What to Do When You Can't Afford A House

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[atrain]

Don't apologize Javier. There's no negativity. You're just being informative, and keeping it real.

[vulpixelful]

Javier giving the only youtuber apology I actually believe 😌

[davidtbui]

The reason why your videos haven’t been positive lately is because you are just presenting the reality and the reality is houses are just not affordable to most people anymore.

[dianaquill]

This is so accurate! Lots of people in America don't even have enough savings to cover a 500$ emergency. My bil and sister are planning to have a 6 month emergency fund before they buy a house. I think that's the best approach.

[kristen]

True! I bought in 2020 after saving my ass off and taking an extra food delivery job. Also true: I threw ALL my savings at my down payment…and regret not having the emergency fund. I had NO idea how expensive home repairs and home improvements are. Great video Javier, I couldn’t have bought without you.

[MrZuriax]

Being realistic isn't being negative. The fact is that a lot has to change for the average person to be able to afford a home going forward. There's no getting around it so educating us as you have been doing is really the best thing you can do. I certainly appreciate it.

[becca]

This sums up how it worked out for my spouse and I. Saved our butts off for five years and thought we were out of luck once the cash buying / no inspection / bidding wars took off. Just kept saving and an opportunity popped up and we took it. Feel extremely lucky!

[laurelharper]

In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.

[kendrac]

There’s no way I can put up 10% extra for emergencies if I already feel like I can’t get a house with the interest rate. This made me feel more hopeless 😩

[monicarenee]

This sounds exactly like what I was doing in 2021. I had been saving since 2015, sacrificing time to do side gigs and not spending hardly any extra money on nice clothes. Wore a lot of clothes from thrift stores and discount stores. I finally had enough saved for a 20% deposit on a “forever home” in a nice neighborhood by 2022. I spent at least a year watching how the market was moving, knew every house that sold to the point that I could drive past a house and knew exactly what it sold for. I even saw the house I ended up bidding on before my agent did. She was really good at her job, but I was also knowledgeable enough to know other agents weren’t good at their jobs. I got the house without having to overbid, and didn’t waive any inspection or appraisal. I was able to strike when most were fearful because rates were increasing. Thanks to that, I actually got my house right when rates were around 5% instead of the peak at like 7%. The only mistake I did make is not having enough in savings as emergency funds. I greatly underestimated how much I would spend on furniture, and I didn’t even get super fancy stuff. A year later I’m just now trying to build my emergency fund back up. All good advice.

[AvatarYang]

To all prospective home buyers there’s a old saying: “Business opportunities are like busses, there’s always another one coming” just like Javier said there was an opportunity in 2007 a second one in 2015 and the most recent one in 2020-2021 there will be another. Just plan and prep.

[itsomni]

I have a full emergency fund and a separate 20% that I’m ready to put down on an older “starter” home, but rates are so high I’m gonna need to put 40% down just to get the payments in a comfortable range. Single people can’t buy anything in this market. I guess I just gotta keep saving 🤷🏻‍♂️

[christyp]

If you cant own a home it’s okay, focus on what you can control. We all leave earth without our houses, focus on being a good person.

[starnett]

Perfect video for where the market is at. Your previous videos weren't discouraging to me just showed me that not being able to afford to buy right now is the same boat that everyone is in. For the majority of people buying a house currently is a bad idea. This video is nice because it resets the mindset, and I love the message of being prepared for when the time is right. You get upset all day because of where the market is at, but you should be taking care and setting yourself up for success in the future when the market isn't trash. Great video at the perfect time!

[seand]

As long as investment corporations are allowed to gobble up real estate, it’s a wrap

[OhWell]

I went through nursing school specifically to save up money for a house. I was thinking I'd save half my income by living with my mom for six months and have a decent down payment. I did exactly that and it wasn't enough. I didn't give up, though I strongly considered it. I kept saving for another 3 months and actually found something I could be proud of and afford. It's possible for some right now, but most people will need to wait for the right conditions. Best of luck and don't put off having kids till after you get a house. You can always get more money, but you can't get back time.

[ThinkMoneyBenny]

Javier: home prices don’t just stay the same, it changes”

also javier: shows chart with home price trajectory only going up over time 😆

[youngtrench]

Id rather you be realistic when its called for. I think right now its called for. Reality isnt always sunshine and rainbows.

The optimistic side is that as you allude to here, there will always be opportunities around the corner. Maybe next week, next month, next year, etc. Just do what you can and be ready.

[hollycrowe]

I bought my house 2020 a few days before we went into lock down. I feel so lucky, but I also started paying off debts in 2015 and setting aside savings FIRST. I watched the market everyday for three years before I found my house. I believe that anyone can buy but it’s a marathon and you have to keep your eye on the prize. Do not let interest rates or housing prices discourage you. You will find your house and you will be a homeowner if you keep your goal at the top of your priority. I hate when people say they can’t because that mind set is only hindering you.

[bonquiqui]

I think the biggest concern is that wages are stagnant and home prices, despite the occasional adjustment, will continue to go up under capitalism….