations by claiming the older generations are "hateful" and angry. Nope. We're not. Most of us are quite content. My mom has enough money to live very comfortably for the rest of her life; I'm going to retire soon with enough money to do the same. My millennial son has a good job and is working on building his wealth for his family. But realistically... with my mom's wealth and my wealth passing down to him some decades from now, my son will end up quite wealthy regardless of what he does. And that's the real key: generational wealth... at some point, someone has to grind it out, save and invest, to build that wealth that will pass down to their children and grandchildren. If that didn't happen for you, then dedicate yourself to being the one to make it happen for your family. Complaining won't get it done. It takes hard work and dedication.

Need to move to areas with low property taxes. I’m in East TN and my property taxes is $1200 a year on a $450K house. Where i use to live in Chicago the same property taxes would be $12 to $14 K

California property taxes can only increase by 2% per year unless the home is sold. Many rich people pay less taxes on the giant mansion they have owned since the 1970s than a modest second home in another state.

America sucks, why the hell do you pay "property tax"???🙄

@@pauldavies7251 I've been asking this since I was young makes very little sense,People say well don't you want RoAdS,ScHoOls & FiRE DePaRtMeNtS? Most of the worlds countries maintain this while not charging THOUSANDS in property tax

@@WingsOfDomesticViolence income tax covers government spending tho!! Makes no sense

Please stop~ I need renters for my properties lmao

Do you not go out to eat? You’re paying someone’s bills when you do that.

​@@hyunpark7448get a job

@@Immacu1ate The people there actually provide a value, landlords are leeches on society that provide nothing

@@galactick3816 While there are bad apples everywhere, if I were to buy the house I live in now my mortgage would be higher by more than 4 figures. Pretty good service I'm getting.

Lol, I never left.🤣

Several years ago, 3 Hispanic families bought a larger rundown house for next to nothing. They spent two years pooling their money together and fixing everything, all while working full time jobs. When the first house was finished, they found another house in similar condition and repeated the process. After 8-9 years, all 3 families had their own home, paid off in full. I’m sure it was rough the first few years for all of them, but are sitting back smiling now. No telling what their homes are worth now.

It's better to live with your parents for several years, saving the money up before buying their own place. Both my sons did it. They lived with me for several years after college graduation. When they got engaged they had the down payment for their first home.

My mom doesn't even have a basement

My mom's basement, technically garage, was too expensive. I had to move out. I couldn't afford such a nice space on my own.

Don’t forget upkeep fees on a home. I DIY everything and save a shit ton of money, but many people need to pay contractors.

I disagree on the rent cost vs mortgage on a home. From my experience, if you can get a decent interest rate, a monthly mortgage is far cheaper than rent. The house I own now I could easily rent out for 50% more than my mortgage, and that was with closing at 6%

@@MrRedskindiehard In that case, you should buy, without question. However, in most markets like FL, that's not the case.

Short-term thinking. The only reason rent is cheaper on a like-for-like property is because the owner was smart enough to lock in the lower cost sometime in the past.

California bumped it up to $15.50.

Wrong minimum wage is 0. Nobody has to pay you

If you expect to work live on $7.50 an hourly wage for the rest of your life then you are totally lost. Plan to live with your parents for the rest of your life.

@@youcantseeme71 There's actually talk on the GOP side to eliminate the minimum wage federal law entirely.

​@@brnmcc01government shouldn't be involved in a lot of our lives

LOL what??? You paid 100k on repairs on your property in two years???? Goddamn man, what do you do, accept every bid? Learn some DIY skills jesus

Your experience is much more the norm. People who don't own houses generally under estimate the cost of maintaining it including property taxes, insurance, ongoing repairs. Any money that went into a house to purchase it could be invested at a 8% to 10% return compounded annually if put into a S&P500 index. Generally better to rent.

" you can rent and invest that extra 1k for 30 years and make bank. " You're ignoring something very important: with rent increasing 3% per year, you won't have that extra 1k per month for very long. After 13 years, the rent would have increased to 3k per month, while the mortgage payment is still at 3k (assuming they hadn't refinanced to a lower rate.) By the 18th year, rent would be $3400 and the mortgage payment would still be $3000. So yes, renters are ahead in the beginning, but owners paying a mortgage catch up and are better off at the end. Also... yeah, if you had to make $100k in repairs in two years, that is truly exceptional. I replaced my roof last year for $23k. Other than that... no major repairs in 20 years. I do a lot of simple maintenance on my own, but I would have to do a lot of major remodeling to get to the $100k mark.

