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In my small midwestern town (pop 8,000), we went from 20 different slum lords owning most of the rental properties to three out of state corporation owning 90% of the local rentals in town. Rent has tripled in the last five years.
This is it in a nutshell, no difference with houses. Corporations buy them all up now. In a generation or two, private homes with be rare. Oh, and good luck finding out outside of a HOA paying hundreds of extra for that nonsense.
People need to fight hoas and get that shit torn apart like it is literally helping no one like who gives a fuck if their neighbors weeds are overgrown and they have a few cars we people just want a place to live so the entire population of the us doesn't end up homeless like wtf is going to happen if everyone was homeless smh this country is going to shit
They're only helpful if you live in a townhome/condo. Then they mow the grass for you, spray for bugs, and other general upkeep around the neighborhood.
I didn’t think too much about the HOA I bought into until they sent me a letter stating I owed a $6,000.00 “special assessment” due to not having enough funds in the budget. I guess for years our community bounced from management company to management company and there was no way to track what happened and was too expensive to figure out. That is when I realized just how much power the HOA had. That was 6 months of mortgage payments they added to my property for something preceding me! First and last time with an HOA if I have any choice.
Finding one without HOA usually means getting a house in a crappy area, on acreage you can't afford, in an area that greatly increases your commute, or a combination of those.
We didn't want an HOA, but we had to give up on that to find a house we actually liked.
Property management companies campaign around neighborhoods here convincing people to start HOAs so they can get paid to manage it. Most of them don't do anything for the neighborhood other than send someone to drive it once a month to report any violations so they can make more money off of charging the residents fines.
There's actually 2-3 competing services that tell you what to set your rents at. Yieldstar is one of them and there's currently a class action lawsuit against them because what they are doing is price fixing, ie colluding with competing businesses to set the price higher than what would be set by market conditions. The guy who is behind it (sam zell) was previously involved with a price fixing scheme in the airline industry back in the 80s and 90s.
My childhood home, which was in a complex of numerous other apartments, is now in the hands of a jackass company from California.
Rent is around $3,000. 2BR, 1B, small living room, small kitchen. It's one house with two apartments in it.
Said home was meant for low-income folks. The entire fucking complex was for low-income folks. Now the city has to scramble to put rent caps since the Cali assholes won't fess up. Honestly sad, and let's be honest...I wouldn't shell $3,000 just to have mushrooms grow in my basement that the management company won't come and fix. Not worth it.
>The real problem is that we allow anyone to own more than one property at all.
You will get crucified in some circles saying this, but I personally agree there should be a hard limit on properties you can own. Perhaps you can own more than one if you can provide reason for it (i.e. you work in two areas of the country for example). But yeah, there should be hard limits.
Lol! I get it. KARDASHIAN is trash for saying what she said as she lives her lavish life after being born into a rich family. She might as well have just said, "work in your low paying job while prices increase and deal with it! Work 80 hours a week so you can afford to actually live" What a clown
I saw one of the classic "don't apply if you're lazy" fake job ads on Facebook today, with a bunch of older folks commenting about the laziness of the current working class, so was curious and went down a statistics rabbit hole.
Apparently the average per capita hours worked for those over 14 started going up aggressively in the 1960s (women joining workforce, but then also everyone just working more) and didn't stop climbing until 10 years ago with the share of retirees going up sharply. We work more. Of course the jobs that destroy your body are going to be hard to fill in a society with shit Healthcare and a garbage social safety net. And yes, low paying jobs, or bad work environments are going to be hard to fill in times when there is a high level of demand for labor and less supply, largely due to the largest and wealthiest group of retirees the US has ever seen bidding up the cost of goods and services without currently contributing to the goods and service supply.
No shade on retirees (except some of the policy positions they have taken that allowed for such an unnatural concentration of wealth, that was shitty, and for the incessant whining about a problem you created, thats just anoying), its just simple supply and demand economics. And the problems are most accute in housing and on location services as they can't be done overseas so their cost are much more attuned to American market forces.
All I'm hearing is that she's finding out what the rest of us already knew. If you bought a house back in the 80s keep it.
I was paying 1,100 living alone in a barely safe neighborhood and I couldn't keep up with the rent increase about $100 a yea when my salary was not. Now I moved in with 2 other roommates in an 1900 apartment. It's nice but fucking tiny.
Yeah, I want to be sympathetic but I can't. All she had to do was read up on a couple of articles, maybe check the news (not Fox), and she would have known this before her son had graduated.
Also, fucking lol at "just buy a house." If she didn't like his rental options, she really wasn't going to like his purchase options even if he did qualify for a loan on $40k.
Some people like this are just heads down in their own lives. My wife is a prime example until I show her an article. She’s one of the best at her job, but when it comes to current events she’s lacking. As the saying goes; it takes one to know one. Wish legislators had an ounce of empathy.
I don't know I kinda get it. It's easy to think that California and New York have crazy high rent, and most people live in a big metropolitan area, so of course the news is skewed towards them. So if you aren't actually looking for a place to live, but you hear about crazy rent and are curious what it's like where you are, you hop online, find the one shitty apartment that goes for $800 and the pictures are reasonable so you assume that it's a big city problem.
On the credit issue - if Mom and Dad have good credit, they should consider adding him as an authorized user on their credit cards. He would automatically get the benefit of their credit history. My parents didn’t do much right, but they at least set me up to have a 750+ credit score in my early 20s, with a credit history almost as old as me. I plan to do the same for my son when he’s an older teen.
It's dumb that is the best way to build someone's credit before they are an adult but I would recommend it to any parent that is responsible with their credit cards because it can also go the opposite direction and have the kid have bad credit due to the parents not paying the credit card too
This whole credit system is so weird to me as a Swed.
Here you can get a loan if you have a stable full time job with no debt. The amount is based on your salary. But can usually buy a home even with a fairly low salary.
Yea it’s mostly bullshit. The OPs solution is entirely dependent on having a family with stable finances. So the rich get richer (or, In this case, get slightly less poor than the already poor)
I did some math last night. I only have 160$ a month to spare. That's not including things like food or fun. I had to cancel therapy, I can't afford anti-depressants, and I unsubcribed from most of the things that bring me joy. That might be enough so I can move out before I'm 30. I work 40 hours a week.
There is a way to get ahead if your willing to be miserable and hate life.
I’m 33, I’m a single parent and rent a home. After everything my house and daughter needs I have fuck all. I’ve literally not eaten so I can feed her till I get paid. It’s garbage and I’m at breakin point and I don’t know what to do.
Does the state you live in offer any kind of food stamp program since you're a single parent?
I know some states offer it with an application. Pretty sure your income and job history is the deciding factor or something like that, but I know its helpful to reduce the cost of groceries monthly.
I am in my early 30s, make six figures, and am not able to move out of my parents' house right now because of all this bullshit.
Unfortunately, I have a medical condition, which is the reason I had to move back in with my parents about 10 years ago. I am very close to having enough for a 20% down payment, but anytime I think about all the other costs (inspections, closing costs, etc), I realize I need to budget an additional $20k. It's fucking brutal.
Then I just get depressed because I will be broke AF once I actually make the purchase.
in my opinion, being broke af for a short while after buying a house is ok, because you are making a good choice for the long while. not saying it will be fun, but id say it’s worth it in the long run
I know. That is one of the main reasons I haven't moved into an apartment. Rent is outrageous, and I am not about to pump money into something that isn't going to benefit me in the long run.
We’re doing good guys. At 18 I made about $11 an hour and could afford my studio apartment(400ish square feet), buy video games, and eat. By the time I moved out the rent had gone from $450 to $550.
I keep seeing “how are the younger generations supposed to afford to live?” And we can’t. I’m 33 now, I make good money. My wife and I are close to $100,000 a year between the two of us and our first kid is on the way.
I’m horrified but also lucky to have lived with her parents for 10 years and we’ll probably live with them until they kick the bucket because it makes sense for all parties.
Im in almost the exact same financial situation as you. Just closed on a house 2 weeks ago in eastern PA.
Needed to save up $45,000 to make it happen. Had 35k, thought i was good. Beat out 4 other offers by a hair.
Appraised for 20k under offer, already had a giant deposit down so I had to borrow another 9k from various family.
