People Now Spending 60% OF THEIR INCOME on HOUSE PAYMENTS

[@lindaadams1008]

Overseas buyers own too much property here... That's a problem in itself...

[@JBoy340a]

We were house poor on our first home. It was a bit of a strain, but we got through it. Caused us to focus on earning more, spending less, and doing things at home versus going out. Strangely will still focus on these things decades later with homes fully owned and making much more money. Once you get used to doing more with less it becomes a habit and your money worries disappear.

[@GTAWildestPolicechases]

haha the only wat for house prices is 50 percent down these are unprecedented times.

[@eddiehulk7804]

Ya, but this time things are different, way different. Food has doubled in 3 years. I eat healthy which means less food. But our fat society is struggling to buy Twinkies & chips

[@Navs126]

@@eddiehulk7804really? That was thoughtless. Have you seen the cost of meat? It’s absurd.

[@ryanhomer8558]

Sold my home in Massachusetts last year , was house poor for 7 years. I’m a single 38 yr old union carpenter and still couldn’t swing it . Taxes kept climbing along with other bills . I’ll never miss running out of heating oil mid winter and going to the gas station to buy 5 gallons of diesel

[@marcopolo3109]

Why did you sold the house? You have a job and you were doing fine for 7 years which is a long time to remain in a home. Now that you sold it what's your next move for housing. Are you looking for another house to buy, or you will be renting an apartment?

[@davidhunternyc1]

Yes, you sold your house. Now what are you doing? Renting?

[@CaseyAvalon]

God that sounds rough. I remember one winter I had to wheelbarrow to our scrap wood pile to heat our home cus it's only heated by wood stove.

[@collie8]

@@CaseyAvalon OMG what a horrible experience 😊

[@CaseyAvalon]

@@collie8 it was 😂 I would have drove but that area was inaccessible by vehicle, I felt like an early settler 😂

[@prd004.2]

The problem I see with buying a home in the mid west or elsewhere where prices are reasonable is that I find wages are lower in these areas for the same jobs. It’s all relative

[@reservecurrency]

Yep, you're exactly right. I've seen people move away from the Midwest, and this was years ago, because they had more earning potential in a higher cost of living location. They were actually able to save more money in a location where they were paying more for housing and groceries.

[@DIVISIONINCISION]

Not if you work for the Federal Government.

[@prd004.2]

@@DIVISIONINCISION okay for the other 99.5% then

[@jordanbatka033]

Moved from Michigan to Florida and Michigan absolutely owns them as far as wages go

[@JBoy340a]

Yep. House prices down a lot, wages down a lot.

[@Hargledonk]

Thank you for this. I had a sleepless night trying to decide whether to purchase the home I looked at and be house poor, or to wait and/or lower my budget. The rising cost of insurance in FL is the final nail in the coffin for me. I will be on the sidelines building up savings even further.

[@Spot4art]

Be debt free. Start there.

[@Ja56780]

It all comes down to how the market is and where rent is at. Where I am at in Miami-Dade county rent is finally lowering a bit and it’s cheaper to rent than it is to buy. In that case you can rent and save a bit. If rent is lower than a mortgage with insurance, taxes, and possibly HOA buyers can most definitely wait out sellers.

[@Chrono826]

You and me both brother. Don't feel bad about it. Get in when it works best for you. When you're comfortable with your savings through this mess everyone else is going to be freaking out.

[@mfenix911]

It's amazing, I used to make $10/hr and thought I was rich, now I make $45k a year and feel poor.

[@NAT-turners-Revenge]

Your proportion of expenses gave u a reality check 👿

[@brianmatthews4149]

I know the feeling. I look at what I have taken out of my check each week.i use to live on that same amount say7 years back. Now I know why younger people don't want to work.

[@evenelson-barry4855]

I know...sooo well! Why I m watching MB s videos!!

[@maryholloway5487]

If a person doesn’t make $100k a year.. they’re poor.

