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How Much Housing Can You ACTUALLY Afford? (By Salary)

Humphrey Yang 1 views

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Maybe I am overly pessimistic, but the takeaway I got from this is that if you make less than 100k, you are not going to be able to afford a house
Comment from : @maxminer9157

Rent car insurance subscription phone etc I think 30 is too much
Comment from : @shengpang1405

10:50 Nah go full degen and throw it all on a shit coin lol
Comment from : @Bryan-lj9jn

Just went on Zillow…I can only afford an old trailer or dilapidated home Cool cool 😐
Comment from : @cherryyy2014

I live in Australia, every place in Australia is a high cost living area, we have next to no population density inland yet the average price in my town of 3k people is 700k
Comment from : @Icouldntthinkofanythingforthis

Can I buy an apartment with cash, and refinance it to buy another apartment?
Comment from : @zhandostursynov1897

What does salary have to do with it? My current home is paid off My assets are significant I earn little from work
Comment from : @Leon-j9q7u

Considering taxes take approx 30 of gross wages, if you spend 30 on housing that is actually 50 of your net income
Comment from : @Sam-wp7gw

I’ll just go find a higher paying job… oh wait Job market isn’t doing any better
Comment from : @WhiteVipor

Getting one roommate will HALVE your housing costs, and a third will decrease it by another 33brDon't compete with your homies for housing, just move in with them
Comment from : @jellyfishjames3504

My mortgage(plus escrow) is 15 of my net I don’t understand how people could possibly afford 30 of gross Holy snotbrbrI’m very glad we chose to toss rhe 20 down payment requirement before buying a house 200$ in pmi temporarily vs 2x home values and 2x interest rates 3 years later
Comment from : @J_Un1t

30 price of a home in cash? That's unrealistic for anyone trying to buy their first home I don't even know anyone doing 20 anymore And 3x income is a non-starter in most markets for people even buying second or third generation homes
Comment from : @timkolacny967

50k a year I may be able to die in a shoe box 📦
Comment from : @jeremybeaverson7167

I make around $75,000 (25yr old) and started living with my parents again The thought of burning half my pay on an apartment cause I can’t afford a house kills me every month The average apartment here starts at $1900, hopefully apr’s go down, I know how lucky I am to be staying with family and saving Somehow my grandparents still think it’s just as easy to buy a house now, and seem disappointed that I’m living at home
Comment from : @Rufus1524

Only house I can afford is a Tiny House…which is enough for me 🙃
Comment from : @LiquidDubLover

There are services for low income first time homebuyers and programs They cover the down payments and help with paperwork
Comment from : @brannnnnnn

Question about PMI- if I cross the PMI threshold for it to drop off simply due to house value increasing, does that count or do they always go by percentage of original purchase price
Comment from : @logicalmisery3737

Moral of the story is make more money, save a much as you can Get married and combine incomes My income alone is low 6 figures Add my wife’s though and it’s triple that And we can afford a home and to raise a child A single male shouldn’t live alone
Comment from : @charlescatt4607

20/30/4 take it or leave it 😂
Comment from : @skylohs4631

I seriously hope the housing market bubble pops because this is ridiculous
Comment from : @phoenix2434

The simplest way—though not necessarily simple—is to partner with someone, whether romantically or otherwise, who has a comparable income, and combine resources to purchase a home For example, I earn $130k and my girlfriend earns $110k On my own, I might manage to afford a $600k house, but together we could stretch our budget up to $1M Ultimately, we opted for a $700k house and saved the remainder for other priorities In today’s market, I honestly can’t imagine affording a home on a single income
Comment from : @duerf5826

FYI when hit 20 equity you can remove PMI from your mortgage
Comment from : @rex669

People making $300k spend far more on cars, vacations, etc…hence the income trap (the more you make the more you soend)
Comment from : @1972mdc

This issue highlights the actual underlying issues surrounding the immigration and H1B debate that's going on right now
Comment from : @Stg31799

What about va loans? I'm va disabled and in some states I don't pay property tax and PMI
Comment from : @msimrow

Dope ahh hoodie bro
Comment from : @freeman_fundamentals

Why is the woman making $150k a year?
Comment from : @FlappyBelly

The young are SOL
Comment from : @MrMountain707

I feel like all these need to shift to the left The $150k can only afford that middle house, the $80k guy can only afford the appartment, and the lady making $40k a year is homeless
Comment from : @HaShomeret

under 40k and i risk my life tax payers paycheck 🤣
Comment from : @abbysutor1264

I have no idea how this math is supposed to work out lol 😂😅😢😭
Comment from : @logicalparadox2897

People need to stop trying to cram themselves into HCOL cities unless the income available there can make up the difference Most of the time - it doesnt
Comment from : @exparrot9074

I got qualified up to 50 of my income I told the lender and real estate agent they were crazy
Comment from : @justinhall3073

Can we just discuss how the average salary is 60k and the average home is 400k This makes no sense That doesnt even mention having kids and the price of daycare
Comment from : @demontoarch

Thanks for the depressing news
Comment from : @demontoarch

Dang I should have been buying a house instead of chilling with my mom and a baby bottle
Comment from : @Strfs245

I make 80k a year and its hard!!!!!
Comment from : @UAkovalchuk

wow
Comment from : @JannalHalipa

PMI is not "small" when you're paying 2400 extra year on it on top of the interest you're already paying (it's all throwing the money away)
Comment from : @danidaydreaming919

It's approved not ayyproved lol
Comment from : @romainhedouin

Thank You! I was looking for info on when to transition from renting to owning, and while this does not exactly answer that specific question, it does give sound mathematical reasons beyond the basic 20 down rule (which does not actually answer the affordability question in today's market environment) Thanks again!
Comment from : @3rdDarkwood

