I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
@jorgeHudson-h4h19 күн бұрын
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
@PennyBernadette19 күн бұрын
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
@Tanner-c2m19 күн бұрын
Impressive can you share more info?
@PennyBernadette19 күн бұрын
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Rebecca Nassar Dunne” and her performance has been consistently impressive. She’s quite known in her field, look-her up.
@mariahudson993919 күн бұрын
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
@HarvestingFaithHomestead3 ай бұрын
We followed Dave’s plan and got out of debt about 8 years ago. Paid off $65k in 2 years. We then saved up an emergency fund, save up and bought a truck in cash, then saved up and put down about 10% on a house. We got lucky and bought right before Covid and everything skyrocketed. Then we had a baby and she was born with brain damage due to oxygen loss. We spent the next year and a half in survival mode and all but drained our emergency fund. I lost my job when my daughter was a year old, and embarked on starting my own business. Things are still tight, we still live paycheck to paycheck right now, but we made it to the other side of our crisis. I can only imagine how much more difficult it would’ve been if we hadn’t gone through Dave’s plan and still had all the debt and no emergency fund to get us through. The idea makes me emotional just thinking about it.
@rosewoods30073 ай бұрын
life happen, how bad would it of been with debt and no emergency fund
@ingvar19963 ай бұрын
Awesome job, keep at it. Wish you prosperity and health!
@aisherwasher69593 ай бұрын
@@rosewoods3007 if theyre barely scraping by now, then the additional debt payments couldve pushed them into no longer being able to meet those payments. Also, it sounds like getting out of debt allowed them to save for their house. Rent is more expensive (monthly) than biying in a lot of places. The medical emergencies, plus debt payments, plus high rents have forced many people into the streets. Im being dramatic and clearly tough times hit whether you're in debt or not, but we shouldnt underestimate the damage a debt lifestyle can create
@raymondowens88483 ай бұрын
@@rosewoods3007 you are correct it could be done with debt, but that would be a much larger psychological issue to handle on top of everything else. Knowing you don’t owe anything to someone is very, very relaxing. It’s like a weight off your shoulders. It sounds like they certainly needed a weight off of their shoulders.
@eedwards46033 ай бұрын
I hope your baby is okay!!!❤
@sherridevries91443 ай бұрын
My daughter just bought a cute SMALL home at 22! All by herself. She paid off her jeep loan of 5 years in a year and a half. No college debt ( she didn't go). She then saved up 20% of a down payment. A small home that a builder gutted and redid everything on the inside. She did get a 30yr loan and plans on making extra payments 🤞 her mortgage is as much or lower than local rent prices. It has 2 bedrooms so she could always get a roommate if she needs too. So proud of her ! She works at a plastics manufacturing plant
@jimroscovius3 ай бұрын
She's awesome!! Some people are just lazy whiners and want everything handed to them.
@603outdoors73 ай бұрын
My daughter is a rockstar as well, saves her money and has more in her savings at 21 than most older adults. She owns her car, has no debt and rents a nice small place at a very reasonable price for nowadays. Kudos to us, we have taught well!
@parker1981xxx3 ай бұрын
Baloney
@sherridevries91443 ай бұрын
@@603outdoors7 that's so awesome to hear!!!! Way to go to your daughter and you for teaching so well ❤️
@sherridevries91443 ай бұрын
@@jimroscovius thank you! 🎉❤️
@TonyRiley-qb7sw3 ай бұрын
With rates climbing like never before in ’23 coupled with uncontrollable inflation, and our own mortgage now above 7.5% what are the best alternatives/strategies for avoiding a crunch and maximize my savings other than moving in to an RV with my two kids.
@karenwilliams96533 ай бұрын
You are not alone we can no longer afford our mortgage, husband wants us to travel or relocate/I am proposing cashing in, walking away and renting while putting the rest in the stock market.
@zoebakker52113 ай бұрын
If you have the funds to travel you should be able to afford the mortgage.
@karenwilliams96533 ай бұрын
We own a few rented apartments but don’t wish to sell them or make the tenants uncomfortable by inflating rents however I am being more cautious than ever with rising costs.
@karenwilliams96533 ай бұрын
I will be glad to enlist the services of a reputable one. Pls how do I go about finding and vetting them. We know the value of a fiduciary as we have a family lawyer and he has hinted on it occasionally, so we’ve began to consider the idea.
@Donalddavies-gc9rb3 ай бұрын
My speculation. Many Americans are insolvent. Equity in a house will likely be tapped into via a HELOC or straight sale. I believe if they sell, many will go back to renting. And housing supply will inevitably rise. So you can borrow against your home.
@darnellcapriccioso3 ай бұрын
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
@richardhudson12433 ай бұрын
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
@tatianastarcic3 ай бұрын
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
@maiadazz3 ай бұрын
this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
@tatianastarcic3 ай бұрын
Annette Marie Holt is the coach that guides me, you probably might have come across her before I found her through a Newsweek report. She's quite known in her field, look-her up.
@Aaronduckstein493 ай бұрын
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
@SamirSamir-mb2xu3 ай бұрын
My heart goes to the entire community for *DaleValskov* building up something even my grandpa can understand. This is so smart by them to launch it to shatter the doubts and fears of the common folk which is not even correct to begin with. Everyone knows the state of inflation and recession now and the way out is already in progress. Now it's just about catching the big fish
@cerdafiedDeveloper3 ай бұрын
Moral of the video. Yes it’s harder to buy a home today versus 1970. There’s not much you can do other than make more money or move down in home.
@cherylbroadenax10063 ай бұрын
Correct. What r people thinking. Trying to buy a house on minimum wages. While others go get skills or trade or degree.
@TheSpringMood3 ай бұрын
Average home size in 1970 was 1,500 sq ft, now it is 2,700 with a two car garage. Maybe people should lower their standard of living.
@someguy59273 ай бұрын
@TheSpringMood yes but that's part of the problem. Builders aren't building smaller homes, just 3500 sf behemoths bc it's a higher return. Those smaller homes were easier to get into, and then move up.
@curiouscat33843 ай бұрын
And minimum wage in 1972 was $1.60. When I graduated college in 1982 the average starting salary for business graduates was $10K. The problem is TUITION has skyrocketed and the typical starter home then was smaller and older than what young adults think they deserve now. We lived in apartments until we were married and saved for a down payment and that was usually in our mid thirties. Young people now are just spoiled and under the influence of tv and social media. It's not that hard when you stick to a realistic budget.
@apersonontheinternet80063 ай бұрын
@@someguy5927 It's not that builders won't build smaller homes, it is that nobody wants a smaller home.
@stevegolacks87313 ай бұрын
We bought our first home in 2021. Prices hadnt peaked yet but they were climbing fast. We did 25% of our takehome pay, but on a 30 year loan, NOT 15! Now, 3 years later, its 15% of our income since getting very nice pay raises since then. Also, we have 2 more kids than we had in 2021. Just like Daves credit card rule, for the financially literate, there is some wiggle room to be "Dave-ish". If we would have followed Daves advice and got a much cheaper and smaller home, we would be looking to upgrade right about now in 2024, which then we would be losing our 2.75% rate, and climbing into a 7% rate. phew....glad we did what we thought was right.
@JT-bs8wz3 ай бұрын
Dave just gives thumbrules. Thumbrules don’t work outside the median income. Most budget items don’t scale. A guy making $50k is spending 10% on utilities. A couple making $250k isn’t spending 10% on utilities. Dave is cranking out advice to the average consumer, so he can’t have nuance, but you can.
@stevegolacks87313 ай бұрын
@@JT-bs8wz , Exactly! His advice is very good in my opinion, very solid! But, it is advice for the masses, not the "one off". Especially the credit card thing! His survey that he always talks about where they "interviewed" 10,000 millionaires, there is NO WAY you can convince me that all 10,000 of those millionaires, every single one of them, dont have and use a credit card and they use it responsibly. Of course they do! Credit cards are free to use, and makes life easy!