[@NAT-turners-Revenge]

@@maryholloway5487 I guess so cause make 86k after tax since 2012 and I feel poor.... no different than when i was making around 48-60k after in my 20s 💀

[@psychokitty7268]

I sold my home in Stuart, Florida, because it cost over $10,000 a year in insurance and taxes. I now live in an ambulance conversion and am much happier. I would love to see you do a segment on alternative housing and the impact it's having.

[@DIVISIONINCISION]

You sold a house and are living in a car now. What did you do with the money from the estate sale?

[@alanheadrick7997]

Aw yea.. the van down by the river.

[@psychokitty7268]

I live in an ambulance, not a car. I invested the money.

[@psychokitty7268]

I own an acre in north Florida and also stay at my friend's home for about six months each.

[@MC-rr3ew]

​@psychokitty7268 I used to have a condo next to confusion corner in stuart

[@user-wt6zf4ek9k]

Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.

[@SC-or2ek]

Just paid off my mortgages lastweek On a mortgages i took to buy home in 2013 $450k I feel relief Now i only have to budget For insurance and property taxes about $700 per month Instead of 3k per month

[@gmoney0987]

Damn dude, you paid that off in 10 years!? That’s awesome

[@francismarion6400]

I would pay mine off, but the interest rate is 3%. Monthly mortgage is $730. bought in 2013.

[@amrice62]

@@francismarion6400congratulations! I just paid off a student loan - 1/3 of it was interest. I’m budgeting just as you are. At least everything we earn is REALLY ours. Happy for you👍

[@joeswanson733]

you are now in the top 10% of the country because being a homeowner now puts you in the landlord class.

[@amrice62]

@@joeswanson733 how so?

[@virtualherd]

Had a storm knock over some trees on my property it's $6,000 to have them cut up and removed and my water heater just started leaking that's another $800 this is normal home ownership stuff that many first time homeowners are clueless about. The people pushing folks that can't financially handle purchasing a home are criminal in my opinion.

[@jayoman4453]

Don't forget about the roof that started to leak, oh the property taxes have gone up with the insurance. Life of a home owner

[@Jeannified]

Love it when fans recognize you and share their appreciation of what you do. Another great video, Michael!

[@kevinanderson9811]

I was just up in da upper peninsula of Michigan. If you can take 300 inches of snow a year, it’s a great place to live.

[@avenger1212]

I live in the midwest. So many people from the coasts and large cities have moved here, the native population can no longer to afford the homes in their communities. So, don't think moving here is going to make it any better for you. That ship has already sailed.

[@JBoy340a]

Yep. Most of my younger relatives have to tap that bank of mom and dad to be able to buy a home in medium size cities in the Midwest even in their 30s.

[@joeswanson733]

you're gonna get priced out

[@maryholloway5487]

The rich have invaded Colorado and many remote workers too.

[@HELLUVA.FIGHTER]

The ship has not sailed in comparison to these California prices lol

[@kaceykelly7222]

Please make a video focusing on all those vacant houses that were bought as investment/tax write-off, and remain unoccupied. This continues to have a devastating impact on the American Dream!

[@jonathantaylor6926]

Buying a home and leaving it vacant isn’t much of a tax write off. The problem is if people sell one investment property they are forced to buy a different investment property or pay taxes.

[@lailak482]

Oh wow the ppp loan people smh it all makes sense smh that will be once the government shuts down never week thank god

[@collie8]

yes it’s bad for American Dream but it was good for capital allocation. No one wants to loose hard earned money. Same happened in Japan and China many years ago. So now we are creating two strong classes in our society - homeless & drug junkies and anxious owners of vacant homes 😊

[@jaydeeare285]

There are always "vacant homes" . There are no more now than there always are historically. Stop listening to crash bro dead-ender nonsense.

[@edge918]

It's truly so overwhelming in the housing market. It doesn't matter if you're renting or buying. It has become unsustainable

[@Abraham.Lincoln22]

Awesome for that guy to stop & say hello. 👍🇺🇸

[@joeswanson733]

michael is on his way to become a celebrity. you know it's a big deal if some random person recognizes you from the internet.

