70% of U.S. Homeowners Say They're "House Poor"

If 70% of U.S. Homeowners are saying that owning their home is causing financial hardship or is costing more than they anticipated, this could ultimately end up being a good thing for the U.S. housing market. Let me explain.
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[@MichaelBordenaro]

Check out my prediction for the 2022 Housing Market kzbin.info/www/bejne/kHbRlHeja5yJm5I

[@night5091]

Owning a home is a money pit. They always were. Though, In NY it’s the property tax that’s killing people. Along with the inflated home prices. Student loans don’t help. Lot of People are foregoing having kids these days because can’t make enough $ to get by.

[@MichaelBordenaro]

It certainly can be, and I think they all are if you own any given property long enough. Eventually the maintenance catches up to you. America is not what it was before, people need to cut back on many "normal" expenses in order to afford housing and avoid having kids. That is not a good thing for our future

[@night5091]

@@MichaelBordenaro It def is not, inflation may not be all that transitory. Things a very expensive now. Across the board. There are 5 local elementary schools not operating because of lack of children. There’s no doubt, in the US we are not keeping pace with the population loss. But agreed, eventually things go wrong with homes. And when they do, it’s typically expensive to fix. Especially these days.

[@hawkeye5829]

This is the reason I chose to stay in my house and not buy an overpriced new one. My house is now paid off. I am now debt free. Even so, I am staying put. Why? I like the idea of no bills and having options.

[@MichaelBordenaro]

That is very wise Henry

[@hermanrogers1325]

Yep that’s right I payed off my mortgage in 2019 and I am staying put love being debt free and now all my mortgage payment is going to saving account and I retired in 21 living free of being a debt slavery

[@franktolman4970]

Unfortunately the house I bought 28 years ago with a paid off mortgage now the taxes and insurance cost more than the mortgage payment that included them when I started. But it is about 1/3 of what rental is around here. This is why retired people say they get taxed out of their houses.

[@hawkeye5829]

@@franktolman4970 I feel you. My homeowners insurance and property tax equal. $404.43 a month. My mortage payment was about $600 a month so I am close. But it is still better than going in debt for a new house.

[@rtekaaho]

Living beyond your means. 2008 all over again. Financially illiterate people + financially illiterate banks all over again.

[@MichaelBordenaro]

Yes thats right

[@bobsykes]

Wow. I bought a home that was 60 years old, and sold to me by the original owners. Talk about deferred maintenance! What was required to fix it up in ways I wasn't aware of when I bought the home was a shock. I'm pretty happy with where I am now, but it was a shock to learn how much work an old home can require that is not obvious to someone who hasn't owned an old place before.

[@Design770]

old home home can be like an old car. constant fixing.

[@MichaelBordenaro]

I know what you mean Bob. Lisi and I had a similar experience with one of our investment properties. The house was 100 years old and seems like every month something need to be fixed or replaced

[@waitaminute2015]

I don't care what rates are , and why people focus on it. The focus should be that your payment shouldn't be more than 25-30% of your total household income. Also, a home is a place to live, and maybe people should stop thinking "dream home". I was lucky to have a down payment when prices were low, but I still only bought a small condo so I could pay it off quick. It's not my "dream" home but it's a decent clean complex in a safe area. When the pandemic hit, I didn't have to panic, and if things get really tight I can rent out the 2nd room like I did for years to pay it off. Prices are crazy right now, and I feel for people looking for housing, but you also have to get creative, suck it up for awhile, roommate with others until your situation improves. That's my 2 cents .

[@MichaelBordenaro]

I love your attitude and point of you. People‘s expectations nowadays are just as inflated as the housing prices lol. Also last time I checked you could qualify up to about 45% of your income for a mortgage in some cases so that’s quite a bit higher than the 25 to 30% rule. Will be interesting to see how this all plays out and I’ll definitely be here to update and comment on it

[@DannyWalker247]

@@MichaelBordenaro Michael I think you are talking about total debt to income ratio. I think the mortgage payment would have to be a lower percentage. They use both numbers these days.

[@MichaelBordenaro]

@@DannyWalker247 Yes thats correct, I am referring to total debt to income ratio

[@waitaminute2015]

@@MichaelBordenaro 👍

[@andylise08]

Working out your numbers on a spreadsheet is beneficial to concretely understand your financial situation and capability. I always say, don't make decisions based on fear and emotions, make decisions based on numbers.

[@MichaelBordenaro]

That is excellent advice!

