Why houses are becoming unaffordable for most Americans

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  • čas přidán 3. 07. 2024
  • New data shows a growing portion of the U.S. has become unaffordable for home buyers. Meanwhile, insurance companies are backing out of some places because of extreme weather. CBS News contributor Javier David discusses the numbers.
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Komentáře • 331

  • @Sonofawildanimal4241
    @Sonofawildanimal4241 Před 3 dny +187

    Homes are meant to shelter your family. They were not meant to be investments.

    • @bigvalley4987
      @bigvalley4987 Před 2 dny +16

      Yes let get back to the basics. Food, clothing and shelter. Not an investment.💁🏽💯

    • @carolr7823
      @carolr7823 Před 2 dny +3

      No homes are investments. Probably the biggest investment that most people have.

    • @ronalcasid3844
      @ronalcasid3844 Před 2 dny

      @@carolr7823 By the time you finish paying a 30 year loan you paid more than double the purchase price because of interest. Add on top expensive maintenance items like roof and HVAC system. You maybe lucky to break even if your house keeps up with appreciation. Is it really a good investment? I see my primary residence as an expense and rental properties as investments.

    • @user-qr7ee2cp4y
      @user-qr7ee2cp4y Před 2 dny

      @@carolr7823 yup....

    • @boyblue3270
      @boyblue3270 Před 2 dny

      Well..there is a lot of toxicity stacked on top of this situation.

  • @peggyheil629
    @peggyheil629 Před 3 dny +131

    It's called GREED

    • @gt5713
      @gt5713 Před 3 dny

      Greed is not new. It has always existed. The current amount of fraud is new, and none of it is accidental. Criminal gangs write the rules here, and it shows.

    • @damnjustassignmeone
      @damnjustassignmeone Před 3 dny +9

      It’s called supply and demand. Not enough supply. Too much demand. It’s not greed.

    • @gt5713
      @gt5713 Před 3 dny +2

      @@damnjustassignmeone These are not free markets. The currency itself is being rapidly counterfeited. To everyone who isn't close to a counterfeiter, life rapidly grows more difficult.

    • @Sonofawildanimal4241
      @Sonofawildanimal4241 Před 3 dny +5

      Capitalism

    • @Chad_Max
      @Chad_Max Před 3 dny +4

      No, it’s supply and demand. Always check the data on building permits. In recent years the permits granted for single family home construction has decreased. When supply is low and demand is high, prices go up. This is economics 101…

  • @CJinMono
    @CJinMono Před 3 dny +140

    Get corporations (edit: and foreign investors) out of single-family housing and increase property taxes on individuals who own >2 units. That should free up a good chunk of supply and help prices even out.

    • @gt5713
      @gt5713 Před 3 dny +6

      Price controls never fix the underlying problem, which is a currency that is based on fraud in which some must work for it while others can simply print/gamble/bribe themselves into a massive supply.

    • @x-men69-96
      @x-men69-96 Před 3 dny +9

      Then rent will be x2 expensive. U know what the real problem is? It's the property tax. The gov is the ultimate landlord

    • @benjaminnead8557
      @benjaminnead8557 Před 3 dny

      @@x-men69-96 No, since the 2008 housing meltdown, it's been opportunistic house flippers . . . dudes with paintbrushes who snap up properties, quickly doll up the cosmetics and then put the houses up for sale for tens of thousands more than they paid for them. Later, private equity firms have come into the large and medium sized cities. They buy up entire available neighborhoods, do their own version of the flipping scam and then typically make the houses available as rental-only properties . . . at a significant bump-up to what the house would have previously rented before.

    • @Seanpfree
      @Seanpfree Před 3 dny +1

      Congress will never do that. They ALL own multiple houses. History tells us the wealthy elite members of Congress will not vote against their own self interests.

    • @williamryder5021
      @williamryder5021 Před 3 dny +5

      ​@@x-men69-96 that's our local gov tho. Most property taxes do not go to the fed unless your homes on fed land. They go to your county or state.

  • @Network126
    @Network126 Před 3 dny +58

    I lost my housing twice during the pandemic, and then couldn't afford the skyrocketing rents anymore, so I ended up buying an old Toyota Sienna minivan to live in.

    • @karmasutra4774
      @karmasutra4774 Před 3 dny +9

      That's terrible, but on the bright side this led you down an adventurous path. Van life groups and forums make it seem like a really fun lifestyle. Hopefully you can enjoy it and will have a story to tell one day ❤

    • @Network126
      @Network126 Před 3 dny +10

      @@karmasutra4774 I'm just going crazy out here and falling behind on bills and barely even have any gas in my van.

    • @dr_flunks
      @dr_flunks Před 3 dny +3

      where do you put the litter box?

    • @PikaakaMrchu
      @PikaakaMrchu Před 3 dny +4

      The only way to get out of that hole my freind is to work harder and make changes in your life that will be difficult at first but will help you progress. You have to realize if you stay blaming the cost of rent for your misfortunes, you will stay there.

    • @SheLoveSports
      @SheLoveSports Před 3 dny +9

      @@karmasutra4774 Everyone isn't able to spend a small fortune to renovate a van into a living space and go driving around the country. There are levels to living in a vehicle. He did it out of necessity not as some type of fun, millennial adventure.

