I Bought A Home: What I Paid, What I Learned, What You Should Know

[@thefinancialdiet]

LITERALLY CRYING AT ALL OF THESE COMMENTS ALREADY GUYS!!! We really have grown up together financially, and it's an honor and a privilege to share it with you all

[@JeanineMarieCompassion]

We love you and your content Chelsea!

[@BewareTheLilyOfTheValley]

🥰🥰🥰

[@yajairamhernandez]

We really have! I’ve been watching TFD since undergrad and it guided me on managing my finances. Especially with lifestyle inflation, I’m definitely making more as an engineer than I ever did in any other role but I don’t live beyond my means 💕 Thank you!!

[@starsatnightsparkle1318]

Good for you. You took a risk to be transparent and people appreciate your honesty.

[@Martina_E]

Congrats on your new home!

[@sergioreal7810]

Chelsea went from trashed credit score to being able to purchase a home. She inspires her viewers, we love her.

[@mjhmn]

exactly --- it's nice that good things have happened for her.

[@michellerains2732]

Absolutely!!

[@Jjshah90]

In Manhattan NYC no less. Certainly not the most affordable place to buy a home. She’s done so well.

[@panaceiasuberes6464]

She married with a high earner... how early twentieth century.

[@fiyinobayanmusic]

And in NYC ! Of all places!

[@portalomus]

You don't have to apologize for being successful. Be proud of how far you've come! Congratulations on your new home! :D

[@KristensClassroom]

👏👏AGREED 👏👏

[@Pepperz543]

This! I cackled at the “I went to a community college and dropped out”. You’ve earned this Chelsea! Congratulations! 🎉

[@anu093]

Exactly! Congratulations!!!

[@ezzeldin3714]

She kinda does if the majority of her videos are bashing successful people. So it's not surprising that she's apologizing for being successful. I agree it's ridiculous to be shamed and have to apologize for being successful simply because other people aren't as successful. But it is what it is...

[@TheKaurK]

Ezz Eldin yeah no. your statement about “shaming successful people because others aren’t” is an overly simplistic and incorrect view of what she talks about. She criticizes people who are successful and have unethical or irresponsible practices, don’t pay taxes, exploit their employees etc. She also talks about the privilege that comes with being rich, which she, herself, is mindful of. There’s a difference between being the kind of successful Chelsea is and the kind of rich she criticizes.

[@lazykitten12]

As a New Yorker myself (who is stalking the market and considering buying a home) when she included so many disclaimers before revealing the price I really thought the budget was going to be 1M to 1.2M I was really surprised 800,00. That number is very reasonable in NYC for the type of area I would imagine her to live in. It sucks she has to tiptoe and explain her success, but I can understand that people who don't live in NYC don't understand the market here. Thank you for sharing all of this with us!! I found this very helpful as someone who wants to buy in NYC even though my budget is a lot more modest.

[@Kthx881]

Agreed, I am not in nyc but was expecting north of $1M for sure! Congratulations to Chelsea!

[@riasingh]

Haha same I live in Sydney and I thought she would say 2 mill or over 😃

[@LittleParisienne]

Totally! I live in Paris, France and thought a 2 bedroom in Manhattan would cost much more than here... it is lot cheaper indeed!

[@Kaurresponded]

Same, coming from the NW here. Really thought it would be 1m

[@misslauradawn]

Agreed, I totally expected her to say over 1mil and a salary about 10k to 15k higher.

[@TheYoutubeMethod]

I literally thought Chelsea’s budget was about to be like $2 million lol. $800,000 it’s totally normal in this day and age. Especially in New York.

[@jeannesutter4951]

Right? And I thought $90k was a nice salary, but not that crazy. Pretty reasonable for an expensive place like NYC.

[@lubnan08]

Agreed. Everything was normal. I don't think it's extravagant. And she doesn't need to apologize for her success at all!

[@M_Marse]

Agreed! I live in Los Angeles and I thought she was going to say 2.5-3 million. Exciting-and, congratulations on the new home. Thank you for sharing!

[@TeresaofOrange]

IKR! I was looking at this through my Northern Virginia lens" and was like 800K?!?! LOL! Come to the DC area: you'll leave crying. Oddly, I make more and have a higher credit score and I would not even attempt 800K. I am way too scared."

[@Kelly-qy4yr]

I did, too! It’s a shame she has to put such a disclaimer before sharing this. She should be able to talk about her financial success w/out being dragged for it.

[@carmelasantana3091]

I would like to see people in general, and women in particular, speak about their salaries and what their home/car/horse/whatever cost without shame or apology. This is why we earn: so we can save in order to spend on what we deem important. Congratulations, BTW :)

[@JesusGarcia-en3pj]

Same but for different reasons.

[@marisol0813]

I like to hear about people’s successes on what it took to get them there. Yes we know everyone works hard but how hard exactly lol?

[@carmelasantana3091]

@@marisol0813 In my experience, it takes years, and some dumb luck. It also depends on how focussed you are on saving. My husband and I are natural spenders, so we have less saved up now than if we had approached it with intention. We were also lucky in that we bought our houses when the market was low and sold when the market was on fire a few years later (we didn't intentionally do this, it just happened). I suggest setting an intention of what you really want (not what you're supposed to want/have), and work from there, i.e., only take actions that will bring you closer to your stated goal. And, prepare to pivot :)

[@aic0809]

So nicely stated. We should not have to apologize for our discernment and success!