@zsuzsuspetals3 ай бұрын
@@stevegolacks8731 Exactly! I worked in the accounting office of a golf and country club. Every single person had credit cards. I was the one who had to do the monthly charges. Nobody came in there with cash, lol. About half of them used American Express. The rest had some type of travel credit card earning points or just converting points to cash. If a person is in their 40s or 50s and doesn't know how to responsibly used a credit card, interest isn't their biggest problem. 😂
@mikezerker69253 ай бұрын
Completely agree! I keep 1 credit card and I had a 30 year mortgage (paid off early)… 15 years and no credit card is impossible these days. The main thing is to BE RESPONSIBLE!
@Marine1truth6 күн бұрын
@@mikezerker6925 But A credit card isn’t money. It’s a loan to yourself at 20+% interest. Don’t use them if you don’t pay the full balance every month. I have never paid interest on a cc in 35 yrs and I am not rich. A 15 yr rate is almost impossible today unless you had a lot of equity in another home and sold it.
@sanjeevparihar75643 ай бұрын
The efficiency of this *DaleValskov* is next level. To juggle walk throughs of various angles on the topic delivered to-camera, differnet content per topic from various folks underneath the umbrella of the track list of the larger big band concert itself is engaging and refined. To make a dense taccess like this so digestible is really something. Awesome work jack!!
@mohansoren16883 ай бұрын
It's amazing what you do *DaleValskov* We need a lot of people with your skills and set who have good intentions and spread love
@Shivakodli543 ай бұрын
I feel that the last bull run was bolstered by all the money being printed. Major returns next bull run but I think they will be tamer in my humble opinion. A 10x on *DaleValskov* and a 15x on polygon are fair considering how much those two coins are interwov
@mehak21033 ай бұрын
We have been on a recession since the beginning of 2022, but big media and governments all over the world didn’t want to admit it. We need to be wise and use our brains. Knowledge is power and I’d like all the family to be powerful! Just purchased some *DaleValskov* Thanks for keeping us informed during this times of doubt?
@jimba64863 ай бұрын
I was calling out the recession since the second quarter of 2022. I am not nobody so my alarm didn’t go far. It was obvious. For me it was looking at people’s savings and reliance on credit to maintain their “standard of living”. It was absurd then, and it is still absurd now. People just keep borrowing to spend.
@alainbileg98263 ай бұрын
Define recession first. Based on your definition you may be right or wrong. Based on the generally accepted definition, we are not in recession.
@tommycoe23333 ай бұрын
@jimba6486 where are you getting your data from?
@nextjin3 ай бұрын
@@alainbileg9826 "based on the generally accepted definition" The NBER Business Cycle Dating Committee typically confirms U.S. recessions well after they occur, for historical record and analysis. Traditionally, the U.S. government and media have tended to announce recessions based on prevailing economic conditions. For example, recessions were declared by media and government in 2000 and 2008 well before the NBER's official recognition. Under the Biden Administration, the approach to defining a recession has shifted from primarily focusing on two quarters of negative GDP growth to a broader set of economic indicators, including employment data. Interestingly, much of the recent employment data, which plays a key role in the new criteria, has been revised downwards shortly after initial publication for almost an entire year now. Furthermore, there's a claim that the recent job additions in the economy have predominantly been filled by immigrants, not U.S.-born workers.
@Noah_5273 ай бұрын
A recession isn’t based on your anecdotes. By definition you can’t be in a recession if there is inflation. Prices inflate when the supply doesn’t match the demand. A recession is when prices start dropping because nobody can afford to buy AND they don’t. The problem now is folks don’t have the money but they keep on buying. The recession has not appeared yet.
@louismat3193 ай бұрын
Yes Murphys law just paid me a visit. I finally got to the point financial where i owed money only on my car and house, then my HVAC needed to be replaced.
@MooreMathTutoring3 ай бұрын
Something always comes up! It can be annoying!
@marktarbogast3 ай бұрын
The median household income in the US is 75k. The take home for that is around 60k. That's 5k per month. 25% of that is $1250 per month. That gets you a maximum 15-year fixed mortgage of 150k at most given current interest rates. So a budget of 165k if you put down 15k. The only homes available in that range right now on Zillow in my lcol area are in trailer parks. Trailer parks or renting is the only option for half the country if they follow Dave's suggestions. Not blaming Dave btw - The math is the math. But I'm not surprised that most people would rather tolerate more risk than be excluded from home ownership.
@FooFan-b3k3 ай бұрын
Lots of nice homes for 150K here in the mid west. And the pay is a lot higher than places like Florida and Texas. It just isn't as warm in Jan. But living here will allow one to become wealthy. It all comes down to what you want I guess.
@AC-qo8oq3 ай бұрын
That’s brutal. I live in tx and $150k gets you nothing anymore. Ghetto or a condo in the ghetto with high hoa fees
@angelaonthego3 ай бұрын
@@FooFan-b3k”the Midwest” is a big place. Where is this magical land of higher wages and lower priced homes?
@FooFan-b3k3 ай бұрын
@@angelaonthego Lots of places. Illinois, Michigan, Ohio, the list goes on. Having lived in Florida I can tell you the cost of living difference, income vs expenses, is very large.
@mysticaltyger20093 ай бұрын
But Dave might actually be right, the risk may not be worth it.
@LilianaAgnes3 ай бұрын
My husband and I were fortunate enough to be able to pay off our mortgage early. We were both still working, and took the payment amount that we had been using to pay off our mortgage faster and we put it straight into investments. We were able to retire early because of almost 7 years of putting away what would have been our mortgage payment as well as maxing out our 401K/403B plans. Thankfully we were taught by both of our parents the value of living within our means. Thank you for your advice. I know it will help people. we are interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
@FlutterSwag3 ай бұрын
My parents home was bought for 180 and sold for 780, explain how income has kept up with this
@mysticaltyger20093 ай бұрын
It hasn't. They admitted it in the video. A lot of people will have to leave the area where they live if they want to find affordable housing. That is just the hard truth of it.
@FlutterSwag3 ай бұрын
@@mysticaltyger2009 thanks blackrock
@TheSterlingArcher163 ай бұрын
It hasn’t. You’ll own nothing and be happy.
@chrishart85483 ай бұрын
@@TheSterlingArcher16if you already own nothing you understand. If you're not there yet you won't understand until you actually own nothing. Homelessness looks like a choice until it's you living in your car or under a bridge
@roguej23 ай бұрын
You talk like somehow you’ll convince life to be fair. It won’t. Income will remain unequal, people will be impoverished, children will get cancer. You can’t emotion away that reality. All you can do, is take control of what you can control, that is what Dave is advising. You control your debt, you control your savings, you control your risk by not taking on large loans that you may default on.
@rajeshvishwakarma43263 ай бұрын
*DaleValskov* has the most potential to do more than X10. ETH and BTC will most likely do a X5-X6, but that's fine for me. Gotta look for better entry points while I stake IRIS and PGEN, then wait for Polygen's next raise as I also look at their new partnership with Kenzo Ventures
@tarahholden6563 ай бұрын
I disagree with waiting until you can afford a 15-year. We got a 30-year loan. Extra money goes towards it, but houses here have gone from $400k to $800k in about 7 years. Our house is old, about 1500 sq ft, not some luxury situation, just very high COL area. Our mortgage is significantly less than rent on a tiny 1 bedroom apartment.
@matthewphillips54833 ай бұрын
People trying to buy right now have it much tougher than you did.
@DanielGonzalez-zc6kw3 ай бұрын
@@matthewphillips5483 you missed the point. If they would have followed that rule and waited, home prices would have still shot up and they would have lost out on 400k equity. They would most likely still be renting.
@matthewphillips54833 ай бұрын
@@DanielGonzalez-zc6kw So your point is to do whatever you can to buy a home? No matter if you can afford it or not? No matter what the price or interest rate? Nice advice, dude, I think i'll pass.
@DanielGonzalez-zc6kw3 ай бұрын
@@matthewphillips5483 I'm not sure how you came to that conclusion, especially considering the fact that I gave no advice. I don't know your financial situation, debt, income, etc. I simply stated you missed the point and if they would have listened to Dave's advice they would have been screwed.
