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did anyone already say how property taxes are insanity? (especially considering US history)
Hello I need online job
I need urgent job cdn you give me job
Where is the website link to own vs rent ?
Revolution anyone??
What’s up graham it’s guys here 😂
So, living in Croatia the difrence is huge..
I have above average income. Double then rest of people in my town, enough that my wife dosent have to work at all… But I only make around 16,000 euros per year… Most of people that work average jobs have around 8,000 euros..
So using those rules you mention in this video I can afford a house between 48,000-58,000 euros… Good House in Croatia cost around 200,000 euros…. But in smaller places 80,000 is as good as 200,000 in big city…
Buying anything below 60,000 means you will need to invest 40,000 more just for repairs…
Renting half a year ago before we got euros was around 200 euros, now its +350… Price of houses went up atleast 30%… All in half a year since we changed our currency kuna to euro…
To find a place to rent is a nightmare, no one rents… Old people refuse to sell or rent their houses cuz they keep em for their children who left the country and have no intention of ever coming back… You need to have huge help from someone just to buy a house…
Am just happy my parents bought a half built, big house, 25 years ago for 25.000 euros… Which is big enough for us all to live in… Even then, they needed help from grandmother from germany to buy it, and we are still investing in it, only half of it is done…
Well living in Miami I know I now won’t be able to afford a house till I’m old with the salary I have
Who tf makes 200k a year?
Great video. As a retired debt collector and bankruptcy assistant I can tell you the problem is the “bidding wars” that jacked up real estate to Fake values. When society normalized paying 30-50% over FMV that is what we may never recover from. Realtors are definitely culpable in this mess. The fact that the masses fell for this is no surprise. Playing the interest rate game to decide what house you can afford is what Bankruptcy Attys are stuck with. FYI these people just file a Chapter 13 so they can lower their interest rate. It’s all a racket. IMO perpetuated by realtors.
So you’re telling me I’ll never own a home
Hoa costs? HAHAHA.. no. Hoa’s are deal breakers for me
My wife and I bought a $450k house last year in June 2022. 4.3% interest. I was shocked to find out that my mortgage payment is the same as my dad’s, who lives in a $1.1m dollar house. It’s all about the timing.
Did your dad actually pay $1.1 million or is that it’s current worth?
@Voldur no, that’s current market value. I think he bought it at around $750k
Is the market ever going to cool off? Would love to hear your opinion
What can I afford super car edition!
A question I’d have is how strictly to definite “rent”. Should the 20% just be the base rent, or should that also include any additional fees for parking, trash, water, sewer, etc?
Would you apply these same rules if you were trying to buy a multi family home to house hack?
I’m subbed to you thanks for letting us know. Literally thinking about this lol!
What about Multifamily Homes & buying as an investment property?…. that’s what im trying to do, wish that woulda been mentioned. Good vid though
Watching this video as a grad student in one of the most expensive cities in the US, living off of a student stipend, is very depressing.
These guidelines only work if you live in like Idaho and are making a doctors salary lol RIP future generations
These percentages are way too high if you have kids. Better make it more like 15% if you have dependents.
Do it for your day ones
I would like to see when it’s best to buy a house in cash
ugh – I remember why I stopped listening to you – you sound like a grunting monotone guy.
It’s not just about calling myself a homeowner. It’s about the freedom to do with it what I want.
Somehow I am already exactly 28% haha
housing in the area im renting right now doubled since the pandemic…. most houses starting at 260k-350k which is too risky when making 55k a year so I guess im sticking with renting 🥲
what car can i afford
I’m glad to see Mr. Stephen Banks mentioned here .my spouse recommended him to me after investing $4,000 and he has really helped us financially during the covid period here in Canada🇨🇦
Love this style of video, Graham!
Fantastic video. Thank you
it would be cool to see a “How Much Car You Can ACTUALLY Afford (By Salary)” as well.
Having a car payment that is a depreciating asset, that is 1/3 or higher of your rent or mortgage, is 🤯
What’s up Graham it’s guys here LOL
So I’m the only1 who caught him saying “wassup graham it’s guys here” 😂
Couldnt be better timing.