[@christins.1481]

You still get the envious people. Have some people thinking I grew up on "Daddy's money" which is 100% not true. My Dad only has money from him being medically discharged from the military and whatever money he does goes towards his doctor Bills for having his ankle fused together with steel rods. I'm a home owner, as in paid off. I make more than a college entry job and never even been to highschool. GED due to learning disabilities as a child. I have 6 years to pay off both our brand new, 2021 vehicles and told my husband to upgrade the house and get whatever he wants right now. Cause once the vehicles are paid off I'm demoting myself to 40 hours. I'm a full out manager with an assistant manager title that has 45, but will be demoting myself to assistant manager still, which will give me a bit more pay still while only working 40 hours. My Mom is used to giving all us kids money but I never ask her for any. One day she asked me. "Why do you have to be so independent?" So I let her pay for my oil change. Now she can't even do that because our vehicles have warranties on them with complimentary service. Been having our vehicles over a year, regular service maintenance and not once charged.

[@sageholla]

No guillotines here!! 90k is not even that high for NYC and I respect you so much for living in your means and paying your employee fairly for the value they add to your organization. I’m inspired that you purchased this home on that salary and so proud of you after the years long journey I’ve watched you go on :-)

[@supernova622]

All of this

[@polysemiclove]

Agreed.

[@polysemiclove]

And I’d also like for Chelsea to do a video someday about her charitable or philanthropic giving! I think that would be great.

[@silviadiaz1248]

Agreed- $90k is not high. That’s barely scraping by. Wverything is sooooo expensive here 😩😩

[@pattm1966]

For some perspective, I live in the greater Chicago area and make $70k.

[@sdsugermany]

800k isn't that much for an apartment in NYC. As you were setting the price up, I was expecting something in the millions.

[@bauerdc01]

Was just about to comment the exact same thing. I definitely thought she’d be in the 2M range.

[@kelsey8059]

Same here! Maybe my perception is skewed living in the Bay Area, but less than 800k for a 2 bedroom apartment in a major city seems like a great deal 🤪

[@MrGearoid65]

Me too.

[@CaseloadMoses]

I love how you’re apologizing for being successful. I can’t WAIT to apologize for being successful myself. I won’t feel as sorry, but I’ll still apologize.

[@kl8581]

Lol

[@carlabridgesmason3529]

Haha. Well said.

[@worldlit1146]

Comment of the day.

[@ourhaleyhome2676]

I love how transparent Chelsea is. No apologies or need to cushion the blow before revealing to viewers how much you can afford! You worked for this! This is a financial account after all. Really great and informative content as always.

[@shamainedaniels7284]

1. I highly recommend having your own buyer's agent 2. When I bought my house my ex and I had very good incomes for our region. Everyone wanted to give us loans that were really high and realtors only wanted to show us their more expensive homes. I told my ex no and we came up with a budget assuming that we were both receiving disability payments. Since then, we divorced, I have been underemployed, etc. etc. but I still have my home, it is still gorgeous and I am so relieved that I made that call because I would have stayed in really horrible work situations just to keep my home had I purchased a more expensive home. The cost of my home gave me the ability to open my own business, tell every a-hole boss to F themselves, etc. etc. You must be so relieved owning your house. Thank you for sharing your story and informing as you go along.

[@MsJbetancur]

Chelsea should *not* be the target of "eat the rich". We're talking about billionaires extorting the labor of others, killing the environment, and not paying their fair share of taxes in exchange for their wealth, not millionaires who have worked so hard for what they have, and have contributed their fair share in taxes. I'm so happy for you Chelsea! You deserve it and you don't need to explain yourself.

[@EmF95573]

And even if she was a multi-millionaire, what she has done for people, by financially empowering SO many (women especially), she shouldn’t be a target. At all. She has done so much, for so many people, and will continue to do so as long as these videos are up, even if she decides to stop making videos altogether for whatever reason. She had given us gifts that keep on giving- and not just dividends! :)

[@cornellcornell1]

Most millionaires don’t pay their fair share of taxes either. There are plenty of loopholes allowed by the tax code that any competent accountant can identify. The issue is with the tax code and the gov officials who refuse to change it because they’re in the pockets of millionaires and billionaires

[@jenjones90]

She just comes across as an arrogant snob.

[@thedevilsadvocate886]

@@cornellcornell1 we need to abolish income tax and raise sales taxes (maybe even a luxury tax).

[@KatieNorris-p9d]

Agreed - I think the minimum rich-eating threshold is like, six bedrooms.

[@Potato-ug7qj]

Chelsea, you don’t have to feel guilty about your purchase. I sympathize with the cost of an apartment myself - I currently own a 600k condo in Vancouver, but looking to upgrade to a 2 bed which is 900-950k. I’m single and while I don’t rub it in anyone’s face, proud of how far I have come. All your success is a direct result of your hard work. And if someone has a problem with it then too bad!

[@denizgul6131]

I also live in Vancouver, I am a university student living in a cold dark damp basement with two other roommates and I pay $600 a month. It is insane here

[@squeekytoy123]

Congratulations on you condo! I live in Victoria so feel your pain. I can't believe two bedrooms here are nearly on par with NYC.

[@aubbityaub7787]

My in laws are in New West and paid around 300k for a condo in 2010 and it's worth 700k now. The inflation is insane out there

[@lizjarvis8446]

I was just going to say that her price seemed so reasonable, I too live in Vancouver hahaha

[@missweezer503]

Another Vancouverite here! I live in the burbs in a nice (but still rather modest for the price) four bedroom 3M home. So yeah, it’s nuts here! Don’t apologize for your success Chelsea.

