Homebuyers Regret Skyrockets: The Rise of Being House Poor in 2025

[@shazam2323]

We got approved for 400k and instead we just bought 150k house and now only have 7 years left out of the 15 year mortgage then I'll have a $0 mortgage for the rest of my life..feels sooo good -editing for all the idiots commenting about property taxes..like yes obviously those are a given but u pay those regardless so doing so without a mortgage is still amazing

[@OrwinSmithSr]

Congrats! Same for me! I used the extra money to make improvements and I have a few rental properties now!

[@BrianK-zz4fk]

just be glad you bought when you did, I sure am doubt I could afford my house now unless I had a major promotion or opened my own business. I feel for those that didnt own property prior to 2020 as purchasing power has goneto 💩

[@fizzimajig]

Congrats! Similar for me I had been approved for 300k and bought a house for 164k and now I’m paying it off this week after 16 years. Best choice not getting more house than I could really handle just because I could have.

[@jjbuckner]

You won.

[@yaboyshelz]

Enjoy paying taxes every year or else they taking that house right back

[@BreezEvaFlowin909]

Growing up in the construction world has been a blessing. Having the experience, tools, and friends in different trades make a little easier on the maintenance/repairs

[@jjbuckner]

Definitely helps to be a handy home owner.

[@86Framer]

@@jjbucknerI think a lot of people grow up not knowing that their parent’s helpful friend, neighbor, or uncle/whatnot was the equivalent of thousands of dollars in today’s money to maintain a house every year.

[@Honestly_Sisi]

Yes! The smallest repairs can cost so much. Any repair you can safely DIY or get a great deal on is optimal.

[@Cbart23]

Same and I was a property insurance adjuster

[@Chris_at_Home]

Where I live we can build our own houses.

[@Rohoactr]

Buying a house is the easy part. Paying property tax, home insurance and maintenance cost is the hard part.

[@lindajohnson.]

Exactly, all the repairs, lawn, and if it makes you house poor, don’t😢

[@arachosia]

If you live where I live, buying a house is not easy at all. In fact, I see no possible way of ever buying a house here.

[@MrTwonetwone]

@@arachosiaummm.., you can like move 😂

[@arachosia]

@@MrTwonetwone yeah, but there’s a reason other places are cheaper.

[@MrTwonetwone]

@@arachosia that’s true, but you gotta make a choice like an adult

[@davidgriffin6724]

Every house I have bought (I am old now) the bank has said "you qualify for $$$$$$$) I would NEVER buy a place anywhere near the level they said I qualified for. It's a house, not a status symbol.

[@Gamerz00760]

I bought at a third the price. I have money coming in, but I certainly wouldn't survive if I did what they told me I could get a loan for.

[@rickhall517930]

Unfortunately, these days, most people have to pay more than they want in order to have a house that's actually liveable.

[@kristacanales3148]

I completely agree, banks are approving mortgages that are 60-70% of take home pay. There’s no flexibility to save or for emergency. Me and bf are looking outside or hometown to afford so we can still enjoy our lifestyles and save.

[@MiguelDiaz-zk8dk]

I see a trend here, single income, no skills to do simple repairs, no savings for repairs that require a professional. Under informed buyers on property taxes and understanding life expectancy of appliances

[@DarkCrimson1999]

Nah, there should be a law about selling a home in poor condition. Honestly speaking, if you're keeping up with maintenance or anything that breaks within 3 years of buying a home, it should instantly be paid by selling party and home builder the amount of poor quality built houses in the last few years have been astonishing

[@basilman121]

Even new construction is @ss. So many videos of missing insulation and construction issues on 1 yesr insepction. My friends house flooded from builder stuffing insulation in the toilet sewer line. Yes, that stuff may be covered by the builder but you never knkw what real costs are. ​@@DarkCrimson1999

[@iraizo5843]

@@DarkCrimson1999 In an ideal world maybe, but in the real world that will never happen.

[@DarkCrimson1999]

@@iraizo5843 it only takes people dying because of poor quality buildings to have laws changed

[@Cbart23]

Guarantee you they have zero property insurance knowledge either.

[@liveesunflower]

Renting is expensive, a mortgage is expensive we cannot catch a break

[@the308capital]

Society is reverting back to communal living. It's the only way forward now for the vast majority of us.

[@jjbuckner]

EVERYTHING IS EXPENSIVE! **picks up the phone and calls mom and dad.**

[@Rico401Prov]

This is a recession by today’s standards

[@clash8386]

Work harder, and when u get done, work more

[@Rico401Prov]

@@clash8386 while I somewhat agree with this, most countries don’t work their citizens into the ground just so they can afford to live. That is a negative aspect of living in America!

[@tieiatalks]

We recently bought our retirement home. We were approved for $1M. We had a large down payment and we financed waaaayyyy less than we could afford. LIVE BELOW YOUR MEANS!

[@Dre2011]

A home isn’t a blessing until it’s paid off. Don’t get too much house and pay it off as fast as possible.

[@rjaymanguino2760]

The opportunity cost may be costly doing it this way.

[@Creepin294]

​@rjaymanguino2760 what?

[@flsendzz]

@@rjaymanguino2760 I agree. Maybe the better way is buy a decent but not too expensive house, and then pay off as slow as possible while you invest elsewhere like stocks.

[@heatherb9853]

Agree. If it isn’t your forever home, pay a little more to principle each month if possible, but otherwise investing in stocks or use cds and high yield savings accounts to make money work for you. But regardless, buying within your means is critical.

[@9714]

@@flsendzzstock market is not guaranteed to go up. See the period between 2000 and 2010

[@VicariouslyVanna]

I was scared when I won a house auction in 2023. It was just me and while the payments were manageable, I missed renting a small apartment. So, I ended up renting my house out and moving into a smaller place. Couldn't be happier with how everything went as I'm able to at least break even while the property appreciates.

