I make 65k and I can't afford shit. I'm tryna move to south Asia for a year just to feel like my money actually means something
@abstro9942
Жыл бұрын
65K is not enough? You're very crazy. That's plenty.
@aarongruber2978
Жыл бұрын
Save and invest wisely that’s a good way to get out finacially
@RichardTorres-im5dg
Жыл бұрын
Maybe he is in Miami, there is nothing here for less than 400K even in little havana (not counting the ones where the roof literally doesn’t exist)
@tacsquid
Жыл бұрын
@@abstro9942 I live in upsate New York. I'm not poor, but I'm not rich my any stretch. My job stresses me out but I have to keep it because I couldn't imagine living on less. And I live a fairly simple life
@DavidSmith-tu1nd
Жыл бұрын
Here in Denver 65k you would barely afford a decent apartment. No way could you afford a house.
@jg2611
Жыл бұрын
$60K seems to be where many are income-wise (median), and they think they can afford it all Jeep/SUV Stainless appliances Granite counters Vacations No. This isnt some series on HGTV
@nwillson999
Жыл бұрын
Ok boomer we live in apartments with gas stoves at 60k.
@mojo4369
Жыл бұрын
You call them a boomer like thats an insult. 😂
@yohannamueller
Жыл бұрын
Yup, because the cost of living has steadily outpaced wages decade after decade. Go look this up. Our generation is f*cked, and a college degree means nothing. My friend graduated college with a bachelor's degree in social work and was offered a job at 32k. How nuts is that? And everyone has college and auto loans. I drive a car from 2008 because I don't want an auto loan in addition to my already existing student loans. This is why we can't get married and have kids. Birthrates are plummeting. Inflation is skyrocketing. National spending is out of control. But hey, I hope everyone is enjoying funding the war in Ukraine. Out of the Middle East and into Eastern Europe. Somehow, there's always money for wars. Our government can't get enough of them. It makes me so angry how we never wanna take care of our country and our people.
@stevennavarra3209
Жыл бұрын
60K won't even get you half a decent apartment in NYC, much less a house payment outside the city.
@YarHarFD
Жыл бұрын
The problem is homes are being treated by real estate companies like wholesale merchandise - to be marked up and resold to the consumer. The second a home goes on the market banks and corps try to buy because they look at them as big ticket inventory. That needs to stop. And thats only going to happen by legislation protecting private buyers or a huge decrease in demand for homes
@12235117657598502586
Жыл бұрын
100% CORRECT!
@Koushi82
Жыл бұрын
Or huge supply intentionally to destroy housing market prices and liquidate the banks
@slowrider30
Жыл бұрын
Yeah we should quit letting companies buy houses and improve neighborhoods. So all those houses that don't qualify for financing can sit there and the roof cave in and the grass 5ft tall.
@YarHarFD
Жыл бұрын
@@slowrider30 that's not what's happening. Real estate companies don't buy homes as "fixeruppers". They buy homes in areas that are already growing by outbidding private buyers.
@Koushi82
Жыл бұрын
@@YarHarFD ignore slowrider he's a simp incel for the elites hoping one day they may give him some
@mike4088
Жыл бұрын
Not to mention cars and other debt the average American has. It’s all going to fall apart at some point. This can’t continue.
@12235117657598502586
Жыл бұрын
It’s slowly falling apart already! 😞
@thierry1026
Жыл бұрын
I do think this can keep going worse and worse. Wealth inequality is gonna kill all our dreams and hopes.
@asolano
Жыл бұрын
Yes it can. 😂
@davidallen2682
Жыл бұрын
Remember, inflation was also not as bad in 08. Its much worse
@lookbehindyou4281
Жыл бұрын
I make 120k in Connecticut and money is still tight af
@ledsuitcase3073
Жыл бұрын
I make $10,000 a year in colombia and live like a king
@hornetguy9063
Жыл бұрын
And America is STILL one of the cheapest places to buy housing. You live in the UK, it’s like 8.3 years worth of median family income (not individual, family) to buy a home.