  • @Seanpfree
    @Seanpfree Před 3 dny +85

    First-time home ownership is OVER. "Starter homes" are over 400k.. Average income is 60k.
    We're priced out due to price and mortgage rates.
    Wonder why Millenials and Gen Z are doom spending? Not getting married? Not starting families? Why is civil unrest growing while the wealth gap is larger than it ever has been in history?
    This economy priced us out and left us behind before we arrived. This doesn't end well for society at any socioeconomic level..

    • @DWilliam1
      @DWilliam1 Před 2 dny +8

      Marriage and child birth is down because young people have figured out that the divorce laws and child support laws are criminally unfair and brutal. Who wants half of their net worth taken from them and then have to pay 35%-50% of your net income for two decades? That said, I do believe there is a huge wealth gap that is fueling the lack of affordable housing.

    • @MPPG663
      @MPPG663 Před 2 dny +5

      ​​@@DWilliam1No, Dusty William. That isn't the reason 🙄

    • @MrLivewire1970
      @MrLivewire1970 Před 2 dny +1

      It's not like that in the Midwest. I live in a rural part of Illinois and you can still find small 2 bedroom homes for well under $50k. There's no reason a Gen Z with no kids should be buying a 3 or 4 bedroom home, especially for their first place. Doom spending will only lead to a lifetime of regret, and for what? Some material junk you have to store in one of those extra bedrooms you wouldn't be using or afford. Get out of the cities, live small, and don't weigh yourself down with debt.

    • @VoteForBukele
      @VoteForBukele Před 2 dny

      Weird. The millennials and Gen Zers I know (which isn’t every single one, I get it) are doing well. They’re actually pretty inspiring young hustlers - intellectually curious and able to adapt. Maybe it’s just the environment in which they were raised?

    • @keptbygrace6221
      @keptbygrace6221 Před 2 dny

      ​@@DWilliam1 if both spouses work, why shouldn't assets be split in half , just curious

  • @BasilAhmed-nm2mg
    @BasilAhmed-nm2mg Před 3 dny +38

    Can't even afford a one bedroom apt working two jobs let alone worrying about a house it's insurance,high mortgage and repairs Most people I know are in the same boat and can't afford to eat Buying a house is the least thing in people's minds , barely surviving is!

    • @williamryder5021
      @williamryder5021 Před 3 dny +2

      🫂🫂🫂🫂🫂 I feel ya. I'm working two full time jobs as well. Barely holding onto my home and even renting out some space too. 😢 and I'm just so tired. My doctor yells at me to work less. And I'm like you got some spare home for me somewhere? Lol

    • @salvadorbravo4187
      @salvadorbravo4187 Před 3 dny +1

      Part of the biggest problem is your realtor and mortgage lender they don't care if they put you in a home you can't afford and eventually lose to foreclosure.

    • @williamryder5021
      @williamryder5021 Před 2 dny

      @salvadorbravo4187 this true and the overvaluation of the homes dont help. It's a 2003 built 728sqft starter home 140k brand new. Then it sold for 185k then it was sold to me for 275k and now it's appraised at 365k and my taxes have gone up 3x since I moved in due to voter levies for schools etc etc. It was made as cheaply and fast as possible in a cookoe.cutter community. Theese are not high value homes. Regardless of supply and demand certain things should only be worth so much money at some point. - I make almost 80k a year. I should be able to afford 728sqft of space. My whole lot driveway included is 2600sqft ppl have homes bigger than my whole lot all around me. 🤷‍♂️

    • @13Bravo77
      @13Bravo77 Před 20 hodinami

      Welcome to Bidenomics

  • @HitsTownUSA
    @HitsTownUSA Před 3 dny +29

    Is this about unaffordable housing or climate change?

    • @Goat1229
      @Goat1229 Před 2 dny

      Exactly… very confusing

    • @whiqeddik7615
      @whiqeddik7615 Před 2 dny

      Don't fall for it they're just trying to give you the run-around I can tell you right now it's because like I said all the Realtors got super greedy throughout all the past generations and hand it off most of the keys and the land land to foreign corporations such as Chinese corporations most specifically

    • @starbrite526
      @starbrite526 Před 2 dny +1

      What? Climate change and changes, in what used to be stable weather predictability, are causing unaffordable housing. This is because of the rising cost of available homes and raising insurance. And I know that's not the only factors but how is that portion of it confusing?

    • @HitsTownUSA
      @HitsTownUSA Před 2 dny +2

      @@starbrite526 It’s the cost of the home the insurance has to cover. The median price is in the mid $400K range. Prior to Covid the median price was around $300K. The southeast has always been hurricane prone, as for the west when you start building homes in forested areas you increase the risk of out of control fires, plus California has horrible forest management. It ain’t the climate.

    • @Ali-gb7mf
      @Ali-gb7mf Před dnem +2

      Climate change is the main reason house insurance prices have increased. The insurance companies are refusing to pay out for chronic storms and flooding. It’s costing them too much so they increase the deductible for the rest of us. That makes housing unaffordable. Not confusing at all……

  • @albertoserrano67
    @albertoserrano67 Před 3 dny +22

    Minimum wages have stayed stagnate while everything else has become more expensive

    • @user-dw1ls3rp1l
      @user-dw1ls3rp1l Před 3 dny +3

      What. Not ten years ago it was $7.20/hr. Now it's $16-20 where I live, depending on the industry. At any rate, home ownership was never meant for those making the bare minimum. It's the reward for showing a little hustle.