[@paul734]

Ended up housing hacking in a triplex. Tenants cover my mortgage, but if they don't pay I can still afford it solo.

[@MichaelBordenaro]

Very smart Paul, good for you!

[@mstyles2667]

I think lots of people have been brainwashed into this dream of house ownership. Speaking as a home owner so I am not bashing it. I am just saying that you are sold this dream that mortgages are cheaper than rent and how it's such an investment but if you can't afford to keep that investment afloat you will soon be under water. No one tells you that part lol. Happy Holidays Michael!

[@MichaelBordenaro]

You got that right M styles! Happy holidays to you too 😀

[@wlochataSwinka]

Good stuff! Also quality of homes (plywood) is not really helping, in Poland homes we built from bricks and concrete! Also in PL home prices are increasing a lot. Less and less people can afford them..

[@MichaelBordenaro]

Thank you Samuel! Seems like the cost of housing is going up worldwide it’s nuts!

[@markm391]

Merry Christmas and thanks for sharing Michael 👍🏻 I haven't been online and have a lot of videos to catch up on! Getting a down payment is the easy part out of it all. One needs to have a low debt to income ratio, good money management skills, solid employment and extra cash stashed away for the unexpected to keep the house 👍🏻

[@MichaelBordenaro]

Merry Christmas Mark! No worries, catch up as you can. I agree, the ongoing cost of keeping the house is much more of a struggle than the initial down payment

[@RG-hf4et]

When I purchased my home I could well afford it and did some upgrades along with maintenence on 3 acres. Since I moved in 23 years ago, I'm getting older, the taxes have now doubled, my income has gone down, insurances have increased, maintenence is ongoing. I need to sell because I can no longer afford to keep the house. It isn't because I don't work hard, but my industry got hit hard with the covid situation. I am self employed & I am still dealing with the covid situation and increased overhead for my business. . Sometimes life throws you a curve ball & you find yourself a financial situation you never expected.

[@MichaelBordenaro]

This is an unfortunate by product of this pandemic. Some were able to thrive, while others got hit hard and have not recovered. I agree, not everyone in this situation doesn't work hard, and the longer you hold a property, the more expensive it becomes to maintain. But at least you have a ton of equity on the property if you have no other debt and now is a great time to sell.

[@LMays-cu2hp]

Thank you Michael for sharing your thoughts about the market. Merry Christmas to you and your family,

[@MichaelBordenaro]

No problem Lemard, Merry Christmas to you as well 😀

[@MichaelBrown-ny3et]

Many are going to be apartment poor pretty soon if not already. This summer will be very interesting with gas prices and higher inflation added in. As far as people being house poor for the reasons you mentioned, I’ll have to say that bad planning and decision making is a personal decision. Financial responsibility is a personal decision. Waiting out this bad situation is the best advice. It’s worth waiting and won’t cause you to fomo into the housing market.

[@MichaelBordenaro]

Absolutely, everyone needs to be responsible for their own choices. Lots of bad advice out there too, that people just mindlessly listen to

[@faramarzmokri9136]

Mass migration to cheaper states might be a new trend. Labor cost in California is getting ridiculously high. With homes getting older a remodeling project and house repairs will brake banks. Moving to cheaper states with much lower labor cost will be a much better alternative in my opinion.

[@evelynnnyt]

Unfortunately that mass migration is what has been housing to skyrocket in my area. I wish there was something that could help all of us :(

[@crankfotton]

Break bank

[@rongraham1730]

It sure seems like we are headed for a real estate bubble. Feds got themselves between a rock and a hard place as rates hikes to combat inflation will likely lead to a recession. Add continuing inflation and a recession to this picture and that would be a very painful correction for the housing market. Kind of feels a little like history is about to repeat itself.

[@MichaelBordenaro]

I know what you mean. If they are responsible, they will raise the rates, even though it will have a negative impact on the economy. Its the "right thing to do" We'll have short term suffering but will be better for the country and lead to healthier markets in the long run. Hopefully they learn from their recent mistakes and don't repeat them!

[@crystaldemons207]

When you lose a home and rent is more expensive there is something inherantly wrong with the economy...no one explains how downsizing is even possible at any cost when rent still cost as much as a home...

[@MichaelBordenaro]

I totally agree. I think downsizing will look like people moving back in with family to save $$ for people that are really struggling.

[@crystaldemons207]

@@MichaelBordenaro and for many that just doesn't exist..their family members are deceased there is no one else and the state views this as warding over you.