[@ggbice]

Love it, a Michael shout out while on vacation! COOL! 👍😎👍😎👍😎

[@x2dab184]

Check out Napa and Vallejo. Neighbor cities with COMPLETELY different markets

[@louisstennes3]

The prices of homes have gone crazy. I live in Middle Georgia and I saw , sent to me on E mail, a new house. Just a plain house of 1475 sq ft, (3/2 set up)2 car garage and to me a nice starter home. Without looking at the price I said this is a 175,000 dollar home. I was way off, the asking price was 260,000 dollars. Add that to high interest and this is insanity. By the way, home insurance is based on value of the property so you know that is expensive to and keeps going up and the county/city taxes are based on value to. This will not end well.

[@syoung4471]

I would strongly suggest people travel to any new area they are thinking of moving to. You are also better renting in a new state to start off. You may get to a place you think you want to live and find out there is a really stinky factory near by that ruins it for you. There's also the weather. There's a lot to consider. My state gets very cold in the winter and stays cold for a while ( still 40 out in June). This past December we had a day that was -32 Fahrenheit. There was an almost $2 mill dollar ( what they paid Oct 2022 ) house on the market for $824k come January. It looked to have about $200k worth of damage and repairs. I can tell they must have been out on vacation and not knowing the weather here didn't get a house sitter. The pipes burst on the side of the house and the entire wall all the way down had missing drywall. I couldn't figure out why they didn't just do an insurance claim and get it fixed. Then I started hearing stories about people not paying their insurance to save money. They must have moved here form CA or something, paid in full and didn't get insurance. I can't stress enough how mind numbly stupid it is not to get insurance. We are also not having the issue of people being dropped like apparently CA and FL are, so no excuse just stupidity.

[@sandrabarnwell8017]

I made this mistake when I bought a place in Florida. Went there to check out homes but that was it. Bought a place, but couldn't stand the humidity and "vibe". Moved back home and sold the place. Six months later, hurricane Idelia wiped the home out. There was nothing wrong with the home. It just didn't "feel" right after I moved in.

[@brianmatthews4149]

I can't handle all that cold anymore

[@MR..181]

7,000$

[@cassieshaffer8613]

You know whats funny. I know someone who just filed bankruptcy and you must take a budget class online before hand. You must plug in all your expenses and at the end it tells you where you can save money or adjust. It stated her house payment was to much and her cell phone bill as well as car payment. It tells you to look for alternatives. Huh?

[@taffyalusa4642]

I was at a fancy steakhouse last night in Sarasota, it was packed. Tables full of wine and cocktails and $50 entrees. Main clientele rich elderly, but a lot of young trendy couples. No sign of struggles.?

[@bobcurran4236]

Michael, great video, my brother who has a small condo in Delray beach, Florida just told me his HOA going from $500.00 to $900.00/month jan 1, 2024.. homeowners insurance for 900sq ft inside condo..going from 1k /year to 2k /yr, big increases...

[@BDUBB24]

Condos for those reasons make no sense as a regular buyer or an investor.

[@lynnec6325]

Delray is a nice town. Your Brother is probably devastated by that news. I said Bye bye to So Flo...7 years ago. Nothing. NOTHING is cheap there. I wonder how the ridiculous cost of living will affect hospitality workers. I really liked Delray. I miss that place.

[@bobcurran2881]

Yes lynn , he was suprised by the 100% increase , maybe people will self-insure..@@lynnec6325

[@amazinglats6020]

Wow, my rent is $700 a month all utilities and internet included and his hoa alone is higher than my rent. Devastating.

[@brianmatthews4149]

That state is going to explode on its self..it has no industry sad state of affairs.

[@emzywillrich7243]

Michael, you have really perfected holding that camera and speaking. You deserve kudos for that. I couldn't do it.