    • @petewilcox3354
      @petewilcox3354 Před 3 dny +2

      $20/hour dont do much when a starter home is half a million. Has nothing to do with hustle.

    • @user-dw1ls3rp1l
      @user-dw1ls3rp1l Před 2 dny +2

      @@petewilcox3354 Sure it does. Minimum effort and skills means minimum wage. Home ownership is not meant for everyone. Some people are destined to rent forever.

    • @lelandgaunt9985
      @lelandgaunt9985 Před 2 dny +1

      This is why we need $120 dollar an hour living minimum wage.

    • @user-dw1ls3rp1l
      @user-dw1ls3rp1l Před 2 dny +1

      @@lelandgaunt9985 Why not 200? Why not 500?

  • @anamericaninchina869
    @anamericaninchina869 Před 3 dny +23

    There are so many better places to live than the United States, based on multiple factors including health care, insurance, climate dangers, cost of living, crime, etc. For those with a choice, the US is among the less desirable.

    • @stewarthoi
      @stewarthoi Před 3 dny +6

      Yup, it can still be a great place to earn a good salary and accumulate wealth, which is what I’m doing before I retire early elsewhere 😁

    • @DWilliam1
      @DWilliam1 Před 2 dny +1

      Not sure if China is the place I’d go…

    • @jeretso
      @jeretso Před 2 dny +1

      Other countries have gotten richer and some immigrants move to America with degrees and more money than ever. Some families are willing to live 10 in 1 house. Try outbidding that hardworking immigrant family. Americans can also find cheaper colleges in other countries that speak English.

    • @anamericaninchina869
      @anamericaninchina869 Před 2 dny +1

      @@DWilliam1 China is an awesome place to visit and live. I really enjoy my Chinese friends and colleagues. Though, admittedly, China is not a retirement Mecca nor does the government want it to be. For retirement, planning on Thailand. Excellent and affordable health care, safe, can easily make it on a minimal social security income though most bring income from 401k’s. The land of smiles.

  • @MatthewSmith-db1ig
    @MatthewSmith-db1ig Před 3 dny +25

    This is not just a problem in the U.S. Canada has this problem as well. In British Columbia for example where in a recent survey 1/3 of people there are considering moving to Alberta to find cheaper housing. People can get college degrees, a job, & still not find afforable housing here in 2024.

    • @user-dw1ls3rp1l
      @user-dw1ls3rp1l Před 3 dny

      Alberta isn't much better, not if you want to live anywhere around Highway 2. Banff or Jasper? Fugetaboutit...

  • @vedacarmony5754
    @vedacarmony5754 Před 3 dny +22

    Too many landlords. I can pay rent forever but why should I send someone else's kids to college just because I can't afford a down payment on a small home?

    • @bigvalley4987
      @bigvalley4987 Před 2 dny

      You need shelter at the end of the day💁🏽💯

    • @highlyillogical9399
      @highlyillogical9399 Před dnem

      Nobody's sending their kid to college off your rent money. That landlord has to pay the mortgage, taxes, insurance, upkeep, and maybe have a couple hundred left over each month. You are paying for a service, no different than staying at a hotel, and the house owner deserves to get paid.

  • @thzene4967
    @thzene4967 Před 2 dny +6

    Another primary reason: Regular Americans making 40K a year cannot compete with billion dollar investment firms. In Florida metros alone the last few years have seen them snapping up something like 30-40% of the available market, which essentially means they start to dictate it.

  • @spotlight1220
    @spotlight1220 Před 3 dny +20

    Not helpful information. What do we do about Greedy politicians and Greedy insurance companies.

  • @MiguelGMoseler
    @MiguelGMoseler Před 3 dny +45

    Corporations and red lines and discrimination against minorities has become the fundamental issue

    • @sew_gal7340
      @sew_gal7340 Před 3 dny

      Ironically if you just lift the lower class into middle class with policies that help the poor it would also solve the racism issue since more afircan american families will be a part of the middle class. Sadly this will never happen because the richer people are, the more likely they will become conservatives (to pay less taxes)...dems would lose a majority of voters

    • @jg274
      @jg274 Před 3 dny +1

      when you say minorities you mean blacks and hispanics right? I dont think ive ever heard asians in any conversations. also how is the DEI leadership that is chicago and NYC treating you? thats the fundamental issue :)

    • @damnjustassignmeone
      @damnjustassignmeone Před 3 dny +4

      @@jg274I think OP is just trolling

    • @newtec-kd6vy
      @newtec-kd6vy Před 3 dny

      Actually it’s mostly the government getting in the way of builders

    • @530mnorman
      @530mnorman Před 3 dny

      Can you explain more about what you mean by red lining? I'm aware of what that means historically speaking but I haven't heard that term used to describe any current practices. Please educate me.

  • @tpop3723
    @tpop3723 Před 3 dny +10

    Don’t ya luv the effects of unchecked corporate investment and short term rentals?

  • @jazzirose1839
    @jazzirose1839 Před 3 dny +11

    greed at if finest

  • @user-qr7ee2cp4y
    @user-qr7ee2cp4y Před 2 dny +4

    My house is like a 1400 Sq ft rambler with 3 bedrooms and a basement... a starter home... nobody is building starter homes to sell anymore... nobody is building 1100 Sq ft apartments to sell instead of starter homes....