[@TRUTHbomb2.0]

Great so far, hopefully your house stays rented consistently and there are no major renter damages or expensive fixes needed down the road, also your home may depreciate in the short term but will appreciate in the long run.

[@jjbuckner]

Love this. You can rent and invest in real estate at the same time!

[@rebeltheharem7028]

I hope your house stays in good condition though. Anything breaks, or if the tenant doesn't pay, and ooph, that's gonna hurt. This was the biggest risk for me that I did not want to deal with, and why I shied away from rental properties. I live in a very pro-tenant state, so yeah.

[@stephanieswinney]

SMART 🎉COOKIE

[@buddzilla187]

I remember when i bought my house. I was freaked out and wanted to walk away the day before closing. Fast forward 13 years and I'm so glad i didn't make that mistake. I say buy a house you can afford and get in when you can. I have friends that have been waiting for another crash and have been priced out. Be prepared to sacrifice. It gets easier.

[@gangatalishis]

Never time the market, so many people in 2020 were trying to time it and now are completely fucked.

[@toddygallent7258]

How true I was in the same scenario in 2010 when to purchase my condominium. Friends family said just wait for the housing crash to happen. Well I didn't listen and purchased condo. Friends and family are still on the sidelines can't afford the purchase home they barely afford right now. I'm 64 years old now I'm retired. The rest of them are still struggling working😅

[@jayster900able]

I disagree home buying does not get easier because of inflation, prices of insurance, electric bills and necesities not really making sense for anyone to keep holding a home. Mind you I own a home and equity of my house is half of what homes worth not makind sence either renting or buying anymore both suck

[@76063co2]

I bought my house at around the same time as you. But You have to keep in mind, we were at a market low, following the 2008/2009 crash. Because of that, you probably also secured an interest rate that's about half of that today. A lot of people in the market today can't get in at an affordable rate.

[@buddzilla187]

@76063co2 that is true now. However, at the time, there was no guarantee things were going to improve. I still had to take the plunge . I was house poor and over drafted my account for a 7 dollar screw driver. If I could talk to any of these people, I would say stay the course. They have done the difficult part of getting a house. Now, it's about adapting and steadying the ship.

[@ryanpatterson9526]

Being a homeowner is a huge responsibility, but it really sucks being a renter. You can't do what you want to the property and your housing expenses are still unpredictable with constant rent increases.

[@xxxytheguy1296]

Still don't own it till it's paid outright, and even then, you still don't own it because of property taxes.

[@RabidDisposition]

​@@xxxytheguy1296property taxes on my paid off home was a little over 2k. Still way less than renting.

[@heisrisen560]

@@xxxytheguy1296true but 1,200 a year in taxes (my house rate for the year) after my house is paid off is better then paying 1800-2000 (avg rent for my area) for a tiny apt forever, 20k+ a year to rent and own nothing vs 1200 a year for property tax owning

[@xxxytheguy1296]

@heisrisen560 Yeah, you dont get the part that it isn't yours, and you have no 4th amendment right, but if u wanna talk about how something is cheaper, go right on ahead... our forefathers would hate us for how pathetic we have become as a people.

[@nathalyescobar2950]

True about the Florida house payments due to insurance. My husband bought the house in 2020. His payments started off at around 1300 a month and by now it is over 1700 a month. Insurance here is ridiculous.

[@8thhousealchemist600]

I bought a 3 bed, 2.5 bath home in 2017 for $180k. No regrets with a $1000.00 a month mortgage.

[@ashotazatian]

remember, when you rent a house, you pay the mortgage, the property tax, insurance, maintenance costs + some extra to the owner but you don't see it, because it's all priced in.

[@heisrisen560]

🎯🎯🎯🎯

[@BREEZYM6015]

I bought a 2 bed, 2 bath townhome in 2023. I was approved for up to a $250,000 loan and ended up having a final loan amount of $203,500 with a rate of 6.875%. My mortgage and HOA combined is $1,850. The HOA takes care of the water, sewer, trash, and landscaping maintenance. My mortgage is about the same or less than renting where I live. So why did I buy? Because with the rising cost of rent and landlords having the ability to not renew the lease, there's no guarantee of having home stability. Owning doesn't guarantee having a stable place to live either so it's sort of a Catch-22.

[@TrollinOn22s]

Home equity is a real thing.

[@yophilli]

Same thing with HOA & taxes. There is no predictability either way

[@wordup1]

@@yophilliright, HOA can be worse

[@robertlopez8279]

Gotta be a handyman to make home ownership affordable. I'm ALWAYS , maintaining, fixing, replacing anything and everything associated with my home. I save my self thousands every year because of it. (Same with my vehicles). And my home was built in 2004 and is in really good condition. But maintenance comes with the territory

[@86Framer]

I’m the same way and do a lot of small projects for friends and family too. I think a lot of people grow up not realizing that their uncle or family friend stopping by once and awhile is the equivalent of thousands of dollars a year in savings. And that really contributes to buyer’s remorse.

[@Baiyoubai]

I’m somewhere in the middle ground between you and the folks in the video. I educate myself and purchase enough tools so that when things happen to my house I will have some idea of what’s going on and won’t be taken for a ride, and I can evaluate whether it makes more financial sense for me to tackle it on my own or for me to use the same amount of time to earn money and pay for someone else to do it.

[@Jaun2Three]

Old guy I know planned his whole retirement and savings for his rental house he'd been in forever. Landlord dies family takes over and raises rent a lot due to "inflation" and he has to move miles away into a complex to find something he can afford. That is why I'm fine being house poor for my 15 yr loan.