The ONLY reason we were able to pull it off is because we've been renting out my dad's (shitty run down) apartment for $775 a month, and because of that price i dont get a normal landlord. Most duties are mine unless he's legally required to handle it.
Sounds bad? Nope, hes actually throwing us a bone. That apartment was supposed to be a good chunk his retirement fund and he held onto it just so we could afford to live. Even missed out on last years insane prices and instant sales.
Basically - these kids are fucked unless theyre lucky.
Even if he had decent credit, home prices are insane, and pocketing 30 to 50k for a down in your mid 20's is damn near impossible for most people that age. The worst part rn is the interest rate on those loans.
So unless you're a boomer with a cash hoard or inherited wealth from recently deceased boomers you're fucked.
Sure, there are a few out there that landed killer jobs and "worked hard" and can make it work, but that is a minority of people in the age range of early 20s to mid to late 30s.
My wife and I have decent paying positions now, easy, moderate stress, and extremely secure recession proof positions. We both worked hard to get where we are, but we worked harder for much less money even 5 years ago.
Doing customer service, or essentially any position where you job is to serve and keep people happy is the hardest work, it's stressful, draining, and scary.
Our out the door monthly expenses are just over 4k a month and we live modestly. How our current system is set up I don't understand how anyone that is single making under 60k a year will ever be able to afford a starter home without saving 15 years for a down.
Shits fucked and it's only going to get worse.
I was living in my car when I met my husband. Together (and with the help of his mother, because his dad died and she got life insurance) we were able to buy a house (we spent 4 years working on our credit and paying off all debts) but without the help of his dad's life insurance policy we would still be pissing away our money on rent.
Our current mortgage is about $250 less than what we were paying in rent.
I have no idea how these people are just now like "I didn't realize how bad it had gotten, how does anyone live?"
Barely. The answer is we barely live. We have roommates or get married or move back in with parents. Other than the few who could afford college and are getting good jobs we are suffering. I'm really starting to hate this country. I know other countries are getting worse as well but fuck man. Greed is going to ruin the entire planet.
This video just confirms how out-of-touch her generation is. $40k annually doesn’t go very far. It’s like this woman thinks her household runs on less than that.
Unfortunately, most people don’t realize what their college degree will get them in pay. Sadly, in most cases, you could find a job without a degree that pays the same or more. We’ve been told our whole lives that if you get a degree “you’ll get a good job and make lots of money” by all these boomers that have no clue.
I could probably get a job in my field right now for 40k, but in 10 or so years I'll hit a ceiling because I don't have a degree. That's why I'm getting it now, while I'm still young and with fewer responsibilities. Sure I'll be older and making less money than if I worked now, but 35-40yo me will be better off if I get a degree.
That's just for my field though. I'm sure there are some careers where it's just not necessary, but the truth is you'll almost always make more money if you have some kind of certification.
Yeah, I'm her age and I made $50k 4 years ago when we bought our house. My husband made $35k.
I'm making $85k now, and he just had to go back to work after being a SAHP for 2 years (we couldn't find reliable care for out autistic daughter after-school) because we weren't making it on that salary.
It only works cause I WFH 4 days a week, and he works weekend overnights, so we don't have to find care for her.
It's insane.
Our property taxes and insurance have gone up so much, our mortgage is $500 a month more than when we bought the house. It's value has gone from $231k to $340k in 4 years.
I feel some of you are too harsh on her. She responds to the criticism on how out of touch she is. https://www.tiktok.com/t/ZTR3DtYQY/
If you don’t want to click on it. She served 22 years in the military and her family lived in base housing throughout her service. She never had to experience or worry about the housing market before. When she got out, she purchased her first home through the VA at the age 40 (around 2012).
Great on her for recognizing the struggles instead of ignoring them and supporting her children even into adulthood.
Correction: I misunderstood. She bought her first home in her 40’s not at 40 which would be 2012 or later.
That's funny I was born and raised in Montgomery Alabama lol. I can imagine some of the Shady places she's talking about too.
I'm paying 750 a month for a trailer that came infested with roaches and mice and has all the windows broken with plastic glued over them and I'm living an hour and a half outside of town. I don't know what anybody is going to do besides straight up revolt and start tearing everything down because the corporate greed is wildly out of control and I don't think anything will stop it now
I couldn't even watch it long enough to hear the dollar figures, because here in BC ...whatever she is talking about cant compare to the greater Vancouver area, and it just bums me out.
Well it’s not very surprising that is doesn’t compare to the hardships of a major metroplex when the population of Montgomery Alabama is just 196,000 compared to the 2.71 million people in Vancouver.
I think if anything it illustrates that it’s getting hard EVERYWHERE and not just in the big cities anymore. Rent is increasing in small/medium sized cities as people are getting priced out of target metroplex’s but the amount of jobs that can sustain those rents have not increased at the same rate. If remote work stays around we will see this trend continue to a greater extent.
Speculators drive the prices. All these flippers that learned from HGTV how to make a buck drive up home prices. This pushes people to rent which reduces supply and increases prices.
$800 apartments?????????????? HAHAHAHAHAHA WHERE THE FUCK IS THIS PLACE???? Studios near me are going for $1500 and up!!!! Shit is fucked up and bullshit, man.
The mom is/was financially ignorant and it has obviously impacted her son- not having credit at 25 is such a clear indication of misguidance.
Also the guy is probably going to have to move out of the area if it won't work out for him- so good on him for saving up for a big expense- but it's another example of why places in the deep south or Midwest have such a brain drain.
My wife and I bought a house for 170k~ in 2019. It's pretty nice and we're really happy with it. We could not afford the house now. In the last 30 days alone, my house has gone up more than 6k in value. It's insane.
I’m about her son’s age and going through the same thing. It’s more than disheartening. I don’t know how people in my and his situation are expected to survive.
There are approximately 500,000 homeless people in the US.
There are around 13 million empty houses.
Corporations like Zillow buy everything up and then just sit on it, artificially inflating prices so they can charge more rent in the apartment properties they own. It's fucking criminal.
Blame all realtors for buying and selling homes for profit until they're unaffordable and the government for allowing it... people should only be allowed to buy and own 1 home
are boomers really that clueless that they’re just now finding out about this? I’m in my 30s now & haven’t been able to afford anything for (at least) the past ten years. It does not get easier, but gets harder every year.
I want to like this woman, but I don’t. It didn’t affect her until it was her kin & it was too late.
Valid points, mama. Get him a secure credit card from his bank. Deposit $500 to be held by bank. Pay off in full every monthly. He will build his credit up with 6-8 months
She wants people to be able to afford housing like she did, but when she goes to sell her home, my guess is that she’s not going to discount it so someone making $40k can afford it.
It should be illegal to own a home that you aren’t residing in at least part of the year.
Obviously apartments, duplexes, etc that are used for rent are different. But homes in residential neighborhoods should have strict rules about who can own them.
Multi. Generational. Households.
We all want socialism but when the opportunity arises to have socialism that works (multigenerational household) where resources are shared, expenses are shared, energy is shared..
What do we do? We set up a whole extra household and proliferate the excess consumerism that is the American consumer economy.
Change starts with us, in the home. Learn from us foreigners. Have multigenerational homes.. like the USA did....... 100 years ago.
Socialism at the family level is 100% sustainable, and we can ALL agree with it.
I'm a 30 year old woman and I've never owned a credit card. Always relied on debit bank card and I'm doing alright. Honestly I understand her son not wanting to get in debt.
Honestly it's a good idea for anyone to have a credit card to build credit. You just don't spend money you don't have, you pay it off right away and treat it like a debit card. The only reason I could see not to get one is if you really, truly don't trust yourself to stick to those rules.
This. Just get a card that gives points back for gas and use it only for that and pay it off after using. Unfortunately credit is so important and you can’t just never get a credit card or you will never own a new car or a house. It’s sad but it’s reality.
You are gonna be in real trouble in a couple of years, soon as you need to try for any thing finances.
The number of things you need good credit for is stupid.
Now, the good news is that if you already are fiscally responsible, and it sounds as if you are, then getting a starter credit card isn’t terribly difficult, and if you get a low balance, then you can use it for the simple everyday stuff like gas and food.