Im currently at 15 an hour and litterally just got a *wink wink nudge nudge* from my boss to go ahead and apply for a position opening up thats going to bump me to 21/hr.
Now im doing the math and trying to figure out if i can fianlly afford my own place and get rid of my roommate and then after that get an old used lexus around 20k with a 5k down payment(its my dream car)
Well this video just confirms I need to move out of the US to afford a home.
I live in Fresno… run a respectable small biz… and to hear that in order to live a comfortable life, IN FRESNO, I should make about 200k a year is extremely disheartening 😓 blue states are the worst for low/middle class working people. I have clients that rent new luxury Apts for 260 a month living hood-rich lifestyles. When will this backwards mentality end?! 😤
Soo true. Owning a home 🏡 is not a FIXED rate. 😞
These goes up : property tax, home insurance, lawn care, utilities, home maintenance 😢
Homeowners insurance (especially in Florida) is another huge item to factor in
More what can I afford vids plz
Woah! Graham has come a long way! I dont remember him ever talking about sensible numbers like this! Resubbing bro! Great video!
I live in IL, it’s 2% but is that for homestead exemption as well?
This guy is the ONLY person I’ve yet to see to actually know what he’s talking about with the 50/20/30 rule.
Keep in mind that 50% living cost means EVERYTHING that’s required to live. That includes: rent, all rent utilities, food ALL medical, all travel costs to and from work, etc. If you have to have it to live and work, that’s supposed to be covered by 50% of your take home pay.
So the REAL answer to “How much can I afford for rent/mortgage, even if we lived in Communist country and all made the same paycheck, the answer is “it depends”. Depends on your health (medical costs), your travel cost to work, etc.
Most of you can’t afford a home or rent. That’s why no new low-income housing is being built. Income inequality has gotten so bad, the materials, land, and labor, is completely out of reach for most people.
That’s why most have just given up. The young generation (and even some Gen X such as myself) live with family and will probably die with them. We’ve given up on bettering ourselves. What’s the point? Can’t afford marriage or kids. Working my ass off to work myself up the company STILL won’t afford me a house. Not even CLOSE.
You’re absolutely bonkers if you think someone making 60k a year should or could afford a $300k home. Try half that. If you have TWO incomes at $60k each in that household, sure, $300k makes sense.
I live in Oregon and people be renting homes for 2800 makes no sense to me because you can get an apartment with the same amount of rooms and bathrooms for like 1600 if I can afford 2800 to rent a house I would pass and instead rent then save or invest the other 1200 each month
Yes make this a series!
You should do a video comparing realestate markets of other countries to the usa
The median house price in my neighborhood is 1.7M…add 17k for taxes and it quickly becomes unworkable for most people. Maintaining a home is almost always underestimated.
This man has the shortest arms I’ve ever seen
Really just gonna steal the title word for word from Humphrey Yang? Come on man, I used to respect you. (Don’t worry, this wasn’t the straw that broke the camel’s back)
living in salt lake city has me like 😢
Dude Michael reeves coming for you!
Love the intro…”Whats up Graham, it’s guys here!”…lol. Nice work on the vids. Love watching em!
Dont listen to landlords advice when it comes to this topic. I used to see some logic in the rent forever mentality…..then covid happened. That exposed the biggest flaw which is zero control. Rents exploded. Home values exploded. A mortgage is basically rent control. Same price forever. While watching home value go up over time. Rent can skyrocket at any time while you are putting money toward nothing of value. Buy a house as soon as you can afford to.
Very confused when you said 6.5% interest rate while clearly showing that the average rate with good credit is 7.1%
Its not just interest rates on why homes are super expensive. In 2020 we had record low interest rates and house tripled in cost over night.
Your thought are ok but who their right mind would do those rules on gross income. Always take home or it’s predatory to tell someone to rely on income you can never have. Health insurance goes up, taxes may go up among other things. You have 401k. So you’re 50/30/20 is really something like 45/25/10. Or maybe lower.