[@avolovo]

My parents didn't buy a home until their early 60s while many of my relatives had own homes a couple of decades ago. They love the home they bought and are excited to cherish and decorate it, especially with the holidays coming up!

[@tanyavs1]

I just don't see you as wealthy. I see you as comfortable in the market you live in. But that's what's wrong with the US. People who are comfortable, but not wealthy, are the ones apologizing. You're not the problem. I bet you even pay taxes! Congratulations on your beautiful NY home. I hope it serves you and your spouse well for many years to come!

[@rachellemini8632]

Making 90k a year in NYC is not wealthy.

[@amerhishamyousef722]

@@rachellemini8632 90K is her income from her company. Her company must be making a lot more.

[@d3w3yd3c1m4l]

@@amerhishamyousef722 Ok great, that still does nothing for her personal income or wealth.

[@d3w3yd3c1m4l]

@@JV-xs2li Not at all, if she can't take out or won't take out more salary or dividends from her company than is is NOT wealth building. And a bank won't care what company you have if its not profitable when it's evaluating the lending capacity she has for a mortgage. Again I said PERSONAL income or wealth, not that tied into her company.

[@tracy_cakkes]

Very well said 🖤

[@steven_co]

Chelsea: apologizes for being wealthy Also Chelsea: has a salary < $100,000/yr I love this woman for how honest and forthright she is in both her position and beliefs.

[@kateg9437]

90k income puts her in the top 10% of earners in the US. That seems wealthy to me.

[@fehyndana7725]

@@kateg9437 I was shocked when I found out that my husband‘s income is almost in the 1% top of the Country! We are middle class and certainly not rich 😅 Hard to grasp that we are actually close to part of the 1% 🤣

[@kateg9437]

@@fehyndana7725 you're the 1%, you really are rich. Rich people always seem to think they are average! It's just that they pay far more attention to even richer people than they do to anyone who earns less

[@Author.Noelle.Alexandria]

@@fehyndana7725 $545k+ IS rich, and you’re extremely out of touch with reality to think that this is merely middle-class. You’re used to your rather luxurious lifestyle and see it as normal, which is why you feel middle class. You may also feel middle class if your choices push you to the edge of your financial limits. A pricier home, newer BMWs, etc. This doesn’t mean you are middle class. It means you’re wealthy enough to have options most people don’t have. Claiming 1% is middle class is really very crass and shameful.

[@youvegotkids]

@@kateg9437 I’m late but not so much. As of 2023, you need to be making $175k to be in the top 10% of earners

[@the.annethology]

Chelsea, every since I discovered TFD in 2019, you have been my inspiration. An actual woman who owns a successful business and has a no-non sense attitude about finance and life?!? I was invested lol. Congrats on such a huge milestone!!!

[@mmmgan1]

I love that she cares enough about her audience to provide disclaimers. But I hate that if people weren’t so judgmental or think they have the right to criticize another person’s situation, she wouldn’t have to. ANYWAY, this is amazing news!! Congratulations. It sounds like you made a well-informed choice. Wishing you and your husband many years of happiness in your new home!

[@TheKaurK]

I think she is putting the disclaimer for multiple reasons. One is of course for the people who are likely to misrepresent her and her stance, as you mentioned. The second is for the people who can’t afford a home, and the nuance she adds serves them by implying that it isn’t their fault that they are in that position. The third is likely because NYC market is different than the market most of her audience might know of. The disclaimer is a good thing. More nuance is needed on topics like this precisely because people are quick to over simplify, misinterpret and judge (in either direction).

[@mmmgan1]

@@TheKaurK Agreed!

[@becsterbrisbane6275]

Wow, $125k LESS than valued? You did VERY well, Chelsea! Looooove how you've come so far, you've really learnt this, make no apologies! Living in Brisbane, I have to admit that I still love flexing over the fact that my unit purchase starts with a 1, and is only 6, not 7 digits lolol. Good bones but still doing renovations on it. That was only 4 years ago- not at all possible today. Our equivalent of a NY "co-op" is the body corporate, and yeah, they're a PITA! But Interviews?? lolol

[@alexcronin4082]

How convenient, announcing your wealth right when the dislike button is disabled 🧐 Kidding of course! Congrats on your new home and for explaining to us the details of your experience. I’ve already bought my first home, but your planning and insight will be useful for when I plan to sell and purchase my next home. Congrats again!

[@tinachristine4573]

The dislike button is live. What are you on about? 🤔

[@MrsEyerick]

Lol…she has actually announced her salary before.

[@TeddyRen]

@@MrsEyerick I musta missed that episode but I don't blame her regardless. It's sad that when we imagine the people we watch and learn from and are entertained by, oh they have money off of our attention. I'll take my attention from em then. It's crazy how the brain works

[@MrsEyerick]

@@TeddyRen yeah, it’s been awhile since she’s disclosed her salary. While I do understand your point about people like Chelsea making money off of our attention/views, she inspires me nonetheless because she seems to have done a complete 180 when it comes to money management. She’s also a lot more forthcoming about her financial mishaps than other Finance KZbinrs I’ve seen.

[@hotshot619]

The API for dislikes is still in the code, for now so you can get around it with some code. At the moment there are 35 people who are jealously disliking this video :-P

[@HAlC-up4hm]

I'm glad you share numbers and are transparent because you're a fantastic example of being financially successful and having ethical business practices. I hope it encourages other business owners/bosses to reconsider the "one or the other" mentality. You run your company the way we want all companies to, where the boss follows "treat others the way you want to be treated". Congrats on the new house!