[@ladyinpink2241]

House poor early in age and rich house at an old age. Sounds like a great trade off. People don't want to make sacrifices anymore

[@heisrisen560]

Yup 👍 exactly the same thing happened to a friend of mine, parents passed away and the kids sold the rental property forcing him to move into another rental that he can barely afford the monthly payment on, he did say he regrets not buying a home as he’s older now and struggling with new rent payments that are 3x as much as before, he was paying 600 a month now he’s paying 1800 a month I’ll never regret buying my house 10 years ago so worth it Edit: spelling error correction

[@tracyaf6084]

People always talk smack about condos, but the lack of exterior maintenance is a big benefit if you don’t want to deal with that aspect of homeownership.

[@Friends46488]

I live in a townhouse for that reason. Love it!

[@Luci-pz8xx]

Your condo fees pay for the external maintenance

[@4G1O4]

Yeah but u have HOA fees

[@jonathanxxxx876]

I recently sold my condo for $400k and i want to invest the money in the stock market. However, it appears the market is at an all-time high. Should I invest elsewhere or wait for a market correction?

[@LemonTwistSmiles]

The stock market is risky But staying on the sidelines is riskier. Missing the next bull run will be far more costly to your long-term wealth than getting in at the "right price". Consult a financial advisor if you're unsure how to proceed.

[@Diane-c7b]

You're right, I and a few Neighbours in Bel-Air Area work with an advisor who prefers we DCA across other prospective sectors. Instead of a lump sum purchase, Following this, my portfolio grew 37% in the last quarter

[@05kkmujgaa]

Mind if I look up your advisr please? I've worked in real estate for over 25 years and have neglected a major stock portfolio. This served me well when I was flipping and renting houses, however I need a different plan now

[@Diane-c7b]

I've stuck with the popularly ‘’Zareen Grace Church” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.

[@VilladsGoguen]

Thank you for putting this out, it has rekindled the fire to my goal... was able to spot Zareen after inputting her full name on the web, she seems highly professional with over a decades of experience

[@lomoop791]

My wife and I bought a 400k house in June last year. Together we make about 175k a year. I can understand why people have a hard time paying for their homes but a lot of people get themselves into way more debt to income than they think and it’s a shame that banks let it happen.

[@MrNsoe]

Banks is not their parents and they are not being forced . I want to buy a house and can’t even get loans for one income. Banks do have certain threshold.

[@LearnAsYouGo.]

Are you feeling comfortable financially or spread thin with the new house?

[@MrNsoe]

@@LearnAsYouGo. bank wouldn’t give me loans unless i make 80k net pay.

[@lomoop791]

@@LearnAsYouGo. No, we’re comfortable with the payments. It’s less than 30% of our monthly bring home for the mortgage so we have enough to still save and have fun.

[@LearnAsYouGo.]

@@lomoop791 congrats & I’m glad to hear that! Combined we make about 132K a year & got pre approved for 420K but we’re actually looking at 400K max but I think that may leave us strapped for cash.

[@TessieDobey]

We paid $200K (in cash) for our 10 acres of land and super old house (1936), the best investment we ever made. We have a neighbor who wants to purchase 5 acres of land we are not using.

[@wordup1]

Are you going to give up half of that land?

[@Denise_Cocoa]

The current state of affairs is so discouraging. I thought I was doing good with having $47k and counting saved. But then when you think about a 20% down payment, closing costs, AND trying to have cash reserves?! And property taxes can increase annually?! Where the heck is all this money coming from? When does it end? 😢 I don’t even know a good target number before I can “comfortably” buy without becoming house poor and having regrets too smh

[@thatrandomproject6652]

Average mortgage payment is around 2.1k a month without other fees like insurance and HOV fees so and so. So make it 3k a month and multiply that by 3. So you need 9k a month after taxes to afford a house. I could do it if my wife helps me with $400-600 but she lost her job. So we still renting. I guess I have to wait another 3-5 years

[@smellme6313]

@thatrandomproject6652 I guess it depends on the area, but 9k a month is wayyyy too high. That’s way too pessimistic. My area is not that insane, but you could be in a high competitive market. I am taking issue with how people are getting out bid by big hats, or dumb people who drive up the prices with insane cash bids.

[@flsendzz]

I know this probably does not help, but I know coding so I simulate my future income and expenses in python code, and adjust for inflation, stuff like that. I think you could do it in excel, but might be able to get chatgpt to write your personal finance simulation for you.

[@almartinez1817]

You're also forgetting homeowners insurance. It's been skyrocketing along with high rate of claims denied.

[@RichardCheny]

And then you have every realtor and lender screaming at you “BUUTTTT THANK OF ALL THE EQUITY YOU WILL BUILD” Word of advice. Your house is a liability, not an asset. Costs go up every year with maintenance and taxes. If you’re trying to leverage your house as wealth, you will fail unless you have a very LARGE amount of liquid assets. The average Joe cannot use houses as investment vehicles anymore.

[@LittyJonez]

I work for a major bank as a home lender…. I can confirm that I see this all the time…… the way the bank qualifies you is based on GROSS income NOT NET income… for example the max debt to income ratio typically is 50% (on average). So if you make $6000 GROSS a month that means ALL of your bills including the mortgage have to be under $3000 (50%)… but in reality your take home is more like $4000 a month (taxes, ss, 401k etc) so imagine your payment being $3000 (with taxes and insurance included) and you make $4000 NET a month? That’s crazy, any little expensive you will be broke!!!!

[@brandigabriella-vs3ez]

I feel like there needs to be more accountability for inspectors that do poor jobs. They should have some sort of insurance that if they don’t report something that should have been noted then they’d be responsible to pay for it.