[@MichaelBordenaro]

@@crystaldemons207 Yes very true, those people could be in the biggest trouble of all

[@crystaldemons207]

@@MichaelBordenaro yes they are myself included.

[@marias9221]

Hi Michael Great video…it’s scary to think that more Americans are struggling to own their home or even to rent. Large corporations are buying single family homes in cities, causing the home prices to rise and rents to go up. I don’t think it’s right to allow corporation to do this as they are only doing this to make money off the working class. I think the government needs to pass laws that will not allow corporations to buy single family dwellings.

[@MichaelBordenaro]

Yes I know a lot of people have fallen victim to the dream home/consumerism mindset. I think your idea is good however if the government makes a law forbidding corporations to buy single-family homes almost certainly they will find some sort of loophole to get around it as they usually do

[@marias9221]

Very sad, but true! Wishing you and Lissy Happy Holidays! 🎄

[@MichaelBordenaro]

@@marias9221 Happy Holidays to you as well!

[@marias9221]

Thank you

[@glenmacneill6935]

Great video! Lots of valuble information!!

[@Design770]

LOL. This is so funny. I always thought the same thing. Even in the nicer neighborhoods folks have old beat up "furniture". Some dont even have IKEA level stuff. Just the way it is. I am also wondering when the crash will happen.

[@MichaelBordenaro]

Yeah that’s a pretty good sign people our house poor. I think the crash will begin once the interest rates start to go up but unless the stock market crashes I don’t see a huge real estate crash coming maybe a small dip but not a crash

[@Jeannified]

Great information to consider, when trying to buy a house, condo, whatever. I have a friend/coworker, who just bought a 1500 sq. ft. condo here in San Diego, for $580,000.00. I think it is three bedrooms. It is in a nice suburban area. Still high though!

[@MichaelBordenaro]

Thank you Jeannie! I am not super familiar with the San Diego market, but all things considered that sounds like a decent deal given how expensive houses are in the area.

[@Jeannified]

@@MichaelBordenaro Unfortunately, you are right. Paying almost $600,000.00 for a condo in the burbs just sounds too expensive to me. However, that is the way of the world these days.

[@MichaelBordenaro]

@@Jeannified I just wonder if in the next 15-20 years if we'll see priced double again like how prices are double what they were 15-20 years ago 🤔

[@Jeannified]

@@MichaelBordenaro I wonder... I just saw a house on Zillow today that was sold back in 2008 for less than $200,000.00, and is now for sale for $895,000.00. It is in a bad area, too. The house has historical merit, but still. I wouldn't be surprised if they at least get $800,000.00 for it. I have it marked, so I can keep watch.

[@MichaelBordenaro]

@@Jeannified WOW!!!

[@dominiqueboubou]

Michael - speaking for myself and my family, you are part of the reason for a more confident and prepared move to Florida! Thank you. Found ourselves in St Augustine, RENTING ‘till the market cools, (and before the rental market price hits its highest point) after selling our home in NE for a pretty penny 😀 If you’re correct in your analysis, the inventory of affordable homes and/or land may be more abundant for cash buyers in the next year or so. 🤞🏻 Hoping to buy a fixer upper for cash if/when someone opts to unload their home for one of the reasons you cited. Maybe one day we will see you and your wife walking her dogs here! 👍🙏 best wishes.

[@MichaelBordenaro]

I am so glad I could be an integral part of your move Dominique! I can't predict the future but things have to cool down at some point. Yes maybe one day we'll be neighbors 😀 At least you're ready if you have cash. You should still be on the lookout now, as you never know when opportunity may arise👍

[@jonahhex9620]

Another interesting and relevant video, thanks!

[@MichaelBordenaro]

Thank you Jonah !

[@CarlWithACamera]

Great commentary on an issue that effects a huge portion of the population. The low interest rates plus pandemic-created shortage of new builds has created a bidders war that has undoubtedly seen a large number of people overpaying in order to acquire the American dream. That’s not sustainable and will have a fallout in the years to come. The whole context has caused me to reconsider my plan to purchase when I return to Florida next year (when my tourist visa here runs out and I’m required to exit The Philippines). I don’t join bidding wars and have little interest in buying at or near the top of an artificially inflated market. I, for one, will be watching this situation closely to see how it plays out.