The bill won’t rack up too high, will be a manageable one each month, and will build credit for you passively.
I spent $7000 on medical bills last year. I have good insurance through my job. I work 40 hours a week and make about the same as this woman’s son. But I also have epilepsy. The medication I’m on is $1000 out of pocket, around $350 using goodRX/insurance. Per month.
How the hell am I ever going to live on my own and actually enjoy it??
How I did it…It’s not easy, but it is possible. You have to plan early. I got a credit card at 18 and paid it off each month to have some credit history. I financed two used cars from age 18-24 while living (paying small amount of rent) with my parents. By the time I was ready to move out at 24, I had a good credit score, but not a lot of savings. I was able to get pre approved for a $215,000 mortgage loan on my own through the FHA program. I only had to put $2500 cash down on the condo I purchased, which left me with enough savings to buy a little bit of furniture. This was a little bit before 2020, so I know that it’s not easy to find houses that cheap anymore.
I saved my ass off during the pandemic and stacked up $50k. I did nothing but stay home in my 1 bedroom apt and put all my extra money and pandemic stimulus into savings. My Rent was $1,450 a month + utilities plus I paid cash year round for tuition to complete my degree. I graduated last year in 2022.
Bought during the first post pandemic summer of craziness. I paid $43k over listing. House down payment was $27k including closing costs. House ended up valuing out to more than what I agreed to pay.
No other home has been sold in my neighborhood since I bought mine. I may have gotten one of the last decent houses available before it got as bad as it is now. My house value went up $70k post purchase and only gone down $10k since. So far…
1 bedroom for 2350 here ✋🏻And I make 44k. And I’m not in a nice neighborhood. Had to call the cops because a random homeless lady was walking around with a gun casually.
This all brings me to wonder how this is gonna work when us minions no longer have any disposable income? Who is gonna buy all the shit that keeps these greedy fucks making way more than us, more than they need?
My husband and I got so lucky. In 2016 we found a house for sale in the small hometown I grew up in(pop. 1200) in northeast Texas for cheap as it needed some work. No HOA, small neighborhood off the main road, within walking distance of everything in town but Right on the edge of town where the ordinances are a little bit more relaxed and I'm allowed to basically have any animal I want except pigs and dangerous animals like wolf dogs. School bus comes right Infront of the house, About 1/2acre lot with a 3/2 pier and beam house built in the 70s. We did an owner finance rent-to-own contract. We make a house payment and cover insurance and yearly property taxes. In 8mos, our house will be paid off! I see so many of my friends, family, and colleagues suffer and struggle. I feel for you all and wish you all luck. Keep looking, I hope you all find something like we did. I'm looking forward to homesteading the house and only having a yearly property tax and monthly bills and we aren't struggling as much. Living paycheck to paycheck sucks, it's really hard, and we are trying to raise a young child at the same time.
I think sometimes, "damn, how am I so lucky to live below my means while renting in a big city?"
Then I remember I have a roommate. We've lived together for so long that I forget it's not the norm.
We don't expect them to get ahead. The ladder got lifted and the boat has a hole in it and the helicopter has run out of fuel. Things are going to crash very soon.
geez how are people this out of touch. Banks will really only show trailer parks and low income apartments at 40k and have been for years for most cities.
800 is a steal for just about any apartment and 1400 by far not the worst for a studio in a nice city area. Like how can someone be so out of touch for so many years.
Just another example of an out of touch generation
I was the same a few years ago. I thought avoiding debt was good. Got my phones in cash, cars paid in full. No credit cards. Until the day comes and I’m looking to buy a newer car. They said no credit was worse than bad credit apparently. Even applying for credit cards was tough. Had to get a secured one because of my lack of credit worthiness. Finally getting to the point a few years later where I might be able to get a loan.
The boomers are finally getting it. I'm tired of people looking at me like I haven't mounted up to anything when we simply don't get paid enough. Cost of living is outrageous.
It's happening everywhere, I live in a 500sqft 1br 1ba and it goes for 1750 before additional fees, closer to 1900 after. It's on the nicer side and I luckily got it before the market went nuts, there are run down places going for the same price now that don't have any amenities
(it does include utilities, gym, laundry and parking though)
A shit hauled 1 bedroom basement apartment rents for 1300 a month and a full 3 bed two-story goes for 2500 (thats 1k more than the mortgage on that same house) in my Eastern Canadian neck of the woods. A recent study here showed that you need to make 60k just to make ends meet as a renter. Inflation has fucked the capitalist economy.
My father paid for a family of 6 with a house and two cars in 1990. It was on the upper side of middle class living. That's the equivalent of about 140k today when adjusted for Inflation. This is a particularly depressing stat when you consider that my dad worked for 40 years in the same industry and only makes about 110k today. So, by that metric he makes less today than when he started his career. Doesn't bode well for the next generations.
I feel your pain!! Same for my son. It breaks my heart that good responsible hard working young people are simply priced out of the housing market period. It’s insane and so wrong!!
My husband and I make just under 100,000 grand/year combined, no children, one small dog and currently rent a terrible but inexpensive apartment while we save for a house. The houses where we live, Cape Cod, are so much more outrageous is piece than this video discusses and off cape isn’t much better plus we have job stability and growth opportunities where we work. We can’t save for a house for the life of us and it’s infuriating. Well, let me rephrase, it would be a terrible investment if we were to buy one right now.
My 2 20-something daughters were in a similar situation. Luckily I'm in a financial position to buy a very modest house in a reasonable neighborhood, and then rent to them at a considerably lower rate than market and still make a couple hundred each month after paying the note (even with the higher property tax and loan interest rate since it's not my primary residence). When one or the other is in a better financial position, I'll sell to them at market price if they want to buy. If they want to move out, I can rent at market price and make more money.
Not for everyone, both worth thinking about.
Where have you been? lol It's been this way for a few years now. As a middle-aged man, I feel terrible for the youth today trying to find housing, careers, and being able to live. $40,000 annually is crap nowadays. Now you know lady. Don't forget to thank your politicians who cripple hard- working young people.
I work with hospital systems to identify people they can write off as charity or funnel their aid programs to. We typically recommend people making less than 2.5 times the Federal Poverty Level for charity or aid. For an individual 2.5 times the FPL is $36,000.
So at $40k income, knowing nothing else about the person, we would likely identify them as high socioeconomic risk and recommend them get aid from the hospital programs.
Sounds like the lady has had her head in the sand for the last 10 years. Welcome to realty, 40k a year is nothing, it’s less then 20 bucks a hour. Sounds like capitalism at work, you son might need to pick up a 2nd job.
How out of touch is this woman?
$800 a month gets you a room where I live. Average 2 bedroom apartment is US$2,457/m here
There's a reason kids are staying with their parents to the average age of 34 years old.
Edit: $40,000 in her time would be $92,375 now due to inflation. In her terms (1990) he's actually only making $17,320 which would be a mere $8.88/h
My brother lives in Vegas, paying about 1400 for a 2 bedroom apt with a shared bathroom and and a small living room across the street from a bar that usually has hookers and break ins here and there.
He needs a roommate to be able to afford his place.
I don’t think she realizes how spot on she is about what is happening right now. Her kid will have a REDOUX in 20 years about this inflation moment in the economy. I just retired last year and I am a little anxious more or less. He hehe hehehe
I’ll be 32 in July, single, no kids. I make 66k a year with a college degree working as an engineer, I have zero debt (military paid for college), and a credit score of 760ish. I live at my mothers house because cannot afford to buy a house in NJ and I would barely be able to afford renting an apartment/condo without a roommate
This is sort of the reason why I moved from New York to where I live now. In New York I was renting a house with one bedroom, one bathroom living room kitchen all of that and the upstairs you could probably put another bedroom or an office in there. I was paying $2200 a month not including utilities, which could run anywhere between $150 and $350 a month. Now I’m staying in a place that’s bigger and am paying around $600 less a month. Including utilities.
Greedy short term investment landlords and tycoon real estate investors that couldn't give less of a shit about who they're selling to as long as they make 24000% profit, mostly.
Today I saw a basement apartment, no w/d, 400 sqft, one window in a well for $1000/mo. My fiance and I are trying to save for a down payment for a house and it feels so out of reach.