[@sajokir]

I'm blown away and so pleased that she was upfront about alllllll the numbers. I love it when people just talk straight about their income, the cost of things, etc.

[@kristelmae_]

I've seen this journey of you being broke, the lessons, and now to be successful. Congratulations!

[@chrisfrmatl]

Yeah. Chelsea proves that these CEOs can treat their employees right(pay them well) and still live comfortably. She makes a good living but not the crazy numbers like 10k an hour.

[@ashleystone8831]

4 years ago I found this channel and I had no idea what I was doing financially. Since then I was able to afford a wedding and this year my husband and I purchased our home. If it wasn’t for you I wouldn’t have even known how to build my credit score, not to mention saving for the down payment. You help and inspire many.

[@dianamccarthy2377]

I appreciate that you’re honest about this, and I love that you’ve worked hard for your success, it’s not an overnight thing and you’re an inspiration!!!

[@rebeccacuthbertson1271]

Mazel tov and congratulations Chelsea! You have come so incredibly far in terms of financial responsibility and literacy it's been a privilege, honor, and education to see slivers of that here on the internet. Thank you for taking the time to share what you've learned with us, and be open and honest about your numbers. Because we all know how beneficial it is to share this kind of information. Do not apologize for your success. We celebrate you and I hope you're super proud of yourself. We certainly are. Enjoy your new home in good health 💖

[@michellerains2732]

Beautifully said & I concur with everything Rebecca wrote.

[@vvMathematicalvv]

You're never the target "eat the rich" for being successful. The sheer scale of wealth that most people fail to understand means that even a goldman CEO (if only accounting for compensation, and not how rich they were beforehand) is scraping the bottom of the barrel when it comes to compensation. As wealthy as you may feel (and congratulations on your home and success

[@sor3999]

There isn't a "hoarding" of wealth when it comes to guys like Bezos. Their billionaire status is based entirely on the worth of the shares they own in their companies, i.e. what OTHER people are willing to pay for them. And usually they have the same shares they started with 10 years ago. They aren't hoarding anything.

[@emajjabowen6748]

What’s crazy is that a lot of people really think if you make over 100k you should be included in the eat the rich mess.

[@ericl452]

As the USA becomes more communist politically, there will be a day when the "poor" come for the "rich". The "rich" will include anyone who has more than they do. They won't care if you worked hard and earned your wealth.

[@vvMathematicalvv]

@@ericl452 Stop being a doomsayer, that's no one's end goal and you know it. You're just spewing radical fear mongering nonsense.

[@ericl452]

@@vvMathematicalvv Not being a doomsdayer. It's just history repeating itself. Europe is about 10 or 15 years ahead of us politically. I've been around for a long time and spent time in countries around the world during the past half century+. I have personally seen the changes. Ironically, Europe is devolving back to the politics of the 1920s and 1930s that lead to the rise of socialism and fascism.

[@cozycatsncoffee]

I was waiting for you to say 2 mil! I live in NYC and totally understand prices are crazy here, you got a deal! Under 800k for a 2 bedroom is amazing. My husband and I dream of owning here someday, I really appreciate this vid and your transparency, congratulations!

[@lvsmagic]

I bought a home in July and a few tips that really helped us: 1) be your own realtor. Now I don't mean don't have one, for the negotiations and then buying of the home I was very grateful to have one. But for actually finding homes I was obsessive about checking things like zillow and knowing my immediate breaks. For example, I wanted a home in a really walk-able neighborhood, meaning not on a through street or in one without sidewalks. I would check the outside view of a house and if it didn't meet that criteria, it was out. When I found one I liked I then told our realtor who set up an apt to go see it. If I waited on my realtor to do all the leg work I would not have gotten the home that we have now. 2) Keep around 10k for home purchases. This probably means cutting into the amount you've saved for your down payment, but that's okay. We had saved around 50k, put 40k down, and kept 10k. This was to cover closing costs and we ended up needing to buy a washer/dryer and fridge. If we had put all 50k down, we would have been screwed. I know it goes against conventional wisdom but putting everything you have into the downpayment is not going to be a huge benefit and will leave you SOL if you have big, immediate expenses.

[@Author.Noelle.Alexandria]

When buying, why be your own when the seller pays for the buyer’s agent? That 6% the seller pays gets split among their agent and their agent’s broker, and the seller’s agent and the seller’s agent’s broker. I’m a homeowner.

[@leelsbless]

Omg congratulations!! What a milestone. I’ve been watching you and taking TFD advice for about 4 years (since I graduated from college) and I feel like I’ve grown with you. I feel like a proud friend haha!

[@antoa5825]

Buying a home in NYC is really convoluted and specific. As someone that purchased in a different city prior to recently purchasing in NY (also took advantage of the Covid downturn 🙂) the level of bureaucracy, additional fees, and hoops we had to jump through was surprising. NY makes homeownership very difficult to attain for the "average" person. Congratulations on your new purchase!

[@karentu4679]

Awwhh thank you so much TFD and Chelsea for sharing your experience with purchasing your own property! You don't have to apologise for your success and high income. You've helped and gave me motivation to flip my life around and start being in charge of my finances and life. I couldn't thank you enough for sharing your knowledge and putting in the work to keep this channel active. You deserve all the success that has come your way ❤️

[@alwayspepperminttea]

Chelsea and the TFD team - I just wanted to extend a big, big thank you for all of your content. I started watching your channel a few years ago and it has helped me (and my boyfriend) immensely. I'm a first generation American, college student and, as of later this month, homeowner and that last accomplishment can be at least partially attributed to the advice and motivation I received from your channel. Thank you for everything, and never doubt that you're having an impact.