[@MichaelBordenaro]

Thanks a lot! I think it’s very smart to keep an eye on the situation and a lot can change in the coming months when the interest rate supposedly go up. Also since you have a lot of flexibility there’s still a lot of areas in Florida that are quite affordable if you’re willing to be flexible on the location when it comes to renting or buying 👍

[@CarlWithACamera]

@@MichaelBordenaro Agreed. I’ve been looking at Safety Harbor, Osprey and other not so well-known communities on the west coast. If your going to buy I’m an inflated market, buy at the lower end (maybe a small condo versus a house); that way the absolute amount over intrinsic value is less, even if the percentage over intrinsic value is the same across the spectrum. Then, after a couple years, when things hopefully normalize, sell that place and get the nicer place you want.

[@MichaelBordenaro]

@@CarlWithACamera I like that plan and train of thought👍

[@franktolman4970]

In my area Central New Hampshire larger homes are selling slow but anything under 500k sells pretty much the first week it is listed. It seems to be driving the lower priced homes up slightly.

[@jordanbatka033]

What is debt??👻 Also the best option is building a house. That way everything is new and you don’t have to replace things quickly & you even get to design the interior

[@MichaelBordenaro]

There are a lot of logistics issues with building a new house now days as well with supply chain issues as well as rising cost of materials and labor shortages. But when it comes maintenance you should be ok for a while with a new house, assuming its a quality build.

[@jordanbatka033]

@@MichaelBordenaro So when one market is cheaper, does another aspect typically outweigh that benefit? Let’s say interest loans are really cheap. Is that an excuse for a different housing market to inflate prices. Or is the rise in cost of materials aftermath from Covid and the economy?

[@MichaelBordenaro]

@@jordanbatka033 The supply chain and labor issues are all directly related to Covid. Prior to all the shut downs we really didn’t have these issues

[@jordanbatka033]

@@MichaelBordenaro Awesome! appreciative of your knowledge, as always

[@hermanrogers1325]

In 99 I was buying a house mortgage loan was 110, grand but I bought a house that was 70 grand and then my agent was was lost for words and wanted me to buy more expensive house but I told her I like the house for 70 grand and I told her if I lose my job I think I can afford to pay the mortgage with unemployment insurance money so I bought the house on a 20 year mortgage loan and sure enough in 08 came and I was unemployed job lost and I payed my mortgage payment with unemployment money and never missed a beat and found another job making 10 dollars a hour and never looked back and payed it off in 2019 and there was a lot of sacrifice but I did not sacrifice the mortgage payment

[@MichaelBordenaro]

Wow that is an excellent story and reminder to always go with your gut!

[@hermanrogers1325]

@@MichaelBordenaro yes thank you I was just a pay check to pay check but some how I made it through the ups and down

[@MichaelBordenaro]

@@hermanrogers1325 That is really cool, perseverance if I ever heard it!

[@TimmyCramer]

As a Realtor I absolutely love this brutal hard truth....awesome! Everyone should know the good and the bad regarding money and debt but alas no one wants to have this conversation!? Timmy C Arizona

[@MichaelBordenaro]

Thank you Timmy I’m definitely not afraid to talk the truth on this matter. Someone has to do it lol.

[@tinamcwilliams5218]

But it's hard to predict what is going to happen in the future. We bought our house within our means, even less than what we were approved for. Then the pandemic happened, now this crazy housing market driving house insurance up, and other things. Now we are to a point not knowing how much longer we will be able afford it. We want to sell, but then we sell, where do we go? Wouldn't be able to afford to buy another. So, we will stick out as long as we can. So, even when you do plan things can turn on a dime. So, need to put all the blame on the home buyer.

[@MichaelBordenaro]

This is true, no one can predict the future. Sometimes things happen that make life unexpectedly expensive. Hope you find a way to keep you home.

[@michelletoleu3631]

So was this all about the new buyer? What about us the ones that what feels like the victim of inflation HOA carelessly going up, insurance fire, The face rate of water, PG&E electrical going up, without any care about the homeowners! So it feels like we’re kind of getting blamed for why the rental prices are going to go up and wait soon as these people get out, then then someone else can get in!

[@MichaelBordenaro]

Unfortunately everyone is a victim of inflation and no one wins with that. However no one can force anyone to buy a house that cost more than they can really afford

[@hermanrogers1325]

I was so house poor that I could not afford to buy a car new so I drove the same car for 20 years until I payed off the mortgage and still have the same car

[@MichaelBordenaro]

That is some sacrifice!