@tonkajahari3010
Жыл бұрын
Nobody can afford anything without being a debt slave.
@asolano
Жыл бұрын
Debt slave? Only the rich can afford to think like that. Debt is the only way regular people are able to buy big ticket items like a house. Inflation keeps prices going up faster than most people can save money.
@cannednolan8194
Жыл бұрын
That’s America. Canada is even higher.
@Mctyz125M
Жыл бұрын
+ Canadian royal taxes. Wow
@silas232003
Жыл бұрын
You also have to factor in location. Come to Canada... that number is at 15 times +. You can get a good quality home in areas michigan, west virginia, Mississippi, arkansas, Oklahoma. these guys are only looking at areas such as LA.
@michaelnyden8056
Жыл бұрын
They will do what they are now doing with auto loans, they will just make 35 or 40 year mortgages the standard.
@awnaur0no919
Жыл бұрын
"Just be a slave 2 goldstein bros bank forever bruh, wats tha big deal??" 🙄🙄🙄
@bucfan28
Жыл бұрын
Not sustainable
@goldfishi5776
Жыл бұрын
Let's just get perpetual mortgages.. we will own nothing and be happy...🤦♂️
@SkyeMonta1884
Жыл бұрын
Fha stared with 40 year mortgage
@Eurisko229
Жыл бұрын
@@goldfishi5776 Yep, can’t get off the hamster wheel till death. It’s ridiculous.
@jadonlawrence4909
Жыл бұрын
In Canada its almost 10 times
@DavidSmith-tu1nd
Жыл бұрын
I've said this a long time ago. My father bought his house for 21k in 1971 and was making $6,500 a year. As bad as the 70's economy was it was still way more affordable than what we have today.
@rone8542
Жыл бұрын
Spot on, I was saying this in 1989 - 1990, 2006- 2008, and again in 2022. The market has to level out or reduce. My best guess is a 10%-20% reduction.
@nate7778
Жыл бұрын
You people base this on no logic. It's basic supply and demand. Go look at supply levels in the '08 crash to now. Hell, go look at supply levels in 2018 compared to now. There is no inventory. Prices just don't go down because you think they should. There needs to be a spike in supply and there is no indication of that happening anytime soon.
@mikeyluk5113
Жыл бұрын
….and the banks are scooping all the defaults
@laprepper
Жыл бұрын
I literally told my manager the other day I can’t afford not to get a promotion, but he already knows I’m leaving his department. My mortgage payment is $1900 but the person who buys my house will probably have about a $3200 mortgage payment, unfortunately for people not making good money they’re going to be priced out of the market and then places like Los Angeles where demand is high it will take a while before price is correct because of the demand and limited supply
@aaronvenegas4162
Жыл бұрын
I remember the days when you could not afford a house you lived in an apartment. Now the apartments are barley affordable. Something’s definitely wrong with this system.
@kosmiccandie
Жыл бұрын
I am fortunate my husband made 100,000 bought in 2009 and we pulled out equity in 2017 and bought a larger home. Both homes mortgages are what today's mortgages are in my area. Best thing we ever did.
@JacksonMack3742
Жыл бұрын
Idk what they're going on about. I'm just a car/aircraft detailer and I was able to affordably get FOUR boxes at ACE hardware that I assembled into my one bedroom one bathroom house on prime real estate under the I275 bridge over Dale Mabrey near the airport. People complain "oh boo hoo my card board box house gets soggy in the rain😢" oh cry me a river that's why I PUT IT UNDER A BRIDGE! NO EXCUSES.
@bigcountry2191
Жыл бұрын
😂😂 crazy mf.
@Teal_Seal
Жыл бұрын
Fellow Tampa resident here 😂
@JoesIceCreamCone
Жыл бұрын
The entire system is Fd fueled by free money for the last 15 years. An entire economy was juiced.