    • @jeretso
      @jeretso Před 2 dny +1

      I remember living with 10 people in 1 house and 1 phone. Now everybody wants a bedroom and bath for each person. Oh and a larger vehicle per person LOL. Expectations have changed now that we have a huge phone in every pocket.

    • @munequa81
      @munequa81 Před dnem

      Because people want to live in large homes right off the bat so developers are not going to bother with building 1100sq homes.

  • @slowbro1337
    @slowbro1337 Před 3 dny +9

    Companies buying houses or manufacturing them for rent or lease only and the boomer generation never wanting to sell at a fair price. Additional shoutout to HOA's being corporate run now and extremely for profit using litigious behaviors to get what they want

  • @shayan724
    @shayan724 Před 3 dny +19

    Is all about supply and demand, there arent enough house being built and government dont want to zoning law to be changed because they dont want price to drop. No one want to have affordable housing in their neighborhood.

    • @princessandzipper4737
      @princessandzipper4737 Před 3 dny +2

      In my area, they don't even build a house unless it's 2500+ Sq ft so the developers can make half a million on it. Then everyone setting their old houses, rent, etc based on all these new houses that are selling.

    • @raybod1775
      @raybod1775 Před 3 dny

      Not true, it’s about corporations being able to write down the value of the house and all other expenses are tax write offs.

    • @shaymalchione809
      @shaymalchione809 Před 2 dny

      They’re building million dollar homes in my area they’re pushing out poor people to the ghettos. But businesses are also shutting down idk who they think will work these jobs.

    • @jeretso
      @jeretso Před 2 dny

      Developers will also avoid building affordable housing in areas with too much eviction backlogs, rent control and other red tape. These areas can also change the laws overnight and pass more restrictions. High Risk and Low returns.

  • @Shining237
    @Shining237 Před 3 dny +20

    Greed

  • @TurnkeyTrading
    @TurnkeyTrading Před 2 dny +4

    Stop building homes that are always "luxury." When's the last time you saw a large swath of real estate being developed into starter or entry level homes? How many decades ago?

  • @anniehills3580
    @anniehills3580 Před 3 dny +7

    There is a big push happening by wealthy folks buying up properties and raising to cost to buyers. It is practically a monoply on the real estate market!
    My sons are planning to buy in the next year or so. Luckily they earn good money. I dont know how people can afford the expenses involved in home ownership.

    • @jeretso
      @jeretso Před 2 dny

      Housing was cheaper after the bubble burst Americans had 10 years to buy at good prices. Now prices are pushing up. Many people are also working remotely saving time and gas money. Many are saving for that big bidding war.

  • @saneasthenextguy196
    @saneasthenextguy196 Před 3 dny +9

    Wages simply are not enough for most people to live and save money for a home (or any other thing). Car payments seem to be a bigger part of peoples budgets, and for longer too, these days.

  • @j562gee0hdeewestsdegethemuLa

    That’s what happens when you follow the masses belief that a crash is just around the corner while you rent indefinitely and your down payment disappears

    • @user-dw1ls3rp1l
      @user-dw1ls3rp1l Před 3 dny

      All these clickbait videos, they make me laugh: "What they are NOT telling you! Why the biggest crash in our lifetime is happening soon!"

  • @dtaylor939
    @dtaylor939 Před 3 dny +13

    The economy is TERRIBLE if most Americans can't afford to buy a home.

    • @paxundpeace9970
      @paxundpeace9970 Před 3 dny +5

      Minimum wages are super low. That's why 30% of people can't afford anything. Because they getting paid minimum wage or less then 12 Dollars an hour before taxes and insurances.

    • @highlyillogical9399
      @highlyillogical9399 Před dnem

      ​@@paxundpeace9970so why continue doing minimum wage work? Isn't there something a person can do to earn more?

    • @highlyillogical9399
      @highlyillogical9399 Před dnem

      I don't believe the "economy," as the average American defines it, has ever been good. It's not like there was ever a time when every citizen was rich and satisfied with life. It's just that nowadays, uneducated poor people have access to social media. They just get on there and whine about how bad things are as if there's no path to climb out of poverty. If you want to afford a rich lifestyle, then do the work to make yourself marketable. If not, be prepared to live in poverty forever. There's no secret, you just have to make it happen for yourself.

  • @dandelion1598
    @dandelion1598 Před 2 dny +3

    Wrong! You can live in a house without insurance, if you own it instead of the bank owning it......

    • @rwall3450
      @rwall3450 Před dnem

      Yeah but if that house is burnt to ashes you’re up a creek…..

  • @targetguy777
    @targetguy777 Před 3 dny +26

    The problem is the wages have not caught up with the hyper inflation of many areas and not sustainable to raise wages so high under current conditions.

    • @MrWolfchamp-xi3cu
      @MrWolfchamp-xi3cu Před 3 dny +1

      What does that mean?

    • @claireconover
      @claireconover Před 3 dny +3

      @@MrWolfchamp-xi3cuwhat part of “wages have not caught up” (ie kept up) is too abstract for you to comprehend?