[@travelingdude1621]

In the South Florida housing market, do you think condos are the way to go to live on the cheap and to save money, especially for average, single working people or with a significant other? I live in Maryland and keep seeing that condos tend to be much cheaper than traditional homes.

[@MichaelBordenaro]

Yes pretty much all the time I would say yes to that. You could get a small studio or one-bedroom apartment that will cost very little in maintenance and would definitely be cheaper than owning a house as a single person

[@travelingdude1621]

@@MichaelBordenaro The good thing about a condo, since it is a house with apartment features, is that it will likely also appreciate in value over time and there’s hardly any maintenance to do unlike with a regular house. The HOA fees can suck but it’s a trade-off. It’s all about the best way to go for the individual as that will vary from person to person. I know of people that have mortgages and like to feel they “own” their property yet they’re so house poor that they can never afford to make any house repair bills. It took a neighbor of mine over 10 years just to save up about $2,500, which isn’t much money these days (I spent about that out west last week on vacation), just to get a new front door and new carpet in a part of their house. I know because they’ve been telling me about it over the last 10 plus years. It sucks living paycheck to paycheck as it delays lots of things getting done in general. Since statistics say that the average American doesn’t even have $500 in reserve for an emergency expense, I honestly don’t know how people survive these days. The numbers just don’t add up. If people add other debt and alimony or divorce costs plus child support to it, it’s all an economical mess for most people.👌🏻

[@MichaelBordenaro]

@@travelingdude1621 yep those are all good points and it’s really shocking to me to hear stories like this one. People are literally broke but trying to basically live beyond their means

[@karennicholas2420]

Thank you for this Michael! My home is only 14 years old and I’m already feeling the struggle and pressure to maintain alot!!! I would sell it in a heartbeat (now seems to be the time, getting unbelievable offers) but my ex-husband and son would disown me because they absolutely love the house!!! :(

[@MichaelBordenaro]

You're welcome Karen! 14 years goes by fast and thats definitely long enough for things to start showing some age. Although, unless they are willing to help you pay for it, you shouldn't worry too much about what they think 😉

[@karennicholas2420]

@@MichaelBordenaro You are absolutely right, I need to get a different mindset in place 😊

[@karennicholas2420]

@@MichaelBordenaro HAPPY New Year to you and yours!! Wishing you the best ever in 2022!!! 🥂🥳

[@MichaelBordenaro]

@@karennicholas2420 Thanks a lot!! Happy New Year to you too!!!

[@AdrianA-yo8jd]

Ex husband?? They’re your ex, do what you want.

[@Zelielz1]

It's insane how expensive it is to own a house, we definitely need a new way to build houses, make them more durable with less maintanence. Of course eliminating taxes there should also happen...

[@stachowi]

No, it’s how houses are financed is the problem… the same goes with the price of college fueled by student loans

[@deep6301]

People waste a lot of money mindlessly

[@MichaelBordenaro]

Sad but true

[@hermanrogers1325]

I even learned how to do heat and air work plumbing some electrical some brick work and basic roofing and auto repairs

[@AJohnson0325]

This is why I don’t own a home right now. I have way more savings and less stress just renting a small 1 bedroom apartment. I don’t want a huge mortgage and no money. Also the houses that have the same monthly payment as my rent are depressing.

[@ryanap]

Ballin on a budget

[@zero1fifty8]

Great video Mike!!

[@MichaelBordenaro]

Thank you very much Ed!!

[@royhooper8080]

Good advice 😎

[@aidenryan3921]

Hi Michael I'm from Ireland and im after getting a job opportunity in Ocala Florida I just want to ask how safe is Florida is there anything I should look out for just on TV and the news you hear alot about gun violence and mass shootings its just I'm from a small place and the people around me would say that place is dangerous so I have watched your videos on Ocala and it does look nice hope you see this message thank you 😊

[@MichaelBordenaro]

Good question Aiden, even though Ocala is a pretty small town, there are some shady characters there just like many other places. I havent heard of shootings there, but crime is everywhere and you just need to be aware of your surroundings, and choose a good neighborhood to live in, to lower your chances of an incident.

[@aidenryan3921]

@@MichaelBordenaro Thank you so much for your reply I appreciate that I'll have to fly over and have a good look around get to know the area if you have anything else that you think could help me in anyway or advice please let me know. Thanks so much

[@MichaelBordenaro]

@@aidenryan3921 You're welcome!

[@sharonlee7111]

Do the banks consider a KZbin income when applying for a mortgage?