@matthewphillips54833 ай бұрын
@@DanielGonzalez-zc6kw People like you forget that buying a property is a journey. It's easy to look back (survivor bias) and say "see, they made a good call because they have xxx,xxx equity!" However, many people get in over their head and get foreclosed on in the first 5 years because they purchased more home than they can afford. Although I think Dave's advice of 25% of net over 15 yrs is ridiculous and unrealistic for most people, it would be crazy to go over 30% of gross for 30 yr fixed.
@jurrienrelker3 ай бұрын
I love your preachings during your financial programms.
@dustinadair78933 ай бұрын
Dave’s formula to buy a house puts the majority of the country in a one bedroom one bathroom 500 square feet shack in rural Montana, and that’s probably pushing it.
@jimroscovius3 ай бұрын
No, it doesn't. Don't buy if you can't afford it.
@tommyatkinson73123 ай бұрын
Average household income in America is about 75k. A 15 year fixed at 6.8% gives a $1334 payment for a $150,000 house (not including taxes and insurance), which is still just above the 25% threshold. In a city like Chicago, that’ll get you a 1 br condo in a good part of town or a house in a bad part of town.
@thewewguy8t883 ай бұрын
More or less
@Shortballa113 ай бұрын
@@tommyatkinson7312nah 150k gets you that in a bad neighborhood in Chicago
@Xenos-rx3bo3 ай бұрын
Which is why you shouldn't follow his advice especially if you're a first-time home buyer. Take the 30-year fixed, stay out of any other debt, and pay off your mortgage early instead of spending more years saving up for a 15-year fixed and never being able to afford anything decent.
@MrJimmy34593 ай бұрын
At this point just get a 30 year, stay out of ALL other debt and try to pay off the house as fast as you can
@K4R3N3 ай бұрын
Car loans are terrible
@syrentertainment1353 ай бұрын
This!!!
@SherryEllesson3 ай бұрын
I agree 100%, and if possible, go into the 30 yr with as clean a credit history as possible.
@crashtestdummy19723 ай бұрын
Yup!!! Most people won't though. But for the ones who are good with money do this!
@TheDjcarter19663 ай бұрын
This makes things more realistic, get a 30 year and try to pay it off in 15 but if a major life crisis happens you only have the small 30 year payment to make. Nothing wrong with paying it off in 20 years and as Dave said odds of you being there in 20 years is slim anyway. Even simple strategies like bi weekly payments or an extra $200/month to principal will cut you time to 20 or so
@codelessunlimited77013 ай бұрын
Inflated housing, deflated income and hyper inflated costs of living. This is the new era of American Dream.
@lingra14383 ай бұрын
Right
@mysticaltyger20093 ай бұрын
Like the World Economic Form said in 2016. "You will own nothing and be happy". Of course, what they meant was "You will own nothing and we will be happy about it".
@vevasika3 ай бұрын
If you’re an illegal immigrant though you can qualify for a free hotel room and a debit card for food. How nice!
@actual_doge32212 ай бұрын
I really want to move to a foreign country, but idek where. I've never even traveled out. I don't have money to go, I'm working on a bachelor's anyway. But everywhere has its problems.
@A77-c5h2 ай бұрын
@@mysticaltyger2009 Don't forget the eating bugs part! 😮
@beaniemac3 ай бұрын
I'm a long time homeowner and I'm still looking for the homes that cost 25% of ones net income on a 15 year fixed rate mortgage 🤔
@JT-bs8wz3 ай бұрын
It’s me, I’ve bought all homes at that percentage. But I live in a neighborhood far below my means. Still nice neighborhoods, but people are still shocked when they learn what my wife and I do for income.
@thedopplereffect003 ай бұрын
They don't exist
@amireallythatgrumpy65083 ай бұрын
In other words you have zero skills so you have a crap income.
@ryant25683 ай бұрын
At todays interest rates they don't exist for most people.
@SonnyBubbaАй бұрын
At today’s interest rates, a mortgage of 2x your salary before taxes gives you the payments that Dave is describing. $70,000 salary: $140,000 mortgage. That’s the math.
@joelmartinez22783 ай бұрын
Newly built houses are not only very expensive, but the quality of them has gone down. Poorly and cheaply built.....waste of money.
@as22233 ай бұрын
Same with new cars. Overpriced junk
@Big-Government-Is-The-Problem3 ай бұрын
yep, a 100 year old home will likely have old growth wood which is very strong and doesnt compare to the 30-50 year old trees we use today.
@RobertBolger-e8b3 ай бұрын
We love our new build! Built in 2020, and value has gone up 60% already. Next month, we are moving for my job with my company (all company paid), and will sell. The area we are moving to just by chance, is much much cheaper than where we are now. I will be able to use just the equity I have now to purchase the same house outright where we are going to. I will be mortgage free at 29. sweet!
@zachjones23463 ай бұрын
That's just because people are opting for cheap everything because they care more about the size of the house than the quality. You get what you pay for.
@MichaelAnderson-wk1no3 ай бұрын
That's a myth people say. Just ask a home inspector about the average quality of a brand new, up-to-code home versus one that is several decades old.
@Mr.Boring_Man3 ай бұрын
My wife and I bought our home in 2017. We were eligible to get one for 3 times amount but we see this home as our forever home, and the real estate industry created term, "starter home". It's not a retirement plan. We put money away in annuities and 401k plan. We're basically making it into what we desire. We didn't have a "dream home" in mind. Location and safety was a big priority. I've seen people often get gigantic home loans and barely spend time in them because they have to work to afford them. Dream home they can only afford to dream in.
@brentlorrilliere60573 ай бұрын
please go look up the 2024 values of the houses that you could have bought with 3X the mortgage back in 2017. If you gained 100K in equity since on your current home....the 3X version of your home gained 500K. I know Dave went bankrupt over leveraging himself, but doing the opposite of his plan would have grossed way more since 2020. All my neighbors who maxed out their debt at low interest rates by refinancing, are putting in lavish kitchens, pools, backyard kitchens, new bathrooms. The Jones's" all came out cash flow positive on taking more risk and they are laughing at me. I did the Dave plan...I am baby step 7, but now have to pay 2X-4X the 2017 cost for any repairs / renovations that are needed on my house. Had I not done the plan, I'd likely be getting a bail out when the housing market crashes just like my neighbors will.
@dustinadair78933 ай бұрын
3:50 yep - bought a house - had to put a new roof on the addition living room within the first year. Had an emergency fund - not nearly as stressful as if we had nothing.
@kathurtado133 ай бұрын
"Your forever home is Heaven" that part 👏👏👏👏😮😮😮😮😮😢😢😢😢😢😢
@jji76673 ай бұрын
*your*
@joejohn.3 ай бұрын
it's Evan
@kathurtado133 ай бұрын
@@jji7667 thanks 😊
@siva479313 ай бұрын
Didn't he say to marry the home? So he advocating for divorce
@oloroo19793 ай бұрын
He's absolutely right!
@Deviceguy3 ай бұрын
It is still possible, although difficult for most. My wife and I just put 20% down on a 440k house. Our income is 180-200k before taxes. No debt. 6 month emergency fund of 30k. Mortgage is 6.875 on a 30 year conventional fixed. 15 year seems bizarre when you can just add principle payments each month. We will refi when they go down. It’s tough, but possible.
@RepentImmediately3 ай бұрын
And if you were single?
@arthrodea3 ай бұрын
Do the math on that 30 yr mortgage at 7%. You will pay three times the actual price of the house . Money at at 7% rate doubles every 10 yrs.
@sarahuber85673 ай бұрын
You have the benefit of a high income.
@TheDjcarter19663 ай бұрын
Dude you make over $175k thats top 10% of the country, you aren't normal!!!
@Delion4203 ай бұрын
Work hard. Make more money. Live well below your means.
@kimgriffith35973 ай бұрын
The banks in New Zealand will now only give a buyer 6 x their yearly wage. You need 20% deposit, average house price here is $800,000
@JoeyNYSDnomad3 ай бұрын
I usually agree with dave, but there is no denying housing, rent and buying a house are way too expensive for the average person.
@rillawhat81423 ай бұрын
💯👍🏾
@mysticaltyger20093 ай бұрын
They are. Unfortunately, that means you have to adjust your lifestyle downward to your income. For me, that meant moving back in with my mom at age 52. It sucks. And I know other people don't have that option. But many others could do similar things to remain financially solvent, but won't.