[@jhall2264]

People live where the work is. That's why places like California and Austin are expensive--that's where the work is, and where the people want to live. We definitely need more inventory (still renting myself while waiting for a good deal on a house).

[@rfink222]

In Austin it has to be because their jobs are here because it sure isn't for the weather! California has good weather and work so it is super expensive there.

[@jonathanjacques7250]

Yep

[@maryholloway5487]

My life is kind of boring .. I can’t afford anything but necessities .. I go for walks and that’s about it.. no more eating out places.. prices at restaurants are insane!

[@waynewallace2061]

You can see the vulnerability to wildfire in an area like that, windy, lots of brush, dry grass on the hillsides.

[@collie8]

finally you’re getting it. Flat prices and low volume is our future. Cheers.

[@HPM619]

So awesome when people recognize you!! ⭐️ 🤩

[@danielkurek7009]

I don't pay a mortgage and I don't pay a rent or an electric bill.. I built an off-grid triple axel refrigerated truck box into an RV that I live in full-time solar-powered for under ten Grand. Suck it system.

[@DIVISIONINCISION]

The RV can work, but do you own the land you are on right now? If not, you really don't have a home.

[@danielkurek7009]

@@DIVISIONINCISION well I do own 20 acres that I plan on building my own home. But in the RV I built I park on State property. So technically I don't need to own land and I do technically own my home, and it goes with me everywhere I go. 😉

[@JBoy340a]

We added solar and batteries to our house. No net power bill for the year, and $500+ per year back for sending power to the grid during power shortages. Home is paid for so no mortgage. Property taxes are low thanks to Prop 13.

[@brianmatthews4149]

Awsome

[@DivineAlignment-ll4wf]

👏🏽

[@hwy138]

We were house poor for years but it was the best thing we ever did. It is paid off and worth about 800 thousand and we paid 180 thousand.

[@rickjames4031]

I can’t imagine being house poor for 180k. 500-999k, yes. Good job. 4x is great!

[@saleens330]

In my area, that I’m heading back to soon, rent is probably around $400-600 higher than it should be. My last house was $1500 a month. 4 bedroom, 3 full baths, 2300 sqft. That same house is $2200 a month now. A few years back, a $2200 rental would be a house with a pool. 1600 sqft houses are now $1600. They use to be around $1100 a month. It blows my mind. Houses are still around $100K too high. Before I left I almost bought a beautiful 3600 sqft house with a In ground for $390K. Now a new house that’s 2300 sqft, no pool, is $390K. Some houses are dropping but I would never buy at those prices. I almost rather buy a camper and just live like that.

[@missouriman7689]

The biggest problem with living in a dream is eventually you wake up.

[@Abraham.Lincoln22]

Hello George.

[@milleniumann28]

And when you wake up your drowning!

[@stevek3859]

Or dont wake up ☠

[@CaseyAvalon]

And then you're like "what the hell is this place?!? And why is there a new pain?" 😂

[@stevenap4594]

I think Covid messed people up more than we realize

[@binabenz1]

That’s what we paying for rent. Our window gets snow inside the window. Our winters are brutal. Yes we tried buying for two years and gave up . We couldn’t compete with all cash offers. Praying 2024 will be better!

[@devengudinas1649]

Phx used to be a great place to live and very affordable for the average person. But those days are long gone. 500 k for a stucco house that cost 500 bucks for 6 months for electricity is crazy now

[@annberlin5811]

I didnt want to buy a house and only did so i could get more animals. I had a panic attack when i left the signing. My $157k house. Boy was i lucky.

[@amrice62]

We have to realize that things are WAaaaay off if tiny homes are now commonplace- that’s BAD

[@phuchyouh7171]

And the tiny homes suddenly have $100,000 +price tags.

[@elli0tbriggs]

What's considered a tiny home?