1:00 WHY tf is what you can afford calculated off GROSS INCOME?! brbrYOU DONT PAY HOUSING COST OUT OF GROSS INCOME! you pay off NET INCOME brbrWHY TF can’t anyone explain why you’d use gross?!
Comment from : @darbyohara

To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors High housing costs relative to income, stagnant wages, and income inequality drive this issue Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon
Comment from : @ClarkeGriffiny7

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money I started investing with $150k and in the first 2 months, my portfolio was reading $274,800 Crazy right!, I decided to reinvest my profit and get more interesting For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family
Comment from : @GeorgestraitStriat

This comment section is wild 😭
Comment from : @uwugamerbee

These financial "rules" are not just hard to adhere to They're not possible for anyone who's not a boomer with savings and/or someone who already has a house with equity and wants to upgrade brbrBut to go from no house, to having a house in this economy and with post-covid hyperinflation, those rules are going to have to change Granted I do also live in a relatively HCOL area in Southern California, and my numbers look more like "45 & 50", and "50/10/5"
Comment from : @alexcruz2398

This is what I describe as a true HORROR video brI truly believe I have to just pack up and leave America for Thailand, or the Philippines America is truly going down the drain when becoming a homeowner is this impossible 😢
Comment from : @machos

Just move on with family and all save to make the split, when most or all are prepared to do so
Comment from : @CrashLarue

Nobody here anticipates promotions or raises? So much negativity It's never been easy It's always been a grind Stay humble
Comment from : @CrashLarue

wow you americans really are out of your minds brstart living small, people brsuch huge houses, 2 or 3 cars per household no wonder you need so much debt and banks own half of yall
Comment from : @ImAzraa

Out of touch Saving 30 is highly unlikely for the average american Not realistic at all
Comment from : @user-ss2fe6zp1o

Thank you for the advice I’m watching a lot of your videos now I had 20 down for a $200-250k home Was looking at buying a little over a year ago, but interest rates are so high I decided to rent for another couple years and I invested all my cash into crypto Hoping it pays off Interest rates are starting to come down Looking to convert my investments back into fiat the end of next year I have a high risk tolerance lol 😅 current rent is 14 of my income, no debt I’m still investing
Comment from : @user-tk7lf3kr5c

30 down? Imagine being so OUT OF TOUCH
Comment from : @Gauss00e

Robinson Karen White John White Kimberly
Comment from : @NorrisKelly

Сложно, нихрена не понятно
Comment from : @paxancik

Damn 50k/yr cant even get you a place to live inthats rough
Comment from : @Mannygunz99

The joys of living in a cheaper state and city
Comment from : @artistboat

Affordability should always be measured against take-home income For someone making $400k single, 50 goes to tax He has no money for retirement investments if he spends 30 on a mortgage
Comment from : @kevinc7756

We're cooked
Comment from : @disarmingammon3367

This is depressing as hell
Comment from : @vasocreta

Most people these days are spending like 70 their income on their first home
Comment from : @ryanchase2140

THis video saved me so much time and effort Thank you very much!
Comment from : @milaycastillo5723

You can actually afford to spend 30 of your bnet income/b in housing That means that you have to live pretty far from city center for most people Or in really small apartment
Comment from : @MikkoRantalainen

this doesn't account for tax
Comment from : @ericmark4473

One important thing to know about PMI is that it is based upon your credit So… when I bought a house a couple years ago I got quotes on PMI and it can be extremely cheap every month, think under $20 It can also be extremely expensive on FHA loans or if you have bad credit In other words, the example given about PMI, take it with a grain of salt as that example looks like a FHA loan or bad credit PMI rate
Comment from : @keltonjohnson6197

“SHORTCUTS TO SUCCESS” steps below
Comment from : @fredAugustus

Lmao, do not calculate on gross income unless your income taxes are around 5 of your paycheck I lose 30 to taxes and benefits My boyfriend loses 38 to taxes and benefits There's no way I'm calculating ANYTHING based on gross income
Comment from : @dotty7789

Housing in America isn't worth working for
Comment from : @beng4647

What's different from 2008 is now the Blackrock mafia has control of the Fed and wants everyone to be renters, so why would they let anything happen that would allow people to afford to buy homes? Mortgage rates will go up until they own everything
Comment from : @Here---Now

You are absolutely insane if you think any person in the United States has bargaining power when it comes to determining their rent payments
Comment from : @TheYashakami

how the hell are people Surviving?
Comment from : @creepyhair3120

I do not know In 2013 - 2 bedroom condo was 270k, now it is about 410k Butler, nj So people need to look harder
Comment from : @vladseva2327

New York and LA are both liberal dumps
Comment from : @jre2775

Home buying is the primary reason I want to get married at this point 😂🤣💀
Comment from : @yonasyohannes4652

Rent Pay off debt 20 down
Comment from : @Overlord277

Guys I missed it in 2008 , I was 10 yrs old ✌️
Comment from : @Noobmaster69_bro

The graphic at 6:04 is the heart of the problem: interest rate increases have caused a 60-80 jump in monthly payments Couple that with the fact that the average home price has gone up 50-65 in the past 4 years, and it's a horrible situation
Comment from : @jordanlover23

I enjoy your videos, definitely reminds of reality and some good points about finances
Comment from : @EileenBell-hh8bl

Instead of location, location, location, it's now timing, timing, timing We bought our midcentury modern house during the great recession in 2011 when the prices were the lowest At this prices now, we can't afford to buy the house we are living in now
Comment from : @bruintoo

The 3x to me is the hardest part It seems like its setting you up for a starter house, mid life house, and final house Intead of a house for 20-30 years
Comment from : @piratexxxking