[@MichaelBordenaro]

They consider any type of income as long as you can prove it 👍

[@stuff4232]

nothing this guy said about the housing market was accurate at all and just goes to show you no one actually knows what is causing the housing market prices to go either up or down.

[@s0ld4u]

They're not "house poor" they are "house rich and *cash poor*." Your whole premise is wrong. Who buys a house without understanding the operational costs of ownership? Most people don't care if they're a bit cash poor because they are sitting on an investment. Investments gain and lose value over time, but in the long term they tend to gain value. That's why people buy houses.

[@MichaelBordenaro]

I think you are are the wrong one. A house is never an investment, unless you have it rented to a tenant and it cash flows, otherwise, its a giant liability.

[@jairoherrera4040]

Its time to skipped their christmas shopping spree and invest it instead.

[@MichaelBordenaro]

That would be the smart thing to do

[@stachowi]

What about utilities going up 30%?

[@KP99]

Do you still believe this video's conclusion Michael, about it becoming a balanced/buyer's market? It's amazing how fast things changed in 2 months. In December, just like you, I thought that inventory will start to increase in the next 1-2 years and prices will decline since people got in over their skis, and the overheated market will need to unwind. But now I'm not so sure, it seems like even that won't happen because this market is such a juggernaut. Thanks for addressing the "house poor" topic though, since it's rarely discussed anywhere.

[@MichaelBordenaro]

Funny you ask that, because I feel like my opinion on the housing market has been changing by the week, with so many new developments happening lately. At the moment, I think prices will continue to rise throughout 2022 due to strong demand

[@juliejensen7370]

Excellent advice!

[@MichaelBordenaro]

Thank you very much!

[@crissdrums3975]

Good video

[@MichaelBordenaro]

Thank you Criss!

[@desiv1170]

When we got our first home, we were house poor. It was way back when banks were loaning to anyone, and looking back I don't know how our mortgage broker qualified us for that without at least stretching the numbers a bit... And for probably three years or so, we were just barely making it... Luckily for me, work got better and I got some breathing room. It worked out in the long term, but looking back it wasn't the right call back then. If something had gone wrong in life (work/health/major repairs/etc), I probably would have lost that house...

[@walkerb1734]

No excuse or sympathy for being house poor. You know your income and the amount of house you should purchase to keep yourself in line. Live within your means!!!

[@MichaelBordenaro]

Agreed 👍

[@jvaldez5]

Went from a 4/3 two story to a 3/1 single story since it is only 3 of us living there so no reason to pay alot more for no reason than to KUWTJ

[@THEMAX00000]

Merry Christmas Isaiah 9:6-7 6 For unto us a Child is born, Unto us a Son is given; And the government will be upon His shoulder. And His name will be called Wonderful, Counselor, Mighty God, Everlasting Father, Prince of Peace. 7 Of the increase of His government and peace There will be no end, Upon the throne of David and over His kingdom, To order it and establish it with judgment and justice From that time forward, even forever. The zeal of the Lord of hosts will perform this.

[@MichaelBordenaro]

Merry Christmas!!

[@hermanrogers1325]

Renting is paying off some one else mortgage and they will own the property and you will own nothing and be happy and when you get older and rent increases you will have to pay for the mortgage someone else will own all over again and you know what will happen if you don’t pay

[@hermanrogers1325]

Also you have to learn to do a lot of maintenance on your house your self because maintenance people will rob you blind

[@MichaelBordenaro]

Very true

[@TKnuckles333]

All these people stretching their income to buy these crazy expensive homes. What happens if there is a recession and their income shrinks? Oops!

[@MichaelBordenaro]

oh yea, big trouble for people like that

[@GreenLightMe]

It’s crazy 35% of income is the most you can spend on house payment most people bring in only 6,000 to 8,000 gross a month which means 2100- 2,800 of that on home(mortgage taxes insurance) but let’s now talk about NET income cause after income taxes and health insurance and RETIREMENT your NET income is usually only about 5,500 dollars meaning you have 1800- 2500 left to spend on the 100 other expenses in your life insurance cell phone car payment utilities trips food which is now crazy prices some people spend 700 a month on food now life is unlivable for 70% of Americans - if you don’t bring in 8k a month gross I don’t know how you can survive I know some people are forced to go on welfare etc or live in drug neighborhoods sad

[@glenmacneill6935]

Great Video! Lots of valuable information!!

[@MichaelBordenaro]

Thank you Glen so glad you enjoyed it!