[@razial1000]

​@elli0tbriggs it's essentially a large shed that's been coverted into a loving quarters

[@elli0tbriggs]

@@razial1000 what size in sq ft is a tiny home though

[@razial1000]

@elli0tbriggs about the size of a studio so roughly anywhere from 200 to 400 sqft. People will to a "two level" tiny home and convert a loft to support a bed and night stand. The first fl would have a living area with a small kitchen and bathroom

[@marilynh5487]

I sold my townhouse in Vero Beach, Florida ⛱️. Now I'm riding the wave. The rent is $2,000. I'm moving back home and traveling. My Mom is in Miami.

[@mohammedjeffali1076]

I just did some light research on what it would cost for a RV lifestyle for a 35' trailer. It is also about 2,700 a month. Of corse its not that if you just park it out on some cheap land and spend 35 grand to dig a well, then there is septic ect. There is no comfotable way to live cheaply now unless you already own. This new generation must be tough, they must be willing to live in "bad neighborhoods. "

[@MeadowDay]

Well if many do that, maybe it will change the neighborhood to good 👍

[@bryans5339]

I still can’t fiqure out why interest rates weren’t raised last week. Something has to bring down home prices down to an affordable level.

[@bentonx9063]

agreed but the reason is that its j powell's fed still and he was responsible for the extended zero percent rates, trying to get inflation to a target of at least 2 percent a year, a leopard doesn't change his spots that easily, he mentioned cuts a few times already in the latest speech. need to get a different guy in there to fix it before hyperinflation comes for the US dollar, we are lucky it hasn't hit already tbh with the previous admin's ill conceived unpaid for tax cuts for the wealthy and bigger burdens on the mid to low earners.

[@jaydeeare285]

The Fed raising rates will not bring down home prices , it never has. A drastically increase in supply is the only thing that could do that.

[@omarakthar8097]

Bordenaro is the only bear with no trolls

[@MichaelBrown-ny3et]

DTI is up to 50%. Absolutely crazy to do it.

[@violetagira8687]

And I spend almost 70% of my income for rent down here in Naples Fl. SO really is no difference whether you pay that much in house payments or rental. Everything is just so screwed up right now. Better spend that much on house payments than on rent like me.

[@marknewton6984]

Becaustter Better to get Equity with a house.

[@7thlady]

Not the new normal for me . . . I sold my home in April and I'm renting a nice house now for about half the monthly cost.

[@DIVISIONINCISION]

Owning is key. Renting is throwing money away. At least with a house, you own property. Your rent can be raised at any time.

[@igotstaknow]

@@DIVISIONINCISION Owning RE today is renting from the government with property tax. Stop paying and you will be evicted.

[@gregholman2930]

BAM!@@igotstaknow

[@7thlady]

@@DIVISIONINCISION Sounds like we should agree to disagree on this one. Buying decreases mobility and liquidity, and buying at the wrong time leaves people holding the bag. There are going to be a bunch of bag holders stuck under water from the past couple of years of insanity. My rent is approximately equal to what I was paying each month for insurance and taxes on the home I owned on the same street where I still live now . . . money going out of my pocket each month either way. Now my former home equity is gaining actual compound interest income every month. When I eventually do buy again, it's going to be an all cash purchase in a price corrected market.

[@youtoldharpotobeatme5023]

​@@igotstaknowit's always been that way

[@MR..181]

They use to call that..casing the joint...

[@chrislastnam6822]

Never get a buyer's agent. They only show you houses where they make a good commission. You can find all the houses for sale online unless you're looking for a fifty million dollar house in Holmby Hills.

[@NicholasJonesCPA]

Houses are only going up where the listings are low. However, these houses seem to be sitting for a long time. I walk my neighbor and there’s a house that’s been for sale all year.

[@darrellbaker-er1yg]

The government loves it. Big taxes.

[@MrRevell111]

Michael you need to get up to speed; the latest NAR MSA came out 8/10/2023 for the 2nd qtr 2023. The third quarter comes out 11/9. These numbers published quarterly are %Chya (percent change yearly avg) which are the numbers I use in addition to having knowledge of local and state YOY (monthly) which can fluctuate enough to be considered volatile and potentially misleading. The quarterly avg is smoothed out to provide more consistent data.