    • @Network126
      @Network126 Před 3 dny

      I lost my housing twice during the pandemic, and then couldn't afford the skyrocketing rents anymore, so I ended up buying an old Toyota Sienna minivan to live in.

    • @paxundpeace9970
      @paxundpeace9970 Před 3 dny +2

      That is not hyperinflation.
      Yes it is really bad losing about 10-15% purchasing power (deping if you high ot lower income) over two years due to higher food and energy prices. Still it seems that even outside those core areas insurances or housing and cars have become insanely high.
      It is outrages greed but this inflation is decreasing from nearly 10% (9.4% in 2022) to about 3% today)
      Hyperinflation is what had happend in Germany in the 1920s you need inflation of 60% or more each month.
      Prices for Potatos went up by 10 times within two months.
      From Late Dezember 2022 10 cent to 1 Mark.

    • @damnjustassignmeone
      @damnjustassignmeone Před 3 dny +1

      We’ve had some inflation but certainly not “hyper inflation.” This isn’t Venezuela or post-WWI Germany. And general inflation isn’t really related to the rise in housing prices. It’s mainly lack of supply.

  • @TurnkeyTrading
    @TurnkeyTrading Před 2 dny +3

    your data are just now showing this? Do you know how many Americans are living overseas because of this very problem????

  • @tayross97
    @tayross97 Před 2 dny +2

    People can’t afford it because people overspend on everything else in their life! New cars, expensive weddings, vacations, cloths, eating out etc..

    • @jeretso
      @jeretso Před 2 dny +1

      Huge phones too so you can watch more new product videos. I remember when we had 10 people in 1 house, home cooked meals and 1 phone.

  • @sololuisvlogs
    @sololuisvlogs Před 2 dny +4

    I don’t think it has anything to do with global warming. The inflation has a lot to do with the housing market and people not making enough money to afford a home. The interest rate is through the roof. Insurance companies are the biggest money makers in the world. Let’s be honest here and start telling people the truth.

  • @mrxxbrian
    @mrxxbrian Před 3 dny +22

    Overpopulation has nothing to do with it.

    • @damnjustassignmeone
      @damnjustassignmeone Před 3 dny +1

      Who said we’re overpopulated?

    • @marryellenmonahan5585
      @marryellenmonahan5585 Před 3 dny +1

      Has nothing to do with it😅

    • @mrxxbrian
      @mrxxbrian Před 3 dny +1

      @@damnjustassignmeone No one! Because it's obviously not an issue!

    • @user-dw1ls3rp1l
      @user-dw1ls3rp1l Před 3 dny +2

      Unchecked immigration has everything to do with it. More people looking for places to live means increased demand, and increased prices across the board.

    • @marryellenmonahan5585
      @marryellenmonahan5585 Před 3 dny +1

      @user-dw1ls3rp1l Need to look up the facts because it's very hard to immigrate here. We let in a very small number of immigrants... if they're getting in illegally, hold the border patrol responsible and change the system.

  • @albertoserrano67
    @albertoserrano67 Před 3 dny +6

    Look at pheonix and texas they were safe tax havens in past years, but the migration to those cheaper areas is now hitting a plateau as now the increased population is starting to increase prices in the same area
    Edit: forgot to mentention Nashville Tennessee as of reports lately

  • @ABoredTroll
    @ABoredTroll Před 3 dny +2

    Answer: Uncle Sam letting real estate corporations own, price gouge , and wear the pants

  • @MrLivewire1970
    @MrLivewire1970 Před 2 dny +1

    I'm in Illinois and I live in a rural community of about 2000 people. My neighbor passed a few months ago and her one bedroom cottage home sold for $7500.00. A retiree from Florida bought it for a vacation home. Affordable homes are out there if you're willing to get out of the big blue cities.

  • @J_Braz_
    @J_Braz_ Před 2 dny +1

    Because a few people own more homes than they need. Thus they can charge more knowing people will either pay or go without a roof.

  • @Straightoutoftthe252
    @Straightoutoftthe252 Před 3 dny +3

    Finally some actually news that’s should be cover daily not the election or trump’s personal situations.

  • @ICON-11-
    @ICON-11- Před 3 dny +7

    Milk is $10 at my local Safeway, this country is burning to the ground

  • @user-pi8cl4fp9p
    @user-pi8cl4fp9p Před 3 dny +2

    Climate change? Serious question- Can you give examples of Americans moving from one state to another bc of climate change? Not aware of this trend.

  • @dawolvx3098
    @dawolvx3098 Před 3 dny +5

    So if insurance companies are pulling out of these locations, shouldnt the premiums for the rest of us (outside of CA and FL) go down instead of sky rocketing?

    • @Lord_drippus
      @Lord_drippus Před 3 dny +3

      No because of competition why would they charge less if they are one of the few that will insure you ?

    • @dawolvx3098
      @dawolvx3098 Před 3 dny +1

      @@Lord_drippus I was meaning for the rest of the people outside of CA and FL.

    • @jeretso
      @jeretso Před 2 dny

      Not in the short term. Insurance companies are licking their wounds.

  • @laylapreater7813
    @laylapreater7813 Před 3 dny +22

    Climate change is not why houses are unaffordable 🤣

    • @user-dw1ls3rp1l
      @user-dw1ls3rp1l Před 3 dny +4

      I stubbed my toe this morning. It must be climate change's fault.