[@de.cadence]

Living in London - we're American expats, dual income, no kids - our prospective budgets for purchasing a home reasonably range between 450k to 800k. I was honestly expecting your number to be higher, as much as you were caveating with detail. We are NOT wealthy and definitely not business owners, but our prospects are going to align with a lot of what you've described just based on being in a major city. Regional and even neighborhood differences in price are extremely real and it's fantastic to see this addressed in such an open way. Appreciate this; it helps me visualize more of what's possible for us. We have specific savings goals designed towards owning a home someday and seeing people similar to us doing it useful. Congratulations!

[@WrongXNumber]

*immigrants

[@livia.creates]

@@WrongXNumber thank you.

[@R4luk136]

Thanks!

[@Wheezywatches]

Congratulations! You look so excited in the first scenes. Planning on saving this video for anytime I get too daydreamy about buying a home and need some grit. And not gonna lie, I didn’t even bat an eye at the budget having lived on Long Island. I honestly would of thought it was more in NYC!

[@lanacommabanana7318]

Congratulations to your first OWN home! As many people here already mentioned - you don't have to be sorry for your accomplishments. I'm really grateful for the content you create and I finally started to care about my personal finances (already making progress). Thank you very much! Lots of love from Munich, Germany.

[@lucilasandoval3084]

"And I was still amazing" this should go on a t-shirt or a mug. I love the clarity and transparency with which you detail all of this, happy for you.

[@amde8554]

This is a great example of how when economic situations change you can take advantage of pricing. For most of America right now, people are being priced out bc the market is overall quite high

[@jennyxgirl3]

You should not have to justify your reasons or budget for purchasing an apartment in NYC. Clearly you work hard and have worked hard to be in the position financially. You don’t need to feel bad or apologize for being successful. Congrats on your new apartment!

[@parkjnine]

Thank you for your end comments, I felt so unaccomplished for a hot minute. Your words of wisdom were comforting to hear!

[@joanns1166]

Congratulations! Buying a home IS a big deal, especially in the NYC market, and you should be proud that you earned it. My husband and I purchased a 1200sf 2b/2ba co-op in an outerboro a few years ago and were so relieved to have done so when the lockdown happened. A couple of things I want to add to your video is that one of the reasons we preferred staying within the city, rather than purchasing an actual plot of land in the surrounding tri-state area, was the longterm cost of upkeep. You spoke about paying a monthly maintenance fee for employees to keep the building running smoothly on a daily basis, in purchasing an actual house with a plot of land, we would have had to pay for the tools to keep a lawn, clear the gutters, etc as well as the time out of our weekends to do these things. This is also not including the time and money it would take to commute back and forth into the city. Another thing you brought up that I'd like to expand upon was the maximum amount for the purchase of the home. When we were looking for a place, we made sure it was less than what we were willing to pay for because we wanted a pre-war like yourself, and needed a financial buffer to endure some renovations to update an old kitchen to our specifications. Your video is certainly a very helpful jumping off point for people interested in purchasing their first home. Saving for a down payment is important, understanding the extra fees that will be included during closing, the types of mortgages available depending on how much downpayment is provided, and like you said, understanding resale value for the future. As a family member said to us, there's a reason why it's called a "starter home", the intent is to be able to build equity and be able to upgrade in the future rather than be "house poor" for the ultimate dream home.

[@Galworld761]

I lived in NYC for 20 years. My last neighborhood was the 80’s and RSD. My rent was $4825 plus $600 garage fee. In 2017, I bought a house in a commutable NYC suburb. My mortgage taxes and insurance are $300 more than the rent. My transportation is a wash. Landscaper and utilities increased. I had to do a remodel. Covid shot my home value up by 40% and then I refinanced. If you had cash or a home Covid provided lightning in a bottle. I still feel so guilty that I made it out ok while others suffered.

[@angelface14angel]

As someone who just turned 29, I needed to hear the last bit of this video. Thank you and congratulations! ❤️

[@Atombender]

This is another great story about someone creating a successful business without a college degree. As a European, I also snickered at your comment about your husband's free education. Being financially stable and having a nice place to live feels like a blessing these days.

[@BudgetGirl]

whoooo!!!!!!!!!! for everything in this video! the transparency, the success the cute new background! huge congrats on your home and new investment!

[@chrloebach]

I live in Canada, and am stunned by how relatively affordable NYC real estate is! Good for you!

[@Deci_Bella]

Wha...? And how much is a 2-bedroom apartment in your area??

[@daltongreen2045]

We will protect Chelsea from the eat the rich movement simply due to the fact that she is giving information and transparency towards wealth and how you can have bad circumstances and turn them around with good information. We love you, thank you so so much ❤️❤️❤️

[@badanka87]

As someone who lives in Zurich (Switzerland) I was preparing for some crazy numbers (in the millions) because if you want to feel poor and not afford a home in the city while earning in the 1% of the world, come live here… Congratulations! Nobody is coming for you, you earned it, brought many with you to the top and taught and inspired even more in the process. Be proud of you successes and achievements and definitely don’t feel like you should explain it. like many mentioned already, you won’t see men doing it

[@rachelvasquez7826]

Watching from SF Bay Area, my salary is 80k and I consider myself lower middle class. Perspective is everything. I consider this a reminder to be so grateful for the financial security I have. I also live below my means, live with family to save for my own home, and I'm debt free.