[@alcapony732]

We’re going back to the 1950’s . When people rented out rooms in their houses, it was called rooms to let. My take on the housing market today is all marketing streams are aimed to move content and make the fees on sales, purchases, loans, refi’s, Helocs. Even the fed reserve will do this with the banks in mind.

[@novadhd]

A lot of the debt to income for home mortgages are not factoring dual income households. Thats how a lot of people get by.

[@jonathanjacques7250]

We own our home but do worry about property taxs in retirement.

[@amrice62]

Not alone

[@phasse1388]

Have you hiked any of the Marin Municipal water district reservoir trails? Laganitas, Kent lake, Bon Tempe, catarak falls...some of my favorites when I lived there! Check the website for maps😊

[@MrRevell111]

Per the NAR MSA home prices in Miami are up 2.7% not 7.7% as you stated. I have stated before that Redfin among others are technology companies not real estate companies; their data gathering and resulting conclusions are subject to error.

[@elizabethbordeaux2741]

Great information, as usual, Michael. Thank you so much. (Eastern Oregon)

[@vernon9121]

It doesn't matter what percentage the person pays as long as they pay it sell and buy again.

[@Me-kf4og]

That is nuts. I’m spending about 36% of my salary on my mortgage. Even that is too high. I could not imagine 60% 😮

[@Navs126]

Imagine spending that on rent 😭

[@JBoy340a]

The old rule of thumb is no more than 1/3 of gross on house payment.

[@talkingonline821]

Question is how mucch longer can the manipulated market continue?

[@stevefournier6375]

You always have Great, background, such lush green neighborhood's, love your channel!

[@tommorningstar6373]

Excellent analysis demystifying the divide between statistics and reality. Congratulations on hitting 105K subscribers.

[@BlessUsEarth]

Well.. if you have two choices 1. Greed 2. Reality Which do you think people selling chose? 😂.

[@may86bear]

Thanks Michael; a perfect example of what your video covers would be the Fort Mill area of South Carolina. It’s maybe 30 or so minutes south of the Charlotte NC area and the market there seems to be on fire with houses in the $500,000 to $1,000,000 price range. It just boggles my mind the number of houses selling at this price range😮 cash buyers maybe? Or foreign investors?. Maybe you could do a video on the Charlotte metro area. Thanks again for your great and informative videos 👍🇺🇸

[@F4URGranted]

What kind of homes are selling for that price down there?? Holy shit! Seeing those, whats even the value? You have to drive through i-77s terrifying traffic to get to work everyday...

[@may86bear]

@@F4URGranted most are 3000+ square feet. Just the number of them selling in this market totally boggles the mind. A lot are probably on or near Lake Norman tributaries, but still wow 😮

[@gallen2101]

​@@F4URGrantedexactly

[@jessereinhardt6320]

I cannot fathom why someone would pay $1,000,000+ for a home. You have got to have a damn good and high-paying job to live in an area with that high of a cost of living.

[@may86bear]

@@jessereinhardt6320 I agree. That’s why I suspect investors or foreign monies or both🤔

[@karleerse]

Jacksonville FL is up 2.7% median homme price is $309,000

[@Ryan-re3jf]

With demand so low, inventory doesnt need to increase by much to dramatically affect home prices. People continue to say we need to get to pre pandemic inventory levels... If rates stay this high we dont need pre pandemic inventory for a major decrease in prices. Even if we had 25% increase it would probably have a large impact.

[@Spot4art]

Remember when homes were normal sized? People needed a place they could afford NOT a McMansion!

[@a.d9840]

Me and husband we work a lot 7 days a week, you have to these days.just to keep up

[@TheSmdl]

$3000+ for brand new apartments WEST HIALEAH. 2/2. This is 1 HOUR inland from the beach. Insanity!!!

[@Josh.Stovall]

4:45 I think a lot of that has to do with the job market in these areas. The cities you listed have some of the highest salaries per Capita in the country & these are the only buyers who can still afford the prices of homes in those markets.