    • @02nupe
      @02nupe Před 3 dny +2

      Not by itself, but it’s definitely part of the problem

    • @cd129
      @cd129 Před 2 dny

      @laylapreater7813 Comprehension is bliss.

  • @ShadowJ20
    @ShadowJ20 Před 3 dny +1

    The ridiculous high mortgage rates is my biggest problem.

  • @freddyrodriguez4732

    to me it’s crazy that says you CAN NOT LIVE IN A HOME WITHOUT INSURANCE, but you CAN move out of the place you were born and raised.
    Plenty of us would do the former before the latter.
    I know plenty of working class ppl here in Florida now who are foregoing insurance. They’re paid off and saving cash

  • @dorenewhitacre1908
    @dorenewhitacre1908 Před 3 dny +1

    Out of state realities will buy it and rent at a high rate. Its the only way to get a family in there....sad!!!

  • @CO2Emitter9999
    @CO2Emitter9999 Před 3 dny +1

    Foreign cash buyers. American wage earners have no fighting chance.

  • @kare7840
    @kare7840 Před 3 dny +1

    Careful, they want to move things along faster. You'll own nothing.

  • @timmaloney6441
    @timmaloney6441 Před 3 dny +1

    When an area is declared a Disaster , the Federal Government offers Federal Loans at very Low interest rates , called FEMA , a built-in Insurance policy to help rebuild. whether it's an Earthquake , Fire or Hurricane , Tornado etc .

  • @bobbullethalf
    @bobbullethalf Před 2 dny

    You have to be a fool to own a home. Just rent, the repairs are left to the owners.

  • @MA32146
    @MA32146 Před 2 dny

    They need restore SALT deduction. We only can deduct 10k

  • @carolr7823
    @carolr7823 Před 2 dny

    Anti landlords laws make most landlords leave the market so there won't be that much rental property, particularly in areas that are very anti-landlord. Also, most houses aren't the same as they were 80 years ago. They used to be bare bone. They didn't have A/C and were lucky to have more than 1 bathroom and few appliances and electrical needs. All the houses being built today are luxury homes that only rich people would have lived in decades ago. The biggest reason though that homes cost so much is that they don't mandate that you put 20% of more down. That means less turnover and that owners have skin in the game and won't abandon their homes if the market turns.

  • @esils
    @esils Před 2 dny

    Why can’t you live in a house without insurance? It’s that a law or a loan requirement? 3:45 🙋🏾‍♂️

  • @Campzzyzx
    @Campzzyzx Před 3 dny +5

    This can't be true. Even though Americans experience this on the day to day, the Democrats have clearly stated how awesome the economy is.

    • @bobby-ov9qn
      @bobby-ov9qn Před 3 dny +1

      Yep. Bidenomics is the greatest thing since sliced bread.

  • @Deva-no3dn
    @Deva-no3dn Před dnem

    Owning a home was never and will never be affordable for everyone. This is all bulldinky. Most people don’t want to work hard enough or long enough to 1. Save up a decent down payment. If you can’t afford $40,000 to purchase a $200,000 house (if you can even find something that cheap!) then you can’t afford to own a house. 2. They don’t do the required math to figure out how much the overhead be will into the future and that includes taxes increases , increased HOA fees, upkeep and repairs etc - you’ll need an account with ~$10,000 to cover these expenses and you’ll need to continuously add to that because houses are like people - they get older everyday and start falling apart if not CONTINUOUSLY cared for. Home ownership is not affordable for most people.

  • @rebecca.menashe
    @rebecca.menashe Před 3 dny

    We can afford a down payment but spending 1000 a month on mortgage interest doesn’t make sense. Also putting 500k of your savings if you have it into a home means you are not investing that. Homes are now 500k-1 mill or more in a lot of neighborhoods. People earning even six figures still cannot save enough to buy a million dollar home unless inheritance or some amazing investments or you are earning 300k or something. Also property taxes are crazy for apartments HOA is almost same as rent.

  • @MrWolfchamp-xi3cu
    @MrWolfchamp-xi3cu Před 3 dny +4

    Houses at their cheapest are like 5 or 6 digits in cost.
    That's probably why
    How many people can afford that?

  • @PikachuTDP
    @PikachuTDP Před 3 dny

    The home market will drop 30 percent

  • @doggygaming950
    @doggygaming950 Před 3 dny +1

    Prior to 2000 30y mortgage rates were basically never below 7%.

    • @traderstatusquo
      @traderstatusquo Před 3 dny +2

      But the prices were half or more what they are today…

  • @Hungry_inhouston
    @Hungry_inhouston Před dnem

    I guess they’ll have to leave their country for a new one in search of an affordable lifestyle, oh wait…..

  • @louiseheaven9136
    @louiseheaven9136 Před 3 dny

    My grandmother had a small apartment above her home using the four upstairs bedrooms to make a nice apartment, and made an outside entrance. Small town, and safe. This was back in the 60’s, if not late 50’s. I always thought it odd, but I now know it allowed her to stay in her own home, and afford the cost. I guess my thoughts being, that sometimes not everyone can afford to buy, but should be able to find places like my grandmother had. I’m glad she could share and stay in her home.