[@Cbart23]

Buy a moisture meter and check around plumbing fixtures once per month.

[@dre5229]

4:57 maintenance is only a perk if the landlord actually does the maintenance. A lot of people are paying as much to own home and the landlord still won’t fix anything.

[@OUFan2]

If I could say one thing about buying a home, is stay away from a property that has a lot of large trees on it. I don't know how much money I have paid to get trees cut down and hauled off from storm damage and trees just getting old and dying.

[@AndreaRuralMN]

Or save up and get them removed. I held back funds from my already large down payment because I knew I wanted to remove 2 XXXL and 1 XL tree. It cost over 7k, but eliminated the threat of my whole house being flattened if one fell. Plus it added value to my property due to being able to get my yard regraded.

[@leilani2258]

In California, even as a homeowner, you cannot cut a tree down if it is native to your area. Oak trees require a permit and valif reason before cutting it down and even if it starts leaning the county or city will not step in until it actually falls. Not sure about other states.

[@AKcam7]

The first lady can back out... just surrender the Ernest money. But its better than being scared and owning a house you cant afford.

[@TripleJJJ38]

She absolutely should not go forward with something that makes her feel that way. Go with your gut!

[@jjbuckner]

Depending how her contract is setup, the sellers could actually sue her for any losses that occur with her backing out last minute.

[@Rico401Prov]

@@jjbucknerthis is maybe why it’s important to consult someone that can help you make sense of the contract before signing it

[@thelastboomer9088]

@@jjbucknerthis is true, depending on the specific state and their contract law.

[@Andrew-iq5ud]

A single woman shouldnt be buying a house in the first place. She cant do repairs or maintenance. This is insane. Why didnt she find a husband over the past 10 years? Whats she been doing?

[@laurad324]

My bank approved me for double what I could afford ! Luckily I knew better !! Of course did calculator ! They need to teach this in schools !

[@TaylorZ2]

Housing is a long term investment! Sure the mortgage is rough but in 10 years the house will have appreciated (in all probability), but if you rent your rent payment keeps going up but you don't build equity. I know when people are in their 20s they may not be thinking like that, but one day a house or condo will be paid off and they'll be glad they bought rather than renting.

[@Dumbledoresarmy13]

But if a rent payment is 1/3 of what you're going to get with a mortgage and you don't have enough saved yet to have a safety net for house/car repairs or health emergencies...it's totally understandable that you'd rather put that money in a savings account and live in the more low risk situation until you can scrounge up a down payment without going completely broke

[@RichardCheny]

Not entirely true. Renting is about $1-$2k cheaper a month than owning a house. I can invest the free income I have and make more money in the stock market than I would get building equity. I also get to live in a nice part of town and actually have a life, go on vacations, have a savings account and invest. The idea of being house poor for 10 years just to say “yeah but I got a house” in the ghetto only to be stressed about every little emergency and where I live? Nahhh I’m good

[@RichardCheny]

Old boomer take. This doesn’t apply anymore. Read above ^

[@patrisio3]

Depends on location (cost of buying vs renting, low appreciation vs high appreciation potential, property taxes and insurance, etc.). There is no absolute straight-line bad idea or great idea to buy a house.

[@jasoncortez1238]

@@Dumbledoresarmy13Where is rent 1/3 of a mortgage payment? 😂

[@alexm.handro1313]

Rent is the most you will pay. Your mortgage is the least you will pay.

[@Spooffie]

Rent doesn’t go up? That’s news to me

[@holmiumh]

@@Spooffie That's not what he was saying. I guess the plain language is "renting bad, owning good".

[@rjaymanguino2760]

I don’t think you guys understand what this person is saying. Rent is the only price you pay excluding utility costs. Mortage you will still pay for maintenance, PMI, insurance, HOA, property taxes. A $2,000 rent is different from a $2,000 mortgage

[@Rico401Prov]

I prefer renting as there’s less commitment. I’ve lived between overseas and 5 states in the last 10 years. Can’t do that as easily with a house.

[@iheny8407]

0:59 "Who let me do this" is a very worrying statement to make

[@k_kelsey]

Children making big person decisions.

[@vitran4141]

The bank did

[@r3o]

Where do you think the term "predatory lending" came from? Most prefer to shift responsibility.

[@MrNsoe]

@@k_kelseythat’s a fully grown woman

[@MrFrankEast]

@@r3o Predatory lending is a real thing when you have needs to pay for. You can predatory lend to someone trying to pay for insulin knowing they will never repay the loan. Its called just being evil lol Some people really believe anyone can make it in any part of the country and hard truth is that just isn't true. Some people are screwed in their area and the field they pick. Objectively. Not everyone can be winners.

[@RenegadeElite101]

I can see why someone would rent , but renting to me is too big of a risk. My mtg may go up a hundred or 2 every couple of years due to insurance but at least I don’t have to worry about the bank randomly doubling my payment or the CEO of the bank getting replaced by someone who just wants me to move out of my house. Finding a good and understanding landlord is paramount to finding gold. Pray they stay in good health and don’t sell out or pass it on to someone else.

[@krassimirpetrov7131]

Haha just wait till they see how much it costs for someone to fix. My parents just got quoted $700 to fix a hole in drywall , something I could do in an hour for about $40. Crazy , I may have to do it when I go home

[@kito1san]

Well just to show the money is in fixing drywall holes not buying the house.

[@jjbuckner]

The more people don't know how to DIY the more these people can charge. That is insane!