@GregariousAntithesis
Жыл бұрын
What do you expect when someone from New Jork can move to rural colorado with that income divide of course property values are going to be artificially go through the roof with nothing to put it in check.
@Malouco
Жыл бұрын
One of Elon little homes is looking real good right about now! ima pick it up put it in my pocket and drop it where I need too!
@boogieondown5824
Жыл бұрын
Don't let corporations buy houses. That's not the only solution, but it would help.
@nickh2053
Жыл бұрын
It would remove the bottom when prices do inevitably fall. Then people would cry even more.
@boogieondown5824
Жыл бұрын
@@nickh2053 Let it bottom out, they always bounce back and there are more people than homes, that's why the corporations bought them up in the first place, supply and demand.
@nickh2053
Жыл бұрын
@@boogieondown5824 A lot of the people without homes are in expensive areas. Freddie Mac has said corporate buyers over the last several years are only 4% of purchases, and their significance is relatively small.
@JacobAnawalt
Жыл бұрын
Even more so at these interest rates. Housing prices have to collapse
@rafojan2437
Жыл бұрын
Super good analysis
@johns9969
Жыл бұрын
Interesting Data point - inflation adhusted median income growth stalled/slows in '75 - but personal debt takes off. House of cards...
@rbvtdmcp646
Жыл бұрын
In my country it is about 17 times...
@SP-gr3pw
Жыл бұрын
Which one
@rbvtdmcp646
Жыл бұрын
@@SP-gr3pw Slovakia
@bat2275
Жыл бұрын
The problem is we've elected to many Democrats in Washington for the last 40 years. The solution is more conservative principles.
@gabedelgadillo6811
Жыл бұрын
This is happening in many states and globally. Have a point that makes sense next time.
@sciencemilitia1853
Жыл бұрын
@@gabedelgadillo6811 Which are all democrat lead. Inflation is a federally caused problem.
@gabedelgadillo6811
Жыл бұрын
@@sciencemilitia1853 flordia and Texas have some of the worst housing affordability now. You guys are just dense.
@sciencemilitia1853
Жыл бұрын
@@gabedelgadillo6811 Because of the exodus of people leaving democrat jurisdiction, demand went up in Florida and Texas. You missed that, and still think we're the dense ones?
@gabedelgadillo6811
Жыл бұрын
@@sciencemilitia1853 explainable of America and even the UK and other countries? Man you conservatives are so single minded.
@BiggMo
Жыл бұрын
The numbers quoted don’t paint an accurate picture. When the ratio was 2.5x, it was single income households. Today households are often dual income and sometimes triple income with the popularity of multi-gen houses.
@Teal_Seal
Жыл бұрын
Well as a single person, it’s pretty accurate. I recently looked into my options and I can’t afford 98% of the homes on the market without a roommate. I’ve had roommates almost my whole adult life and will do it again to get ahead, but I don’t want to need one to just get by. Or you have affordable homes for 55+ only and/or with HOA fees that never decrease. I don’t want to be paying HOA after I pay off the loan… I’ll find something when the time is right, just wish I had more options.
@josephp7935
Жыл бұрын
I honestly think Pat has been in his position for so long that he does not realize the reality. We have whole families of people pooling their resources and also there is just a ton of money floating around in general. Everyone is driving nice cars it seems.
@silas232003
Жыл бұрын
Dont take what these guys as factual for every state. Plenty of home prices - median prices are under $250 k in lots of states. America has a large supply of home. The issue is that people want to live in areas like LA.
@a.ros12
Жыл бұрын
If you're making comparisons to how much more it is in other countries, also factor in health insurance payments, car payments and student loan debt that Americans have to pay on top of everything else.
@asolano
Жыл бұрын
The conditions that have allowed the US to have one of the lowest home price to income ratios in the world are slowly but surely disappearing.