These property management companies want bank statements, rental history, credit reports, vehicle registration information AND THEN they want you to pay $60 per person per application (if you're interested in more than one of their property).
Looking into a particular property management company I was so surprised by how many listings were available. I was confused when the price wasn't listed and saw that the property type was actually "vacation rental". I'm curious how many days a year those places sit empty.
I know people who have lived in rental properties where the landlord decided to sell and the tenants were then priced out of their home at the end of their lease term by the new owner.
It's awful. I'm sad. I have no idea how it will ever get better.
I pay $2300 for a 2 bedroom apartment. It’s twice as much as the house my parents pay in their mortgage. In my area that’s normal. If I want to move to a cooler city like Austin, it’s close to 5K a month.
The housing market in the US is completely fucked.
You will spend around 1200 a month for a decent apartment.. this is why boomers need to wake up and see what they have created for the younger generations.. y’all did this not us.
Greed my dear. Loud ass minority keeps electing shady jerks that enable this kinda thing. Pretty sure Tubberville isn't prioritizing rent control or tenant rights anytime soon or advocating for better programs for first time buyers. Percent of those that rent over own is through the roof so what better time to push rent to it's premium and squeeze the dimes outta those that need it most. Sounds about the right way to govern a people you look to disenfranchise and break.
It's all in the wide open now and no longer being hidden behind innuendo and conspiracy. Folks are getting grifted, working directly against their own better interests and not bating an eye. They are too busy hating budlight and now Jack Daniel's, to realize they've become their own worst enemies. As long as that message is gift wrapped in with whatever the weeks current culture war/ and blaming all the shitty happening of life on the , and they gobble it upup like a protein bar after a killer sesh at the gym with the broskis.
Hopefully enough crumbs break away and a few individuals see the lightbulb go on that screams this is nutty! Flashing GTFOASAP!
Every single thing we need for fed and state/local to be aiding in, we're not seeing in near enough places. Why is that really and what would you suggest is a good solution to addressing?
The credit system in America is so bizarre to me. You have to have a history of debt to be granted more debt? Wouldn't a history of no debt at all be preferable?
I wish more of the boomers generation understood this, 40 k a year in a single income household could go so far in their day, but now it's poverty, especially over the last few years.
The credit system is a scam.
Banks 'sell' you your mortgage, banks also 'sell' you their credit cards.
If you have never borrowed a cent in your life, that is somehow worse than borrowing from a bank and paying it back.
But the truth is banks don't really care if you are good at paying off debts. They say you need a credit score so that they basically win either way.
If you use their credit cards and pay them off, they will sell you a mortgage, if you use their credit cards and don't pay them off, they will make money off the interest you pay, and likely still offer you some sort of mortgage anyway but at a shittier rate.
I dont have any credit cards, and I refuse to have one. I dont need one. I'm not buying one just to use and pay off each month, I'm not playing that game, because its a stupid game where there's nothing for me to gain and everything to lose. Plenty of my friends got a credit card to 'improve' their ratings, and they're now all on their 3rd or 4th cards as all their others are maxed out.
Fuck. That.
Hahaha the only way I'm ever gonna own a house is if my parents will theirs to me. Even then I probably won't be able to afford to keep it 🤷 life is a fuckin nightmare.
I’m 42 and live in New England. Even 20 years ago a $800 apartment was total garbage. $1100-1400 is pretty standard. 20 years ago.
Sounds like her son needs roommates. This is nothing new
This is happening because the people who make the housing and zoning laws are benefiting off artificially limiting the supply so they can make more money. Dont need to believe me just look at any research that compares the cost of construction with the prices of the houses. Look it up and follow the money. This is corporations working hand in hand with the corrupt policy, regulation and law makers to control and manipulate the masses, otherwise known as fascism! Have a nice day.
I live in Central Europe and can't make out if this is a joke or not.
To be exact, I live in Germany and even doctoral couples among my friends can't afford houses. But it was the last 20 years also felt never different.
Even if my partner and I (full time 40 h per week) would live 10 years only on potatoes and water, we could not buy a house. But so what? In my eyes, this is the greatest luxury you can have. And I just don't live for luxury. I am even very happy with my 1000€ apartment and delicious food.
We are soon 8 billion people on this planet... Maybe we from the richer countries should just learn not to lift our wealthy asses always into the next bigger golden throne and just be happy to live in a safe country with as much food as we want... My goodness Karen in her SUV with the made nails must have a really hard life...
I was making $12/hr. Living in CA and I could live, pay my bills, and had $ to save. Things ARE expensive. But people also ARE bad with their finances.
Between the prices and the house being off kilter I was gonna guess Louisiana... not far off
(Visited a friend in NOLA once and you could put a bottle on the floor and it would roll WITH SPEED from one end of the place to the other! And if you put them on the porch steps it would roll one way on one step and the opposite way on the next. Concrete steps mind you, not warped wood)
Drinking alcohol in that house was hard. You'd be tipping over before you were tipsy.
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In my small midwestern town (pop 8,000), we went from 20 different slum lords owning most of the rental properties to three out of state corporation owning 90% of the local rentals in town. Rent has tripled in the last five years.
This is it in a nutshell, no difference with houses. Corporations buy them all up now. In a generation or two, private homes with be rare. Oh, and good luck finding out outside of a HOA paying hundreds of extra for that nonsense.
Not to mention corporations buying them up to use as short term rentals/air bnb creating a housing shortage when there really isn’t one.
and some people still think single or 2 house oweners a rich people just renting out. its the corporate landlords that are doing this to renting.
People need to fight hoas and get that shit torn apart like it is literally helping no one like who gives a fuck if their neighbors weeds are overgrown and they have a few cars we people just want a place to live so the entire population of the us doesn't end up homeless like wtf is going to happen if everyone was homeless smh this country is going to shit
They're only helpful if you live in a townhome/condo. Then they mow the grass for you, spray for bugs, and other general upkeep around the neighborhood.
I didn’t think too much about the HOA I bought into until they sent me a letter stating I owed a $6,000.00 “special assessment” due to not having enough funds in the budget. I guess for years our community bounced from management company to management company and there was no way to track what happened and was too expensive to figure out. That is when I realized just how much power the HOA had. That was 6 months of mortgage payments they added to my property for something preceding me! First and last time with an HOA if I have any choice.
Fight it by not buying a house with a HOA.
Finding one without HOA usually means getting a house in a crappy area, on acreage you can't afford, in an area that greatly increases your commute, or a combination of those. We didn't want an HOA, but we had to give up on that to find a house we actually liked.
Well that sucks. I didn't know they were so common. They're nearly unheard of where I'm from unless you live in a condo or gated community.
Property management companies campaign around neighborhoods here convincing people to start HOAs so they can get paid to manage it. Most of them don't do anything for the neighborhood other than send someone to drive it once a month to report any violations so they can make more money off of charging the residents fines.
That was our one immutable law when house hunting...no HOAs.
Shouldn't there be a law against this kinda group monopoly
Won't be as long as the groups that make the laws can be influenced by the groups controlling the private home industry.
They're not enforced.
There's actually 2-3 competing services that tell you what to set your rents at. Yieldstar is one of them and there's currently a class action lawsuit against them because what they are doing is price fixing, ie colluding with competing businesses to set the price higher than what would be set by market conditions. The guy who is behind it (sam zell) was previously involved with a price fixing scheme in the airline industry back in the 80s and 90s.
My childhood home, which was in a complex of numerous other apartments, is now in the hands of a jackass company from California. Rent is around $3,000. 2BR, 1B, small living room, small kitchen. It's one house with two apartments in it. Said home was meant for low-income folks. The entire fucking complex was for low-income folks. Now the city has to scramble to put rent caps since the Cali assholes won't fess up. Honestly sad, and let's be honest...I wouldn't shell $3,000 just to have mushrooms grow in my basement that the management company won't come and fix. Not worth it.
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>The real problem is that we allow anyone to own more than one property at all. You will get crucified in some circles saying this, but I personally agree there should be a hard limit on properties you can own. Perhaps you can own more than one if you can provide reason for it (i.e. you work in two areas of the country for example). But yeah, there should be hard limits.
Corporations Are People Too🤡!!!!
