Priced Out Of Home Ownership: What To Do When You Can't Afford A House

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The median home listing price in the U.S. has jumped to over $400,000 -an increase of over $100,000 from just four years ago.
Add to that high rates and rising insurance costs and many of us are priced out of buying a new home.
In this video I talk about what to do if you can’t actually afford to buy a house right now. If you’ve been wondering how are people affording houses, then this might be how.
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Опубликовано:

6 июн 2024

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Комментарии : 48

@PenniesNotPerfection Месяц назад

Do you feel priced out of home ownership in this housing market? What are you doing to get in a better position to buy?

@eckankar7756 Месяц назад

I left California as a renter for Arizona and was able to afford a house here. The down payment I saved for a house in California paid 80% of the total cost of the house I bought in Phoenix. I was able to pay my tiny loan off in 3 years.

@PenniesNotPerfection Месяц назад

It's crazy how many people from California have moved to afford homes! That happens here in Tennessee a lot too.

@alejandrav5790 29 дней назад

We had to mindshift and focus on contentment. Our house is small by Texas standards and our dream has always been to custom build or get into a larger home. We just can't in this market and our children are growing rapidly. So we've shifted our focus and making improvements on our current home. Added a shed for more storage, new exterior paint, landscaping, custom closets for all bedrooms, kitchen remodel this fall. This has all been cash flowed with money we had originally saved up for a down-payment on a new house. I can't tell you how much peace this shift has brought, we fall in love with our cozy home more each day. Obviously this is not an option if you are a renter, but if you already own a home and you like the location, sometimes it's worth letting go of the "bigger/newer/nicer is better" dream.

@FIRE_DrNinjaTurtle 29 дней назад

I had to start where I was. I could only afford a condo, then house hacked by living in the basement of the house. I became financially free by reducing my expenses as much as possible and investing as much as possible. I fished for food and for fun.

@jayocean4724 Месяц назад

I love how real you are! For most of us making under 50k a year no amount of savings or investing will allow us to afford home ownership. Even in more remote areas mortgages are 300-400 more than renting and that's on the low end. Renting is far cheaper yet not ideal and I'm slowly accepting that maybe home ownership just won't work for me.

@PenniesNotPerfection 29 дней назад

Under 50k was doable pre-Covid in some areas, bur now it feels like that’s a really hard place to be in unless you are moving to those very remote areas or choosing less safe areas. Honestly renting isn’t bad! When it’s cheaper than home ownership in your area it’s the right choice.

@dixiebell7011 Месяц назад

There is always the don't move improve strategy for those who own. Honestly, we own, but I expect and hope for the bubble to pop. If you own with land, an ADLU could be a good investment. And, what one needs and what one wants are 2 different things. Our 1st purchase was a 2 bedroom, 2 bath with an apt size W & D a condi. Best investment ever @ 8% . There was 4, sometimes 5 of us.

@rachaelnuchols764 28 дней назад

Most rent where i live is starting around 1200. Month...i bought a condo, my payment is 1000. But im still living paycheck to paycheck. Working on my debt. Thanks for the video ❤

@catgodfrey6451 29 дней назад

We’ve been priced out in a suburb of Charlotte NC. Even rent in the area is over $2000 a month apartments are going for over $1600 a month. This housing market is out of control. We are waiting for the bubble to burst. I’m with you max I’ll drive is 20 mins my day can be ruined by rush hr. 😊❤😊

@PenniesNotPerfection 29 дней назад

Charlotte seems lovely but has definitely exploded! It’s on my list to visit a friend there soon.

@paisleyhunter Месяц назад

I'm 56. I'll always rent, but im hoping you find a forever home. I personally love Murfreesboro!

@PenniesNotPerfection Месяц назад

Thank you! I’m honestly not opposed to renting again if we move and it makes sense for us. Renting can work well sometimes!

@millennialmoneyprogress 29 дней назад

I think in this day and age you need to figure out if homeownership is worth it and right for you. If it really is worth it, and the math makes sense then go for it! If not, there is nothing wrong with renting AND investing the difference you save (if renting is cheaper than owning in your area).

@abbybatterson6527 29 дней назад

I love this. Would love your take on buying cars right now! Car payments are like mortgages!

@fasteddy3336 Месяц назад

I grew up with 2 brothers and 2 sisters and my parents. A total of seven people. We lived in a two-story colonial, three bedroom, one bathroom and a dining room. My children are used to having their own bedrooms along with multiple bathrooms to use. Our children are getting spoiled.

@PenniesNotPerfection Месяц назад

Well, I grew up with 3 brothers (and 2 parents) in a 2 bedroom townhome and all 4 of us kids shared a bedroom until I was 11... so yeah I want my kids to have their own space even if small. I don't consider that spoiling them.