[@christophermatthews4896]

you definitely can’t fix a hole in drywall and make it look good in an hour. it’s going to look like you fixed it in an hour for $40 lol

[@krassimirpetrov7131]

@@christophermatthews4896 you can with 20 min mud , I just did it when I renovated 3 of my bathrooms. It looks perfect but you have to take time and hand sand it

[@christophermatthews4896]

yeah for sure! it’s the sanding second coat priming and painting that’s going to get you on the time. it is cheap though if you have the mud and tools and leftover paint

[@Jp_vk]

I bought my first house in 2020. Got a FHA zero down with a great interest rate and my payments were only a little over $950. Fast forward 4 1/2 years and one refinance (for the dumb decision of debt consolidation) and my interest rate is crap and my payments are almost $1500! No one told me that my property taxes and insurance would go up. Then to top it off every year since I bought the place I’ve had to get a major repair! First it was a new roof (storm damage), then a sump pump (had rivers of water in the basement), and this year a HVAC system. Im drowning in more debt now than ever in my 46 years on this earth! I regret buying a house!

[@LillyAnnHouston]

Thank you for being so transparent. Eye opening.

[@Opune623]

This happened to me, property taxes went up, HOA went up and the termite treatment fee went up. I sold the house and moved into an apartment. This was a brand new build too. I refused to be house poor, my rent is less than all the expenses that came with owning a home. I have a better quality of life now.

[@fleabag2mr.151]

A lot of costs come with home ownership. Renters don't get why rent is what it is? Try a mortgage, property taxes, insurance, maintenance, appliances repair, HVAC repair or replacement, roof repair or replacement. I spent 30k in one year fixing or replacing things in 2024, and that doesn't include the monthly bills.

[@rebeltheharem7028]

Some people just let their house rot though, so they don't repair or maintain it, until they absolutely have to, else, they just toss it "as-is" to the next buyer. Most of the people who say there are no costs to home ownership are usually like this.

[@jessicaketchup]

Our construction went on way too long. Our contract kept having to be renewed. We were looking at 1,100-1,200 a month payment. Interest rates start to climb. We were at a 3.5% ended up with a 5.8% because we lost our rate because we had to renew our contract and interest rates had gone up. Now we were looking at $1,400 almost $1,500 a month. Ouch. Tight but okay. 2 years in. Storm damaged roof. Insurance raised. Property taxes raised. Now we are at $1,700 a month and finding it very difficult. It’s only been 3 years. 1100-1200 is very different from 1700 and we’re suffering.

[@LillyAnnHouston]

I’m so sorry.

[@nunyabidness7052]

A house is only an investment if it's rental property. Otherwise it's a liability, like a car

[@AngelofPestilence-es1jn]

Exactly! Because most people do not ever end up paying the mortgage. Also by the time one pays one would not want to make it a rental property. The husband and I will pay our house in three years, the builder was really upset when they learned we will not be doing a fixed mortgage for 30 years.

[@turnne]

@@AngelofPestilence-es1jn What?...my parents paid off their mortgage. You are forgetting that you have to have a roof over your head and rent keeps rising with the market

[@Ary_mazing]

We were approved for up to 230k in 2020 The house we pruchased cost 135k 🎉 3.125% intrest rate. Home Insurance keeps going up here on the gulf coast but financially we're okay

[@egyphon]

I have a small home, paid it off in 5 years, bought 4 rental properties since. Rent is paying the mortgage and property taxes for me. Getting reamed on income taxes from those rental properties though.

[@touristsoul2750]

Honestly I could probably afford to buy a home now but I really love renting an apartment & can see myself doing it forever. I am single & no kids, but even if I had a family one day-I would like to rent. In Texas we have several 3 & 4 bedroom apartment townhomes with garages. I'm ok not having equity in a home, I can find other ways to build equity.

[@dmick9168]

Home maintenance is real. Heres whats happened so far: Bought home in 2018 -Water leak in ceiling (totally random and no way to predict or prevent it) - $700 -Hot water heater emergency release valve randomly rusted open causing hot water to not refill & water was plumbed down to my basement sump basin - $200 - Sump pump stopped working at the same time Almost causing my entire crawlspace and furnace to flood (luckily we caught it in time) - $1200 - leak under kitchen sink- resulted in new faucet - $250 -Exterior water facet spigot broke and had to be replaced $300 - Hot water heater quit completely and had to be replaced (unit was around 15 years old) - duct work needed to be done to get "up to code" - $3500

[@jmantruthseeker]

I love 5 minutes 45 seconds in how you explain it's largely about understanding the ins and outs of owning a home. Honestly a lot of things can be done a whole lot more affordably if you know what you're doing and it also helps if you have some kind of support

[@diromero26od]

People don’t freak out .If you don’t have a family. Rent the part of your house and get just a room for you.

[@kiknturtle]

Buy within your means. Don't keep up with the social media jonses. I'm sure most also have a new car, designer clothes, eat out regularly but complain about a new water heater. Priorities, choose them wisely.

[@littlelizardbigworld]

Going to be buying our first house soon. For what we need renting is just as expensive as a mortgage, so might as well be building equity. Finances are going to be tight for the first year but we're very excited.

[@lindajohnson.]

Beware of the expensive repairs.! Watch the interest rates! 😮😮😮😮

[@jasoncortez1238]

You’re making a good decision. I was paying rent in an apartment for way too long. Bought this summer and i’m still very happy i did. Payment is the same as renting an apt and like you said at least you’re building equity. It also provides a level of protection against landlords constantly raising rent which kept happening to me every time my lease was up.

[@Alexis-ec9cl]

Yep, we’re buying a house in 2025. We’ve held out too long. Time to bite the bullet

[@burntrubber7458]

Whatever you think you will pay per month, make it higher. They don't tell you that when the new year hits your monthly payment will go up because of taxes and insurance. Not ONCE did anyone tell me that my monthly payment would ever increase when it is a FIXED RATE. Absolute BS.