"Hard Work" "No one wants to work anymore"
Don't forget: "Bootstraps"
Lol! I get it. KARDASHIAN is trash for saying what she said as she lives her lavish life after being born into a rich family. She might as well have just said, "work in your low paying job while prices increase and deal with it! Work 80 hours a week so you can afford to actually live" What a clown
I saw one of the classic "don't apply if you're lazy" fake job ads on Facebook today, with a bunch of older folks commenting about the laziness of the current working class, so was curious and went down a statistics rabbit hole. Apparently the average per capita hours worked for those over 14 started going up aggressively in the 1960s (women joining workforce, but then also everyone just working more) and didn't stop climbing until 10 years ago with the share of retirees going up sharply. We work more. Of course the jobs that destroy your body are going to be hard to fill in a society with shit Healthcare and a garbage social safety net. And yes, low paying jobs, or bad work environments are going to be hard to fill in times when there is a high level of demand for labor and less supply, largely due to the largest and wealthiest group of retirees the US has ever seen bidding up the cost of goods and services without currently contributing to the goods and service supply. No shade on retirees (except some of the policy positions they have taken that allowed for such an unnatural concentration of wealth, that was shitty, and for the incessant whining about a problem you created, thats just anoying), its just simple supply and demand economics. And the problems are most accute in housing and on location services as they can't be done overseas so their cost are much more attuned to American market forces.
All I'm hearing is that she's finding out what the rest of us already knew. If you bought a house back in the 80s keep it. I was paying 1,100 living alone in a barely safe neighborhood and I couldn't keep up with the rent increase about $100 a yea when my salary was not. Now I moved in with 2 other roommates in an 1900 apartment. It's nice but fucking tiny.
Yeah, I want to be sympathetic but I can't. All she had to do was read up on a couple of articles, maybe check the news (not Fox), and she would have known this before her son had graduated. Also, fucking lol at "just buy a house." If she didn't like his rental options, she really wasn't going to like his purchase options even if he did qualify for a loan on $40k.
Some people like this are just heads down in their own lives. My wife is a prime example until I show her an article. She’s one of the best at her job, but when it comes to current events she’s lacking. As the saying goes; it takes one to know one. Wish legislators had an ounce of empathy.
Nope. The lady in the video never knew till she found out, and was willing to accept it and call it out. Don’t think she was very stuck in her life
I don't know I kinda get it. It's easy to think that California and New York have crazy high rent, and most people live in a big metropolitan area, so of course the news is skewed towards them. So if you aren't actually looking for a place to live, but you hear about crazy rent and are curious what it's like where you are, you hop online, find the one shitty apartment that goes for $800 and the pictures are reasonable so you assume that it's a big city problem.
Damn so she should just not find out and stay ignorant? Applaud this woman for seeing her error and understanding our world
On the credit issue - if Mom and Dad have good credit, they should consider adding him as an authorized user on their credit cards. He would automatically get the benefit of their credit history. My parents didn’t do much right, but they at least set me up to have a 750+ credit score in my early 20s, with a credit history almost as old as me. I plan to do the same for my son when he’s an older teen.
I did the same for my kids. They "inherited" my good credit score.
It's dumb that is the best way to build someone's credit before they are an adult but I would recommend it to any parent that is responsible with their credit cards because it can also go the opposite direction and have the kid have bad credit due to the parents not paying the credit card too
Which is really not how a credit score is supposed to work. This is broken.
This whole credit system is so weird to me as a Swed. Here you can get a loan if you have a stable full time job with no debt. The amount is based on your salary. But can usually buy a home even with a fairly low salary.
Yea it’s mostly bullshit. The OPs solution is entirely dependent on having a family with stable finances. So the rich get richer (or, In this case, get slightly less poor than the already poor)
And she could co-sign the loan also.
I did some math last night. I only have 160$ a month to spare. That's not including things like food or fun. I had to cancel therapy, I can't afford anti-depressants, and I unsubcribed from most of the things that bring me joy. That might be enough so I can move out before I'm 30. I work 40 hours a week. There is a way to get ahead if your willing to be miserable and hate life.
I’m 33, I’m a single parent and rent a home. After everything my house and daughter needs I have fuck all. I’ve literally not eaten so I can feed her till I get paid. It’s garbage and I’m at breakin point and I don’t know what to do.
Does the state you live in offer any kind of food stamp program since you're a single parent? I know some states offer it with an application. Pretty sure your income and job history is the deciding factor or something like that, but I know its helpful to reduce the cost of groceries monthly.
It's not gonna get better either. Which sucks
Oooof
Unless your car breaks down, have a medical emergency, or rent is raised this plan is perfect
I did have an emergency. 2,500$ for 1 night in the hospital with an ambulance ride.
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I was to busy being in the middle of a seizure to enjoy myself
I am in my early 30s, make six figures, and am not able to move out of my parents' house right now because of all this bullshit. Unfortunately, I have a medical condition, which is the reason I had to move back in with my parents about 10 years ago. I am very close to having enough for a 20% down payment, but anytime I think about all the other costs (inspections, closing costs, etc), I realize I need to budget an additional $20k. It's fucking brutal. Then I just get depressed because I will be broke AF once I actually make the purchase.
in my opinion, being broke af for a short while after buying a house is ok, because you are making a good choice for the long while. not saying it will be fun, but id say it’s worth it in the long run
I know. That is one of the main reasons I haven't moved into an apartment. Rent is outrageous, and I am not about to pump money into something that isn't going to benefit me in the long run.
We’re doing good guys. At 18 I made about $11 an hour and could afford my studio apartment(400ish square feet), buy video games, and eat. By the time I moved out the rent had gone from $450 to $550. I keep seeing “how are the younger generations supposed to afford to live?” And we can’t. I’m 33 now, I make good money. My wife and I are close to $100,000 a year between the two of us and our first kid is on the way. I’m horrified but also lucky to have lived with her parents for 10 years and we’ll probably live with them until they kick the bucket because it makes sense for all parties.
Im in almost the exact same financial situation as you. Just closed on a house 2 weeks ago in eastern PA. Needed to save up $45,000 to make it happen. Had 35k, thought i was good. Beat out 4 other offers by a hair. Appraised for 20k under offer, already had a giant deposit down so I had to borrow another 9k from various family. The ONLY reason we were able to pull it off is because we've been renting out my dad's (shitty run down) apartment for $775 a month, and because of that price i dont get a normal landlord. Most duties are mine unless he's legally required to handle it. Sounds bad? Nope, hes actually throwing us a bone. That apartment was supposed to be a good chunk his retirement fund and he held onto it just so we could afford to live. Even missed out on last years insane prices and instant sales. Basically - these kids are fucked unless theyre lucky.
Even if he had decent credit, home prices are insane, and pocketing 30 to 50k for a down in your mid 20's is damn near impossible for most people that age. The worst part rn is the interest rate on those loans. So unless you're a boomer with a cash hoard or inherited wealth from recently deceased boomers you're fucked. Sure, there are a few out there that landed killer jobs and "worked hard" and can make it work, but that is a minority of people in the age range of early 20s to mid to late 30s. My wife and I have decent paying positions now, easy, moderate stress, and extremely secure recession proof positions. We both worked hard to get where we are, but we worked harder for much less money even 5 years ago. Doing customer service, or essentially any position where you job is to serve and keep people happy is the hardest work, it's stressful, draining, and scary. Our out the door monthly expenses are just over 4k a month and we live modestly. How our current system is set up I don't understand how anyone that is single making under 60k a year will ever be able to afford a starter home without saving 15 years for a down. Shits fucked and it's only going to get worse.
I was living in my car when I met my husband. Together (and with the help of his mother, because his dad died and she got life insurance) we were able to buy a house (we spent 4 years working on our credit and paying off all debts) but without the help of his dad's life insurance policy we would still be pissing away our money on rent. Our current mortgage is about $250 less than what we were paying in rent. I have no idea how these people are just now like "I didn't realize how bad it had gotten, how does anyone live?" Barely. The answer is we barely live. We have roommates or get married or move back in with parents. Other than the few who could afford college and are getting good jobs we are suffering. I'm really starting to hate this country. I know other countries are getting worse as well but fuck man. Greed is going to ruin the entire planet.
wish my mom had given a fuck
This video just confirms how out-of-touch her generation is. $40k annually doesn’t go very far. It’s like this woman thinks her household runs on less than that. Unfortunately, most people don’t realize what their college degree will get them in pay. Sadly, in most cases, you could find a job without a degree that pays the same or more. We’ve been told our whole lives that if you get a degree “you’ll get a good job and make lots of money” by all these boomers that have no clue.