@paleyosezi3122
Жыл бұрын
I simply didn't understand how house prices went so high during COVID while people were out of work. It felt almost manufactured
@richducatti5221
Жыл бұрын
I made , 200K , 2020, 2021 , 2022 and NYC , 2 kids & a wife and $$$ is low with $1000 left after rent $1800 , $690 bills paid monthly
@stevenshorten6184
Жыл бұрын
They're not going to let it crash.
@androsmillenio450
Жыл бұрын
But they advertise it like you can with payments 😂🎉
@giomjava
Жыл бұрын
I'm making over $150k in SF Bay area and I have a family (single earner)... we ABSOLUTELY cannot afford any decent house around here. Anything halfway decent is 1.25-1.5mil, which is 8-10x of my yearly income (before even taxes take half of my money).
@jonjeskie5234
Жыл бұрын
Yeah but you're in the tech bubble situation. Everyone is making 150k out there so now everyone is broke when it comes to housing.
@giomjava
Жыл бұрын
The same is happening in many places, not just silicon valley. House prices are way higher than people's incomes. This isn't isolated on the least
@jonjeskie5234
Жыл бұрын
@@giomjava yes but this was going on in Silicon long before the current housing market. Same with Seattle.
@giomjava
Жыл бұрын
@@jonjeskie5234 agreed! I consider this as a part of the same trend, but exacerbated by 100x over here
@danielstau6592
Жыл бұрын
In germany you need 40 years to pay a house sometimes over 50 years
@the.kristihall
Жыл бұрын
8.5 times??? Australia says “here, hold my beer”. I would hazard a guess in Australia it’s at least 10 times or more
@CascaEternalWarrior
Жыл бұрын
Double as a couple, after sacrifice, hard work and diligence; purchase less then what’s affordable. Stay five years and use equity to move up. True story.
@jeremyadrian233
Жыл бұрын
Twin income and no kids, It's very simple, 1st home buyers bidding up the market.
@jackominty3633
Жыл бұрын
They could maybe afford it during the cheapo money era. But times have changed.
@charlech
Жыл бұрын
Sure 8.5 is horrible until you see in China it's like 30x
@Omikoshi78
Жыл бұрын
I did the same math in 08 and came to the conclusion that market will crash. Young naive me voiced this concern with bank and RE agent I was working with to buy my primary home and they laughed at me. That’s the day I learned people are dumb but math doesn’t lie. Question now is who will sustain this absurd market? Reits?
@robertwalker8716
Жыл бұрын
it only means that land is getting more valuable and people aren't making more money from working😊
@cameronnewman3614
Жыл бұрын
No property has to go up with wages and inflation.
@robertwalker8716
Жыл бұрын
You can't get approved for a 500k house making 60k anyway, he wants to seem down but he always misses the mark
@col.cottonhill6655
Жыл бұрын
That doesn't make sense. My house went up well over 100% since I got it in 2015
@tiraandaz
Жыл бұрын
The extent of appreciation doesnt matter because you live in that house. It's only notional. The extent of appreciation matters in a house you dont reside in.
@col.cottonhill6655
Жыл бұрын
@@tiraandaz also my house is in a hot market which is really overinflated. (Los Angeles county). So it did appreciate well above the national average.
@SN00PICUS
Жыл бұрын
@@col.cottonhill6655 Yeah, in some markets the price has inflated and once you get over about 150k appraisal the houses just sit on the market. Gotta think in rural America a 200k house is out of reach of most, but now most of the houses on the market are 200k+... It's a damned mess
@greyson7379
Жыл бұрын
Not me watching this in my $950 apartment in East Side Houston, Tx making $250,000 a year 😂 and thinking damn I need to move down to a $450/mo apartment or RV
@divineeye2000
Жыл бұрын
60k does not get you 500,000, maybe I am confused let me know what planet this is!😂😂😂
@ToopackFromAugu
Жыл бұрын
the "Problem" is the factor of interest. if your interest rate is 5% 4-times your yr salary is enough. but if you just pay 1% on your 8years of your salary price, thats a way better deal. take the full equation into account. now with interest rates back up, prices will have to come down much to afford it again.