[@shazam2323]

then you did zero research...a 2 min google search brought up countless articles calling out that fact

[@enhancedutility266]

What goes up regardless if it's a fixed rate or not is homeowners insurance and property taxes especially if you're home appreciates in value

[@Rico401Prov]

And the reason they don’t teach us important things like this in school among other things? Oh yes, because America wants to make you a debt slave until you die!

[@MrNsoe]

Should they stamp it in your forehead? Im sure it’s written somewhere which you do not read. Fine print

[@ConstructionHoney]

Buy a small house in a good area...not a great home in a iffy neighbourhood...served me well in life

[@dadbod_way6916]

Property tax is a tax on unrealized gains. A tax on the price we pay when we buy it is enough, not reoccurring annual tax on the “value”

[@logdon17]

Investment properties are worse than owning your own home. You have many legal hurdles to deal with on top of house maintenance as well as dealing with nightmare tenants. If you can't deal with buying a home for yourself, never buy rental properties.

[@KayFabe87]

Particularly in states where tenants have more rights to the property than the actual property owners. Trying to evict problem tenants or squatters in some states can cost 10’s of thousands of dollars, which completely nullifies any benefit of investing in the property.

[@Rizzo2185]

Yeah I definitely miss the freedom and disposable income I had when renting. Totally house poor right now

[@back40flopdogg30]

Biggest surprise I have had is how much income you need to have to service your loan and maintain your property. You can't just save up a down payment, you need an income level that can support the amount of house you own. The problem young people have is not financial management or saving money, it's that they aren't making enough to keep up with the economy, plain and simple. If you put your whole nut into a down payment you're in for a rude awakening when you find out everything else you need to be throwing money at.

[@TRUTHbomb2.0]

Home prices can fluctuate by supply and demand. We as a people have power but most lack will-power to have delayed gratification. If ALL new home buyers just did NOT buy a home until prices go down they would eventually go down. Home prices right now are ridiculous for the wages we make and economy we are in. I would not buy a home in this market, I would continue to save and wait for prices to drop. If they do not drop then it was still best not to jump in and get in over your head. You also have to realize that people who are buying now are literally living next door to someone with the exact same home age, size and condition and the person next door may have only paid 1/2 (years ago) of what you recently paid for a very similar home. Imagine buying a 2020 car and having to pay double what it sold for brand new in 2020!!!! That is what home buying is like!

[@to41815]

We have lived in our house for two years and have had to replace the washer, dryer, and dishwasher. In March we had to have 15 wall plates installed in our basement due to wall failure not caught by our inspector. We have also had to have two jacks put in place to support our main beam of our house. It’s no joke for sure. Oh also our well pump broke 😂

[@MrNsoe]

I mean, some houses don’t even come with those things. You have to buy new one anyway. Thats expected.

[@uncgaron]

I am loving this video. In early 2021, I was trying to sell my 5 year old home in a market where the average time to sell was down to !! 12 !! days. Right before I listed my house, the developer busted through the cul de sac that I lived on and clear cut the land for another couple of hundred houses. Everyone that saw my house was like, “that is my dream home but I am not living next to a work site for the next couple of years.” In a market where houses went under contract in 12 days, it took me 161 days to find a buyer. What if I had to move for work? If renting is right for you, go for it. If you’re ready to buy, do it.

[@sum1inPSL]

One thing I have zero interest in ever doing is buying a home. The peace of mind and freedom I get from renting is priceless. If I don’t like my neighbors, I can move once the lease is up. If something breaks, I can just call my landlord. If I just wanna go live somewhere else, I’m free to go after the lease ends. If the rent becomes too much, I can move somewhere cheaper. A mortgage is a trap. It’s a ball in chain. It’s evil. Your rent is the max you’ll pay for your home. Your mortgage is the minimum that you’ll pay for your home. *excluding power and water of course.

[@katharenchamberlain5721]

Bought a condo for $86K in 1998. Sold it in 2024 for $333,000. In effect I lived there for free over my tenancy and walked away with cash. Can’t do that as a renter.

[@sum1inPSL]

@@katharenchamberlain5721cool, but it’s 2025. I won’t ever buy a home and I’m completely happy about that. They’re not gonna chain me down. Even if I win the lotto, I’m still gonna rent.

[@RichardCheny]

@@katharenchamberlain5721wow you got lucky. Congratulations you bought in one of the easiest markets ever. We will never see that again. It’s about $1-$2000 cheaper a month to rent a townhome than it is to purchase a home in my area. I get to invest, have vacations, build more money than equity ever would, and live in a good part of town. Can’t do that as a buyer.

[@Yousuckdeeznuts]

@@katharenchamberlain5721 Pros and cons

[@mhodge0890]

@kath do you have a time machine so we can go back to 1998 the good old days?

[@andysmith5220]

Good video my 3rd house and I agree you have to have money sitting aside. Glad all mine are paid off but it's so easy to get in front of your skis

[@alexarnold3117]

I’m 23 bought my first home in September I qualified for a 400k mortgage. Bought a tiny starter home for 140 and I’m beyond grateful I did. Not worth it to be miserable. Contentment is the key to financial stability

[@jasonbaxter5502]

Your ac going out. 15k+ water heater 1500 to 2500. New roof. 25k+

[@PrestigeWorldWide777]

Nobody really owns anything, only controls it. Most people refinance or move every 5-7 year, resetting the 30 yr mortgage (death pledge). When you are finally done renting from the banker, you’ll continue to rent the land from the government in form of property tax. There are ways to payoff your home in 5-7 years, but many people don’t think about it and just accept it as a part of life.

[@wannaBtraceur]

Just discovered your channel JJ, and subbed. Solid content and advice, and you seem to be a good dude trying to improve folks’ lives. Looking forward to more content!