Nice to see you are making videos like the ones that had me follow you again.
Cars could be fun also. Especially with current car prices and the amount of car loans out there
Are these numbers gross income or net
Curious that the landlord would recommend people (his very large audience) to rent…. hmmmm
*laughs in nyc*
Rent in Fresno for $3,500k/month?! 🤣😭😵
“You will own nothing, and be happy”.
The new world order wasn’t over usa and china. It was over the old Soviet oligarchs vs the nato states
I cant afford anything I barley make 43k lol got a .61 raise lol
In Canada they do the 30-35% rule but include any existing debt during pre-approval
So all your debts + mortgage included, should be under 35% of household income
So basically, again, nobody except the ultra wealthy can afford homes. Nice. Lol
Ahhhh we’re doomed 😅😅
Okay, what about those of us who make under $40,000 per year? Are we just fucked by the system?
I appreciate but laugh at these videos on what you should spend on rent like we choose rent. You can have a roommate, but what adult over 30 is trying to do that. It’s crazy out here. Good information about the amount of house you can afford though.
TERMITES!!!
I love that the intro was reversed and you left it in…awesome and funny!
Hey Graham it’s guys here!
12:34 I live in Colorado and just saw in Aspen Someone bought an $80,000,000 Home. …They rent it out for 70k a month and 100k during ski season. 🤯
Video and presentation was great! Definitely a big help to someone like me in my mid 20s. But wow was it depressing information. I make about 80k in Colorado and its tough out here.
The same dude who will charge 3k in rent for 1000sqft
I live in Florida and it’s pretty awful to buy or rent here currently. Houses that were $300,000 in 2019 are now $750,000+ now even with the crazy interest rates
Why do people listen to this snake oil Salesman😂
The intro???😮
I love the what can I afford vidoes from the Mr Graham money cracker 😅 thank you
am i the only one in the comments who noticed he started the video “what up graham, its guys here” LMAAOOOOOOOOOO
What about rent to own or lease to purchase? renting with the option to buy.. could you do a video explaining this option?
Thank you so much for all of your research! * cries living in California *
Ummmmm we can also blame mass rental property owners for higher housing costs, it’s not just interest rates that have messed up the housing market for individual homebuyers
Lol, 40k a year. I’d like to see that.
I live in rural Oregon, in an area where rent easily, costs as much sometimes more than a house payment in this area. Mostly due to people moving here from Cali or Washington. Another issue is the wages here, the area I live in unfortunately to afford to buy a house or rent unless you have roommates you can rely on or multiple incomes your not going to be able to afford either. I make just enough before taxes to put me over the limit for income based housing. But not enough to afford to buy a house right now with the debt to income ratio I have at the moment. Even after that’s paid off as I said I’d be spending just as much if not more on rent in comparison to just buying a house. To me it just makes more sense to buy a house here through a lender that would allow me to port my mortgage should I decide to move but thats unlikely. All in all the housing market where I live forces most people to either have been working at a good paying job with great benefits for the last 10 years in order to be able to buy a house or you have to work outside this area sometimes driving an hour or more to get to work. It’s a fucken joke.
Thanks. All this shows is that I’ll never own a home and I pay more than I should with renting.
Okay so this is for a family home. However, what about an investment property? If you were to put the home under your LLC’s name.
Average household income 65,000 per a year HAHAHAH
This was super super dope. I love this video & this advice.
Lmfaoo im 24 and only making 40k a year. Ill just off myself at this point
My mortgage is right at 30% in LA and I’m just barely getting by!
Lower interest rates will increase the amount of money you can AFFORD to borrow, but it will do the same for your neighbors…and in turn increase housing prices.
What’s up Graham! It’s guys here 🤣😂
What’s up Graham, it’s guys here!
Thank you!
money spent on rent, you don’t get back
Any advice for veterans using the VA backed loan with no down payment in regard to the subject of this vid?
I’m so sorry but housing in Texas has gone up so much. 1bed1bath is $1500 so this was so unrealistic
Graham never disappoints
thanks for slapping in the face with your wallet
thats enough internet for today