@@williamquigley852 "Any money that went into a house to purchase it could be invested at a 8% to 10% return compounded annually if put into a S&P500 index. Generally better to rent." Interesting comparison. Over the past 20 years, my home value has tripled, which is an annual increase of about 5.6%. During that time, the S&P (which I also invest in) has returned an average of about 10.8% annually (including dividends.) But the key comparison is the cost of rent -- which is money that is gone -- to the cost of interest, property taxes, insurance, maintenance (also money gone... for a homebuyer). The cost of interest starts relatively low, because it's on the original mortgage balance, and drops every year. Property taxes and insurance are pretty wild variables... but where I live, both are pretty tame. Back 20 years ago, I paid about $3000 for those combined and now I pay about $4500 combined... a 50% increase in 20 years. I just did the math, and at least in my situation paying the cost of buying the house and taking the appreciation, beats the cost of renting for the past 20 years and investing the difference in the S&P during that time. Essentially, for the same monthly cost, the buying option leaves me with $510k home equity at the end of the 20 years, while the renting/S&P strategy gives me an investment account worth $380k. So if I cashed out of each option, I'd have more from the homebuying option. The important point to all of this is that people need to have financial literacy and the ability to crunch some numbers to figure out what's best for them.

You can hope for the government like California to raise the minimum wage to $20 for fast food workers. Results so far, businesses closed down, workers laid off, hours cut back, more automation. Don't expect to look at earning minimum wage to pay for all your bills.

@@covercalls88 Minimum Wage was created so one person could LIVE off of it, dude.

@@WalrusWinking well looks like a whole lot of companies have figured out it not worth to pay, so now many don't have a job, dude.

​@WalrusWinking Really? Genuinely qurious where you have heard/seen that explained in this way?

​​@@covercalls88 Yeah, because the management of those restraunts are making upwards of 6-figures, and don't want to cut into their own profit to pay their workers better, so they just close the whole business instead. The reason many European countries can afford to pay their fast food workers upwards of $22 an hour, is because the managers don't make THAT much more, it's like $30-$35 an hour.

Yeah but a house has to be rebuilt as well. And most houses under 400k are already over 30 years old.

It really pays to be a good DIYer when you are a homeowner.

That's right, it would be very very rare these days for a heating and air conditioning system to last 30 years. Yes there's systems running today built 30 years ago, but they don't make em like they used to. Look up the light bulb conspiracy and 'planned obsolescence'.

@@StevosMfDen Really depends upon how the house is kept, how often a owner remodels, or how is the landscaping

My house is 40 yrs old. I replaced the hvac 15 years ago for $6000 at that time, and it's still running fine. I replaced my roof last year for $23k... it was the original tile roof, 40 years old. I expect the new roof to last at least 30 years. I'll be doing some painting and minor repairs this summer. But yeah... $200k for repairs and maintenance is a lot. I won't get anywhere close to that unless I start tearing out walls and replacing entire rooms. I guess it also depends on the size of the house. Many these days are 2000 to 3000 sq ft (or even more); mine is just 1500.

Not to burst your bubble, but you might be optimistic. In digging around for rent inflation it was hard to pinpoint what number to use. I settled on CNN's number since they separated out standard inflation from rental inflation. They had December 2023's annual inflation rate at 6.2%. Using that number, 2054's rental cost will be closer to $12.1K a month. Obviously different numbers in will give different numbers out. Inflation is a killer. Especially if you're a renter. It's not great for home owners either since property taxes may force them out of their homes -- but it really hurts renters.

​@@papasmurf9146highly doubt it because nobody will be able to afford it. Makes zero sense.

@@LuisPerez-5 depends on how well wages keep up. But the starting assumption was $2K a month for rent. Doing a quick look for 2 bedroom apartments near me, rent is between $1,050 and $2,500 with a lot of options at $1,500. It does seem like the goal is to break the system.

@@papasmurf9146 "It's not great for home owners either since property taxes may force them out of their homes" Not in my state. About 50 years ago we passed a law to protect against this exact problem. Our property taxes are capped, by law, to increase no more than 2% per year. My home has increased in market value by 200% in the past 20 years, but my prop taxes have increased just 46% in the same period.

@@IdRatherBeDiving-vr5gk California. Prop 13. Best thing California ever did.

He did not include the raising cost of insurance, maintenance cost, and a lot of etc therefore you will be paying more and don't forget the mortgage leaders can not find your payment you mailed in trying to take your house for whatever reason.

Long term houses here in California have doubled about every 12 years for at least the last 60 years and probably longer. I don't know if that will go on forever, and short term prices have hit many peaks and valleys. His overall point is correct. Paying rent is a form of indentured servantry making someone else rich. Often that is a corporation like Blackrock, American Homes, or other Big REIT's, or local LLC's. After 30 years of paying rent all you have is a pile of rent receipts and your landlord has a house that's paid for.

@@jkgwoodand buying a home is not keeping somebody else rich? Get real. Unless you can pay cash, you are making the banks richer.