[@nikosolikos]

As someone who has seller financed houses in the past....let me tell you this. The best outcome is to foreclose on someone. Windfall for financer. Turn around and resell it. Sucks but thats the truth and if you dont know how these predatory systems work you better learn fast!

[@rorycalhoun1126]

Student loans Oct 1st.

[@chrislastnam6822]

You have to buy if you sold your house or you will have a large capital gains tax bill.

[@getreal7964]

It seems the housing market works fundamentally on Supply and Demand but also on Psychology of FOMO and Personal and Business Investment

[@tastychai5817]

60% is madness. That number should never be more than 30%

[@MM-ig2zq]

Regular middle class can’t buy in the Miami area. Just had a realtor and his wife friends of mine call it quits. Even with qualified buyers as clients they will make around $50K income for both.

[@kalef1234]

currently renting with my sister for like 650/mo each. she's thinking of joining the military and I am going to live out of a converted box truck and my monthly expenses should be about the same but I can go wherever I want. screw real estate right now. it's just a mania. I would like to own land though. Thinking I'll have a house in like 10 years after I save and invest what I WOULD be paying in interest should I FOMO in now and get stuck in one spot.

[@psychokitty7268]

I sold my house in South Florida and now live in an ambulance conversion. No regrets.

[@gallen2101]

It really is manic

[@NuNugirl]

My Son, Daughter IN Law & Grandson are coming to visit next month. They just need to pay airfare. They get a Florida beach, a pool and home cooking. It’s a great thing he got a Zero % down VA mortgage at a low rate. They would be leaving the NYC metro for Florida , if he didn’t have to work there.

[@cramsa]

How would they qualify for a mortgage like that in the first place a DTI of 60%?

[@daveriley7506]

I don't feel bad for people who FOMO'd in and bought at the top of the market. Any time you are going to make a big purchase, you need to do your homework. If I'm getting a new TV, I do my homework, buying a new car, homework. People are impulsive and lazy.

[@LonClark]

Wow, YOU MADE IT INTO MY MSN NEWS FEED! Congratulations

[@timmartin723]

Everyone is saying we won't have a repeat of 2008. If your mortgage is $3K a month, you have student loans and a $700K a month car payment something is going to give.

[@joeswanson733]

what they're trying to distract us is that we may not have the same conditions as 2008 but another financial crisis could emerge just something else different. of course we'll never have the same crisis twice. but another crisis is not out of the question. america is in a ultra debt bubble. with multiple bubbles all signalling red alert.

[@watchin-stoof988]

Bro I want to know what car the dude paying $700k per month has

[@fgjf1079]

@@watchin-stoof988 Believe it or not, $700 or so is now the average car payment. It has to do with cars being more expensive nowadays, as well as mediocre credit by borrower.

[@watchin-stoof988]

@@fgjf1079 I was making a joke at a spelling error, $700k a month is $700,000 per month…on a car payment that’s purely a joke haha but I agree in general about car payments being high

[@jaydeeare285]

​​@@fgjf1079It's only 700 if you're splurging unnecessarily on some luxury brand and putting little to no money down. People who are renting should not be buying cars like that if they ever hope to buy a property.

[@lgull1]

i do not see houses or the market to change for at least 2 more years. around the election time maybe. I just do not see it. The economy will have to crash, it hasn't yet.

[@AlexPerez-rt5yg]

💯 on 🎯.

[@jessereinhardt6320]

Families making only $4600/month shouldn't be borrowing so much ($2300+/month) then. They should rent for several years and SAVE and INVEST to build up a strong down payment.

[@albertopena80]

True, my mortgage payments are $3950 a month, not including $460 HOA. Fallbrook, CA

[@johnjaco5544]

Why????