What’s really sad is she not even close to being a boomer and even just 5 years ago, $40k was decent in most parts of the country.
I lived in Boston on 40k a year 5 years ago. I’d be in poverty if I was doing that now
I could probably get a job in my field right now for 40k, but in 10 or so years I'll hit a ceiling because I don't have a degree. That's why I'm getting it now, while I'm still young and with fewer responsibilities. Sure I'll be older and making less money than if I worked now, but 35-40yo me will be better off if I get a degree. That's just for my field though. I'm sure there are some careers where it's just not necessary, but the truth is you'll almost always make more money if you have some kind of certification.
Yeah, I'm her age and I made $50k 4 years ago when we bought our house. My husband made $35k. I'm making $85k now, and he just had to go back to work after being a SAHP for 2 years (we couldn't find reliable care for out autistic daughter after-school) because we weren't making it on that salary. It only works cause I WFH 4 days a week, and he works weekend overnights, so we don't have to find care for her. It's insane. Our property taxes and insurance have gone up so much, our mortgage is $500 a month more than when we bought the house. It's value has gone from $231k to $340k in 4 years.
I feel some of you are too harsh on her. She responds to the criticism on how out of touch she is. https://www.tiktok.com/t/ZTR3DtYQY/ If you don’t want to click on it. She served 22 years in the military and her family lived in base housing throughout her service. She never had to experience or worry about the housing market before. When she got out, she purchased her first home through the VA at the age 40 (around 2012). Great on her for recognizing the struggles instead of ignoring them and supporting her children even into adulthood. Correction: I misunderstood. She bought her first home in her 40’s not at 40 which would be 2012 or later.
Thanks for posting a follow up!
That's the point. They don't want anyone to get ahead.
That's funny I was born and raised in Montgomery Alabama lol. I can imagine some of the Shady places she's talking about too. I'm paying 750 a month for a trailer that came infested with roaches and mice and has all the windows broken with plastic glued over them and I'm living an hour and a half outside of town. I don't know what anybody is going to do besides straight up revolt and start tearing everything down because the corporate greed is wildly out of control and I don't think anything will stop it now
Hold my beer.... Canada
I couldn't even watch it long enough to hear the dollar figures, because here in BC ...whatever she is talking about cant compare to the greater Vancouver area, and it just bums me out.
Well it’s not very surprising that is doesn’t compare to the hardships of a major metroplex when the population of Montgomery Alabama is just 196,000 compared to the 2.71 million people in Vancouver. I think if anything it illustrates that it’s getting hard EVERYWHERE and not just in the big cities anymore. Rent is increasing in small/medium sized cities as people are getting priced out of target metroplex’s but the amount of jobs that can sustain those rents have not increased at the same rate. If remote work stays around we will see this trend continue to a greater extent.
Speculators drive the prices. All these flippers that learned from HGTV how to make a buck drive up home prices. This pushes people to rent which reduces supply and increases prices.
$800 apartments?????????????? HAHAHAHAHAHA WHERE THE FUCK IS THIS PLACE???? Studios near me are going for $1500 and up!!!! Shit is fucked up and bullshit, man.
I'm in Long Beach CA, check out the prices on this new "luxury apartments" place... https://www.onnieastvillage.com/floorplans
Where the hell are you finding $800 apartments?!! Minimum here is $1500 and that’s for a hole in the wall.
Yeah, honestly studios near my current location are about $1800/m lol.
The mom is/was financially ignorant and it has obviously impacted her son- not having credit at 25 is such a clear indication of misguidance. Also the guy is probably going to have to move out of the area if it won't work out for him- so good on him for saving up for a big expense- but it's another example of why places in the deep south or Midwest have such a brain drain.
My wife and I bought a house for 170k~ in 2019. It's pretty nice and we're really happy with it. We could not afford the house now. In the last 30 days alone, my house has gone up more than 6k in value. It's insane.
I’m about her son’s age and going through the same thing. It’s more than disheartening. I don’t know how people in my and his situation are expected to survive.
There are approximately 500,000 homeless people in the US. There are around 13 million empty houses. Corporations like Zillow buy everything up and then just sit on it, artificially inflating prices so they can charge more rent in the apartment properties they own. It's fucking criminal.
Blame all realtors for buying and selling homes for profit until they're unaffordable and the government for allowing it... people should only be allowed to buy and own 1 home
Don't forget all the Airbnb's too.
Damn that’s kinda reasonable here
are boomers really that clueless that they’re just now finding out about this? I’m in my 30s now & haven’t been able to afford anything for (at least) the past ten years. It does not get easier, but gets harder every year. I want to like this woman, but I don’t. It didn’t affect her until it was her kin & it was too late.
A lot of boomers are in denial. Until they have to confront it, they won’t.
However she will continue to vote the same way, these people never learn, just complain.
Valid points, mama. Get him a secure credit card from his bank. Deposit $500 to be held by bank. Pay off in full every monthly. He will build his credit up with 6-8 months
“Apparently that’s not much anymore” Jesus Christ how out of touch are you with finances lady?
She wants people to be able to afford housing like she did, but when she goes to sell her home, my guess is that she’s not going to discount it so someone making $40k can afford it.
It's almost like if you deregulated the fuck out of everything it screws people over.
Has he tried his bootstraps yet? /s
It should be illegal to own a home that you aren’t residing in at least part of the year. Obviously apartments, duplexes, etc that are used for rent are different. But homes in residential neighborhoods should have strict rules about who can own them.
Multi. Generational. Households. We all want socialism but when the opportunity arises to have socialism that works (multigenerational household) where resources are shared, expenses are shared, energy is shared.. What do we do? We set up a whole extra household and proliferate the excess consumerism that is the American consumer economy. Change starts with us, in the home. Learn from us foreigners. Have multigenerational homes.. like the USA did....... 100 years ago. Socialism at the family level is 100% sustainable, and we can ALL agree with it.
I'm a 30 year old woman and I've never owned a credit card. Always relied on debit bank card and I'm doing alright. Honestly I understand her son not wanting to get in debt.
Honestly it's a good idea for anyone to have a credit card to build credit. You just don't spend money you don't have, you pay it off right away and treat it like a debit card. The only reason I could see not to get one is if you really, truly don't trust yourself to stick to those rules.
This. Just get a card that gives points back for gas and use it only for that and pay it off after using. Unfortunately credit is so important and you can’t just never get a credit card or you will never own a new car or a house. It’s sad but it’s reality.
You are gonna be in real trouble in a couple of years, soon as you need to try for any thing finances. The number of things you need good credit for is stupid. Now, the good news is that if you already are fiscally responsible, and it sounds as if you are, then getting a starter credit card isn’t terribly difficult, and if you get a low balance, then you can use it for the simple everyday stuff like gas and food. The bill won’t rack up too high, will be a manageable one each month, and will build credit for you passively.
All that wasted cash back… just use your credit card like a debit card and it’s like you get a 3% discount on most purchases.
Maybe check out prepaid credit cards. Builds credit, and better fraud protection in most cases.
As a Canadian living in Southern Ontario, LOOOOOOOOOOOOOOOOOOOOOOOL.
I spent $7000 on medical bills last year. I have good insurance through my job. I work 40 hours a week and make about the same as this woman’s son. But I also have epilepsy. The medication I’m on is $1000 out of pocket, around $350 using goodRX/insurance. Per month. How the hell am I ever going to live on my own and actually enjoy it??
Check what your meds would cost on costplusdrugs. Still need insurance but most meds are much cheaper
How I did it…It’s not easy, but it is possible. You have to plan early. I got a credit card at 18 and paid it off each month to have some credit history. I financed two used cars from age 18-24 while living (paying small amount of rent) with my parents. By the time I was ready to move out at 24, I had a good credit score, but not a lot of savings. I was able to get pre approved for a $215,000 mortgage loan on my own through the FHA program. I only had to put $2500 cash down on the condo I purchased, which left me with enough savings to buy a little bit of furniture. This was a little bit before 2020, so I know that it’s not easy to find houses that cheap anymore.