[@charmandaNYC]

Congrats, Chelsea! My husband and I have been working from home since last March and we made the crazy decision to buy a ski home in Vermont before we buy a place in NYC. We asked ourselves, "are we crazy?" many times but the pandemic really changed the way we thought about work, housing and money in general.

[@centerkristy6636]

don’t ever apologize for what you can buy! here in denver the avg 2-3 bedroom home is going for $700,000!

[@alicecampbellyes]

You know you’ve lived in London too long when you don’t bat an eyelid at that price 😭 congratulations - it is so warming to see you doing so well! ❤️

[@TheKajones99]

Yep! Sounds like NYC is more affordable than Zone 6 right now 🤣

[@jademaravillas1646]

Same here.. that’s a bargain for London standards

[@sksnfl0401]

A bargain? I'd say it's fairly comparable price to 2 bed flats in zone 2-3 in SE/SW? (Source: me who recently purchased a 2 bed Victorian flat with SoFH in zone 2 SE for below 500k)

[@abzster]

I’ve always appreciated your transparency, I’ve been watching since college (early 30’s as well). As someone who doesn’t like math, but has always been a saver, learning about personal finances from this Channel has been helpful. I wish we learned about personal finance in high school before they send you out into the real world. I like hearing your thought processes and how you go from point A to point B. I got into my career and started earning a salary later than you but you are an inspiration. Congrats on the new home and this new journey!

[@lbstole]

Wow, when she started the disclaimer on the home price I was thinking it was going to be somewhere in the millions. An 800K budget really doesn't seem farfetched for a DINK, professional salaried couple in NYC.

[@MayLiang614]

Congrats on the new home! I bought a COVID condo (closed Dec. 2020) in the SF Bay Area, another crazy market with what I imagine to have similar circumstances as NYC, and I agree: we never could have afforded it if it weren't for our country's economic circumstances at the time. The place was off-market and we bought it for at least $100K below what it would have cost pre-COVID. I never thought I would be a homeowner and it's still a bit surreal even after a year living in it but looking back, I'm proud of the decisions that led to it. I started saving money as soon as I got out of college and encouraged my husband (then bf) to do the same. I stand in my success while also acknowledging the sheer luck and circumstances that allowed this to happen. Thank you for sharing your journey with us and I hope you too can take a lot of pride in all that you did to here with no shame. Suggestion for next video: HOUSE TOUR!! Can't tell us you got a new home without showing us what it looks like!

[@AjeyPandey216]

This is actually super helpful for me. I was *considering* buying a condo, but in the location I’m in, it’s still kind of a seller’s market. The threshold of “Only but if it’s a legitimately good deal” doesn’t really apply in my area, and I’m realizing that if I rent, I can get MUCH nicer accommodations while still living below my means and continuing to save money.

[@KA-cy8df]

Wow yaaaaahhhhh!!!!!! So amazing!!!!! We live in Hawaii so it's nice to see someone who is going through the same thing, with the same price range. Love that you share and are so transparent. From the beginning to now so proud of you get it girl. It is inspiring!!!

[@historynerd37]

The budget issue so big. When I got my car (lease to own), several people tried to pressure me to get features that literally added nothing to the value of the car. I had to reiterate to the point of rudeness that my budget was the most important thing, and I wouldn't consider spending more. It's even more important when you buy a home.

[@juliarevaloarevalo]

Congratulations!!! You give me hope. 9 months looking for our home, and counting!

[@jobostyle]

I'm actually surprised that an apartment in NYC is under $1m. We just purchased a new home 30m from Brisbane city in Australia, for $850k. Most properties (including apartments) in the CBD are at least $1.5m + Totally agree that brokers are not the best option if you're capable of managing the process. We started with a broker that nearly cost us our contract and was pushing a not ideal mortgage. Ended up dealing directly with a bank broker for one of the big banks in Australia and got an amazing deal and had a great experience.

[@jadiecakes3241]

the market here in brisbane has gone INSANE!! I bought a block of land in june (burpengary way) and its gone up 100k in value in 6 months.... a house 2 streets away from where ill be building (thats almost the same as what im doing) recently sold for 200k more than im paying in total (i mean instant equity win!) but its crazy. I was speaking to the land sales office and apparently a lot of buyers are from sydney because its "so much cheaper" here because its not yet 1mil

[@natatatt]

Didn't realize the market had gotten that crazy, even in Brisbane (which is a lovely place but not New York). It's sad that so many cities in the West are so unaffordable now - standard, not new 1 bedrooms apartments here in Vancouver are in the 600 to 700k range. : (

[@artofthebudget]

speaking as someone who makes 50k and lives in a place that is not nyc but feels wildly expensive, i loved everything about this video. you aren't rich enough to eat, and i appreciate the care with which you share this information. you definitely don't take that (very reasonable for the area) budget for granted.

[@suhassreenivas1878]

I really appreciate your transparency around costs and salary. It can't have been easy to choose to divulge those details. It's not just transparency for transparency's sake but does give people a good idea on the numbers involved(pulling in and putting up). Screw the pitchforks. Thanks Chelsea

[@catherinesvideos156]

How do you think/feel about the way that being a homeowner changes some of your financial incentives? You mentioned living in an area where new buildings can't really be built because of zoning, and how that benefits you in terms of the home's resale value. But given the current housing crisis and the number of people needing homes in the city, are you now incentivized to resist changes in zoning and new development? Similarly, the good schools come at least in part from unequal school funding formulas and distributions of resources, but the value of your home depends in part on that inequity remaining in place. This is something I think a lot about in terms of economic inequality and the ways that the financial incentives associated with homeownership might drive owners to act in their own financial interest in a way that exacerbates inequality.