[@NightRidah777]

Just saw a video of NY where every studio was renting for at least $4200 per month

[@ThuyPham-lr5dc]

I bet you can hear the artillery from Camp Pendleton…helicopters too..the sound of freedom 🎉🎉🎉

[@colettespencer3357]

Ouch

[@albertopena80]

@@colettespencer3357 yup, gonna ride it out, hopefully it’ll be alright

[@mikemorgan8646]

Does anybody remember when, if ever, there was a balanced market? Ya know, both the seller and the buyer got a "fair" deal. I guess that was the good old days.

[@toulee3551]

The days of 150k midwest starter homes are gone, they are 250k+

[@Mike_257]

Things go up must come down!!! This could be the good time to sell, pocket a huge profit, and stay rent for a couple years!!! No interest, no mortgage, no insurance, no home repair cost, no property tax, no worrisome at night... Just relax enjoy your life 😊. Before it's too late!!!

[@f1rst_pancake]

Good video. :) You should try making it to Orland California sometime to shoot one of your vids.

[@tomthurlow5497]

No biggee but San Clemente is down near San Diego

[@Ben.D001]

U Quoted “Some Real Estate Agents will say anything to make a Sale” Respectfully how about 99.9%. Unless I have had bad experience in past 12 years with about 6 different ones. They will get you to pay more and sell for less. I owned for 10 years in a very hot market. I made a 25% gain. But the realtor group made about same on the round trip when I bought and Sold. Most of the rest of the Globe Realtors commissions are 1%. USA 6%.

[@jaydeeare285]

Rather be "house poor" than apartment poorer.

[@mary-jr6tg]

I'm with you 100% Michael on buying what's within your budget. The sad fact of the matter is though that even if someone found a house for 150k in the midwest chances are they won't be coming anywhere close to making 4k a month at a job there. So the debt to income ratio would work out to about the same the way I see it. Only positive to that is you won't be quite so deep in debt but still struggling to stay afloat.😢

[@appleiphone69]

You need two incomes to afford a house in a lot of areas.

[@ANMIV517]

Once people won’t be able to afford home owners insurance in Miami it should push some more inventory out.

[@NAT-turners-Revenge]

Similar is happening in California in terms of home owners insurance

[@Ja56780]

Rent in Miami-Dade county is finally dropping and it’s now cheaper to rent than buy. I think it’s best to wait it out. Too many people where we live are buying with FOMO. I know people who make 100k and got approve for a home worth a little over 500k and that’s a recipe for disaster.

[@geetasookoo1168]

I'm in tampa and the house price is still goig up...

[@McNelisG]

Buying a home depends on your market completely. In an area where demand is always high and people have lots of money in the area, it seems like it’s a good time to buy due to less competition. When rates lower, high demand areas might see price increases.

[@sandrabarnwell8017]

I keep track of the housing market in my area. I'm in a suburb of Portland OR called Gresham. Houses are already going on the market. And prices are going down. Also..Utilities are steadily going up. I'm in the "Golden Hand Cups" category. Lots of equity, low interest rate, but would like to sell.

[@FLAC2023]

Mike, please drive from FLL to Jupiter and see the thousands and thousands of empty MANSIONS properties along the way that are essentially empty. Very few have any cars or anyone in them... Florida is a money laundering paradise

[@scherieallen2798]

Think about people on fixed incomes who are still making a mortgage payment. With increased insurance and taxes these folks will be homeless also.

[@Diego-oy6en]

I am at 44% 😢 but THANKFULLY my wife also works but trying to budget on just one salary

[@alexfisherprice]

Hi Michael, I got a "favor" to ask - idea for a video. I am totally on the "it's not the right time to buy a home" but my wife is in "fomo" mode, and she doesn't take me seriously... Could you do a video like "why you should keep your cash and wait", summarizing the key points in a very basic level for her (and other people like her) to understand? Wy the way, we live in San Diego... Thank you!

[@jenna6256]

Saw 5 people and 1 pet in this neighborhood. lol The electric lines to the homes make the hood less attractive. I wonder how much those townhomes are at the end of the video ? If we switch to CBDC, nobody will earn interest on their money, sadly.