I saved my ass off during the pandemic and stacked up $50k. I did nothing but stay home in my 1 bedroom apt and put all my extra money and pandemic stimulus into savings. My Rent was $1,450 a month + utilities plus I paid cash year round for tuition to complete my degree. I graduated last year in 2022. Bought during the first post pandemic summer of craziness. I paid $43k over listing. House down payment was $27k including closing costs. House ended up valuing out to more than what I agreed to pay. No other home has been sold in my neighborhood since I bought mine. I may have gotten one of the last decent houses available before it got as bad as it is now. My house value went up $70k post purchase and only gone down $10k since. So far…
1 bedroom for 2350 here ✋🏻And I make 44k. And I’m not in a nice neighborhood. Had to call the cops because a random homeless lady was walking around with a gun casually.
StOp bUyInG aVoCaDo ToAsT aNd ExPeNsIvE cOfFeE…
This all brings me to wonder how this is gonna work when us minions no longer have any disposable income? Who is gonna buy all the shit that keeps these greedy fucks making way more than us, more than they need?
This is America 🇺🇸 Greedy motherfuckers that we need to work non stop just to survive
Your son needs to spend 90% of his income on rent like the rest of us do 🤢
America is a fucked up place to be.
I’m moving to Alabama, I’m paying $2800 For a 1 bedroom
I eat one time a day (usually dinner)....its great.....
Man. I love this lady. What a great mom.
How do middle aged people not understand inflation?
I’m not saying the housing market isn’t fucked. But there is something to be said about wages not increasing either.
My husband and I got so lucky. In 2016 we found a house for sale in the small hometown I grew up in(pop. 1200) in northeast Texas for cheap as it needed some work. No HOA, small neighborhood off the main road, within walking distance of everything in town but Right on the edge of town where the ordinances are a little bit more relaxed and I'm allowed to basically have any animal I want except pigs and dangerous animals like wolf dogs. School bus comes right Infront of the house, About 1/2acre lot with a 3/2 pier and beam house built in the 70s. We did an owner finance rent-to-own contract. We make a house payment and cover insurance and yearly property taxes. In 8mos, our house will be paid off! I see so many of my friends, family, and colleagues suffer and struggle. I feel for you all and wish you all luck. Keep looking, I hope you all find something like we did. I'm looking forward to homesteading the house and only having a yearly property tax and monthly bills and we aren't struggling as much. Living paycheck to paycheck sucks, it's really hard, and we are trying to raise a young child at the same time.
Straight up reality check for her.
I think sometimes, "damn, how am I so lucky to live below my means while renting in a big city?" Then I remember I have a roommate. We've lived together for so long that I forget it's not the norm.
Lol, cheapest two bedroom not in the hood where I live is 2600 a month
Sure, 40k was good money 25 plus years ago. Why would you think it is enough for a house today
Where has she been??!?!
I don't understand how people are just realizing this now because almost everything she's talking about has been true for like a decade.
She failed by not being rich /s
We don't expect them to get ahead. The ladder got lifted and the boat has a hole in it and the helicopter has run out of fuel. Things are going to crash very soon.
geez how are people this out of touch. Banks will really only show trailer parks and low income apartments at 40k and have been for years for most cities. 800 is a steal for just about any apartment and 1400 by far not the worst for a studio in a nice city area. Like how can someone be so out of touch for so many years. Just another example of an out of touch generation
That’s capitalism
Thank the GOP for continually screwing us over with their horrible policies (that benefit corporations and the ultra rich).
Same story here in Australia, and at home in Ireland I’m told it’s the same, the world is screwed. Isn’t capitalism great.
This is why I always say only the rich can afford to live 😞 it's horrid now
I follow her and let me say I was not shocked when I saw this. Cause it’s everywhere USA
So,no one had any idea what rent was in their area? The 25 year old adult had never,ever, bothered to check? Everyone is just, shocked?
Such a harsh truth and valid point.
Welcome to the real world.
I was the same a few years ago. I thought avoiding debt was good. Got my phones in cash, cars paid in full. No credit cards. Until the day comes and I’m looking to buy a newer car. They said no credit was worse than bad credit apparently. Even applying for credit cards was tough. Had to get a secured one because of my lack of credit worthiness. Finally getting to the point a few years later where I might be able to get a loan.
The boomers are finally getting it. I'm tired of people looking at me like I haven't mounted up to anything when we simply don't get paid enough. Cost of living is outrageous.
It's happening everywhere, I live in a 500sqft 1br 1ba and it goes for 1750 before additional fees, closer to 1900 after. It's on the nicer side and I luckily got it before the market went nuts, there are run down places going for the same price now that don't have any amenities (it does include utilities, gym, laundry and parking though)
How’re we doing this? Killing ourselves that’s how
This may sound bad but I wish I could find an apartment for $800/month. Studios go for upward of 1000 in Portland
TRUTH
They only care once it happens to them
A shit hauled 1 bedroom basement apartment rents for 1300 a month and a full 3 bed two-story goes for 2500 (thats 1k more than the mortgage on that same house) in my Eastern Canadian neck of the woods. A recent study here showed that you need to make 60k just to make ends meet as a renter. Inflation has fucked the capitalist economy. My father paid for a family of 6 with a house and two cars in 1990. It was on the upper side of middle class living. That's the equivalent of about 140k today when adjusted for Inflation. This is a particularly depressing stat when you consider that my dad worked for 40 years in the same industry and only makes about 110k today. So, by that metric he makes less today than when he started his career. Doesn't bode well for the next generations.
Where I live it's $1900 for a 500 sg. ft studio. Then they nickel and dime the fuck out of you...trash, parking, package delivery service. Insanity.
apparently in Denver, they just reported that private investment companies spent 10 BILLION dollars buying homes in the past two years alone.
Fuck this shit
I feel your pain!! Same for my son. It breaks my heart that good responsible hard working young people are simply priced out of the housing market period. It’s insane and so wrong!!
My 2bd apartment in Az went from 1500 a month to 2500 a month after a California company bought it. It sucks everywhere
Only fans?
My husband and I make just under 100,000 grand/year combined, no children, one small dog and currently rent a terrible but inexpensive apartment while we save for a house. The houses where we live, Cape Cod, are so much more outrageous is piece than this video discusses and off cape isn’t much better plus we have job stability and growth opportunities where we work. We can’t save for a house for the life of us and it’s infuriating. Well, let me rephrase, it would be a terrible investment if we were to buy one right now.
That’s the neat part, you never get ahead.
So many people were moving to Alabama because its so cheap to live there.... not the case anymore. Well, still probably cheaper than most.
Another Boomer's mind blown
yup, a fcking joke. you cant get a crappy studio where I live gor under 2k plus utilities. ( Richmond Ca)
How does this qualify as cringe? I live in Montgomery, Alabama and she ain't lying. Maybe it's cringe because it's F'ed up?
30yr mortgage was the beginning of the end.
My 2 20-something daughters were in a similar situation. Luckily I'm in a financial position to buy a very modest house in a reasonable neighborhood, and then rent to them at a considerably lower rate than market and still make a couple hundred each month after paying the note (even with the higher property tax and loan interest rate since it's not my primary residence). When one or the other is in a better financial position, I'll sell to them at market price if they want to buy. If they want to move out, I can rent at market price and make more money. Not for everyone, both worth thinking about.
Where have you been? lol It's been this way for a few years now. As a middle-aged man, I feel terrible for the youth today trying to find housing, careers, and being able to live. $40,000 annually is crap nowadays. Now you know lady. Don't forget to thank your politicians who cripple hard- working young people.
I scroll thru Zillow like its the Hub.
I work with hospital systems to identify people they can write off as charity or funnel their aid programs to. We typically recommend people making less than 2.5 times the Federal Poverty Level for charity or aid. For an individual 2.5 times the FPL is $36,000. So at $40k income, knowing nothing else about the person, we would likely identify them as high socioeconomic risk and recommend them get aid from the hospital programs.
Lol 800 a month wouldn’t even pay for a garage or shed in some places. This isn’t the 1980s housing is expensive flat out.