@chrishart85483 ай бұрын
@@mysticaltyger2009 have no kids and live in a 1 bed that's my advice. Don't live with parents that's messed up.
@kyleinpa52853 ай бұрын
Holy fucking shit! Dave finally admitted that incomes have not kept up with housing!
@kornegaylwify3 ай бұрын
Looks like Dave actually did some research on the current status and didn't rely on what he did 10 years ago
@jojokeane2 ай бұрын
And that's the one takeaway you'll get from this video, ignoring everything else he said. He also said people are buying more crap than they need. Listen to that advice as well.
@A77-c5h2 ай бұрын
Americans generally have a spending problem...not an earning problem.
@arcticredpanda4598Ай бұрын
but you can buy a house with a payment 25% of your take home pay
@Bethelgal423 ай бұрын
Rachel is spot on. We can no longer afford the house we currently live in. If we were in the market to buy today, instead of 7 years ago, we would not have bought our current house. In the last 7 years, our house has gone up in value about $100,000.
@mysticaltyger20093 ай бұрын
I think you meant "afford"?
@andreawilliams49773 ай бұрын
We couldn't either. Our value has doubled in 7 years. It's insane.
@Bethelgal423 ай бұрын
@andreawilliams4977 We bought our house in April 2017 for $130,000. There's a house just like ours in our neighborhood on the market right now for $275,000 and they will probably get it. It's crazy.
@malstarrainbowАй бұрын
Good for you that your home value went up.
@AnoopKumar-q4t3 ай бұрын
Can't deny the fact that *DaleValskov* is the strongest bet to bring power back to this industry after we suffered FTX, Celsius, Tera and so on. Sure if they fail it's done for good, but I don't see that the biggest tech company in the world would put everything at risk just for that.
@Jack-pd4ps3 ай бұрын
What’s also tough is to spend 4 years waiting for a crash to only see everything go up. Homes are still going up in value and many people who were waiting for a crash have gotten priced out.
@joejohn.3 ай бұрын
I'm not waiting for a crash. I'm waiting until I've saved up enough to afford anything without moving away from my family, including my aging parents.
@as22233 ай бұрын
Yup. Then they give in and buy at the worst possible time, then the crash happens shortly after they gave in. Usually how it goes. Only buy if you plan to stay for a long time or can find a great deal on a fixer.
@kbanghart3 ай бұрын
@@as2223I wanna sell soon, but im afraid of paying a high interest rate with my next mortgage :/
@JGSH133 ай бұрын
Yep. Shouldn’t have waited. Me and my two brothers all bought houses prior to 2020 working hourly retail. Now we’re chillin’.
@GigaChad_1693 ай бұрын
I had a divorce attorney that I was interviewing after I got the “Im not happy” delete sentence out of the blue. He recommend that I sell and wait for the crash…glad I didn’t hire him…the guy was all sizzle and no steak judging by his office decor and pompous attitude. I ended up preserving wealth by cutting a deal to not liquidate a property at fire sale prices.
@iseepandas13 ай бұрын
If you don’t make six figures than consider Mississippi the only thing in your budget..
@eggman97133 ай бұрын
Or a falling down house in a bad neighborhood.
@horrordirect3 ай бұрын
Ohio
@mysticaltyger20093 ай бұрын
Probably not true, but not far from the truth, either. Parts of the Midwest are still affordable as well.
@eggman97133 ай бұрын
@@mysticaltyger2009yeah because it’s really easy to just pack up and leave the place I was born and raised and where family is buried and where elderly relatives who need care are, throw my career out the window, and move 3/4 of the way across the country just to buy a house.
@audreyandrea4603 ай бұрын
@@eggman9713 so you can’t move. But some people can.
@krassimirpetrov71313 ай бұрын
Some people are really going to have a rude awakening to see how much things cost to fix 🤣 I do most of it myself but still prices at Home Depot up 50-70% for some items
@BREEZYM60153 ай бұрын
I'm calling you when I need something fixed. 😂
@mph58963 ай бұрын
Yeah, stuff is expensive. Roof on my house was $10k (cheap) 2 years ago. Driveway needs replaced @12k. But I bought 9 years ago and know exactly what condition the house is in and what it will need over the next 10 years
@krassimirpetrov71313 ай бұрын
@@mph5896 roof prolly 15-17 now
@krassimirpetrov71313 ай бұрын
@@BREEZYM6015 all good you can but damn I wish it was cheap ! I just replaced my kitchen sink pipes cuz leak. Cost me $49 plumber wanted $450 ..but before that would be $15
@johnmayer47473 ай бұрын
Well you always have to worry about the insurance and land tax that will go up. Your escrow will go up, so your whole mortgage goes up regardless.
@shanada24323 ай бұрын
Yes when we bought in 2018, our mortgage was $1200 property taxes have gone up and so did our home insurance so our mortgage was going to go up to $1400 we refinanced and got rid of our PMI got it down to $1200 and property taxes went up again so now we are sitting at $1300 😅. This is with a 30 year fixed so no matter what your mortgage payment can still fluctuate.
@user-rw8zj1td9v3 ай бұрын
Followed the Ramsey rules for home purchase other than 15 year...could get into that....but couldn't be happier. Some people have bigger houses but we have a life lol.
@Happey673 ай бұрын
People have all these advanced degrees and cannot think elementary thoughts. Too much debt is such a stressor.
@eggman97133 ай бұрын
Too much debt is a stressor, but so is getting shafted by the corrupt system that the boomers like Dave have built. The social contract is broken and housing has become unaffordable for many more people in recent years. This is the kind of trend that breeds resentment, anger, and may be the cause of actual civil unrest and conflict if it continues on the same path.
@FrankS1113 ай бұрын
Remember in 2021 they told you not to buy a home and keep renting? Now your rent is up 20%-30% and homes are up 40% and interest rates are up 100% 🤣🤣🤣🤣 “By 2030 you will own nothing and be happy” WEF
@TheUncommonKIBBLES3 ай бұрын
Who is “they” that told you not to invest in home?
@FrankS1113 ай бұрын
@@TheUncommonKIBBLESmaybe you need to go watch some videos from 2021 where they tell everyone NOT to buy a home unless it is 1) a 15 yr fixed mortgage 2) less than 25% of take home income 3) have at least a 20% downpayment 4) pay more in closing costs with manual underwriting 🤣🤣🤣🤣
@johola3 ай бұрын
@@TheUncommonKIBBLESluminati and such 😂
@PepeToTheMooon3 ай бұрын
“Pssshhh that’s just some conspiracy theory!”
@Cookieboy703 ай бұрын
@@TheUncommonKIBBLESseems like you haven’t followed Ramsey very long. People who stuck to his rules in 2021 who didn’t buy a house when they could have afforded it is definitely worse off now.
@MustardseedMomma683 ай бұрын
We own a home, but it’s hard to do upgrades. It’s frustrating because we have constant medical bills…I mean CONSTANT. 25% of our income goes to medical. We are ALWAYS in medical debt. Medical, not cars, or college, or credit card payments. It’s so discouraging.
@siva479313 ай бұрын
Medical debt is the symptom. Your poor health is the problem
@voidfroze3 ай бұрын
@@siva47931 wow, yeah. they should just get rid of their health issues, what a novel idea
@TheDjcarter19663 ай бұрын
@@siva47931it could be chronic but that's some terrible insurance you'd think not even Obamacare plans would be that bad, most plans I've ever seen cap your overall spending at around $10k per year
@BelieveOntheLordJesusChrist8363 ай бұрын
Well, I heard Dave Ramsey‘s advice a while ago, and was reminded of it today and think it’s pretty good advice. Set aside an emergency fund and get out of debt. A lot easier said than done though please pray for my wife and I to be able to accomplish this.
@kaydublin51643 ай бұрын
My hubby and I are blue collar, we bought our home 25 years ago new, 171k, 3 bd/2 1/2 bath,we couldn’t even touch this house today, Zillow price is 493k. We paid it off last fall. 😊
@PSCA19883 ай бұрын
I hope the property taxes have gone up enough to be reflective of the homes increased value.