@Teal_Seal
Жыл бұрын
Isn’t it sort of a wash though if you get a better price at higher interest?
@ToopackFromAugu
Жыл бұрын
@@Teal_Seal for buyers it doesnt matter. cause they are buying with larger amount of kredit. for sellers, its important to get a large amount.
@Teal_Seal
Жыл бұрын
@@ToopackFromAugu Ah. I think I see what you’re saying. I’m speaking as a buyer, btw. A high price benefits sellers, of course. And high interest benefits lenders. But I don’t see how a low price at high interest benefits buyers… unless rates come down later and they refinance or pay the loan off early.
@inertiaforce7846
Жыл бұрын
If that's true that it's eight and a half times then we're probably in a bubble.
@curtisfouts3791
Жыл бұрын
In the 70s a years income would buy a house. Just shows how corporate America has lowered people pay through the years. Good sheep. Just be thankful you have a job.😜
@st.charlesofaberdeen154
Жыл бұрын
Why are you trying to buy a $500,000 house when you only make $60,000 a year that seems like one is trying to live above their means which is why they can't afford the house
@mikiandfriends1820
Жыл бұрын
At the same time there were 8 ppl per house. It is 1 now
@legendary_soup4454
Жыл бұрын
Amen 🙏
@GroguSlayer69
Жыл бұрын
genious russian scientist
@looneyville3
Жыл бұрын
This is because until recently the mortgage rates were at historic lows.
@Mctyz125M
Жыл бұрын
This is why gay marriage is being pushed so hard. You get two people together and claim $60k x2. This is a battle between the single mentality to dual income. 8.5x with 60% average inflation to income growth on top of this. To me I am seeing the perfect storm come into effect.
@frankmazzie4855
Жыл бұрын
So rent!...nothing wrong with that .
@sciencemilitia1853
Жыл бұрын
My rent went up every year. My mortgage doesn't do that. And I don't just kiss the money goodbye
@healthygrowth7760
Жыл бұрын
Doesn't Patrick run a MLM insurancescam?
@charlotteelizabeth4797
Жыл бұрын
True
@shakazulu3594
Жыл бұрын
Massive disaster is on the way!! My karma spells on all those who stole homes after the 2008 housing crash are working!! Praise be!😄
@John-tx5or
Жыл бұрын
Champagne Taste, Beer Pockets. Expand your Home... BROWN 🟤 STONE Shyt. Valuetainment & what's the Mult on A 🚘? 60K & 3k? U Ain't gonna KEEP Yur Job w/ A $3K 🚗. Johnny Boss
@mikethetraveler
Жыл бұрын
ILL EFFECTS OF RIBA!
@abstro9942
Жыл бұрын
60k for a 500k house? Then don't get that 500k house lol
@WillyWanka
Жыл бұрын
At 0% rates they, can
@mrkickback2010
Жыл бұрын
Hopefully there reit investors get burned by their speculation on real estate and the FED sells the mortgage back securities they've had since 2008. Market is purposely rigged.
@michaelh1803
Жыл бұрын
Can’t afford or won’t do what is needed to afford? Personally I’m sick of hearing the excuses. Everyone struggles, life isn’t easy. What is easy is making excuses.
@jjohnson8977
Жыл бұрын
Sirprise
@DontHaveTime523
Жыл бұрын
Why don’t you talk about Zillow buying up all the housing and stocking up on inventory so they can squeeze the consumer later on down the road or perhaps they’re already doing it
@christianrogers5857
Жыл бұрын
Ayyyy the scammer
@OldBastard-dj6er
Жыл бұрын
I don't need a &500,000 house all I need is a 14' x 60 ' on a slab . . . . easy to heat and cool . . . . . . . the money is in the SHOP BUILDING ; ) . . . . that makes me money !!!
@controlpopulation
Жыл бұрын
Its all about affordability. Right now the mid west is up because houses are cheap there.
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