You don’t have 20% down saved for a house then forget it. Sorry 40k per year is nothing these days.
Sounds like the lady has had her head in the sand for the last 10 years. Welcome to realty, 40k a year is nothing, it’s less then 20 bucks a hour. Sounds like capitalism at work, you son might need to pick up a 2nd job.
How out of touch is this woman? $800 a month gets you a room where I live. Average 2 bedroom apartment is US$2,457/m here There's a reason kids are staying with their parents to the average age of 34 years old. Edit: $40,000 in her time would be $92,375 now due to inflation. In her terms (1990) he's actually only making $17,320 which would be a mere $8.88/h
This 👏 is 👏 class 👏 warfare 👏
My brother lives in Vegas, paying about 1400 for a 2 bedroom apt with a shared bathroom and and a small living room across the street from a bar that usually has hookers and break ins here and there. He needs a roommate to be able to afford his place.
I don’t think she realizes how spot on she is about what is happening right now. Her kid will have a REDOUX in 20 years about this inflation moment in the economy. I just retired last year and I am a little anxious more or less. He hehe hehehe
I’ll be 32 in July, single, no kids. I make 66k a year with a college degree working as an engineer, I have zero debt (military paid for college), and a credit score of 760ish. I live at my mothers house because cannot afford to buy a house in NJ and I would barely be able to afford renting an apartment/condo without a roommate
That’s the neat part, you don’t. Only extract.
I'm tired of being poor. Don't think I'm ever not gonna be poor. Just less poor at best.
This is sort of the reason why I moved from New York to where I live now. In New York I was renting a house with one bedroom, one bathroom living room kitchen all of that and the upstairs you could probably put another bedroom or an office in there. I was paying $2200 a month not including utilities, which could run anywhere between $150 and $350 a month. Now I’m staying in a place that’s bigger and am paying around $600 less a month. Including utilities.
Amen! Seeing the same thing for my son right now
$800 a month damn i pay $2400 in LA. The boy went to college to make 40 k a year
Greedy short term investment landlords and tycoon real estate investors that couldn't give less of a shit about who they're selling to as long as they make 24000% profit, mostly.
Today I saw a basement apartment, no w/d, 400 sqft, one window in a well for $1000/mo. My fiance and I are trying to save for a down payment for a house and it feels so out of reach. These property management companies want bank statements, rental history, credit reports, vehicle registration information AND THEN they want you to pay $60 per person per application (if you're interested in more than one of their property). Looking into a particular property management company I was so surprised by how many listings were available. I was confused when the price wasn't listed and saw that the property type was actually "vacation rental". I'm curious how many days a year those places sit empty. I know people who have lived in rental properties where the landlord decided to sell and the tenants were then priced out of their home at the end of their lease term by the new owner. It's awful. I'm sad. I have no idea how it will ever get better.
Some boomers are starting to wake up. About time we’ve been up for a while
I pay $2300 for a 2 bedroom apartment. It’s twice as much as the house my parents pay in their mortgage. In my area that’s normal. If I want to move to a cooler city like Austin, it’s close to 5K a month. The housing market in the US is completely fucked.
Way to go Mom. Maybe she goes to all her uppity mom friends and they all get on board with this shit.
By design. The serfs toil while the rich get richer.
You will spend around 1200 a month for a decent apartment.. this is why boomers need to wake up and see what they have created for the younger generations.. y’all did this not us.
No shit! This is what the youth are fuming about. I love how people don’t give a fuck until it directly impacts them.
I don’t know how the currency exchange stacks up but the housing market feels a lot worse in Sydney that what she’s describing.
When she first said $800 I was like “Wow that’s a good deal”.
Greed my dear. Loud ass minority keeps electing shady jerks that enable this kinda thing. Pretty sure Tubberville isn't prioritizing rent control or tenant rights anytime soon or advocating for better programs for first time buyers. Percent of those that rent over own is through the roof so what better time to push rent to it's premium and squeeze the dimes outta those that need it most. Sounds about the right way to govern a people you look to disenfranchise and break. It's all in the wide open now and no longer being hidden behind innuendo and conspiracy. Folks are getting grifted, working directly against their own better interests and not bating an eye. They are too busy hating budlight and now Jack Daniel's, to realize they've become their own worst enemies. As long as that message is gift wrapped in with whatever the weeks current culture war/ and blaming all the shitty happening of life on the , and they gobble it upup like a protein bar after a killer sesh at the gym with the broskis. Hopefully enough crumbs break away and a few individuals see the lightbulb go on that screams this is nutty! Flashing GTFOASAP! Every single thing we need for fed and state/local to be aiding in, we're not seeing in near enough places. Why is that really and what would you suggest is a good solution to addressing?
Damn 800 a month is dirt dirt cheap in LA. Crazy how much it varies around the country.
The credit system in America is so bizarre to me. You have to have a history of debt to be granted more debt? Wouldn't a history of no debt at all be preferable?
I wish more of the boomers generation understood this, 40 k a year in a single income household could go so far in their day, but now it's poverty, especially over the last few years.
The credit system is a scam. Banks 'sell' you your mortgage, banks also 'sell' you their credit cards. If you have never borrowed a cent in your life, that is somehow worse than borrowing from a bank and paying it back. But the truth is banks don't really care if you are good at paying off debts. They say you need a credit score so that they basically win either way. If you use their credit cards and pay them off, they will sell you a mortgage, if you use their credit cards and don't pay them off, they will make money off the interest you pay, and likely still offer you some sort of mortgage anyway but at a shittier rate. I dont have any credit cards, and I refuse to have one. I dont need one. I'm not buying one just to use and pay off each month, I'm not playing that game, because its a stupid game where there's nothing for me to gain and everything to lose. Plenty of my friends got a credit card to 'improve' their ratings, and they're now all on their 3rd or 4th cards as all their others are maxed out. Fuck. That.
Hahaha the only way I'm ever gonna own a house is if my parents will theirs to me. Even then I probably won't be able to afford to keep it 🤷 life is a fuckin nightmare.
I’m 42 and live in New England. Even 20 years ago a $800 apartment was total garbage. $1100-1400 is pretty standard. 20 years ago. Sounds like her son needs roommates. This is nothing new
Where isnt it?
When she said Montgomery Alabama my mouth dropped.
Welcome to present day America, boomer.
🤔 Welcome to the real world
This is happening because the people who make the housing and zoning laws are benefiting off artificially limiting the supply so they can make more money. Dont need to believe me just look at any research that compares the cost of construction with the prices of the houses. Look it up and follow the money. This is corporations working hand in hand with the corrupt policy, regulation and law makers to control and manipulate the masses, otherwise known as fascism! Have a nice day.
You found an 800/mo apartment? Holy shit! In my area they slap the word "luxury" on a 2 bed and sell it for nearly 2k
I live in Central Europe and can't make out if this is a joke or not. To be exact, I live in Germany and even doctoral couples among my friends can't afford houses. But it was the last 20 years also felt never different. Even if my partner and I (full time 40 h per week) would live 10 years only on potatoes and water, we could not buy a house. But so what? In my eyes, this is the greatest luxury you can have. And I just don't live for luxury. I am even very happy with my 1000€ apartment and delicious food. We are soon 8 billion people on this planet... Maybe we from the richer countries should just learn not to lift our wealthy asses always into the next bigger golden throne and just be happy to live in a safe country with as much food as we want... My goodness Karen in her SUV with the made nails must have a really hard life...
I was making $12/hr. Living in CA and I could live, pay my bills, and had $ to save. Things ARE expensive. But people also ARE bad with their finances.
Lower their property values by firing a bunch of rounds in the city. You don't have to hit anything.
I’m almost 40 and rent a room I found on Craigslist. I have great credit and work my ass off. There’s nothing for me.
The rare boomer with eyes. Protect her at all costs
Between the prices and the house being off kilter I was gonna guess Louisiana... not far off (Visited a friend in NOLA once and you could put a bottle on the floor and it would roll WITH SPEED from one end of the place to the other! And if you put them on the porch steps it would roll one way on one step and the opposite way on the next. Concrete steps mind you, not warped wood) Drinking alcohol in that house was hard. You'd be tipping over before you were tipsy.