@kaydublin51643 ай бұрын
@@PSCA1988 actually we pay high taxes anyway where I live, my local taxes just went up $63 bucks, I’ll take it, school taxes go up a few bucks every couple of years.
@TheSterlingArcher163 ай бұрын
Blue collar workers following in your footsteps now have to live in a trailer. Yippee!
@kaydublin51643 ай бұрын
@@TheSterlingArcher16 my husband has worked 55-60 hours a week. Try doing that for 36 years, m-f 530 am-5 at night plus every other Saturday 7-12, plus I worked 2 jobs. Try more work less whine.
@kaydublin51643 ай бұрын
@@TheSterlingArcher16 get two jobs like we did, 4 jobs between us!
@iFlyTheWorld3 ай бұрын
Home buying varies a lot depending on where you live. Here in Sydney the average home price is $1.4M and apartments $861k. These are not fancy homes. So it's difficult for many people.
@joejohn.3 ай бұрын
To follow the 15y 25% rule anywhere within about 100 miles of where I live, I would need an income of roughly $300k AFTER taxes. That's a standard SFH from, say, the 1960s or 70s. Likely very dated on the inside. $300k/year.
@mattcollins45503 ай бұрын
yep that's one of the areas Dave's advice is woefully out of touch on
@danimal66873 ай бұрын
I agree with everything except the 15 year, especially as a first time buyer. I’m 27 and make 90k a year in a major metro in Texas. With the 25% take home rule, the most I could afford would be 1350 a month. The only places I could afford to buy are places I wouldn’t even be making the same income. Sorry Dave but the 15 year is just not an option in this market.
@TheDjcarter19663 ай бұрын
Just get a 30 year and pay it off as fast as you can while making sure you have that emergency fund
@FooFan-b3k3 ай бұрын
Sounds like you don't make enough money to live in a major metro in Texas if you want to own a home.
@danimal66873 ай бұрын
@@FooFan-b3k well I make more then the median household income of the area by myself so I don’t think my income is the issue…
@FooFan-b3k3 ай бұрын
@@danimal6687 Perhaps a median income where you live isn't enough to buy the house you would like. It sucks, but it' seems fairly common in many of the hot spots where everyone wants to live. The guy who sold his house in California for a big profit and moved to Texas might have an advantage over the locals.
@SamLee-e3b3 ай бұрын
Dude buy a house in BFE Texas or even better Oklahoma and rent it out. Oklahoma is CHEAP.
@JustinClawson-ix1ic3 ай бұрын
The crypto market has been unfavorable for months and I keep losing my money selling-off during dips, I'm very scared of holding right now,how do you guys still make so much….?
@JustinClawson-ix1ic3 ай бұрын
Any info on how i can liaise with her, i'm new at this
@RileyWilliams-lq3jh3 ай бұрын
You invest with sonia campbell too? Wow that woman has been a blessing to me and my family.
@JackWilliams-hp5ip3 ай бұрын
Exactly and many of us don't know where to invest our money so we invest it on wrong places and to the wrong people
@MattGuzman-ug8dl3 ай бұрын
Despite all the financial struggles i and my family faced, everything is finally falling into place! $47,000 weekly profit and riches I'll always praise the Lord!!!
@DavidMcgrady-mo9fi3 ай бұрын
I'm a long term investor, I withdrew my profits of $61,000 during the xmas period last year
@gilzuniga66923 ай бұрын
Thank you I needed to hear this, I’ve felt like a failure the last year for not being able to afford a house. I make around 320k a year and here in South Florida the housing is crazy. 500k studios.
@Thurgor_Supreme3 ай бұрын
Would y'all agree that $4800/month is pretty decent take-home pay? Because with today's interest rates and Dave's math, that'll set your budget at about $170k. What even is that today?? A 2-bedroom shack out in the country??
@robyurkanin42323 ай бұрын
Yeah Dave’s advice doesn’t work in today’s environment.
@leahwolber70822 ай бұрын
That’s why most homeowners are dual income.
@jasonligo895Ай бұрын
The biggest stress is living in NJ where the politicians will find every excuse to raise your property taxes based on the increase in home value, yet wages do not keep up.
@WewLaddie3 ай бұрын
Dave I’m sorry but you’re living in 1970 still. Home prices have almost doubled over the past 5 years alone. People are struggling with shelter.
@upperhandcustoms113 ай бұрын
I agree that prices have increased but do have wages. The bigger issue in my opinion is that peoples standards have increased too much. Lower your standards and you can afford it.
@electronsauce3 ай бұрын
What is the comment based on? He said basically the same thing
@williamedward31983 ай бұрын
Pick up a 4th job and you should be alright.
@HOLDXSTEEL3 ай бұрын
@@williamedward3198na a 5th and 6th job you whiney baby
@jimroscovius3 ай бұрын
Houses are more, but people are making more. Stop whining!! Don't buy a house if you can't afford it. My kids are working, renting, and doing just fine.
@davidmathis36122 ай бұрын
I had a pipe leak the first week i moved into my house. Emergency funds are a thing for a reason!
@BB-gd5pk3 ай бұрын
Maybe importing tens of millions of foreigners wasn’t a good idea. More demand equals higher prices for everything.
@RepentImmediately3 ай бұрын
Boomers own more homes than anyone
@FooFan-b3k3 ай бұрын
Whats your source that ten of millions of foreigners have bought houses in the last 3 years? Do you even try thinking for yourself? Or do you just blurt out whatever hate or ideocracy that crosses your mind at the time?
@tristan23323 ай бұрын
@@FooFan-b3kThey aren't buying now but will at some point be buying or renting will be a strain on housing.
@FooFan-b3k3 ай бұрын
@@tristan2332 So let me get this right. People coming here with nothing can afford to buy all the houses even though they have no skills? Sounds like we need more of them and less lazy Americans if what you say is true.
@rebeccalindley1533 ай бұрын
@@FooFan-b3k The government buys them houses, and prices you out of the market while doing it. Get on a government website and see for yourself.
@WanderingSwitchback6 күн бұрын
VA loans do not have the same fees for disabled veterans as for those without service-connected disabilities. Most vets have (or at least would qualify for) some level of service-connected disability. If you're a vet out there, and you aren't yet service-connected, go see your local VSO (veteran services officer), which is FREE, to get your claim going or to be re-evaluated.
@TCR20253 ай бұрын
Dave is great for getting out of debt advice, but is still 2-3 decades behind in buying a home advice.
@cherylbroadenax10063 ай бұрын
And your suggestion is ?
@SonnyBubbaАй бұрын
“If you can’t afford it, don’t buy it” is the old-fashioned out-of-style advice these days?
@youtubemobilegaming3 ай бұрын
Prices of houses can be brutal combined with interest rates. I have no debt, 20% down payment and dont care for a large home as long as its well built. Nearly nothing in the area I can afford. If interest rates drop to 2-3% then it would be easy to do but at 6-7% its very difficult and not worth it for me. Canada has terrible interest rate plans. Its 3 or 5 year fixed or fully variable. Very rare to get a 15 year fixed sadly.
@Francisco-po1cf3 ай бұрын
I bought a house in 2020 with 2 car loans. Now the car loans are paid off and I’m glad I didn’t wait to pay them off first before buying a house.
@Jd4oor24 күн бұрын
This segment was really well done. Full of great info, particularly for an aspiring 1st time home buyer.
@appleiphone693 ай бұрын
Factor in moving costs.
@GregActonCPA3 ай бұрын
As life progresses I find myself more and more aligned with Dave. I have no debt outside of my personal residence and a few rental properties. My financial goals now are to pay off the rental properties ASAP and then my personal residence. Then I'll snow ball that money in to purchasing more rental real estate.
@Elizabeth_lowkeyluxuries3 ай бұрын
I have several neighbors who are now living with their kids, or the adult kids are living with them. My sister has two of her adult kids now back living with her. They're all working FT and doing everything they can. I definitely see multigenerational living making a big comeback and less stigmatized as everyone tries to ride this storm out. Hang in there!