@@joniheisenberg You need to take a class in basic economics. When you buy a home instead of paying rent you build equity and that is yours, not the banks and not your landlords. You can deduct the interest, that money is yours, not the banks or your landlords. That tax deduction alone is worth thousands of dollars a year on your tax return. That is money you can put into a ROTH or IRA or to your kids college fund, or spend on anything you want. You can retire with a house that is paid for that belongs to you and not the bank or a landlord, and you can leave it to your loved ones instead of your landlord leaving it to his loved ones. For several generations Americans that have paid mortgage loans have retired comfortably because they bought a home and paid the mortgage. Yes the bank makes money on the mortgage, but who cares, you will make as much or more than the bank makes and if you spend the same money paying rent you will make nothing and build nothing for your future and you will be old and poor paying top dollar for rent, or you may possibly end up homeless when you are too old to work instead of having a house that is paid for. Oh, BTW, if you just put the money you get from your mortgage deduction on your tax return into a ROTH every year for 30 years and it grows at the average stock market growth of 8%/year you will have well over a million dollars in the ROTH, and that is tax free, and your house is still paid for. If you rent for 30 years you will have a pile of worthless rent receipts.

@@jkgwood A house that is “paid for” that needs a new roof, upgraded appliances, new floors & other maintenance. Don’t lecture me. Been there done that. Plus the games played with property taxes.Sold my home after 30 years & now I rent. Learned the game that ALWAYS benefits the banks. Don’t kid yourself regarding the equity that you build. Now I can travel & move anywhere I want. Renting is freedom.

That is a terrible long term plan. They require more maintenance and don’t appreciate as well as houses.

@@TheDustyShed like a car, they only depreciate in value.

​@@TheDustyShedI don't think it's his long term plan

​@@TheDustyShed I agree not a good long term plan, it may be an alternative in the beginning.

People have to move, to go where the jobs/opportunities are sometimes.

Homes for Humanity, has home buying plans.

@@georgefalcon14I’m sure there’s a long wait list.

@@georgefalcon14 Habitat for Humanity has minimum income requirements so the 30 year interest free mortgage is affordable. I have not seen any where someone with Social Security Disability as their only income would qualify. They also require "sweat equity" (hundreds of volunteer hours) which is difficult for someone who is disabled.

If you are on disability with fixed income I don't expect you to be able to buy a home and why should you. Home ownership is earned not a right.

​@@covercalls88it should be, having people on the streets doesn't help anything.

There is no reason to expect interest rates to go down. We are still at historical lows in interest rates. If you are young you may believe the rates of the past two decades are normal. They are not. They have been artificially low which is a factor in why housing prices are so high now.

@@TheDustyShed Yup in 1960 interest rates were in the 6% range.

Go look at the price of the same size house in the same area in 2006 vs 2009 vs today. Even if you bought at the peak of 2007 prices you arent underwater today. I know this because we sold our family home and it changed hands a few times after us. Some people got screwed but its more now than 2006-7

People have fixed interest rates now so payments don’t go up even if there is a bubble. Variable rates is what caused the crash

Yep, nobody ever thinks about the bank. Banks are already under capital pressure. If CMBS continues to deteriorate we could easily be in another liquidity crisis.

@@rathelmmc3194 ‼️

Move then

Exactly that being said, I think his calculation is wrong. After the value of the home increases what 200 250,000 maybe 300,000 more he’ll get half the money back if he sells at that price. Which she would definitely do in this market. However, he would not get $1 million back… and $200,000 in maintenance ? I don’t know what that means that’s excessive unless you’re doing in addition to the home or doing major renovations.

@@drqtee 200k over 30 years is not unreasonable in fact I think tht number is a little low the problem with his ending figures is that he makes the assumption that the home value will increase by over 300% tax an insurance will stay the same and rental cost increase by 5 - 700% the one main advantage of ownership is that you have something to sell at the end of it

You are correct. Expenses are usually the costs associated with protecting your equity, i.e. gotta pay for maintenance so the home keeps its value. But it's still worth the cost.

That's a fine point, but the key to the "hold a job" issue is to make sure you have enough savings in a small "emergency fund" to pay the bills for a few months. This way if you lose your job, you have a few months to find a new one and get back on track. Of course this doesn't work if you lose your job long term and can't find another one... but that's worst case scenario, and using that as a plan means you would just never get anywhere.

Yup this model is missing out on the opportunity cost for investment

Might as well put it in the lottery as the stock market. Same odds of winning.

That's like minimum $85K with no other debt payments. If you have car payments, credit card bills, student loans, no bank will give you a mortgage on a $415K house with only 85K salary.

@brnmcc01 But ya have to be able to pay the mortgage and all the other costs that come with a house. And back in the 80s, you could buy a house, make 30k, and still afford the additional cost. In Florida, people can't even afford the homeowners insurance. Not to mention HOA fees if you buy into 1 of those communities.