  • @blakeaaron5698
    @blakeaaron5698 Před 3 dny

    We would have affordable housing if we increased cash/equity requirements for buyers.
    Now, it's standard to make a small downpayment on a property and finance the rest (80-95%) with a mortgage.
    If lenders flipped their loan/value offerings and were limited to financing only 20% of the value of the property, most buyers would not be able to come up with 80% of the property's value in cash. This would drastically drive housing prices down.
    Too many bankers and investors and politicians would lose money, though.

  • @jeretso
    @jeretso Před 2 dny

    Let random people flood the border and you wonder why the lower priced homes are gone. There are a lot of hard working immigrants bidding up prices too.

  • @cocoa_pacific
    @cocoa_pacific Před 3 dny +1

    I would have liked them to explain the infographic at 3:30

  • @DistrustHumanz
    @DistrustHumanz Před 2 dny

    When this happened in Europe, they came to the 'New World'. The difference this time is there's no place to go.

    • @robm6803
      @robm6803 Před 2 dny +1

      Just find another piece of land that you can steal from the original indigenous owners. I mean you got the guns and all…

    • @MPPG663
      @MPPG663 Před 2 dny

      ​@@robm6803 😂😂

  • @DakotaFord592
    @DakotaFord592 Před dnem

    And the government wonders why nobody wants to have kids....

  • @samiaint8043
    @samiaint8043 Před 3 dny

    My insurance was dropped. The lowest I could find is 325% higher with a high deductible. The highest which is the average is 800% with a low deductible.

  • @Rick-jz1vs
    @Rick-jz1vs Před dnem

    Its called planning your future and your kids future

  • @user-zs5ed5dz7u
    @user-zs5ed5dz7u Před 3 dny

    My biggest hurdle for keeping my home is insurance. The demands are unreasonable. If your home is antibellum most insurers don't want to cover it. If you don't have central heat anx air forget it! If you roof is 25+ years old forget it! If your property around your home ( yard, treea,etc.) Is not perfect forget it. They either cover for 2 months then cancel or they raise your rate until you are forced to drop it then you can forget about finding other coverage. One went so far as to cancel me because it was tired of dealing with my Father and I wouldn't put him in the nursing home or throw him out on the street.

  • @js6728
    @js6728 Před 2 dny

    and its not anything that the news, or college degree majors, would have to say

  • @ryan5758
    @ryan5758 Před 3 dny

    They say “we have a supply issue, not enough homes” but then let in thousands upon thousands through the border….. in 2023 more migrants came through the border illegally then the number of homes/apartments built. This is disgusting. Prices will never come down.

  • @containedhurricane
    @containedhurricane Před 2 dny

    The government should've let the population shrink naturally, by heavily limiting immigration. Smaller population will make life competition less intense and lower property prices as happened in Japan, which will eventually make the citizens happier

  • @amikarantza4709
    @amikarantza4709 Před 3 dny

    lol how is $2,110 35% of pay? More like 2/3 of pay. Who tf makes 6k a month take home? I’m doing great! making the most I ever made in my whole life and I’m barely bringing in 4K 🤦🏻‍♀️ apartments out there for 2k a month but are only actually worth paying 850 a month. And those of us who used to pay 750 for that ish aren’t even willing to pay that much for anything. I’ll go live in a motel instead. This is ridiculous.

  • @raybod1775
    @raybod1775 Před 3 dny

    Corporations are given tax write offs for expenses and write down value of property, not available to home owners. Congress could pass a law tomorrow allowing tax write offs only for owner occupied homes of 3 units or less. Without tax write offs, corporations and other entities would be forced to sell their investments and housing prices would come down quickly.

  • @privateprivate8366
    @privateprivate8366 Před 2 dny

    This is a really big problem, sweeping cross country. People are finding themselves priced out of their homes, because they have mortgages, that require insurance, which must be paid, according to the lien holder. Can’t ou the insurance, because there’s a sudden 40% rise in the insurance rate and, unless you can figure something out, you don’t live there anymore.
    I also suspect this will become so, with renters. I’ve lived in my apartment for many years and it wasn’t until a new company took over the complex, that they started requiring insurance. That goes up and maybe some can’t afford their apartment anymore.
    I’m a bit fortunate, in that I just inherited a mortgage free home. I have it insured. But, if I needed to drop insurance or if my insurer raised my rate or decided to drop me, there’s no lender saying I have to sell. Still, the home has problems. I don’t see it as the American Dream. I see it as a means by which to escape the American Nightmare.

  • @whiqeddik7615
    @whiqeddik7615 Před 2 dny

    It is compound it's a compound fracture we're dealing with right now as a nation we sold off most of the land to greedy corporations and we also are experiencing the massive migration of people running out of places to run to when all of their homes and most of the lands they lived on beforehand have flooded or now remain underwater or are just too hostile because of the resources in those areas becoming nonexistent are rarely available. Play better slap a test on having more kids because it's going to get pretty crazy real soon

  • @bradleyhammer5615
    @bradleyhammer5615 Před 3 dny

    Homes are a commodity not an investment.

  • @petersmith5624
    @petersmith5624 Před dnem

    There’s always Detroit land banks

  • @michaeljohnson4947
    @michaeljohnson4947 Před 3 dny

    The nation was lifted out of poverty, with affordable energy, and inexpensive vehicles. Our war on carbon, is why we have this inflation. The climate doesn't change by what we drive.