@mysticaltyger20093 ай бұрын
Yep, that's me. I moved back in with my mom at age just over 2 years ago 52 after more than 30 years of living on my own without parental support (other than modest cash gifts for birthdays & Christmas). Working a low pay job and no way I can afford to rent an apartment let alone buy a house. However, I do have retirement savings, just not ready to tap it yet. I've probably got 1 more year to go before I"m in a financial position to rent my own place or to buy something.
@Elizabeth_lowkeyluxuries3 ай бұрын
@mysticaltyger2009 good for you! Just having retirement savings will put you so much further ahead than a lot of people right now. Your discipline will definitely pay off
@mysticaltyger20093 ай бұрын
@@Elizabeth_lowkeyluxuries Thanks. I've always been a frugal weirdo compared to the norm. I can't wait to leave the work force, so saving is easy for me.
@j.l.salayao8055Ай бұрын
Our kids never left home since the day we adopted them. Our oldest passed away when he was just 1 year old, our second one died due to diabetes during a road trip, our third one had a cancer and passed away in my arms, our last one is now a senior and have back problems that I have to carry him every now and then. After all these years, we have been so blessed to have these four legged (dogs) companions with us. Thank you for letting us share.
@Elizabeth_lowkeyluxuriesАй бұрын
@j.l.salayao8055 that's the hardest part is letting them go ❤️. I'm positive they'll all be greeting us in heaven one day ❤️
@ForTheMoneyCash3 ай бұрын
Dave’s plan works. I have worked the baby steps two separate occasions gotten out of debt and saved a large emergency fund. However, I would like to ask Dave if he would ever adjust the baby steps to reflect a more current economic time. Home prices are going up very fast I believe in 10 years the average price for a home will be 750 K to $1 million. Should people Invest more than the 15% to keep up with inflation
@ForTheMoneyCash3 ай бұрын
He’s right about that once I got out of debt. My life became a lot less stressful and I feel free. The less payments you have the less you have to worry about on a monthly basis and you can focus your attention more on the things you actually want to.
@Asto5083 ай бұрын
The prices cannot rise infinitely, at some point the demand will just drop hard and with that, the prices will eventually fall. Nobody is earning enough to afford all these houses.
@ForTheMoneyCash3 ай бұрын
It would be nice if home prices stop increasing @@Asto508 but the prices will continue to rise not as rapid as they have but every year they will consistently get slightly higher and higher. In 10 to 12 years, the prices of homes will double not to mention more money will be printed reducing the value of that money. Not to mention, a large portion of homes in America are currently owned by a few big corporations That buy those houses as write off
@antoniorezik40723 ай бұрын
Why would you do a 15 year mortgage? Why not 30? You can always pay more into it but you cab never pay less. If you lose you job or have an issue that prevents you from earning an income then you're much better off being able to lower that mortgage payment to the 30 year rate, otherwise paying like it is a 15 or 10 year mortgage
@darrengeorgetown67583 ай бұрын
Exactly. For a guy that is always talking about risk how about the risk of having that payment being so much higher in an emergency.
@smizzzy12403 ай бұрын
@@darrengeorgetown6758because it guarantees you save thousands in interest over the term of the loan, which is why it also comes with the 25% rule. You can’t leave out the obvious risk management part of it.
@darrengeorgetown67583 ай бұрын
@@smizzzy1240which is why you pay it down like a 15. If a job loss happens it's not as painful as you can then pay it as a 30 until the emergency is over. Best of both worlds
@Lugnut640523 ай бұрын
Because you save thousands in interest and the payment isn't that much higher. Also relives you of the discipline factor of having to consciously make double (or more) principal payments. It's the very same discipline trick as cutting up your credit cards. If you just know your world is going to cave in on you, then it will.
@amireallythatgrumpy65083 ай бұрын
@@darrengeorgetown6758 Sounds great in theory, but in the real world nobody has the discipline to do that.
@laserwizard23 ай бұрын
Just paid off my car a year early - taking that payment and paying down several credit cards. Am working to pay off the lowest balance in 6 months and then taking that payment and the old car payment and paying off the last card in 8 months after that. I pay cash now for everything - still adding to my emergency fund - if I don't have cash to buy something, I wait until I do without having to tap into savings. Dave's system works.
@christianrapallo98502 ай бұрын
A 15yr fixed is still out of touch Dave. If I get a $300k house and put 20%, I’d need to take home $12,400 per month to afford the mortgage with taxes and fees. That’s a $150k per year take home. How is a first time buyer supposed to do that?
@christopherhemstad6617Ай бұрын
Your math isn't tracking. I am getting a little over 2k a month on mortgage, you could float that with an income of 5k per month.
@ianlipscomb46342 ай бұрын
I live in the DMV area a mortgage 25% of my income would be $1400 a month. There is absolutely nowhere I could live for that even with 20% down.
@Shortballa113 ай бұрын
I put down 9% and got out of PMI due to great credit score. Credit score is very beneficial is some cases
@voidfroze3 ай бұрын
Whoa, I didn’t know that was an option! What’s your credit score? And did you have to ask for them to remove the PMI, or did they just “automatically” remove it based on your score?
@Shortballa113 ай бұрын
@@voidfroze 760ish. They did it automatically. I was talking through the numbers with the mortgage lender and I asked about the PMI, and they notified me they placed me into a conventional loan rather than FHA since my credit score was good. It may have helped that I took their Home Buying course as well. but they only mentioned the credit score. Either way PMI is not mandatory and its negotiable if you do it the right way.
@TheDjcarter19663 ай бұрын
Weird I never thought about it but we put down 10% and didn't have to pay PMI and I never questioned it because previously I always used my VA, but I have a credit score around 810. Yes I'm that person that puts everything on credit card and pays it of every couple weeks. And I don't even have one with miles,lol guess I'm missing out
@apersonontheinternet80063 ай бұрын
@@TheDjcarter1966 VA loan exempts you from PMI.
@Shortballa113 ай бұрын
@@TheDjcarter1966 agreed with you. Credit works in favor of those who are smart with their cards.
@Marqjosh3 ай бұрын
In NJ, specifically central and North, houses (2 family homes I’ve been searching for) have gone up on average WAY over 20 percent. I’ve gotten some raises but no matching that percentage. Not to mention the increase in tax, utilities and other necessities. As a single person at 31 I don’t have the option to buy a home in a decent area by myself in this state, I think not mentioning the state you live in and being restricted to it due to family obligations is a big miss on this video. I’m also god with my hands and have contacts to help with some maintenance for a two family to secure decent rental revenue even considering that my location leaves me feeling hopeless. Nonetheless great info in this video
@James_Hough3 ай бұрын
The concept of a "starter home" needs to make a resurgence. In 1950, the average size of a new home was 983 sq feet. The average family size was 3.5+ people. The average new house now is over 2,200 sq feet and the average family size is just 2.5 people. Granted, we're fatter now, but a first house need not be over 2,000 sq feet or even over 1,600 sq feet. Southern California folks- sorry, you're screwed, but you chose to live there.
@RepentImmediately3 ай бұрын
Empty nest Boomers own most of the family -sized houses.
@James_Hough3 ай бұрын
@@RepentImmediately "what do you call a "family-sized" house. That was about 1,000-1,400 sq feet not that long ago.
@maryangelica53193 ай бұрын
Unfortunately smaller homes are seen by builders to not be as profitable, so there isn't much in the way of supply for them. My current home which we got last year is 1680 sqft and we were very lucky to find it, but we're a family of five and will probably be larger in the future...
@haley25423 ай бұрын
Most people buy the house they want, not the house they can afford.
@Fatnutz1553 ай бұрын
Thats the biggest issue right there
@MarkYeung13 ай бұрын
Absolutely. And that's the problem
@SuperEddietv3 ай бұрын
The house they can afford doesn't exist or is in the hood. Median income is allegedly 67k a year. 1395 a month mortgage before all the add ons, according to Dave's plan. Where exactly is that again? I am master carpenter barely making more than that lately so be careful before you insult other hard working Americans. That is a thing on this page.
@haley25423 ай бұрын
@@SuperEddietv Don’t insult hardworking Americans who save and sacrifice and pull it off. My husband was making 80k/yr in 2022 when we bought our $250k house, NOT in the hood and NOT in out in the country either, actually in the one of the fastest growing safest cities in Ohio. We put $75k down. It’s an ugly home, everything is old, and we are slowly saving and cash flowing the improvements over time. I have the oldest uglies home of all our peers but we’re no doubt in the best financial place and I’m a stay at home mom.