[@TheKaurK]

THIS. THIS EXACTLY! I would absolutely love to see a video discussing this- and what people’s obligations are (if we care about equity and equality). If nothing else, all people at least need to be aware of how them purchasing a home in a certain area is going line up with their values, and the impact they’ll have on the community they are becoming a part of. Also, school funding plays a large role in perpetuating economic inequality and it’s not talked about nearly enough.

[@dfjulesful]

It blows my mind that schools in America aren't funded by taxes (correct me if I'm wrong). Makes absolutely no sense that one school might no be able to afford basic education equipment.

[@catherinesvideos156]

@@dfjulesful they are funded by taxes they're just only funded by the property taxes of a very small local community (rather than pooling a bunch of taxes at a state level then evenly distributing them). The more expensive the properties are, the more money there is for the schools but also the richer you have to be to afford to live there so rich community=good schools. There are very few places where there's enough of a mix of expensive and cheap property (rents are also higher where properties are more expensive) that people who dont have a ton of money can be in "good" schools. It is a terrible system that should be fixed.

[@Author.Noelle.Alexandria]

@@dfjulesful When the taxes funding a school are the taxes from the properties near that school, you end up with some schools in rich neighborhoods getting funded by rich people and some schools in poor neighborhoods getting funded by poor people. Richer schools tend to be better schools.

[@mariaskoozynska3486]

I love this video. I really wish everyone on the internet would be this transparent.

[@lillyvanshtup8595]

Love your channel and congratulations Chelsea! I am 42y/o and don't own a home and still not looking to do so in the near future. I don't feel the pressure that some feel to buy a home. Go about life with what works for you.

[@gemmagreene362]

I’m so happy for you both. You have come a long way and actually done this all yourself. Be proud of that.

[@jmacdady771]

Awesome video! I love the idea of passive research every morning - I know from a ton of experience finding rental apartments that when you really know the market and everything available in your desired neighborhood/budget you’re able to immediately spot a good deal and can act immediately on it - because if you hesitate, a deal is gone before you pick up your phone to call and finally make your offer. Thank you!

[@meghenmatta2080]

TDF and Chelsea in particular are so grounded and in touch with the real world is always shocks and amazes me. Yes to sharing your insights disclaimer and all!! Thank you for being so open, honest, and informative! I am a 30 year old who wants to be Chelsea when I grow up D:

[@almag0410]

Congratulations!! I’m happy for you! Don’t let anyone bring you down!

[@Mogster27]

Great video, very informative and great emphasis on this being the right choice for you but not necessarily everyone else. ~$750k for a 2 bedroom in most parts of Manhattan is a steal. Congrats on your new home!

[@maureengermain2442]

You go girl! Thanks for the transparency and the buying notes. These are gems!

[@Samantha661992]

This was really interesting, I'm British and have bought a house with my partner. My understanding is that the process here is different in some ways to the US, as well as the differences in types of homes, sizes, age etc. Would be interesting to see a video on the differences between the US and the UK.

[@FiercelySocial]

Watch Ugo Arinze on KZbin

[@alexandrac591]

I learned recently that in the UK, you can have a house yanked out from under you right as you're about to pass papers. Which is horrifying. Gazumping.

[@GreatWhiteSharkey]

@@alexandrac591 you’re correct! My friend has just been…gazumped 😕 horrid!!!

[@TheKaurK]

I think people who do the UK versus US thing have some connection or history with both the countries. Has Chelsea ever lived in the UK? Otherwise maybe doing a Parisian vs nyc market might make more sense for her since she has lived in France before and her husband is from there too.

[@Aris-Darling]

Really appreciate the transparency here! Takes bravery, and it’s very helpful to us listeners!

[@angelacurran5924]

I've followed TFD for years and know you will have worked hard, saved hard, and made sound decisions to enable you to pounce on this rare opportunity. Thank you for speaking so candidly and sharing your experience. Wishing you lots of happiness in your new home 😊

[@ChloeTheePayne]

CONGRATS CHELSEA YAAAAAAY! so cool of you to be willing to share the numbers and behind the scenes, resources like this make me feel like i'll be able to tackle a financial goal like this one day when i decide i want to prioritize it. and PHOOEY to the pitchforks and the guillotines :D you don't have to apologize for being successful, especially when your entire structure of success sets an example for educating and elevating others as you go. ROCK ON!!!

[@sarasheehy618]

Good for you, Chelsea! I live in NYC too, and it sounds like you got a fabulous, smart deal. Everything you shared (and the classy way you did it!) proves your financial authority and thoughtfulness.

[@purpledcake]

Please don’t feel the need to apologize, the transparency you offer here is awesome! There’s so much mystery around the home buying process, especially in large cities. This information is so helpful! Also, congratulations! 🎉🎉🎉

[@kineticvillagemedia]

My wife and I did the same thing during covid in Seattle and had about the same budget - for almost all the same considerations. it's worth it.

[@stringsgalore]

I’m from WA and these prices are ridiculous. It’s still more financially feasible for me to rent. I need a dramatic dip. Congrats on your purchase!