[@H37P5kY57]

Agreed I miss renting...but financially we just had to buy now. I miss my luxury apartment.

[@rebeltheharem7028]

Owning a home (as your primary residence) breaks even after about 15~20 years (i.e. the total cost of rent would start exceeding the total cost of home ownership). (It was 10~20 years back in 2019). But that's a huge darn commitment for most people, especially young people who are only looking for a place to live, but not a place to settle down in, semi permanently. But if you don't expect to move anytime soon, and the neighborhood you want to buy in is fine, then buying is probably better for you. Hopefully, we don't turn into Canada or Australia, where its basically impossible for anyone NOT in the upper class to buy a house (yeah, the average town house in Canada is like 2 million dollars, while the average wage there is like 60K...).

[@annoravetz5188]

Yeah I used to watch House Hunters International, and I couldn’t believe all the money they were plunking down on real estate. I did notice that they they value the age of the interior upgrades as part of the market value of the real property. Such is not the case in the US. That is why you see a lot of vintage 70s, mid-century still around, but in Canada everything looks ultra-modern inside.

[@jonl1319]

Homestead exemption cut my property taxes by 2k. So luckily no issues with that. I decided in this new year to work as much OT to get out of debt and I rent out rooms in my home. So while I can afford everything on just my income the debt is really what's hurting me. Hopefully by summer I'll be out of debt other than my home and have 2 tenants paying the majority of my mortgage.

[@franciscorodriguez8841]

bought my house 3 yrs ago, every day something breaks , clogs, falls off, electical issue...never ends, either buy a 500k new construction with HOA and dont deal with the maintenance for 10 yrs plus, but most homes are worn down and not kept in good conditions. On top of all that hurricanes keep effin me up! And then insurance goes up and taxes , and honestly i make around 160k a yr, and im almost house poor on a 450k home

[@TristianWrites]

Paying for my house is the least of my worries. When we bought our home pre covid I wasn’t worried about the mortgage. It was the repairs. And sure enough I’ve had to buy a new fridge, replace thermostats, fix my dryer multiple times, my heating element on my stove just went out. Thankfully I’m handy and can fix my own shit. But it gets expensive if you don’t know how to do it.

[@atamisk21]

When I got my house, I literally had $4 in my account after. Had to sacrifice a lot but now I’m sittin pretty comfortable, trying to pay off the house this year!

[@DaveDDD]

Having no emergency fund with a newly purchased house is insanely irresponsible. I’m glad it worked out for you, but I hope nobody else reading this does the same. That situation really could have ended so badly.

[@atamisk21]

It wasn’t so bad. I knew what the monthly payments would be and had a roommate for the first few years to help contribute. I’m paying 540 a month with taxes included. The price of an apartment was more than 600 at the time. Made no sense to put equity into someone else’s property. To each their own though. House about to be paid off and I’m chilllin the rest of my days.

[@atamisk21]

It was different times back then though. I wouldn’t dare do that in todays economy.

[@vasyls1767]

I'm tripping balls and that glitter filter is driving me crazy

[@TRUTHbomb2.0]

Imagine in 2019 a person bought a slightly used travel trailer for 60K and without any major renovations, in 2024 you buy it from them for 110K. Would that make any sense? Yet that is how buying a house has turned out for many new home buyers. THIS is why new home buyers need to as a collective wait and use the law of supply and demand to YOUR advantage. Do NOT pay these overinflated prices just to get a chance to live in a house. Give the housing market NO demand for home sales until the prices come down!

[@laurad324]

Inspectors don’t check mold

[@mhodge0890]

I wish houses cost 300k in my area. That’s a great price

[@jjbuckner]

Gotta love the Midwest

[@kaitlynn1402]

I think some people don't take into consideration their spending styles either...like, you have to sacrifice some things to make sure you have that money. Which could mean, you no longer get your daily coffee, monthly hair and nails, subscriptions, etc. My guy and I are working towards buying a new home (selling the old one here soon), but we're scrimping and saving to make sure we have money outside the down payment.

[@laurad324]

So glad I bought a home when interest was 2.75 and my mortgage tax and insurance is less than any local rents

[@rayzimmerman2242]

very level headed, realistic presentation. Good job!

[@spencersherard127]

I value your content man. Thanks.

[@jjbuckner]

Thanks for watching brother

[@bigelowkaryn]

I’m in a position in DC, where I know it’s cheaper for me to own than rent. But that’s because I got into a small unit in a great neighborhood. I used my lower income job to get first time and low-income home buyer programs

[@tommytolliver1211]

Bought my home 4years ago, not a new build solid home, no regrets. Rented for a long time drove me crazy.

[@amanda.c.ice.]

I am happy to be a homeowner but I agree with all these people that I was not prepared for all the maintenance that came with it. Within the first year of moving into our home my husband and I had to put in a new furnace ($5,500), new attic insulation and sanitation/attic repair for a mouse infestation ($6,000), new dryer ($700) and new front doors ($300) 😑😑😑

[@samtannouri3665]

Just brought a house in Sydney Australia let me tell you had to get a mortgage of 750k . But the house is worth 2.3 million . I think the interest rates are killing me .

[@bigcahuna42366]

There are homeowners in California who will never be able to pay off their home in their lifetime. Many middle class people who have the courage to buy a home there are being treated more like renters from a financial standpoint. The insane amounts of interest and PMI (not the rate, the actual amount), property taxes, insurance, and applicable HOAs alone push most of them far past the 30% of their income threshold. All of these have to be paid before any principle is converted to equity.