@SuperEddietv3 ай бұрын
@@haley2542 I've made less than that, 3 years running and the lowest house for me and my tools is in the 400 range here in central Florida. I had 50k down for a house 5 years ago....meaningless. We've barely crawled out of the hole from the last depression in 08 and they toppled the economy again. At 58, I work harder than any crew of 4 illegals, just to do what I do and it is washing away, dipping into my down payment and by the end of the year, I will probably be into an emergency fund......at this rate. Right now, as I type, The median home price in my county is 384K, depending who you follow. It is an insult to blue collar Americans and Americans who make the median. According to Dave's plan, the mortgage for these majority of Americans is 1288.46. Where is that at? Rents top $2000 here with the average being about 2350. That is for an apartment as there are no houses available and I rent 2 warehouses on top of that to house all the tools I use. Master Craftsman is meaningless here mostly now because of illegals and penny pinching. Kudo's on the stay at home mom. Total respect for that.
@shaunmabey97903 ай бұрын
House prices in the UK are even worse. You can expect to pay between $250,000 - $400,000 for a 1000square foot home. And average wages are only $40k. To get something that's a 15 year mortgage and 25% of you're income you're looking at a 200 square foot flat or living somewhere where there's no jobs.
@chrishart85483 ай бұрын
I actually worked out 25% of my income as an electrician with a diploma would pay for an 8x6 brick built shed based purely on the square footage. Most average newish 3 beds around here are £500k now. Even a 1930's 3 bed semi is £425k and that's still a doer upper
@Florin_Bolocan3 ай бұрын
I live in a village outside Coventry, the 3bed semidetached was £209k in 2019 with a 20% deposit. It’s quiet, it’s clean and the neighbours are nice. I work in the automotive industry and it is possible. In 2021 we had a baby and we choose to raise our little one ourselves, so my wife quit her job 3years ago. We don’t have car payments, I fix almost everything car related or house related. We don’t have credit cards either. We don’t have any other loans. We keep track of our expenses on a monthly basis and we budget for any expense. We will go on holiday soon, a camping holiday on the beach, and probably another camping holiday in September. It is possible to live on a single income but it’s a mindset, it’s a way of life, we don’t buy brand, we buy what we need mostly and not what we want. I’ve recently fitted a towbar and the wiring harness by myself, plastered the house, fitted hardwood flooring, re-roofed an extension, fitted a new timing belt and water pump on one of the two cars. It’s hard work but it is very enjoyable when you see the results.
@chrishart85483 ай бұрын
@@Florin_Bolocan I really depends on what the single income is through to whether it's possible or not. And it's easy not not to have a car payment I bought my car over 10 years ago cash. Maintain it myself knowone ever needs a credit card. I actually took a towbar off and sold it for £70 so that was good.
@Florin_Bolocan3 ай бұрын
Hi Chris, after pension contribution we live as described above, on about £47-48k gross per year, single income. I’m paying alimony for my first son and I’m the sole provider for my wife and my second son. Mortgage is £600 and will raise to about £850, no car payments (both cars are paid off), no loans, no credit cards, we plan the shopping for groceries, and more measures to make sure it’s possible. We are boring but I would rather be boring than broke. My mom was recently diagnosed with kidney cancer and my brother and I we will pay for her surgery (7500 euro) that is only possible because we have the emergency fund that Dave talks about. I’m happy to help or to have a chat with you. I’m also willing to learn from others. Thank you for your patience in reading these messages.
@chrishart85483 ай бұрын
@@Florin_Bolocan not that unrealistic if you rented that place it would probably be more like £1500 a month and them the single income would be a struggle. £600 mortgage sound like a dream now. I think we're boring and broke. Hope your mom gets through the kidney cancer and gets back to good health. Thanks for letting me know the details. All our incomes and outgoing are different and everyone has different wants that's a good thing really.
@gbinman3 ай бұрын
I have owned 2 homes. At age 25, I was house poor with my first home in Los Angeles, for a few years. I lived there 30 years then retired and moved to TX. I bought my current home in TX for cash. I downsized to a house twice as big with woods. That was 19 years ago. I don't know what a forever home is but I could afford it if I found it.
@Undefined143 ай бұрын
$300,000 loan at today's interest rate is a $2670 payment on a 15yr, before you even get to insurance and property tax. $10,680/mo is what he says you need, and it's over $200k/yr gross. For a house below the average house price. Dave doesn't know how to do math. He literally just doesn't know how to do math. It's no wonder he went bankrupt.
@RonnieMate3 ай бұрын
So you’re not wrong on the math, but as a Ramsey team member who is also licensed for mortgages Dave’s information is sound and mathematical. Ideally Dave would say pay cash by saving up and investing over time. Saving $1,500 a month and investing it over a period of 10 years will get you that home in cash or a very small payment. It’s difficult to convince someone to save up for that long which is why he is okay with mortgages in general. If you save up enough to bring the payments down to be in that 25% net range (difficult but doable, 25% gross wouldn’t be terrible either) you are in a great position to pay off the home early which is consistent with his baby steps and teaching.
@PSCA19883 ай бұрын
@RonnieMate Save 1,500 a month? You believe that the everyday average person is able to save that much money a month in thie environment?
@Undefined143 ай бұрын
@@RonnieMate Except Dave also talks about how important homeownership is in order to "lock in" your housing expense. He says things like, "house prices are not going to come down," as a reason to buy sooner rather than later. For the record, that's financially sound advice. Saving for ten years means essentially paying off someone else's entire mortgage before you even start on your own. You're also making a lot of assumptions about investment returns over the next ten years - it's 100% plausible that stock investments lose money over the next ten years AND that home prices continue to rise. For someone whose financial philosophy is entirely built around risk aversion, that's an incredibly risky approach.
@rtbear6743 ай бұрын
@@Undefined14 But you need to deduct rent though? if you stay in the house, means you aren't renting from someone else. Probably still be more expensive than renting, but you have equity in it, not helping someone else pay off their house. For me I think it's just a lot of people have lifestyle creep problem. simple math would be if you see someone can live with 30k, why can't you? especially if your take home pay is more than that. and if your take home pay is 74k, live like 30k for 2 years, and you have 88k.
@njkl34453 ай бұрын
@@RonnieMate Average home price in the US is 495,100. average household income in the US is74,580. an average household would need a 65% down payment to buy an average house while having a 15 year fixed rate take up less than 25% of their income. that is 320,000 in net worth before you think of buying an average home. 65-74 year olds are the only age group in America with a median net worth more than 320,000, with 410,000, but having only 90,000 in investable assets and social security isn't exactly a great place to be for retirement age. difficult and tough is an understatement for the average family.
@lindawilson46253 ай бұрын
Re: PMI. Revist that fee each year because you do hit a point where you can drop it.
@bradleymaravalli28513 ай бұрын
Rent is the most you'll pay per month. Mortgage is the least you'll pay per month. If you buy a house, be financially prepared for everything that can and will go wrong.
@pneron20323 ай бұрын
Bingo
@sarah3453 ай бұрын
My rent doesn’t include utilities
@pneron20323 ай бұрын
@@sarah345 But presumably, it doesn't include roof repairs, boiler replacements or mending pipes.
@sarah3453 ай бұрын
@@pneron2032 Im just about to buy something, and the mortgage and property taxes together are cheaper than my rent plus it comes with a 1 year warranty on all that stuff. And the place I’m buying also doesn’t come with a drug dealer in my basement and windows that don’t work and will never be fixed. There’s a lot of downsides to the loss of control that, to me, are worth the cost of repairs.
@sarah3453 ай бұрын
@@pneron2032 and my current place charges me rental and insurance on my boiler. So that’s basically maintenance costs
@johnedward75883 ай бұрын
I bought my "forever" home in 1996. I knew my kids would grow and leave but I wanted them to return to a location that contained a childhood full of happy memories. I sold that house because we wanted to be close to our grandchild and give our grandchild memories of us.