@sagenozko9317 28 дней назад

I really like Fairview I think that the prices are much more reasonable. They have a great park all the stores you need one my kids goes to Fairview Highschool now or zone for even though we do not live in Fairview.

@sagenozko9317 28 дней назад

I am nashville too. We can never move in this market. We are looking at Fairview which is less expensive ❤

@PenniesNotPerfection 28 дней назад

Fairview seems nice! I lived in Williamson County for a while so I’m partial to it even tho I can’t afford most of it now lol

@lolomissa Месяц назад

yep, super priced out. im saving and saving, we could buy in the area we live in now but we moved for work and we dont love the area and were far away from all of our family. im well set up if i want to continue renting but i do want to buy. if we cant find a good spot in the next couple years we should have enough to buy a piece of land and do a custom built home instead of paying downpayment and closing costs. in theory we would do a custom home when we're 50, but we just joke that we're skipping a couple steps because building a home where we want to live is cheaper than buying a turn key home 😅 its crazy, but im reframing to say, i have X months expenses saved if i keep renting, so even if we dont buy, we'll be okay ☺️ love this video! hope you and the fam keep trucking, im sure you'll get that new home before you know it! 🙌 *editing to add, we pushed having kids this long so we've still kept pushing it but it might happen while we're still renting and ive finally accepted that IT WILL BE OKAY 😅 lol

@PenniesNotPerfection Месяц назад

It will be ok to have kids while renting!! I know it always feels like you have to own but small kids are fiiiiine in small spaces and renting is nice when you’ve got a small human and don’t want to worry about a ton of home ownership problems/repairs/upkeep. Love your reframing to x months expenses saved!

@moltryon 26 дней назад

Your hair has been looking great lately! 😁

@PenniesNotPerfection 26 дней назад

Oh thank you! 🥰

@lorib0937 Месяц назад

Nope unfortunately given up possibility of owning a home. Live in an expensive state. Completely priced out in our area 😢

@PenniesNotPerfection Месяц назад

Expensive areas are so tough. In those areas it totally makes sense to rent forever since renting is less expensive.

@mills33378 26 дней назад

I live in nashville too and had to relocate to Clarksville 😢

@PenniesNotPerfection 26 дней назад

Understandable! My bestie lives in Clarksville.

@sabahatnaheed1435 Месяц назад

omg im wondering if il ever get a home!

@PenniesNotPerfection Месяц назад

It's rough out there!

@sabahatnaheed1435 Месяц назад

@@PenniesNotPerfection yes!! :(

@summerjoy247 Месяц назад

It took us 10 years to buy a single family house. To get what we wanted, we had to sell our condo/townhouse at top dollar, pay off remaining school loans, and move to a noisy expensive apt for 10 months. Then we had to pay a fee to break our lease and put down a ton of extra money we were saving for a new to us minivan to buy down our rate. It’s hard work being a buyer in this market but I’d rather pay a 30 yr mortgage than rent for 30 years.

@PenniesNotPerfection 29 дней назад

That’s a lot of hard work you guys put in! Do you love your home?

@codelessunlimited7701 26 дней назад

Buying a home is like buying a car. No one has the time to include all the costs that comes with it, what they only notice is the monthly mortgage.

@PenniesNotPerfection 26 дней назад

True, but they should… 😬

@FIRE_DrNinjaTurtle 29 дней назад

1.5 hour commute each way into Washington DC is normal. I am glad that I retired in 2020.

@PenniesNotPerfection 29 дней назад

I’ve heard that’s normal there but I’m not sure I could do it personally.

@blessedbygod3430 Месяц назад

I am interested in moving to a nicer area BUT everything is Wayyyyy to expensive. I am sitting tight. 😊

@PenniesNotPerfection Месяц назад

A lot of people holding right now! Curious to know what market everyone is in now that I’m getting comments

@FIRE_DrNinjaTurtle 29 дней назад

RU-vid is my new stream of income, OK, it could take a couple of years.

@PenniesNotPerfection 29 дней назад

It can happen!

@greenlantern1986 29 дней назад

How are people affording homes? They make a bunch of money OR they're willing to sacrifice for the place they want. I'd love for the home supply to skyrocket, but that's not going to happen, so you need to make the sacrifices if owning a home is important to you.

@PenniesNotPerfection 29 дней назад

For sure, lots of sacrifices happening.

@cunliffest Месяц назад

Lucky! That’s cheap! Here the average is double that

@PenniesNotPerfection 29 дней назад

Location matters! Often with higher house prices you can also find larger salaries at least.

@timothyglassel1239 Месяц назад

Pay of your own home using velocity banking. It works!!!

@PenniesNotPerfection 29 дней назад

It can work but lots of ways it can fail for most people.

@FIRE_DrNinjaTurtle 29 дней назад

Saving for a down payment does not outpace the appreciation of home prices. I saw the calculation and you end up with smaller percentage of down payment