[@timeforachange-i3s]

My son bought his house in 2019 for $228K and today it is selling for $449K with an appraised value of $451K. My son's all-in-mortgage payment with taxes and insurance $1,200. The new buyer will have to put $90K down and the home payment will be ~$2,800 per month. The most that you could rent this house for is $2,200 per month MAYBE $2,300 because it is a 3/2.5 ~2,000 sq. ft. with great curb appeal but the highway noise can be heard from their backyard. DON'T BUY KIDS - RENT FOR ANOTHER TWO YEARS. In addition to the $2,800 mortgage payment you have to pay the maintenance fees associated with the house. On average, homes 9+ years require $350 per month going into savings to pay for issues that will happen. which makes the $2,800 mortgage payment now $3,150 per month if you include maintenance. STUPID - STUPID - STUPID. If everyone will sit on the sidelines, inventory will increase substantially due to life circumstances and people will have to LOWER THE PRICE BACK TO 2019 LEVELS.

[@jwg9338]

This is the fundamental problem with 5% down. It doesn't let people live long enough with the hardship and sacrifices necessary to truly feel the weight of the money being spent.

[@trekadvisor2865]

I own 5 homes outright. I built a 6th “personal” home. I’m still terrified.

[@CamSS68]

When I bought my house it came with a year of American home shield. After that year it was like $50 a month and if any appliance broke from dishwasher stove refrigerator washer dryer ac furnace hot water heater etc we paid a $75 deductible and they fixed it. I wouldn’t own a home without it. I saved thousands in the first few years.

[@Kay0Bot]

Yall slacking I got my first house at 1t years old in 2009, people missed out!

[@AndreaRuralMN]

I bought my house for half of what I was approved for. Thankfully I was able to buy one with updated plumbing, electric, steel roof and siding, and windows. I will need to replace HVAC sooner than later but that should be covered under my insurance. I would rather stretch my budget at times to own a home than rent. I need the security that nobody can kick me out unless I f up and stop making payments, plus I want a garden 🌱

[@krista_b253]

Buying a home was the best thing I've ever done. My current home has two one-bedroom apartments in the basement both with kitchens and laundry. The rental income completely covers my mortgage. You have to buy the RIGHT home not just a home.

[@ryanjones1071]

Bought a home in socal by myself 8 years ago as a single parent. It is doable i even refied to a 20 year loan a few years later to knock off some interest.

[@ciarajeanr]

I'm so grateful every single day that I bought my home in 2020 when prices and interest rates were reasonable.

[@drizyhendrix7621]

14:40 love how this last dude said he isn’t gonna buy a house for himself he’s gonna buy an investment property like he won’t have to take care of the maintenance for someone who doesn’t care about his house. lol dude is cooked.

[@bassw1758]

You can almost never go wrong purchasing, if you don't over pay.

[@neroxfrostbyte7461]

With how expensive homes are along with the economy, stagnant wages and the likelihood of you being laid off of your job at a moment's notice with what we've been seeing in the past 2 years, buying a home/house or even moving out and renting is a major risk nowadays! Moving back in and living with parents is about to be very common and will most likely become the standard norm for people for the next few years to maybe decades if this economy/situation we're in doesn't change. Honestly, with most countries in the world, living/staying with your parents in the family home is normal and accepted around the world with only Western countries, especially America where people are being pressured to move out as soon as possible. But with how things are now, if you can move/live with your parents to help save rent and help pay off any debt from either personal or student loans, that would be the best case scenario

[@Remingtonrestoration]

I tried to tell my friends 3 yrs ago, do not buy a house, you will have 6 figured in negative equity when things normalize……. I’m not surprised at all to see this

[@EnnVee959]

You are lucky to have the analytical ability to understand such things.

[@Andrewww1088]

As a mortgage broker, you should know and inform the viewers that your escrow account is legally required to be interest earning. Banks cannot keep the interest earned on your escrow, and should perform an escrow analysis for you once a year. You can also request one extra analysis should there be a change in taxes or insurance mid yeat

[@cbl6520]

I purchased my 3 bed 3.5 bath 2200 sq ft town house in 2019 for $275k, refinanced a year later when interests rates were at historic lows, locking in a 3.3% interest rate, and then literally the very next year, everything blew up in price and interest rates skyrocketed! Fast forward to 2025, this same house that I still live in (and probably won’t leave any time soon), is valued at $480k, nearly double what I paid for it just 6 years ago! Currently, the mortgage only accounts for 13% of my wife and I’s income (literally almost unheard of per my wife who used to be a real estate agent), it would’ve easily amounted to triple that had I waited any longer than I did and it just keeps increasing in value year after year! I feel so sorry for people who didn’t strike when the market was hot, the prices have gotten to be outrageous!

[@jakereed6458]

Awesome video. Thanks you for the information and effort you put in. ❤

[@bumpygarage4291]

Bought my childhood home for 80k from my parents last year. No bank involved. It's been great and it'll be paid off in 3-4 years. No regrets but its a 140 year old house and needs some work.

[@Angelo80907]

Basically Add another 1k to that $2500 a month and that’s your monthly payments on the house $3500. If you not making $10k a month don’t even try.

[@zacharyshoemaker835]

Eh your being a debbie downer, it aint that rough lol I just work at amazon and i could get one on a single income 😂

[@jasoncortez1238]

@@zacharyshoemaker835Same. The problem is most people can’t budget for a down payment or just save in general so they complain “houses are too expensive” but they will gladly spend money going out to eat every day and drive a car they can’t afford,

[@Yui789esss]

I pay 2500 and with all the utilities and maintenance it’s about 3k … take care of your stuff and be mindful of how much water/gas/light you use and it’s fine

[@breino2023]

Man I remember when I bought my first house, sitting on the floor having a mental breakdown. No furniture or food. God blessed me when some awesome neighbors who always had extra dinner and brought it over. Been here for 12 years now have a wife and 3 kids. Best Buy I ever did.