@@magoo9279 Yup, and in Florida homeowners insurance is a scam. Search for that on KZfaq, there's a well respected engineer that goes into all the details.

@@magoo9279 Or like how about those poor people that bought into Champlain Towers. Not only were they paying out the nose for extremely high HOA fees, they got hit with 6 figure "assessments" supposedly to start repairing the pool deck, then it collapsed one day and they died... RIP Florida condo's HOA's are a ripoff. They suck up money, and then let the building fall apart.

It's called reality. Truth in what both sides say.

As a Boomer, I taught my sons when they were in grade school to plan for the future. I knew things were not going to get easier. A little extra effort and planning went a long way. My sons will have an advantage in having a longer life and better health care than the typical Boomer.

Yes thank you. Most Boomers know little about long term planning and didn't teach their kids. Boomers really benefited from affordability in their youth and inflation of housing. But that same inflation is going to hurt a lot of them as Boomers only have an average of 150k in retirement. Millennials have less of an advantage but my goal is to be set for retirement, help my children and teach them about saving, and be able to aid any of the 5 sets of parents (divorce sigh) that might need it. It's very simple equation to get ahead. Simple but hard to execute

Renters never win.

@@MrRedskindiehard Not so, not so at all. I've owned two homes, it's not the paradise you would think it is.

@BillySBC I own my home. And it's had its issues as all homes do but it's mine and most of the work put in will add value. I've also rented and it's not awful it's just a complete waste of money. The markets I've lived in mortgages are almost always cheaper than rent

@@MrRedskindiehard Let me explain how this works... First of all, you don't own that home. That's right, you don't own that home. That home has a PERMANENT LEIN against it in the form of PROPERTY TAXES. Should you decide someday to not pay the Property Taxes the Government says you're going to pay THEN you will find out who really owns it, and it ain't YOU.

Why do you need to be able to put down 10% or more?

@RKmndo alot of people are competing for the same 'type' of house. In my experiences, every time there was a home, my wife and I were considering someone was able to outbid us by double or triple with immediate cash offer. It's hard to compete against someone who has the capability to put more down upfront for a home.

No soup for you!

OR until you stop paying your house tax, lol you never really own your house, don’t pay your taxes for a couple years you will see who’s house it really is

So cheat the system by any means necessary. Get a cosigner, get mom or dad or an uncle or aunt under contract to join you on the mortgage for purposes of qualifications and an emergency backup in the eyes of the banks. Get owner financing, get another job, anything and everything possible. But be careful, don't overpay. That includes not buying a home that's priced low but still overpriced relative to needed repairs.

Banks don't care about you committing fraud unless you stop making the payments or the 3 letter agencies get involved.

And Fort Lauderdale, where I’m from you can expect to pay a minimum of 1500 anywhere around the downtown area. He’s giving numbers from low to high income areas across the country. Real estate is always relative. These are just numbers that go off percentages to paint a picture.

@@seansaidit he's pulling the nu.bers out of his butt

where the hell do you live where an apartnent is $450? is it 80 years old in a slum, infested with lice??

1000to1200 avg for 1bd. 450 is the corner crackhouse on loser street

Where are you paying $450 a month? In my area the average is $1700 and $1300 for the minimum rent!

Got divorced in 2008. After paying the ex everything I had to pay her, I had $175k left to my name. Rented 1/2 of a duplex for $775. a month for 13 years. (2008-2021 without an increase in rent) I'm self-employed, dumped all of my extra $$ in the market. Still renting at the same place today & my rent is now $1k a month. My ROTH just hit $1M this week & the rest of my stock portfolio also just hit $3M this week. I don't think any house I would of bought in 2008 for $175K would be worth $4M today. Looking to pay cash for a house in the next year or so or whenever I feel like it!

this is a hypothetical with the stats of today to illustrate the absolute agony of the current economy that the US government scoffs at Gain media literacy skills? possibly for your own future

Wrong. Some people don’t want to own. They want the flexibility of renting.

@@joniheisenberg I think the OP is talking strictly from a financial sense, i.e. financially it is nearly always better to buy if you're going to stay in one place for a long time. This simply means that if you look at the typical cost to rent vs buy over five years (for example), you'll almost always come out ahead -- financially -- from buying. Flexibility is important to some people, but that's a separate issue. And flexibility comes with an associated cost, i.e. people (as you point out) are willing to pay more to keep their flexibility.

I rent a 2 bed 2 bath for $900 a month in a great neighborhood. 8 unit building privately owned, and we've all been here over 5 years. 😅 It's the state you live in or the location. Simple sacrifices will allow you a better situation.

@@fishingbob8374 unfortunately in canada here the apartment you make sacrifices to get is still about 2k a month.

You’re still paying someone else’s mortgage.

Utility company: that will be $100k 🎉