@maxxe16383 ай бұрын
Houses have not gone up in value they have gone up in price and cost due to inflation and taxation
@Lugnut640523 ай бұрын
That's kinda true. The currency has been so devalued from out-of-control money printing that it appears house prices have skyrocketed.
@someguy59273 ай бұрын
*due to demand and low supply
@amireallythatgrumpy65083 ай бұрын
A combination of all three
@sitcomchristian68863 ай бұрын
I mean, isn't price just a numeric example of the perceived value something has?
@whobeyou53423 ай бұрын
Most folks can understand and make concessions for living in a smaller , less "fancy" house- the issue with moving into some places you would not otherwise, is the schools are terrible- and crime is higher in many of those areas.
@mhodge08903 ай бұрын
I don’t care I’m happy debt free with no house and running up the bag. I will buy a house when I can buy the whole thing out right
@qjc23003 ай бұрын
That's the only way to buy a house!
@ZekeValk3 ай бұрын
I built a home between 2014 and 2016. I still live in it, I don't think I could afford to build the same house today between interest rates and cost of materials and labor. I probably couldn't afford to buy it if it were for sale today.
@justinlarsen22813 ай бұрын
One thing Ramsey will have trouble admitting is his College/House purchasing advice is in need of updating. Nothing stays the same. It’s not that he’s wrong, but he has an opportunity to really help people by considering that 20% down and 15 years is ridiculous in 2024.
@Run4Ever772 ай бұрын
He does (and always has), allowed a first-time buyer to put down less than 20%, as low as 10%. But he explains the tradeoffs.
@Run4Ever772 ай бұрын
And, just keep in mind that his advice also looked "ridiculous" in 2006-2008, but those who listened and didn't believe the "it's different this time" were rewarded with much more affordable prices within a few years.
@biskit73 ай бұрын
Dave houses are local, housing is tanking in certain places.... and slowing up here in the northeast.
@cn44923 ай бұрын
Wait till it’s hits the Northeast by winter. The bigger they are the harder they fall. Those prices are insane in NE. People are going to loose their homes in a big way.
@FinanciallySavvyPT20123 ай бұрын
Renting is now cheaper than home buying. He is right. Invest rest retire rich live rich and give back generosity
@emilyblack89823 ай бұрын
As long as you can afford your mortgage, you’ll feel richer as a homeowner
@gobbledee553 ай бұрын
Unfortunately, waiting to get 20% down like Dave said, has cost me hundreds of thousands on house appreciation and interest cost because I missed on the low rates. Now I'm paying a 6.5% mortgage and a way more expensive house. Everything else Dave says is solid including this but the 20% was bad in these economic times.
@starrystarrynight62813 ай бұрын
The problem with buying a less expensive house and you have children, is that your children will almost always be going to an inferior school. At least it’s that way in Oklahoma. Now apartments are flooding our area so folks can get their kids in a good school district.
@mysticaltyger20093 ай бұрын
True in most places. Another reason why home schooling needs to expand. The schools are lousy even in many middle class areas. Not to mention the garbage ideology taught in many of them. (I'm gay myself but don't like a lot of what is being pushed in the schools).
@SLangel183 ай бұрын
Yeah I’m trapped in PMI after we bought in 2016 interests went up and haven’t gone down since. At 3.75% it’s cheaper to pay that than refinance
@janiceallard2108Ай бұрын
It's my understanding that once you have 20% equity in your home you no longer have to pay PMI?? I'm not certain of that, but you might want to look into it.
@tandysrvs27963 ай бұрын
Dave is a math guy tho take the cost of an average house monthly payment on 15 year note 20% down find out how much income it takes to buy a 400k home it's about 150k a year 10% of people make that to 90% of people can't buy a home under your rule and they shouldn't but 90%.
@norwegianblue20173 ай бұрын
Let me tell you something about FHA loans with a mortgage insurance premium (MIP). Sometimes it IS the right move. A couple of years ago we had a chance to refinance our home down to 2.75%, but we had something on our credit report that mad an MIP mandatory. If we waiting about one more year, we could get the loan without the MIP. But we decided to pull the trigger on the loan right then and there. We figured if rates remained about the same we could always refinance down the road and drop the MIP. So glad we did what we did. In less than a year, rates started skyrocketing! So now we have an ultra-low interest 30 year loan and the MIP is only about 9.5% of our mortgage payment, which includes our property taxes.
@sarahshanahan22223 ай бұрын
I did the formula. The ONLY reason i was able to do it is because i was so lucky to find the NACA program. No closing costs, no pmi, rates fixed and always below prime. They underwrite the mortgage... .. so no credit score needed... perfect program while doing the baby steps. They hold you accountable in the babysteps I couldnt have done it without an affordable mortgage----- houses are expensive enough
@tishr96703 ай бұрын
Me 2
@rkw29173 ай бұрын
My father bought our first house in 1964 with 500$ down, total value maybe 10 thousand That same house recently sold for 575 thousand You want a house today, either make big money or save big time
@r3sfernjbb3 ай бұрын
The average income in 1964 was $6900.
@shank79933 ай бұрын
I purchased my home years ago. Put down 3 percent. Paid my house off in 14 years. Today, it's worth 700k. If I listen to this guy I would have missed that opportunity
@Woopigmavs2 ай бұрын
PMI is not nearly that much IF you have good credit. I’m paying about $15/month per $100k borrowed on my mortgage.
@edd060013 ай бұрын
That PMI value is such a lie from him its not even funny. When I refinanced I had only about 10% equity in my home that I had originally put 5 down. Good Credit scores, another thing Ramsey doesn't believe in, highly influences your PMI. I had around 30 a month PMI with a loan balance over 200K as a result from having a 800+ credit score.
@davekohler59573 ай бұрын
Smart people put down 3.5% and take out a 30 year loan. They buy a small house and never sell it. They slowly move up in house if they want. They rent out the old house to help pay for the new mortgage.
@5trace3 ай бұрын
Where we live in Ontario you are looking at a million for a dump starter home no garage and NOT detached. That's what my boy's are looking at . My middle son has more then 6 figures saved and no debt..he still doesn't want to buy a dump for a million ... and tye up all his cash. He's single no kids.
@mysticaltyger20093 ай бұрын
Tell him to read the Millennial Revolution blog. They are Canadians who saved a ton of money and retired by moving to cheaper locales.
@sidwhiting6653 ай бұрын
Dave nailed it on the water heater will go out next week. For us, it was 3 weeks after we moved in. Thing started GUSHING water. $1,200 for a new one. Thankfully, I was already Baby Step 7 Debt Free, so I wrote the plumber a check the minute they finished work and we enjoyed our nice new water heater! What's crazy is the heater that failed was only about 4 years old.... one year beyond the 3-year warranty. But other than that it looks nice and worked well. No evidence it was about to fail.
@Walkinfaaaast3 ай бұрын
Prices have gone sky high, companies have been buying up properties that have made prices go up, wages haven’t kept up…..yet it’s the people’s fault they can’t afford a home according to Dave. Of course a real estate guy isn’t going to blame the factors that caused the increase in prices.
@dmoney83733 ай бұрын
And we have a president who loves to spend and spend and spend driving up inflation, so the Fed had to more than double the interest rate to cool off all that spending.
@Walkinfaaaast3 ай бұрын
@@dmoney8373 It was Trump’s spending that did it. He added 8 trillion to the deficit
@wade_says3 ай бұрын
This housing market is insane. We know a lot of people living with family because they can’t afford to buy anything. Especially with single income households where the mom/wife stays home with kids.
@Aunny1233 ай бұрын
Pretty simple. You need more cash to put down now. Like, a LOT more. It will just take longer to get to whatever house you want.
@thedopplereffect003 ай бұрын
Yeah, just need to put that 60% down so you can fit into a 15 year mortgage, lol
@Aunny1233 ай бұрын
@@thedopplereffect00 EXACTLY lol
@daphblue2 ай бұрын
We bought our first home February of 2023. A 135 year old home, in a rural area for $200k. It’s big enough for future kids (we have just one now). My husband has worked remotely for his company always (going on 3 years). We are just praying that we can stay in this house for a long long time. It is the perfect amount of liveable and fixer upper.