[@effinxrightt]

The differences in NY always astound me because I own a home in NY, 45 minutes from Buffalo and 45 minutes from the PA state line. My home was $50K. Obviously there are major differences like wages, cost of living, etc from the city but it’s nuts. Congratulations on your home! ❤️

[@lubnan08]

Congrats!! And no need to explain yourself. Be proud of being a homeowner and a successful woman. Why are people wealth shaming you? I wish you and your husband many amazing memories in your new home!!

[@anitan5124]

Thank you for being so transparent. Literally no one does this so MUCH appreciated.

[@whitneyallan8920]

My husband and I recently bought our first house, in a small Canadian city. Bidding wars are the norm here right now, and yet we ended up making the first offer and it was accepted (listing price). We got very lucky and the whole process was very fast. The only real issue, which I didn't expect or anticipate before buying, was that I spent a solid few weeks feeling very anxious after we moved in. I started second guessing everything. Financially, we were completely fine, but I felt like all the things I'd been told about being a *homeowner* were myths sold to us by a generation who bought houses muuuuch cheaper. Within a few weeks, though, we had made enough changes (painting, furniture, etc) to make it feel like our home, and I now wouldn't go back to apartment life. But I think I'm ever asked for advice on home buying, I'd want to mention that to others, because I wasn't told until well after we bought that it takes a while to feel like "yours."

[@channel0athena]

I nanny in nyc, and thus have seen family homes of many different prices.. I've been in a 10MILLION dollar apartment in uws that felt pretty "middle class". So I dont think anyone should be hating on your 800,000 budget. Very reasonable. Your honesty is so appreciated and admired! 🙏🏼

[@bbwforever23]

Also bought a home this year, for only slightly more than your down payment/closing costs 😅 no shade at all, apples and oranges like you said. I love living in Montana but I know not many agree with me. Anyway, sounds like a fantastic move, congrats!! Been watching TFD for years and thrilled for you.

[@jfye10]

Thank you for being so transparent. It really helps me have a better understanding of where I might be

[@FlamedWater]

It feels nice knowing that I'm in a incredibly similar position to you at the moment. Just bought my first apartment, moved in a month ago, so many of your conditions match up with mine, it's a fun coincidence. But what I'm behind on is setting up my space as nicely, we still have boxes lying around ;) Congratulations on making this decision and enjoy your new home! It's amazing to see people grow and expand their field of possibilities and experiences.

[@АсяИванова-ъ8ш]

Congratulations on the purchase of your first home!

[@sb1206]

Chelsea, thank you for being so honest and transparent about your financial journey with us. You inspire me so much to plan for my own future--not the future that others tell me to have! Seeing you lay this out made me so happy for you and confident that I can make my own big purchases when I reach my thirties :)

[@lisali2865]

We purchased an apt in Manhattan this year too. Similar as what you mentioned in the video, historical low price, good interest rate and etc. We got one at low price but needs work. Our monthly payment is lower than rent. We did a gut renovation which is a pain but worth it. After staying there for 9 months, similar apt in my building sold higher than my purchase price and renovation cost. We are very happy with this purchase!!!

[@candice44441]

Congratulations! Thanks for your transparency. You don’t need to apologize for purchasing your home and for being a high earner. You deserve it!

[@SamarkandChan]

I live in a co-op in Norway, and I love it so much. Cheaper and amazingly run. We have a free gym and two electric rental cars that are owned communally.

[@bianca5375]

Congrats! Also, oddly enough, I was expecting the final cost reveal to be more 😂. I live in an expensive Canadian city though (Toronto), so that's basically the going rate (in CAD $) of homeownership here as well - and that's on the lower side.

[@allystanhope4431]

Same! I'm just outside of Hamilton, and that's the price of a small detached home/townhome so I thought surely NYC was more expensive

[@bianca5375]

​@@allystanhope4431 Haha exactly! My colleague and her sister are both nurses and they just recently purchased a 2-bedroom in Hamilton for ~$650,000. I guess the USD$ to CAD$ conversion factors in as well.

[@sunstrike2738]

I live in Vancouver, New York is like actually cheaper than here :') I hate itttt

[@rachelsedlacek1112]

Congrats on your new home! My husband and I also purchased our first home (a condo) in Chicago this year. It's such fun to be a millennial homeowner!

[@thefinancialdiet]

Congratulations!!

[@michaelmcgovern3434]

I just bought a condo in February and this was a great summary! Tbh the buying process was one of the most stressful things I've probably ever done and I think you're takeaways are extremely helpful. I couldn't agree more about how things end up costing more than you might anticipate and also it's a great idea to look at how the area around your home is scheduled to change based on local government/building projects. Great video!

[@epiphanyl]

Tip to get stickers off stuff: use lemon essential oil. Just get a cheap bottle from grocery store.

[@FaivenFeshazion]

Yasss! My sister and her husband snagged a place during Covid in this same range in Boston. WATERFRONT!! So yes, best choice ever. Great job. I wish I was prepared to buy last year as well

[@ashleyluna3508]

I like that you’re so humble and honest. You like what you like and you know what you want. You like big cities and don’t want kids and that’s awesome to hear. Love your channel 💕

[@jembear888]

I love seeing this and thank you for being transparent! I make very little and feel like I have to make a crazy amount to own a home. Your salary is something that is very well able to happen in my career within the next 5 years so it makes me feel like I can do it! So happy for you on your home and that your found the right one ❤️

[@1991AngelAyala]

i love the honesty, def a subscriber now.