  • @Aeorocks
    @Aeorocks Před 3 dny

    If you live in a high-risk area and know this, you should have to pay more. That definitely sucks for the rest of us, though.

  • @MichaelChengSanJose
    @MichaelChengSanJose Před 3 dny

    Yep, been betting that people will be migrating to safer areas since the start of COVID, and that’s been paying off big. The next decade will be amazing!

  • @apotatoninja
    @apotatoninja Před 3 dny

    This just in, the sky is blue.

  • @povertyiscreated2265

    Landlords, public housing made illegal 1997, corporatebinvestors. Theres the problem.

  • @daniellebrooks7510
    @daniellebrooks7510 Před dnem

    American greed

  • @kurdi98k
    @kurdi98k Před 15 hodinami

    The insurers are trying to force a recession

  • @1993riverside
    @1993riverside Před 2 dny

    We know what all this about Big corporate

  • @ZKuran
    @ZKuran Před 2 dny

    Piece is 5 - 10 years to late...maybe talk about it when it was relevant. Or here's a new issue, The Sun makes Light, all this and more later tonight. Following, ever wonder why insurance company's keep raising prices but lowering quality?

  • @dougclem7711
    @dougclem7711 Před 3 dny +5

    PRIVATE EQUITY PRICKS WITH THERUMPS REPUBLICAN TAX CUTS, MONEY TO PLAY WITH. HA HA AIN'T THIS FUN! BUY IT TODAY, SELL IT TOMORROW FOR MORE! HOMES ARE WHAT WE LIVE IN AND RAISE A FAMILY. GO TO SCHOOL, GO TO WORK, GO TO PTA MEETINGS, HIDE EASTER EGGS, GO TRICK OR TREATING. YOU DON'T BUY A HOME FOR INVESTMENT, THEN SELL IT.

    • @karmaandkerosene2885
      @karmaandkerosene2885 Před 3 dny

      Biden poured billions in stimulus into the economy and the private equity groups used that money to buy houses. You voted for this.

  • @vvolfbelorven7084
    @vvolfbelorven7084 Před 3 dny

    Unfortunately this guest knows little about the ramifications of the loss of home insurance. The point at 3:10 about "reconcile yourself to pay a lot of money just to be insured" is trivial. Insurers are not insuring at all due to the high risks. That's only the beginning. Furthermore:
    1. Traditional banks won't lend to a potential homebuyer if the house cannot be insured - therefore the homebuyer will have to pay practically the whole amount in cash for the property at sale.
    2. Affected properties will lose their current value because the property is exposed to a lot of risks, banks are not willing to lend, and someone with cash is able to negotiate the price down
    3. Homeowners without insurance must account for natural disasters - break piggy bank in case of emergency. It can happen the first year or the 20th year, but the cash needs to be there.
    And then who knows about the impact all of this will have in the affected communities.
    Btw, the NYTimes had a report on this topic.

  • @khon6339
    @khon6339 Před 3 dny

    life is like a box of chocolates never know you may be stuck owning a home may 1 day have family kids need bigger home for family life's a journey not a destination

  • @michaelelliott2946
    @michaelelliott2946 Před 14 hodinami

    Hey insurance companies! Keep raising people's prices and pretty soon you will have NO business at all and you will go OUT of business!

  • @user-gz5mp6sw6b
    @user-gz5mp6sw6b Před 3 dny

    Why why why greedy greedy reason reason to justify blamed the weather...oh my

  • @TikiCosmicflow
    @TikiCosmicflow Před 3 dny

    The #GrossGREED And the #Algorithm is What Made This #Nightmare 4 Us All. #EnoughisEnough #WeNeedChange too Many People are #Suffering HAVE A #HEART 😢

  • @eleonorulibarry5340
    @eleonorulibarry5340 Před 3 dny

    ALL OF THAT WOULD BE HOSTILE ABSOLUTE VALUE |10|

  • @9doggie12
    @9doggie12 Před dnem

    Why did he keep bringing up climate change lol Florida has always been a flood risk ie being right on the water

  • @eleonorulibarry5340
    @eleonorulibarry5340 Před 3 dny

    THAT'S HOSTILE GET THE MONEY THAT'S DOMINOS ALL PARTIES

  • @jjtiojohn12
    @jjtiojohn12 Před 3 dny

    he just said a whole nothing Burger!

  • @mistol2130
    @mistol2130 Před 3 dny

    Wow Babylon is on her tipping point

  • @Joe-dy7bb
    @Joe-dy7bb Před 3 dny +3

    >Buy single family home
    >Tranfer title to LLC
    >mark up property for extreme profits
    >destroy hosuing market
    We do a little trolling here and there.

  • @user-rg8tm3px9y
    @user-rg8tm3px9y Před 2 dny

    One word...BlackRock.

  • @johnc7652
    @johnc7652 Před 3 dny

    Kinda funny cant buy one in america have 7 in Columbia by next week 😂

  • @salvadorbravo4187
    @salvadorbravo4187 Před 3 dny

    Saddest part, realtors and lenders don't care to put their "Clients" in a purchase that eventually will become a foreclosure.

  • @MichaelBrown-ny3et
    @MichaelBrown-ny3et Před 3 dny +1

    Wait until Michelle gets in there. The climate narrative is comical.